Dollar Tree, INC.

• BA Broyhill Asset Management The Broyhill Letter Q4 2025 ↗ Broyhill exited Fiserv and Six Flags, cut Avantor, and reallocated toward higher-conviction businesses after execution failures and leverage undermined several holdings. The portfolio emphasizes global defensives, smaller companies and Western Europe, arguing that AI infrastructure spending has distorted valuations and that users of the technology will capture more value than its builders. 2025 0QR4 AVTR $9.9BDLTR $24B +4
• BA Broyhill Asset Management The Broyhill Letter Q2 2025 ↗ Broyhill’s equity strategy added to Dollar Tree after tariff-driven selling and trimmed Philip Morris while retaining it as its largest holding. It shifted part of Avantor into Thermo Fisher, increased Fiserv after its selloff, and initiated IQVIA. The firm consolidated offshore exposure into Noble and favors undervalued smaller, international, and healthcare businesses. 2025.Q2 AVTR $9.9BDLTR $24BFI delisted +3
• BA Broyhill Asset Management The Broyhill Letter Q1 2025 ↗ Broyhill favored globally diversified, undervalued assets as tariff uncertainty and US market concentration increased, while re-underwriting every holding for recession and tariff risks. It trimmed Philip Morris, added Baxter and Avantor on weakness, initiated Uber and Dollar Tree, built offshore oil exposure, and exited Nintendo after the Switch 2 announcement. Q1 2025 AVTR $9.9BBAX $14BDLTR $24B +4

All coverage of DLTR →