FirstService Corp

• CC Conestoga Capital Advisors 2Q26 Quarterly Commentary ↗ Conestoga attributes its lag to a concentrated AI and high-beta rally, while retaining a quality-growth posture and expecting leadership to broaden as supply constraints ease and monetary policy tightens. It added energy and power-infrastructure names including Kodiak Gas Services, Magnolia Oil & Gas and Perimeter Solutions, and exited BlackLine, CCC Intelligent Solutions and other positions. 2Q26 AAON $6.6BAORT $941MBCPC $5.5B +13
• FA Fenimore Asset Management Q4 2025 Quarterly Investment Commentary ↗ Fenimore’s quality-focused strategies lagged as investor enthusiasm concentrated in AI-linked and more speculative businesses. The firm added to selected existing holdings, cut or exited positions including Cass Information Systems and Pinnacle Financial Partners, and argues that durable franchises, sound balance sheets, and disciplined capital allocation should prevail over time. Q4 2025 APH $193BAZO $52BBRO $24B +9
• Third Avenue Management Real Estate Value Fund ↗ The Real Estate Value Fund increased Brookdale Senior Living, Lennar and Savills, arguing that operational improvements, land-light homebuilding and the Eastdil Secured combination could narrow valuation discounts. It also expects a revised Prologis offer for Segro and sees mortgage-finance reform as a potential catalyst for Fannie Mae and Freddie Mac. quarter ended June 30, 2026 0IKZ 0IL0 BKD $2.2B +3
• Third Avenue Management Real Estate Value Fund Q226 ↗ Third Avenue Real Estate Value Fund added to Brookdale Senior Living, Lennar and Savills, arguing that operational improvements, a land-light homebuilding model and Savills’ Eastdil Secured combination could narrow valuation discounts. The fund also expects a revised Prologis offer for Segro and favors global real estate platforms with conservative balance sheets over concentrated, expensive U.S. REIT benchmarks. quarter ended June 30, 2026 0IKZ 0IL0 BKD $2.2B +3

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