L’Oreal Co ADR

• YI YCG Investments Q1: Rock Solid Thesis: The case for owning the Aggregates ↗ YCG sold L’Oreal, trimmed CME Group and railroad holdings, and initiated positions in CRH, Vulcan Materials, and Martin Marietta Materials. It argues that dense local networks, permitting barriers and high transport costs give aggregates producers durable pricing power, while housing, industrial construction and infrastructure face pent-up demand. first quarter 2025 CRH $65BMLM $37BVMC $37B +1

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