Vontier Corp

• RA Rewey Asset Management 2Q26 ↗ RAM added five positions, sold four including Webster and Cross Country following acquisition offers, and raised cash modestly after selling strength. The portfolio trimmed Ultra Clean Holdings after semiconductor-capex optimism lifted the shares, retained Orthofix after CMS reversed a reimbursement decision, and built Vontier on its cash generation, deleveraging and buyback program. 2Q26 VNT $4.4BOFIX $378MUCTT $2.5B
• Palm Valley Capital Groundhog Day ↗ Palm Valley retained a large Treasury-bill allocation and avoided AI beneficiaries, arguing that speculative valuations, peak margins, and costly AI investment leave little room for normal competition and cyclicality. The fund added Clorox, Molson Coors, and Vontier, sold Heartland Express at its valuation, and maintained positions in discounted businesses including Amdocs, LKQ, Kelly Services, and TrueBlue. Second Quarter 2026 CLX $10BDOX $6.2BHTLD $843M +4
• Royce Investment Partners Royce SMid-Cap Total Return Fund Manager Commentary ↗ Royce SMid-Cap Total Return Fund credits Kulicke & Soffa, Advance Auto Parts, Element Solutions, FTAI Aviation and Andersen Group while discussing Kyndryl’s weakened execution and disclosure problems. The portfolio remains focused on profitable, cash-generative businesses outside the AI trade and expects market breadth to favor disciplined value selection. Year-to-date period ended 6/30/26 AAP $2.5BAGO $3.1BANDG $1.1B +7
• Royce Investment Partners Royce Small-Cap Total Return Fund Manager Commentary ↗ Royce Small-Cap Total Return Fund credited Kulicke & Soffa, Advance Auto Parts, Element Solutions, Timken and MSC Industrial Direct with benefiting from improving semiconductor, auto-repair and industrial conditions. It reduced Brightstar Lottery, reassessed Kyndryl after governance and cash-management concerns, and maintained a value-oriented stance outside the AI trade. first half of 2026 AAP $2.5BBRSL $1.8BCBZ $3B +7

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