CDW (CDW)
Market Price (8/26/2026): $142.12 | Market Cap: $18.0 BilInvestor Relations Sector: Information Technology | Industry: Technology Distributors
CDW (CDW)
Market Price (8/26/2026): $142.12Market Cap: $18.0 BilSector: Information TechnologyIndustry: Technology Distributors
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.4% Stock buyback supportStock Buyback 3Y Total is 1.8 Bil Low stock price volatilityVol 12M is 45% Megatrend and thematic driversMegatrends include Artificial Intelligence, Cloud Computing, and Cybersecurity. Themes include Data Centers & Infrastructure, Show more. | Weak multi-year price returns2Y Excs Rtn is -71%, 3Y Excs Rtn is -101% | Key risksCDW key risks include [1] its heavy dependence on vendor partner relationships, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.4% |
| Stock buyback supportStock Buyback 3Y Total is 1.8 Bil |
| Low stock price volatilityVol 12M is 45% |
| Megatrend and thematic driversMegatrends include Artificial Intelligence, Cloud Computing, and Cybersecurity. Themes include Data Centers & Infrastructure, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -71%, 3Y Excs Rtn is -101% |
| Key risksCDW key risks include [1] its heavy dependence on vendor partner relationships, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 8/25/2026
CDW (CDW) stock has gained about 5% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Performance Exceeding Expectations.
CDW (whose fiscal Q2 2026 ended on June 30, 2026) reported non-GAAP diluted earnings per share of $2.91 on August 5, 2026, surpassing the consensus estimate of $2.80 by $0.11. Additionally, quarterly revenue for fiscal Q2 2026 increased by 10.0% year-over-year to $6.57 billion, exceeding the consensus estimate of $6.21 billion. This strong top-line growth was attributed to broad-based demand across various IT solutions.
2. Raised Full-Year Outlook Driven by Robust Demand in AI Infrastructure.
Following its strong fiscal Q2 2026 results, CDW raised its full-year 2026 guidance for gross profit growth and non-GAAP EPS growth to the high end of the high-single-digit range. The company highlighted robust customer demand for infrastructure, AI readiness, and modernization projects as key drivers for its net sales growth in fiscal Q2 2026. This aligns with the broader market trend of accelerating worldwide IT spending, particularly in data center systems and Infrastructure as a Service (IaaS), fueled by substantial investments in AI infrastructure by major technology firms.
Show more
CDW (CDW) stock has gained about 5% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Performance Exceeding Expectations.
CDW (whose fiscal Q2 2026 ended on June 30, 2026) reported non-GAAP diluted earnings per share of $2.91 on August 5, 2026, surpassing the consensus estimate of $2.80 by $0.11. Additionally, quarterly revenue for fiscal Q2 2026 increased by 10.0% year-over-year to $6.57 billion, exceeding the consensus estimate of $6.21 billion. This strong top-line growth was attributed to broad-based demand across various IT solutions.
2. Raised Full-Year Outlook Driven by Robust Demand in AI Infrastructure.
Following its strong fiscal Q2 2026 results, CDW raised its full-year 2026 guidance for gross profit growth and non-GAAP EPS growth to the high end of the high-single-digit range. The company highlighted robust customer demand for infrastructure, AI readiness, and modernization projects as key drivers for its net sales growth in fiscal Q2 2026. This aligns with the broader market trend of accelerating worldwide IT spending, particularly in data center systems and Infrastructure as a Service (IaaS), fueled by substantial investments in AI infrastructure by major technology firms.
Show more
Updated on 8/25/2026
CDW (CDW) stock has gained about 5% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Performance Exceeding Expectations.
CDW (whose fiscal Q2 2026 ended on June 30, 2026) reported non-GAAP diluted earnings per share of $2.91 on August 5, 2026, surpassing the consensus estimate of $2.80 by $0.11. Additionally, quarterly revenue for fiscal Q2 2026 increased by 10.0% year-over-year to $6.57 billion, exceeding the consensus estimate of $6.21 billion. This strong top-line growth was attributed to broad-based demand across various IT solutions.
2. Raised Full-Year Outlook Driven by Robust Demand in AI Infrastructure.
Following its strong fiscal Q2 2026 results, CDW raised its full-year 2026 guidance for gross profit growth and non-GAAP EPS growth to the high end of the high-single-digit range. The company highlighted robust customer demand for infrastructure, AI readiness, and modernization projects as key drivers for its net sales growth in fiscal Q2 2026. This aligns with the broader market trend of accelerating worldwide IT spending, particularly in data center systems and Infrastructure as a Service (IaaS), fueled by substantial investments in AI infrastructure by major technology firms.
3. Positive Analyst Sentiment and Upgraded Price Targets.
During the specified period, several Wall Street analysts demonstrated increased confidence in CDW's stock, initiating or upgrading their ratings and raising price targets. For instance, J.P. Morgan initiated coverage on July 22, 2026, with a "Buy" rating and a price target of $175. Morgan Stanley also upgraded CDW to "Overweight" on June 23, 2026, and raised its price target to $171 on August 6, 2026. The average analyst price target for CDW ranged from $155.70 to $155.89, suggesting a notable upside potential for the stock.
Show less
CDW (CDW) stock has gained about 5% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Performance Exceeding Expectations.
CDW (whose fiscal Q2 2026 ended on June 30, 2026) reported non-GAAP diluted earnings per share of $2.91 on August 5, 2026, surpassing the consensus estimate of $2.80 by $0.11. Additionally, quarterly revenue for fiscal Q2 2026 increased by 10.0% year-over-year to $6.57 billion, exceeding the consensus estimate of $6.21 billion. This strong top-line growth was attributed to broad-based demand across various IT solutions.
2. Raised Full-Year Outlook Driven by Robust Demand in AI Infrastructure.
Following its strong fiscal Q2 2026 results, CDW raised its full-year 2026 guidance for gross profit growth and non-GAAP EPS growth to the high end of the high-single-digit range. The company highlighted robust customer demand for infrastructure, AI readiness, and modernization projects as key drivers for its net sales growth in fiscal Q2 2026. This aligns with the broader market trend of accelerating worldwide IT spending, particularly in data center systems and Infrastructure as a Service (IaaS), fueled by substantial investments in AI infrastructure by major technology firms.
3. Positive Analyst Sentiment and Upgraded Price Targets.
During the specified period, several Wall Street analysts demonstrated increased confidence in CDW's stock, initiating or upgrading their ratings and raising price targets. For instance, J.P. Morgan initiated coverage on July 22, 2026, with a "Buy" rating and a price target of $175. Morgan Stanley also upgraded CDW to "Overweight" on June 23, 2026, and raised its price target to $171 on August 6, 2026. The average analyst price target for CDW ranged from $155.70 to $155.89, suggesting a notable upside potential for the stock.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 4.9% change in CDW stock from 4/30/2026 to 8/25/2026 was primarily driven by a 4.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302026 | 8252026 | Change |
|---|---|---|---|
| Stock Price ($) | 135.46 | 142.09 | 4.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 22,424 | 23,500 | 4.8% |
| Net Income Margin (%) | 4.8% | 4.6% | -3.4% |
| P/E Multiple | 16.5 | 16.7 | 1.1% |
| Shares Outstanding (Mil) | 130 | 127 | 2.4% |
| Cumulative Contribution | 4.9% |
Market Drivers
4/30/2026 to 8/25/2026| Return | Correlation | |
|---|---|---|
| CDW | 4.9% | |
| Market (SPY) | 6.6% | 4.9% |
| Sector (XLK) | 13.9% | 3.7% |
Fundamental Drivers
The 14.2% change in CDW stock from 1/31/2026 to 8/25/2026 was primarily driven by a 7.7% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 8252026 | Change |
|---|---|---|---|
| Stock Price ($) | 124.42 | 142.09 | 14.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 22,099 | 23,500 | 6.3% |
| Net Income Margin (%) | 4.8% | 4.6% | -3.4% |
| P/E Multiple | 15.5 | 16.7 | 7.7% |
| Shares Outstanding (Mil) | 131 | 127 | 3.1% |
| Cumulative Contribution | 14.2% |
Market Drivers
1/31/2026 to 8/25/2026| Return | Correlation | |
|---|---|---|
| CDW | 14.2% | |
| Market (SPY) | 11.0% | 10.4% |
| Sector (XLK) | 26.5% | 6.5% |
Fundamental Drivers
The -16.5% change in CDW stock from 7/31/2025 to 8/25/2026 was primarily driven by a -19.5% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 8252026 | Change |
|---|---|---|---|
| Stock Price ($) | 170.26 | 142.09 | -16.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 21,325 | 23,500 | 10.2% |
| Net Income Margin (%) | 5.1% | 4.6% | -9.8% |
| P/E Multiple | 20.8 | 16.7 | -19.5% |
| Shares Outstanding (Mil) | 132 | 127 | 4.3% |
| Cumulative Contribution | -16.5% |
Market Drivers
7/31/2025 to 8/25/2026| Return | Correlation | |
|---|---|---|
| CDW | -16.5% | |
| Market (SPY) | 22.2% | 22.7% |
| Sector (XLK) | 38.9% | 15.8% |
Fundamental Drivers
The -20.3% change in CDW stock from 7/31/2023 to 8/25/2026 was primarily driven by a -24.4% change in the company's P/E Multiple.| (LTM values as of) | 7312023 | 8252026 | Change |
|---|---|---|---|
| Stock Price ($) | 178.35 | 142.09 | -20.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 22,903 | 23,500 | 2.6% |
| Net Income Margin (%) | 4.8% | 4.6% | -3.8% |
| P/E Multiple | 22.1 | 16.7 | -24.4% |
| Shares Outstanding (Mil) | 136 | 127 | 6.8% |
| Cumulative Contribution | -20.3% |
Market Drivers
7/31/2023 to 8/25/2026| Return | Correlation | |
|---|---|---|
| CDW | -20.3% | |
| Market (SPY) | 73.2% | 42.6% |
| Sector (XLK) | 107.6% | 36.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CDW Return | 57% | -12% | 29% | -23% | -21% | -2% | 8% |
| Peers Return | 41% | -20% | 45% | -7% | -15% | 7% | 37% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| CDW Win Rate | 75% | 42% | 67% | 42% | 33% | 38% | |
| Peers Win Rate | 67% | 47% | 67% | 43% | 42% | 52% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CDW Max Drawdown | -15% | -26% | -24% | -33% | -33% | -30% | |
| Peers Max Drawdown | -18% | -38% | -26% | -30% | -40% | -38% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ACN, EPAM, NSIT, PLUS, CNXN. See CDW Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/25/2026 (YTD)
How Low Can It Go
| Event | CDW | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -22.5% | -6.7% |
| % Gain to Breakeven | 29.1% | 7.1% |
| Time to Breakeven | 132 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -24.9% | -24.5% |
| % Gain to Breakeven | 33.2% | 32.4% |
| Time to Breakeven | 120 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -41.6% | -33.7% |
| % Gain to Breakeven | 71.2% | 50.9% |
| Time to Breakeven | 230 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -14.4% | -19.2% |
| % Gain to Breakeven | 16.8% | 23.8% |
| Time to Breakeven | 45 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -14.9% | -12.2% |
| % Gain to Breakeven | 17.4% | 13.9% |
| Time to Breakeven | 18 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -14.5% | -6.8% |
| % Gain to Breakeven | 17.0% | 7.3% |
| Time to Breakeven | 33 days | 15 days |
In The Past
CDW's stock fell -5.6% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 5.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | CDW | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -22.5% | -6.7% |
| % Gain to Breakeven | 29.1% | 7.1% |
| Time to Breakeven | 132 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -24.9% | -24.5% |
| % Gain to Breakeven | 33.2% | 32.4% |
| Time to Breakeven | 120 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -41.6% | -33.7% |
| % Gain to Breakeven | 71.2% | 50.9% |
| Time to Breakeven | 230 days | 140 days |
In The Past
CDW's stock fell -5.6% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 5.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About CDW (CDW)
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CDW Corporation is a prominent provider of information technology (IT) solutions, serving customers across the United States, the United Kingdom, and Canada. The company assists a wide array of organizations in acquiring, implementing, and managing their IT infrastructure. CDW's business is structured into Corporate, Small Business, and Public segments, ensuring tailored services for different client needs.
CDW offers a comprehensive portfolio that includes both discrete hardware and software products, as well as integrated IT solutions. Its hardware range comprises essential items like notebooks, desktop computers, network communication devices, video monitors, and enterprise data storage. Software offerings span application suites, security, virtualization, and operating systems. Beyond products, CDW delivers sophisticated IT solutions covering on-premise, hybrid, and cloud capabilities across critical domains such as data center and networking, digital workspace, and security. The company also provides a full spectrum of services, including advisory, design, software development, implementation, managed services, professional support, configuration, and telecom services.
The company serves a diverse and extensive customer base. Key markets include government agencies, educational institutions, and healthcare providers within its Public sector. Additionally, CDW caters to small, medium, and large businesses across various industries, helping them leverage technology to achieve their operational and strategic goals.
```AI Analysis | Feedback
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Here are 1-3 brief analogies for CDW:
- A Best Buy for business IT.
- An IT general contractor for companies.
- An Amazon for business IT, but with full-service support.
AI Analysis | Feedback
- Hardware Products: The company offers discrete hardware products including notebooks/mobile devices, network communications equipment, desktop computers, video monitors, and enterprise and data storage solutions.
- Software Products: CDW provides discrete software products such as application suites, security software, virtualization software, operating systems, and network management software.
- Integrated IT Solutions: These solutions combine hardware, software, and services, offering on-premise, hybrid, and cloud capabilities across data center and networking, digital workspace, and security.
- Advisory & Design Services: CDW offers expert services for advising on and designing IT infrastructures and solutions.
- Software Development Services: The company provides services for creating custom software applications.
- Implementation & Configuration Services: This includes services for deploying, integrating, installing, and configuring hardware and software solutions.
- Managed & Professional Services: CDW delivers ongoing managed services and specialized professional services for IT systems and operations.
- Telecom Services: These services pertain to telecommunications infrastructure and solutions.
- Repair & Warranty Services: The company provides services for repairing IT equipment and offers warranties on products.
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CDW primarily sells its IT solutions to other organizations and businesses. Its major customer categories include:
- Government customers
- Education customers
- Healthcare customers
- Small, medium, and large business customers
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- Apple (AAPL)
- Broadcom (AVGO)
- Cisco (CSCO)
- Dell Technologies (DELL)
- HP Inc. (HPQ)
- Hewlett Packard Enterprise (HPE)
- Lenovo (LNVGY)
- Microsoft (MSFT)
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Christine Leahy, Chair and Chief Executive Officer
Christine Leahy has served as CEO of CDW since January 2019 and as Board Chair since January 2023. She is a 20-year veteran of CDW, having held various leadership roles prior to becoming CEO. These roles include Chief Revenue Officer, Senior Vice President of International Business Unit (where she led the acquisition of Kelway, now CDW UK), and the company's first Chief Legal Officer. Before joining CDW in 2002, Leahy was a corporate partner in the Chicago office of Sidley Austin LLP, an international business law firm.
Albert Miralles, Chief Financial Officer and Executive Vice President, Enterprise Business Operations
Albert Miralles serves as the Chief Financial Officer and Executive Vice President, Enterprise Business Operations at CDW. He started at CDW in January 2018.
Elizabeth Connelly, Chief Commercial Officer and Executive Vice President
Elizabeth Connelly is the Chief Commercial Officer and Executive Vice President at CDW.
Mukesh Kumar, Chief Services and Solutions Officer and Executive Vice President
Mukesh Kumar serves as the Chief Services and Solutions Officer and Executive Vice President at CDW. He was appointed to this role, effective August 4, 2025.
Katherine Sanderson, Chief Human Resources Officer and Executive Vice President, Coworker Success
Katherine Sanderson holds the position of Chief Human Resources Officer and Executive Vice President, Coworker Success at CDW.
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Key Risks to CDW's Business
- Macroeconomic Uncertainty and Fluctuations in IT Spending: CDW's business is significantly exposed to the broader macroeconomic environment. Economic slowdowns, inflationary pressures, and higher interest rates can lead to customer hesitancy and delays in large IT projects, impacting revenue growth, particularly in its Public (government and education) and Corporate segments. For example, the Education segment specifically saw an 8.5% revenue decline in Q3 2025.
- Intense Competition and Margin Pressures: The IT solutions industry is highly competitive, with numerous resellers, system integrators, and direct offerings from Original Equipment Manufacturers (OEMs). CDW faces ongoing threats from competitors offering similar or more innovative solutions, better pricing, or aggressive marketing strategies. The shift towards public cloud services and pressure from OEM direct channels can also compress CDW's margins.
- Rising Operating Expenses and Stalled Profitability: CDW has experienced increasing operating costs, notably a surge in Selling and Administrative Expenses (SG&A), which rose 12.9% year-over-year in Q3 2025. This rise in expenses has contributed to compressed operating and net profit margins and has been cited as a factor in flat or declining earnings per share (EPS) over recent periods, despite some revenue growth.
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The increasing direct procurement of comprehensive, integrated IT solutions, including managed services, directly from major cloud hyperscalers (e.g., AWS, Microsoft Azure, Google Cloud) by end-customers. As these cloud platforms expand their offerings to cover a broader spectrum of IT needs, including application suites, security, and professional services, they create more holistic ecosystems that can potentially bypass the need for an intermediary like CDW for certain segments of IT infrastructure and services.
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The addressable markets for CDW's main products and services encompass various segments of the information technology (IT) industry across the United States, the United Kingdom, and Canada, as well as globally.
**Overall IT Market**
The total IT market across the U.S., UK, and Canada is estimated to be approximately $1,300 billion, with CDW's current addressable market estimated at around $440 billion (2025).
**IT Solutions and Services**
The global IT services market size was valued at USD 1.85 trillion in 2024 and is projected to grow to USD 4.23 trillion by 2033, demonstrating a compound annual growth rate (CAGR) of 9.6% from 2026 to 2033.
* **North America:** The IT services market in North America is valued at approximately USD 552 billion. North America also held over 35.0% of the global IT services market revenue share in 2025.
* **Canada:** The Canadian IT services industry is projected to reach CAD 68.7 billion (approximately USD 50.5 billion) by 2025.
* **United Kingdom:** The UK IT services market is expected to reach a valuation of over Euro 100 billion (approximately USD 108.5 billion) by 2025.
* **IT Professional Services:** The global IT professional services market is expected to increase by USD 781.5 billion with a CAGR of 11.4% from 2025 to 2030, with North America accounting for 39% of this growth.
**Software Products**
The global software market size was valued at USD 837.40 billion in 2025 and is projected to reach nearly USD 1,874.51 billion by 2032, growing at a CAGR of 12.2% from 2025 to 2032.
* **North America:** This region accounted for 42% of the global software market in 2025 and is anticipated to hold the largest share over the predicted timeframe.
**Cloud Computing**
The global cloud computing market size is projected to grow from USD 781.27 billion in 2025 to USD 2,291.59 billion by 2032, exhibiting a CAGR of 16.6%.
* **North America:** This region held the largest market share in 2024 and is expected to account for 49% growth during 2025-2029.
* **United States:** The U.S. cloud computing market is expected to grow from USD 485.54 billion in 2025 to USD 721.30 billion by 2030.
* **Europe:** The European cloud computing market is projected to grow from USD 325.92 billion in 2025 to USD 550.42 billion by 2030.
**Data Center and Networking**
The global data center networking market size is calculated at USD 47.09 billion in 2025 and is predicted to increase to approximately USD 126.80 billion by 2035, expanding at a CAGR of 10.41% from 2026 to 2035.
* **North America:** This region dominated the global data center networking market with a 38% share in 2024.
* **United States:** The U.S. data center networking market generated USD 7.98 billion in revenue within North America in 2024.
**Digital Workspace**
The global digital workplace market size was estimated at USD 48.8 billion in 2024 and is projected to reach USD 166.27 billion by 2030, growing at a CAGR of 22.8% from 2025 to 2030.
* **North America:** This region held the largest share in 2024, accounting for over 37.0% of the market.
* **United States:** The U.S. digital workplace market is expected to grow significantly at a CAGR of 21.1% from 2025 to 2030.
**Cybersecurity**
The global cybersecurity market size is projected to grow from USD 227.59 billion in 2025 to USD 351.92 billion by 2030, at a CAGR of 9.1%.
* **North America:** North America contributed approximately USD 94.21 billion to the global market in 2025 and is expected to reach USD 105.81 billion in 2026.
* **Europe:** The European cybersecurity market was valued at USD 55.98 billion in 2025 and is projected to grow to USD 63.11 billion in 2026.
* **United Kingdom:** The U.K. cybersecurity market is poised to gain USD 11.55 billion in 2026.
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CDW (symbol: CDW) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:
- Expansion in High-Growth Technology Solutions (Cloud, Cybersecurity, and AI): CDW is strategically focused on broadening its offerings and capabilities in high-demand technology sectors such as cloud, cybersecurity, and artificial intelligence (AI). This includes scaling cloud and SaaS services, strengthening capabilities in hybrid infrastructure and digital and data innovation, and capitalizing on the growing demand for AI solutions and AI-enabled endpoint projects.
- Increased Penetration of Managed and Professional Services: The company is prioritizing the expansion of its managed services, particularly in rapidly growing areas like cybersecurity and cloud solutions. CDW aims to shift towards higher-margin services, including managed security, cloud optimization/FinOps, and data center modernization, which are expected to increase multi-year annuity contracts and recurring revenue.
- Client Device Refresh Cycles: Anticipated client device refresh needs, partly driven by factors such as the Windows 10 expiration and tariff-related price increases, are expected to contribute to revenue growth. This includes demand for notebooks, mobile devices, and desktop computers.
- Strategic Acquisitions and Partnerships: CDW utilizes strategic acquisitions, such as the past integration of Sirius Computer Solutions and Mission Cloud Services, to significantly boost its capabilities, market reach, and service portfolio in key growth areas like hybrid infrastructure, security, digital and data innovation, and AI. The company also leverages partnerships to strengthen its offerings.
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Capital Allocation Decisions (Last 3-5 Years)
Share Repurchases
- In February 2025, CDW's Board of Directors authorized a $750 million increase to the company's share repurchase program, building on approximately $588 million remaining from the previous program as of December 31, 2024.
- In February 2024, the Board approved a $750 million increase to the share repurchase program, which was incremental to the approximately $338 million available from prior authorizations as of December 31, 2023.
- CDW temporarily suspended share repurchases in 2022 to prioritize managing its net leverage, which had increased due to the $2.5 billion acquisition of Sirius Computer Solutions in December 2021.
Share Issuance
- The number of shares outstanding has generally decreased over the past few years, indicating net share repurchases rather than significant net share issuance. Shares outstanding were 140.99 million as of February 23, 2021, and declined to 134.22 million as of February 20, 2024.
Outbound Investments
- CDW acquired Sirius Computer Solutions for $2.5 billion on December 1, 2021, significantly enhancing its capabilities in complex solutions like hybrid infrastructure, security, and cloud managed services.
- In June 2023, CDW acquired Enquizit, an AWS cloud service provider, to strengthen its public sector cloud services.
- CDW acquired Mission, an AWS cloud and AI services provider, in December 2024.
Capital Expenditures
- CDW's capital expenditures were $100 million in 2021, increasing to $127.8 million in 2022, and $148.2 million in 2023.
- Forecasted capital expenditures are $122.6 million for 2024 and $117.1 million for 2025.
Peer Outperformance in Technology Distributors
CDW has trailed 100% of its 8 Technology Distributors peers over 5Y. Among the peers that beat it are AVT, SNX and CNXN. Technology Distributors ranks 3rd of 12 industries in Information Technology by median 5Y return. That makes it one of the strongest corners of the sector.
Share of Technology Distributors constituents that CDW has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
0%
of 8 industry peers · -12.9% return
3Y
0%
of 8 industry peers · -27.2% return
5Y
0%
of 8 industry peers · -23.2% return
Technology Distributors peers with revenue growth within 4pp of CDW's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| CDW | CDW | 1.8% | 16.7x | -12.9% | -27.2% | -23.2% | — |
| AVT | Avnet | 2.5% | 21.5x | 62.6% | 90.6% | 145.2% | +168pp |
| SNX | TD Synnex | 2.0% | 20.4x | 70.9% | 162.7% | 109.7% | +133pp |
| CNXN | PC Connection | 0.4% | 20.9x | 25.6% | 56.1% | 73.3% | +96pp |
| ARW | Arrow Electronics | 1.6% | 12.8x | 57.0% | 55.3% | 67.7% | +91pp |
| PLUS | ePlus | 4.3% | 17.9x | 21.3% | 38.3% | 66.7% | +90pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Information Technology sector, ranked by 5Y. Technology Distributors is CDW's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 56.8% | 200.8% | 340.9% | FLEX 718% · TTMI 700% · JBL 417% |
| Semiconductor Materials & Equipment | 27 | 133.6% | 72.2% | 106.6% | AEHR 1244% · AXTI 639% · KLAC 477% |
| Technology Distributors ← | 9 | 25.6% | 56.1% | 67.7% | CLMB 319% · AVT 145% · SNX 110% |
| Electronic Components | 26 | 56.0% | 60.0% | 55.1% | CLS 3261% · BELFA 1291% · LPTH 547% |
| Communications Equipment | 35 | 31.5% | 87.3% | 40.2% | AAOI 1496% · LITE 936% · ANET 727% |
| Semiconductors | 54 | 29.5% | 31.1% | 28.7% | POET 1884% · MU 1215% · NVDA 869% |
| Technology Hardware, Storage & Peripherals | 22 | 33.0% | 83.3% | 22.1% | STX 1026% · SMCI 1000% · DELL 872% |
| Internet Services & Infrastructure | 6 | 23.3% | 42.4% | 16.7% | DOCN 98% · VRSN 41% · GDDY 36% |
| Electronic Equipment & Instruments | 27 | -2.6% | 11.2% | -5.3% | PI 198% · ACFN 134% · SOTK 129% |
| IT Consulting & Other Services | 28 | -23.6% | -5.0% | -17.9% | CHRN 564111% · APLD 1863% · TSSI 675% |
| Application Software | 123 | -19.3% | -12.6% | -43.7% | VIDA 423233% · INLX 5248% · PLTR 595% |
| Systems Software | 69 | -7.9% | 12.0% | -55.0% | QNC 661% · PAYS 455% · PANW 346% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 126.97 |
| Mkt Cap | 5.2 |
| Rev LTM | 7,098 |
| Op Inc LTM | 498 |
| FCF LTM | 440 |
| FCF 3Y Avg | 453 |
| CFO LTM | 481 |
| CFO 3Y Avg | 492 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.1% |
| Rev Chg 3Y Avg | 3.1% |
| Rev Chg Q | 7.8% |
| QoQ Delta Rev Chg LTM | 2.0% |
| Op Inc Chg LTM | 14.3% |
| Op Inc Chg 3Y Avg | 4.5% |
| Op Mgn LTM | 7.0% |
| Op Mgn 3Y Avg | 6.8% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 4.6% |
| CFO/Rev 3Y Avg | 6.9% |
| FCF/Rev LTM | 4.1% |
| FCF/Rev 3Y Avg | 6.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 5.2 |
| P/S | 0.8 |
| P/Op Inc | 10.6 |
| P/EBIT | 11.1 |
| P/E | 17.3 |
| P/CFO | 14.6 |
| Total Yield | 6.8% |
| Dividend Yield | 1.0% |
| FCF Yield 3Y Avg | 7.8% |
| D/E | 0.1 |
| Net D/E | -0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 15.6% |
| 3M Rtn | 15.9% |
| 6M Rtn | 13.4% |
| 12M Rtn | 0.8% |
| 3Y Rtn | -14.2% |
| 1M Excs Rtn | 7.5% |
| 3M Excs Rtn | 13.8% |
| 6M Excs Rtn | 2.0% |
| 12M Excs Rtn | -18.9% |
| 3Y Excs Rtn | -88.3% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Corporate | 9,442 | 8,837 | 8,961 | 10,350 | 8,180 |
| Public | 8,535 | 8,158 | 8,306 | 8,551 | 8,184 |
| Other | 2,720 | 2,480 | 2,554 | 2,908 | 2,587 |
| Small Business | 1,727 | 1,524 | 1,556 | 1,939 | 1,870 |
| Headquarters | 0 | 0 | 0 | 0 | 0 |
| Total | 22,424 | 20,999 | 21,376 | 23,749 | 20,821 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Corporate | 889 | 880 | 847 | 932 | 697 |
| Public | 750 | 746 | 735 | 682 | 607 |
| Small Business | 203 | 181 | 177 | 187 | 168 |
| Other | 154 | 112 | 142 | 131 | 116 |
| Headquarters | -341 | -267 | -220 | -196 | -168 |
| Total | 1,656 | 1,651 | 1,681 | 1,735 | 1,419 |
| $ Mil | 2006 | 2004 | 2003 |
|---|---|---|---|
| Corporate Sector | 509 | ||
| Berbee | 324 | ||
| Public Sector | 279 | 195 | 175 |
| Corporate | 1,454 | 1,310 | |
| Total | 1,111 | 1,649 | 1,485 |
Price Behavior
Price Behavior
| Market Price | $142.09 | |
| Market Cap ($ Bil) | 18.3 | |
| First Trading Date | 06/27/2013 | |
| Distance from 52W High | -15.1% | |
| 50 Days | 200 Days | |
| DMA Price | $135.99 | $130.11 |
| DMA Trend | down | up |
| Distance from DMA | 4.5% | 9.2% |
| 3M | 1YR | |
| Volatility | 55.8% | 44.7% |
| Downside Capture | 123.79 | 103.00 |
| Upside Capture | 241.88 | 64.90 |
| Correlation (SPY) | 20.4% | 20.4% |
CDW Betas & Captures as of 7/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.50 | 0.54 | -0.13 | 0.24 | 0.71 | 0.94 |
| Up Beta | -1.86 | -0.85 | -2.90 | -0.64 | -0.01 | 0.82 |
| Down Beta | -2.28 | 0.09 | 0.46 | 0.81 | 1.24 | 1.01 |
| Up Capture | 82% | 182% | 54% | 46% | 45% | 61% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 12 | 22 | 34 | 69 | 130 | 393 |
| Down Capture | 6% | 59% | 26% | 21% | 96% | 103% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 10 | 21 | 29 | 57 | 122 | 360 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CDW | |
|---|---|---|---|---|
| CDW | -12.9% | 44.6% | -0.18 | - |
| Sector ETF (XLK) | 39.3% | 26.0% | 1.23 | 14.2% |
| Equity (SPY) | 19.8% | 12.8% | 1.14 | 20.5% |
| Gold (GLD) | 38.0% | 28.8% | 1.11 | -9.2% |
| Commodities (DBC) | 38.0% | 20.3% | 1.47 | 0.9% |
| Real Estate (VNQ) | 11.9% | 13.6% | 0.58 | 8.1% |
| Bitcoin (BTCUSD) | -32.0% | 44.0% | -0.75 | 5.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CDW | |
|---|---|---|---|---|
| CDW | -5.0% | 32.3% | -0.11 | - |
| Sector ETF (XLK) | 19.6% | 25.9% | 0.68 | 48.7% |
| Equity (SPY) | 13.0% | 17.2% | 0.58 | 54.7% |
| Gold (GLD) | 20.7% | 18.6% | 0.90 | -4.9% |
| Commodities (DBC) | 10.1% | 19.6% | 0.40 | 10.4% |
| Real Estate (VNQ) | 2.5% | 18.9% | 0.03 | 40.1% |
| Bitcoin (BTCUSD) | 12.2% | 52.7% | 0.41 | 19.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CDW | |
|---|---|---|---|---|
| CDW | 13.6% | 31.6% | 0.47 | - |
| Sector ETF (XLK) | 23.9% | 25.0% | 0.87 | 57.9% |
| Equity (SPY) | 15.1% | 17.9% | 0.72 | 63.4% |
| Gold (GLD) | 12.9% | 16.3% | 0.65 | -4.0% |
| Commodities (DBC) | 7.5% | 18.1% | 0.33 | 20.5% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 49.3% |
| Bitcoin (BTCUSD) | 64.0% | 66.1% | 1.04 | 14.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/14/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | -9.0% | -12.1% | |
| 5/6/2026 | -20.3% | -27.4% | 2.5% |
| 2/4/2026 | 9.4% | 13.2% | -1.0% |
| 11/4/2025 | -8.5% | -7.4% | -6.2% |
| 8/6/2025 | 0.2% | -0.7% | 1.0% |
| 5/7/2025 | 7.1% | 16.3% | 7.6% |
| 2/5/2025 | 3.4% | -3.8% | -15.8% |
| 10/30/2024 | -11.3% | -12.2% | -19.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 9 | 12 |
| # Negative | 12 | 15 | 11 |
| Median Positive | 3.3% | 4.4% | 6.7% |
| Median Negative | -4.5% | -4.9% | -6.0% |
| Max Positive | 9.4% | 16.3% | 11.4% |
| Max Negative | -20.3% | -27.4% | -19.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | -9.0% | -12.1% | |
| 5/6/2026 | -20.3% | -27.4% | 2.5% |
| 2/4/2026 | 9.4% | 13.2% | -1.0% |
| 11/4/2025 | -8.5% | -7.4% | -6.2% |
| 8/6/2025 | 0.2% | -0.7% | 1.0% |
| 5/7/2025 | 7.1% | 16.3% | 7.6% |
| 2/5/2025 | 3.4% | -3.8% | -15.8% |
| 10/30/2024 | -11.3% | -12.2% | -19.3% |
| 7/31/2024 | -6.2% | -10.3% | -3.2% |
| 5/1/2024 | -11.3% | -8.8% | -7.6% |
| 2/7/2024 | 3.1% | 3.0% | 8.0% |
| 8/2/2023 | 5.2% | 8.2% | 11.4% |
| 5/3/2023 | -1.7% | -0.1% | 3.6% |
| 2/8/2023 | 1.2% | 4.4% | -1.3% |
| 11/2/2022 | -0.1% | 1.8% | 11.1% |
| 8/3/2022 | 0.9% | -4.3% | -5.1% |
| 5/4/2022 | 5.6% | -0.7% | 5.4% |
| 2/9/2022 | -2.5% | -5.7% | -12.4% |
| 11/3/2021 | -1.9% | -1.2% | 2.6% |
| 8/4/2021 | 1.6% | 3.4% | 8.3% |
| 5/5/2021 | -2.8% | -4.9% | -6.0% |
| 2/10/2021 | 3.8% | 4.2% | 5.8% |
| 11/2/2020 | 3.1% | 12.6% | 8.0% |
| 8/5/2020 | -2.3% | -1.9% | -1.3% |
| SUMMARY STATS | |||
| # Positive | 12 | 9 | 12 |
| # Negative | 12 | 15 | 11 |
| Median Positive | 3.3% | 4.4% | 6.7% |
| Median Negative | -4.5% | -4.9% | -6.0% |
| Max Positive | 9.4% | 16.3% | 11.4% |
| Max Negative | -20.3% | -27.4% | -19.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/26/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/26/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/04/2022 | 10-Q |
| 12/31/2021 | 02/28/2022 | 10-K |
| 09/30/2021 | 11/03/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 11/02/2020 | 10-Q |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/06/2020 | 10-Q |
| 12/31/2019 | 02/28/2020 | 10-K |
| 09/30/2019 | 10/31/2019 | 10-Q |
Recent Forward Guidance
Updated 8/6/2026Latest: Q2 2026 Earnings Reported 8/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 US IT Addressable Market Growth Outperformance | 2.0% | 2.5% | 3.0% | 0.0% | Affirmed | Guidance: 2.5% for 2026 | |
Prior: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 US IT addressable market growth outperformance | 2.0% | 2.5% | 3.0% | 0.0% | Affirmed | Guidance: 2.5% for 2026 | |
Q4 2025 Earnings Reported 2/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 US IT Addressable Market Growth Outperformance | 2.0% | 2.5% | 3.0% | 0 | 0 | Same New | Guidance: 2.5% for 2025 |
Q3 2025 Earnings Reported 11/4/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 US IT Market Growth Outperformance | 2.0% | 2.5% | 3.0% | 0.0% | Affirmed | Guidance: 2.5% for 2025 | |
Insider Activity
Updated 8/19/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Connelly, Elizabeth H | See Remarks | Direct | Sell | 8112026 | 137.62 | 26,695 | 3,673,766 | 4,708,732 | Form |
| 2 | Nelms, David W | Direct | Buy | 5292026 | 111.43 | 18,000 | 2,005,740 | 5,685,729 | Form | |
| 3 | Leahy, Christine A | See Remarks | Direct | Buy | 5192026 | 103.39 | 4,830 | 499,398 | 19,992,113 | Form |
| 4 | Chawla, Sona | See Remarks | Direct | Sell | 12102025 | 146.17 | 7,400 | 1,081,658 | 4,108,875 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Connelly, Elizabeth H | See Remarks | Direct | Sell | 8112026 | 137.62 | 26,695 | 3,673,766 | 4,708,732 | Form |
| 2 | Nelms, David W | Direct | Buy | 5292026 | 111.43 | 18,000 | 2,005,740 | 5,685,729 | Form | |
| 3 | Leahy, Christine A | See Remarks | Direct | Buy | 5192026 | 103.39 | 4,830 | 499,398 | 19,992,113 | Form |
| 4 | Chawla, Sona | See Remarks | Direct | Sell | 12102025 | 146.17 | 7,400 | 1,081,658 | 4,108,875 | Form |
Investor Activity (13F)
Updated Aug 26, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Sunriver Management LLC | $32.5 Mil | 5.5% | 18 | ADD +58.8% | 13F |
| Longview Partners (Guernsey) LTD | $278.6 Mil | 3.9% | 25 | TRIM -10.1% | 13F |
| Wedgewood Partners Inc | $17.5 Mil | 3.6% | 22 | Hold | 13F |
| Blue Grotto Capital, LLC | $27.8 Mil | 3.2% | 21 | TRIM -39.5% | 13F |
| L1 Capital International Pty Ltd | $49.7 Mil | 3.0% | 23 | ADD +45.7% | 13F |
| Broad Run Investment Management, LLC | $15.1 Mil | 2.7% | 24 | Hold | 13F |
| Local Pensions Partnership Investment Ltd | $30.2 Mil | 0.7% | 32 | Hold | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Black Creek Investment Management Inc. | $91.3 Mil | 4.5% | 27 | Exited | Dec 31, 2025 | 13F |
| Standard Investments LLC | $86.4 Mil | 4.3% | 12 | Exited | Dec 31, 2025 | 13F |
| Blue Grotto Capital, LLC | $27.8 Mil | 3.2% | 21 | TRIM -39.5% | Mar 31, 2026 | 13F |
| Longview Partners (Guernsey) LTD | $278.6 Mil | 3.9% | 25 | TRIM -10.1% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Longview Partners (Guernsey) LTD | $278.6 Mil | 3.9% | 25 | TRIM -10.1% | 13F |
| L1 Capital International Pty Ltd | $49.7 Mil | 3.0% | 23 | ADD +45.7% | 13F |
| Sunriver Management LLC | $32.5 Mil | 5.5% | 18 | ADD +58.8% | 13F |
| Local Pensions Partnership Investment Ltd | $30.2 Mil | 0.7% | 32 | Hold | 13F |
| Blue Grotto Capital, LLC | $27.8 Mil | 3.2% | 21 | TRIM -39.5% | 13F |
| Wedgewood Partners Inc | $17.5 Mil | 3.6% | 22 | Hold | 13F |
| Broad Run Investment Management, LLC | $15.1 Mil | 2.7% | 24 | Hold | 13F |
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