What happened
According to a filing with the Securities and Exchange Commission dated November 07, 2025, Bornite Capital Management LP initiated a new position in Core & Main (CNM 0.45%), purchasing 1,000,000 shares. The stake’s value at quarter-end was $53.83 million, based on the September 30, 2025, holdings disclosure. This addition brought the fund’s total reportable U.S. equity holdings to 35 positions.
What else to know
- Bornite Capital initiated a new position in Core & Main, representing approximately 5% of its $1.08 billion reportable assets under management as of September 30, 2025
- Top holdings after the filing:
- NYSE: ECL: about $68.47 million (about 6.4% of AUM)
- NYSE: GLW: about $68.08 million (about 6.3% of AUM)
- NASDAQ: TLN: about $66.36 million (about 6.2% of AUM)
- NYSE: PWR: about $64.53 million (about 6.0% of AUM)
- NYSE: CRS: about $63.57 million (about 5.9% of AUM)
- As of November 6, 2025, Core & Main shares were priced at $51.10, up about 8.4% over the past year, underperforming the S&P 500 by about 2.0 percentage points
- Core & Main reported trailing twelve months revenue of $7.74 billion and net income of $431.00 million as of August 3, 2025
Company Overview
| Metric | Value |
|---|---|
| Market Capitalization | $9.70 billion |
| Revenue (TTM) | $7.74 billion |
| Net Income (TTM) | $431.00 million |
| Price (as of market close 2025-11-06) | $51.10 |
Company Snapshot
- Offers a broad portfolio of water, wastewater, storm drainage, and fire protection products, including pipes, valves, hydrants, fittings, smart meters, and related services.
- Generates revenue primarily through the distribution of essential infrastructure products and value-added services for maintenance, repair, replacement, and construction projects.
- Serves municipalities, private water companies, and professional contractors across municipal, non-residential, and residential markets in the United States.
Core & Main, Inc. is a leading distributor of critical water and fire protection infrastructure products, with a national footprint and a diversified customer base. The company leverages its scale and specialized expertise to support essential public and private infrastructure projects. Its broad product offering and service capabilities position it as a key partner in the ongoing maintenance and development of water and fire protection systems across the U.S.
Foolish take
Despite holding fewer than 45 stocks at a time, the Bornite Capital portfolio has grown by leaps and bounds. It finished the thrid quarter worth $1.1 billion, which was a 233% increase from where it was two years earlier.
Core & Main was a big new addition, but it was only the third-largest new addition to the portfolio during the third quarter. Ecolab and Corning were the firm's largest new additions, and they're also its two largest holdings.
Core & Main didn't make it into Bornite's top five holdings, but it's close. At the end of September, it was the firm's seventh-largest holding.
During its fiscal second quarter that ended on Aug. 3, the specialty distributor recorded topline sales that grew 6.6% year over year to $2.1 billion. Bornite may have been attracted to a bottom line that's growing even faster than sales. Fiscal second-quarter net income surged 11.9% year over year to 141 million.
Glossary
13F reportable assets: Assets that institutional investment managers must disclose quarterly to the SEC on Form 13F.
Assets under management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.
Initiated position: When an investor or fund buys shares of a company for the first time, establishing a new holding.
Stake: The ownership interest or amount of shares held in a company by an investor or fund.
Trailing twelve months (TTM): The 12-month period ending with the most recent quarterly report.
Exposure: The amount of capital or percentage of a portfolio invested in a particular asset or sector.
Holdings disclosure: A formal report detailing the securities owned by an investment fund at a specific date.
Distribution: The business of supplying products from manufacturers to end-users, often through intermediaries.
Value-added services: Additional services provided beyond basic product supply, such as installation, maintenance, or technical support.
Municipalities: Local government entities, such as cities or towns, often responsible for public infrastructure projects.
