On January 28, 2026, Eos Management reported selling out of FirstService (FSV 2.06%), unloading 18,047 shares in an estimated $3.44 million trade based on quarterly average pricing.
What happened
According to an SEC filing dated January 28, Eos Management sold its entire holding of 18,047 shares in FirstService for an estimated $3.44 million. The fund reported holding no shares in the company at quarter end.
What else to know
The FirstService position previously accounted for 1.36% of reported assets.
Top holdings after the filing:
- NYSEMKT:SPY: $75.51 million (29.8% of AUM)
- NYSE:BRK-B: $16.71 million (6.6% of AUM)
- NASDAQ:GOOGL: $13.52 million (5.3% of AUM)
- NASDAQ:MSFT: $11.33 million (4.5% of AUM)
- NASDAQ:META: $10.71 million (4.2% of AUM)
As of January 27, shares of FirstService were priced at $157.49, down 14.7% over the past year and underperforming the S&P 500 by 30.8 percentage points.
Company overview
| Metric | Value |
|---|---|
| Price (as of January 27) | $157.49 |
| Market capitalization | $7.21 billion |
| Revenue (TTM) | $5.48 billion |
| Net income (TTM) | $138.55 million |
Company snapshot
- FirstService provides residential property management, restoration, painting, home storage solutions, fire protection, and related essential property services across North America.
- The company operates through two main segments—FirstService Residential and FirstService Brands—generating revenue from management contracts, franchise fees, and direct service delivery.
- It serves residential communities, homeowner associations, commercial property owners, and franchisees in the United States and Canada.
FirstService is a leading provider of property management and essential property services, with a diversified portfolio spanning both residential and commercial markets. The company leverages a dual-segment structure to deliver recurring revenue through contracted services and franchise operations. Its scale, brand portfolio, and focus on essential property needs underpin a defensible market position and consistent cash flow generation.
What this transaction means for investors
FirstService appeals to patient capital because of its recurring revenue, fragmented end markets, and steady acquisition engine. Walking away implies that, for at least one manager, near-term fundamentals no longer justify waiting.
The latest quarterly results help explain the tension. Revenue grew 4% year over year to $1.45 billion, while adjusted EBITDA rose a more modest 3%, signaling margin pressure as weather disruptions and softer activity weighed on parts of the Brands segment. Management has already flagged that those headwinds could persist into the fourth quarter, even as Residential continues to post healthier organic growth. In other words, the business is still growing, but not evenly.
Meanwhile, this fund’s capital remains concentrated in mega-cap equities and diversified index exposure, making the exit less about balance-sheet stress and more about opportunity cost. With the stock down nearly 15% over the past year and underperforming the S&P 500 by roughly 30 points, the bet appears to be that capital can work harder elsewhere.
