PWMCO, LLC

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CIK 1263568

13F portfolio (2020-Q1)

$296M

Positions

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2019-Q4. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

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As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2020-Q1)

Holdings

Top 5

39.7%

Top 10

60.8%

Effective N

19.9

HHI

0.050

This quarter

4 new · 0 exit →

By sector

Financials26.4%

Unclassified25.2%

Real Estate22.8%

Information Technology9.2%

Health Care5.4%

Consumer Discretionary5.2%

Energy2.6%

Consumer Staples1.3%

Other1.8%

By market cap

Large ($10–200B)45.9%

Unknown26.2%

Mega (>$200B)20.8%

Mid ($2–10B)4.9%

Small ($300M–2B)2.1%

Micro (<$300M)0.0%

By region

North America73.8%

Other25.2%

Middle East1.0%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	36.21%	22
Equity Real Estate Investment Trusts (REITs)	22.84%	5
Banks	11.18%	5
Technology Hardware & Equipment	7.64%	4
Specialty Retail	4.69%	2
Pharmaceuticals & Biotechnology	4.44%	1
Capital Markets	4.19%	2
Oil, Gas & Consumable Fuels	2.64%	2
Software	1.58%	2
Food & Staples Retailing	1.12%	1
Machinery	0.87%	1
Health Care Equipment & Supplies	0.86%	1
Distributors	0.56%	1
Metals & Mining	0.35%	1
Road & Rail	0.23%	1
Software & IT Services	0.20%	1
Food Products	0.16%	1
Health Care Providers & Services	0.13%	1
Chemicals	0.11%	2

Top holdings

#	Ticker	Name	Sector	Weight
1	BRK.B	BERKSHIRE HATHAWAY INC	Financials	11.01%
2		LABORATORY CORP AMER HLDGS	Unclassified	10.22%
3	LAMR	LAMAR ADVERTISING CO/NEW	Real Estate	6.76%
4	ELS	EQUITY LIFESTYLE PROPERTIES INC	Real Estate	6.59%
5	SUI	SUN COMMUNITIES INC	Real Estate	5.16%
6	JNJ	JOHNSON & JOHNSON	Health Care	4.44%
7	CASY	CASEYS GENERAL STORES INC	Consumer Discretionary	4.30%
8	AAPL	Apple Inc.	Information Technology	4.23%
9	FHN	FIRST HORIZON CORP	Financials	4.12%
10		KANSAS CITY SOUTHERN	Unclassified	3.98%

35/56 names classified · sector 74.8% of weight · industry 63.8% · mkt cap 73.8%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 8 quarters

FinancialsBRK.B, CNS, FHN, SCHW, CFG · other

Real EstateLAMR, ELS, SUI, WY, COLD · other

Health CareJNJ, SYK, MRK, PFE, ABBV · other

Information TechnologyAAPL, OMCL, CHKP, GNRC, FFIV · other

Consumer DiscretionaryCASY, COST, WWW, HSIC, TJX · other

EnergyOXY, SLB, TUSK, GPOR

MaterialsGPK, NEU, KALU, CMP, CVCO · other

Consumer StaplesKR, HRL, CALM, JJSF, LW

IndustrialsBALL, NPK, CSX, UHAL, WCN

Communication Services

UnclassifiedLABORATORY CORP AMER HLDGS, Plains Group Hldgs LP, KANSAS CITY SOUTHERN, PCH, Cadence Bank · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 74.8% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2020-Q1), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

holdings, colored by sector (33 classified)PWMCO, LLC centroid (Mid Core)

Real EstateFinancialsInformation TechnologyHealth CareConsumer DiscretionaryEnergyConsumer StaplesIndustrialsMaterialsCommunication Services

Style box summary for PWMCO, LLC: centroid Mid Core. Heaviest cells: Small Core 13.8%, Mid Core 12.8%, Large Core 8.6%.

Classified: 62.8% of book weight (33/42 names) · unclassified 37.2%: , BRK.B, PCH, CHKP, RYCEY, ICLR, IRCUF, CDNAF, VTMTF. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 59 positions (2020-Q1) · largest first · Δ vs 2019-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	BRK.BBERKSHIRE HATHAWAY INC DEL	178,449	$33M	11.0%	HOLD
2	LABORATORY CORP AMER HLDGS	239,487	$30M	10.2%	ADD 6%
3	LAMRLAMAR ADVERTISING	390,660	$20M	6.8%	ADD 12%
4	ELSEQUITY LIFESTYLE PPTYS INC	337,960	$20M	6.6%	TRIM −3%
5	SUISUN CMNTYS INC	121,810	$15M	5.2%	TRIM −4%
6	JNJJOHNSON & JOHNSON	100,300	$13M	4.4%	TRIM −4%
7	CASYCASEYS GEN STORES INC	96,175	$13M	4.3%	TRIM −4%
8	AAPLAPPLE INC	49,245	$13M	4.2%	HOLD
9	FHNFIRST HORIZON CORPORATION	1,496,313	$12M	4.1%	ADD 64%
10	KANSAS CITY SOUTHERN	92,400	$12M	4.0%	HOLD
11	CFGCITIZENS FINL GROUP INC	572,225	$11M	3.6%	ADD 143%
12	SCHWSCHWAB CHARLES CORP	306,650	$10M	3.5%	ADD 6%
13	WYWEYERHAEUSER CO	510,600	$9M	2.9%	ADD 12%
14	PCHPOTLATCHDELTIC CORPORATION	235,550	$7M	2.5%	ADD 3%
15	SLBSCHLUMBERGER LTD	534,100	$7M	2.5%	ADD 93%
16	FFIVF5 INC	63,790	$7M	2.3%	NEW
17	HOMBHOME BANCSHARES INC	462,400	$6M	1.9%	TRIM −22%
18	Plains Group Hldgs LP	927,650	$5M	1.8%	ADD 43%
19	FCCOFIRST CMNTY CORP S C	276,100	$4M	1.5%	HOLD
20	COLDAMERICOLD REALTY TRUST INC	121,750	$4M	1.4%	TRIM −55%
21	PINNACLE FINL PARTNERS INC	90,203	$3M	1.1%	TRIM −24%
22	KRKROGER CO	110,550	$3M	1.1%	TRIM −35%
23	CHKPCHECK POINT SOFTWARE TECH LT	29,900	$3M	1.0%	ADD 104%
24	CEDAR FAIR L P	163,660	$3M	1.0%	ADD 11%
25	RYCEYROLLS-ROYCE HOLDINGS P FSPONSORED ADR 1 ADR REPS 1 ORD SHS	639,700	$3M	0.9%	NEW
26	BALLBALL CORP	40,000	$3M	0.9%	HOLD
27	SYKSTRYKER CORPORATION	15,293	$3M	0.9%	TRIM −24%
28	CCB Financial Corp.	238,150	$3M	0.8%	ADD 6%
29	KEMET Corp.	100,350	$2M	0.8%	TRIM −46%
30	CNSCOHEN & STEERS INC	46,050	$2M	0.7%	ADD 4%
31	OMCLOMNICELL COM	28,650	$2M	0.6%	HOLD
32	SNPSSYNOPSYS INC	12,950	$2M	0.6%	HOLD
33	HSICHENRY SCHEIN INC	32,800	$2M	0.6%	NEW
34	TMOTHERMO FISHER SCIENTIFIC INC	5,000	$1M	0.5%	HOLD
35	THERMON GROUP HLDGS INC	79,000	$1M	0.4%	TRIM −7%
36	COSTCOSTCO WHSL CORP NEW	4,000	$1M	0.4%	HOLD
37	KALUKAISER ALUMINUM CORP	15,000	$1M	0.4%	HOLD
38	ICLRICON PLC	6,000	$816,000	0.3%	HOLD
39	CSXCSX CORP	12,000	$688,000	0.2%	HOLD
40	GOOGLALPHABET INC	500	$581,000	0.2%	HOLD
41	GOOGLE INC	500	$581,000	0.2%	HOLD
42	WALGREENS BOOTS ALLIANCE INC	11,600	$531,000	0.2%	HOLD
43	OXYOCCIDENTAL PETE CORP	36,650	$518,000	0.2%	TRIM −80%
44	CALAVO GROWERS INC	8,669	$500,000	0.2%	HOLD
45	DENTSPLY INTL INC NEW	12,500	$485,000	0.2%	HOLD
46	HRLHORMEL FOODS CORP	10,000	$466,000	0.2%	HOLD
47	IRCUFIrish Continental Group PLC	129,550	$463,000	0.2%	HOLD
48	UHSUniversal Health Svcs., Cl. B	3,950	$398,000	0.1%	HOLD
49	EVANS BANCORP INC	15,000	$373,000	0.1%	HOLD
50	CDNAFCanadian Tire Corp Ltd	5,000	$302,000	0.1%	HOLD
51	FITBFIFTH THIRD BANCORP	18,800	$284,000	0.1%	HOLD
52	HOLLY ENERGY PARTNERS LP	20,000	$281,000	0.1%	HOLD
53	PGPROCTER AND GAMBLE CO	2,101	$231,000	0.1%	NEW
54	LANDMARK INFRASTRUCTURE PARTNERS	20,409	$216,000	0.1%	HOLD
55	VTMTFVertu Motors Plc Ord	785,000	$204,000	0.1%	HOLD
56	SLSNSOLESENCE INC	389,838	$82,000	0.0%	HOLD
57	TSHOTradeshow Marketing Co.	27,900	$0	0.0%	HOLD
58	Ufood Restaurant Group Inc.	11,000	$0	0.0%	HOLD
59	RMR Real Estate Inc Fd Pacific fractional shs	174,077	$0	0.0%	HOLD

☆PWMCO, LLC