Martin Marietta Materials (MLM) Extends Rocks and Gravel Theme

Weitz Investment Management released its Q2 2026 investor letter for the Large Cap Equity Fund. The fund's Institutional Class returned 7.03% in the quarter, lagging the 15.49% return of the Bloomberg U.S. 1000 Index. The gap was due to strong equity market growth driven by economic resilience and reduced Middle East tensions, as well as surging AI-related stocks driven by interest in AI bottleneck beneficiaries, primarily semiconductor firms.

The fund's top 10 holdings made up over half of its portfolio. The price-to-value ratio stands in the upper-70s, suggesting strong return potential. Martin Marietta Materials, Inc. (NYSE:MLM) was highlighted in the letter, with the company being a leading aggregates producer with a solid capital allocation record. The fund purchased new positions in Martin Marietta Materials, Inc. (NYSE:MLM) and Veralto during the quarter, as both are repeat holdings and they were able to act opportunistically at favorable prices. The investment is seen as an extension of the fund's "rocks and gravel" theme.