Investment Manager Adjusts Portfolio, Sells Construction Stock, According to Recent Filing

Bosun Asset Management, LLC fully exited its position in Argan (NYSE:AGX) during the third quarter, reducing its stake by 36,119 shares, a $7.96 million change.

What Happened

Bosun Asset Management, LLC disclosed in a November 10, 2025, SEC filing that it fully liquidated its holding in Argan during the third quarter of 2025. The fund sold 36,119 shares, eliminating a position that was previously approximately 2.4% of its reported assets under management as of the prior quarter. The transaction’s value is estimated at ~$7.96 million based on quarterly average prices.

What Else to Know

Bosun Asset Management, LLC sold out of Argan, which now makes up 0% of its 13F assets under management.

Top holdings after the filing:

• AMZN: $24.72 million (18.7% of AUM)
• AAPL: $19.31 million (14.6% of AUM)
• CBOE: $18.86 million (14.3% of AUM)
• GS: $13.46 million (10.2% of AUM)
• META: $8.45 million (6.4% of AUM)

As of November 9, 2025, Argan shares were priced at $311.58, up 102.71% over the past year; shares have outperformed the S&P 500 by 85.63 percentage points.

Company Overview

Company Snapshot

Argan, Inc. is a diversified engineering and construction firm with a focus on power generation, renewable energy, and industrial infrastructure projects. The company leverages its technical expertise and project management capabilities to deliver complex solutions for a broad range of clients in the energy and communications sectors.

• Provides engineering, procurement, construction, commissioning, operations management, and maintenance services for power generation and renewable energy markets, as well as industrial fabrication and telecommunications infrastructure services.
• Generates revenue primarily through large-scale construction contracts, project management, and technical consulting for alternative energy facilities, industrial clients, and communication networks.
• Serves independent power project owners, public utilities, equipment suppliers, energy plant construction companies, government agencies, and regional communications providers.

Foolish Take

Bosun Asset Management, a Chicago-based investment management firm, recently sold its entire stake in Argan, worth $8 million. Here's what investors need to know.

First, let's note the context of this sale. Shares of Argan have soared in recent years, thanks to the booming demand for power driven by artificial intelligence (AI) data centers, and the subsequent need to construct new power plants.

Shares of Argan have advanced by 854% over the last three years, equating to a compound annual growth rate (CAGR) of 112%. The S&P 500, by comparison, has only generated a total return of 80% over the same period, with a CAGR of 21.7%. As for this year, Argan stock remains hot, up 147% year-to-date.

In addition, Argan's fundamentals remain solid. According to data compiled by Yahoo Finance, Argan has exceeded earnings expectations in each of the last four quarters. Moreover, three of the four sell-side analysts who cover the stock currently rate it as a buy.

To sum up, retail investors shouldn't read too much into this sale of Argan stock. In fact, given the stock's impressive performance history, strong analyst ratings, and its ties to the power industry, retail investors may want to give this stock a closer look.

Glossary

13F AUM: The total value of assets reported by an institutional investment manager on SEC Form 13F.
Assets Under Management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.
Fully exited: When an investor sells all shares of a particular holding, reducing its position to zero.
Liquidated: Sold off an investment position, converting it to cash and closing the holding.
Quarterly average prices: The average price of a security over a specific quarter, used for estimating transaction values.
Outperforming: Achieving a higher return than a benchmark index or comparable investment.
Engineering, procurement, construction (EPC): A project delivery model where a company handles design, sourcing, and building of infrastructure.
Commissioning: The process of testing and verifying that a facility or system is ready for operation.
Operations management: Overseeing the day-to-day functioning and efficiency of a facility or project.
Maintenance services: Ongoing work to keep equipment or facilities in good working condition.
Project management: Planning, organizing, and overseeing resources to achieve specific project goals.
TTM: The 12-month period ending with the most recent quarterly report.

Jake Lerch has positions in Amazon and has the following options: long December 2025 $585 puts on Meta Platforms and short December 2025 $640 puts on Meta Platforms. The Motley Fool has positions in and recommends Amazon, Apple, Goldman Sachs Group, and Meta Platforms. The Motley Fool has a disclosure policy.