Bornite Capital Loads Up On Core and Main (CNM) With a 1 Million Share Purchase

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 (NYSE:CNM), 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

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.

Cory Renauer has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Corning and Quanta Services. The Motley Fool recommends Ecolab. The Motley Fool has a disclosure policy.