LFL Advisers, LLC Concentrated Active

CIK: 0001694127 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 13, 2026

Total Value ($000): $304,825 (100.0% shares, 0.0% debt)

Holdings (8)

Increased Positions (6)

GOOG ALPHABET INC 13.4%

Value ($000) $40,976 (+32.4%) Shares 130,579 (+2.8%) Est. Cost $126.59 Unrealized +126.2%

BK BANK NEW YORK MELLON CORP 17.6%

Value ($000) $53,706 (+9.5%) Shares 462,626 (+2.8%) Est. Cost $45.51 Unrealized +142.8%

PGR PROGRESSIVE CORP OHIO 10.5%

Value ($000) $31,943 (+6.7%) Shares 140,272 (+15.7%) Est. Cost $82.83 Unrealized +156.4%

AON AON PLC 10.7%

Value ($000) $32,697 (+1.7%) Shares 92,657 (+2.8%) Est. Cost $230.67 Unrealized +51.4%

ALV AUTOLIV INC 12.2%

Value ($000) $37,332 (-1.2%) Shares 314,507 (+2.8%) Est. Cost $73.12 Unrealized +63.3%

BRK/B BERKSHIRE HATHAWAY INC DEL 5.2%

Value ($000) $15,930 (+2.8%) Shares 31,693 (+2.8%) Est. Cost $252.07 Unrealized +97.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOG	ALPHABET INC	130,579 (+2.8%)	$40,976 (+32.4%)	13.4%	$126.59	+126.2%	CAP STK CL C	02079K107
BK	BANK NEW YORK MELLON CORP	462,626 (+2.8%)	$53,706 (+9.5%)	17.6%	$45.51	+142.8%	COM	064058100
PGR	PROGRESSIVE CORP OHIO	140,272 (+15.7%)	$31,943 (+6.7%)	10.5%	$82.83	+156.4%	COM	743315103
AON	AON PLC	92,657 (+2.8%)	$32,697 (+1.7%)	10.7%	$230.67	+51.4%	COM	G0403H108
ALV	AUTOLIV INC	314,507 (+2.8%)	$37,332 (-1.2%)	12.2%	$73.12	+63.3%	COM	052800109
BRK/B	BERKSHIRE HATHAWAY INC DEL	31,693 (+2.8%)	$15,930 (+2.8%)	5.2%	$252.07	+97.4%	CL B NEW	084670702

Decreased Positions (1)

TEL TE CONNECTIVITY LTD 17.5%

Value ($000) $53,212 (-5.1%) Shares 233,887 (-8.4%) Est. Cost $148.44 Unrealized +55.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TEL	TE CONNECTIVITY LTD	233,887 (-8.4%)	$53,212 (-5.1%)	17.5%	$148.44	+55.8%	REG SHS	G87052109

Unchanged Positions (1)

LAMR LAMAR ADVERTISING CO NEW 12.8%

Value ($000) $39,029 Shares 308,335 Est. Cost $70.14 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LAMR	LAMAR ADVERTISING CO NEW	308,335	$39,029	12.8%	$70.14	—	CL A	512816109