Trian Partners Activist Presentation Deck
Why is Ferguson Mispriced? It is Under-Owned by U.S.
Institutions
Top Shareholder Ownership
U.S. Industrial Distributor Market(1)
Total US
Distributor
AUM ($ mil)
Shareholder
1 The Vanguard Group, Inc.
2 BlackRock, Inc.
3 State Street Corp.
4 Fidelity Investments
5 The Bank of New York Mellon Corp.
6 JPMorgan Chase & Co.
7 T Rowe Price Group, Inc.
8 Northern Trust Corp.
9 Neuberger Berman Group, LLC
10 TIAA-CREF
11 Invesco, Ltd.
12 Geode Capital Management, LLC
13 Bank of America Corp.
14 Ameriprise Financial, Inc.
15 Wells Fargo & Co.
16 Norges Bank
17 ClearBridge LLC
18 Dimensional Fund Advisors LP
19 Kayne Anderson Rudnick Investment
20 The Charles Schwab Corp.
21 The Goldman Sachs Group, Inc.
22 Government Pension Investment Fund
23 The Capital Group Companies, Inc.
24 OppenheimerFunds, Inc.
25 Baillie Gifford & Co.
Non-Top 25 Ferguson Owners
$ Invested in Sector
$7,059
$4,939
$2,275
$1,792
$1,706
$1,116
$1,102
$939
$887
$844
$829
$823
$780
$768
$726
$669
$653
$586
$552
$534
$533
$510
$461
$444
$444
I
I
I
I
I
I
Top 25
Ferguson
Holder
X
X
X
X
X
X
X
X
X
X
X
X
X
Top Shareholder Ownership
U.S. Home Improvement Retail Market (²)
Shareholder
1
The Vanguard Group, Inc.
2 The Capital Group Companies, Inc.
3 BlackRock, Inc.
4 State Street Corp.
5 Fidelity Investments
6 Wellington Management
7 Northern Trust Corp.
8 UBS AG
9 Bank of America Corp.
10 Geode Capital Management, LLC
11 JPMorgan Chase & Co.
12 Wells Fargo & Co.
13 Norges Bank
14 The Bank of New York Mellon Corp.
15 Government Pension Investment Fund
16 TIAA-CREF
17 AllianceBernstein, LP
18 Morgan Stanley
19 ClearBridge LLC
20 The Charles Schwab Corp.
21 Legal & General Group PLC
22 Deutsche Bank AG
23 Ameriprise Financial, Inc.
24 The Goldman Sachs Group, Inc.
25 Invesco, Ltd.
Non-Top 25 Ferguson Owners
$ Invested in Sector
Total US
HI Retailer
AUM ($ mil)
$26,767
$21,910
$21,771
$16,172
$7,264
$6,272
$5,274
$5,107
$4,913
$4,809
$4,562
$4,013
$3,666
$3,197
$3,009
$2,730
$2,490
$2,360
$2,255
$2,105
$2,019
$1,998
$1,763
$1,715
$1,709
I
Top 25
Ferguson
Holder
X
X
X
X
X
X
X
X
X
X
X
X
$9,420
$67,950
Source: Bloomberg. Note that Bloomberg only captures approximately 60% of outstanding shares as shareholder disclosure requirements are less comprehensive in the UK than they
are in the US.
(1) Total market value owned of MSC, Grainger, Fastenal, HD Supply, SiteOne, Beacon, Pool Corp., Watsco. (2) Total market value owned of Home Depot and Lowe's.
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