Managed Asset Portfolios moved some paper on Everus Construction Group – 120,214 shares, to be exact. Roughly $10.76 million worth, if you’re keeping score. It wasn’t a fire sale, but it smelled like someone was taking a little heat off the burner.
The Numbers Tell a Story
The filing, dated January 29th, showed they trimmed their position during the fourth quarter. A ten-million-dollar reduction. The stock still sat at $12.79 million in their portfolio, but that was after the market had its say. A net decrease, naturally. Numbers rarely lie, though they can certainly be dressed up for the occasion.
This brought their stake down to 1.54% of their 13F reportable assets. A noticeable haircut from the previous quarter’s 2.9%. They’re shuffling the deck, that much is clear.
As of late January, Everus was trading at $93.75. Up nearly 38% over the year. The S&P 500? A distant second. A good run, no question. But good runs don’t last forever. They rarely do.
The Company Itself
Everus builds things. Utility construction, electrical lines, pipelines. The usual. They operate in the Midwest and a few choice urban spots like Las Vegas. A diversified portfolio, they claim. Which usually means they’re spread thin. They pulled in $3.49 billion in revenue last year, with a net income of $180.96 million. Solid, but hardly spectacular.
- Revenue (TTM): $3.49 billion
- Net income (TTM): $180.96 million
- Price (as of 1/28/26): $93.75
- One-year price change: 37.89%
They’ve got a backlog of nearly $2.95 billion. That’s a comfort, until you realize a backlog is just a list of promises. Promises that can get broken.
What Does It Mean?
Everus just had a strong quarter. Revenue up 30%, EBITDA jumping 37%. Management is optimistic, naturally. They’ve raised guidance. Again. But I’ve seen that movie before. It usually ends with a revised forecast and a lot of explaining.
This sale by Managed Asset Portfolios isn’t a panic move. It’s pragmatism. The stock is overextended. Trimming exposure after a run like that is just good housekeeping. It frees up capital, allows them to redeploy it elsewhere. They’re playing the percentages, and that’s smart.
Their portfolio leans toward income and mega-caps. They’re not gamblers. They’re looking for stability. Everus is a solid company, but it’s still exposed to the cyclical nature of infrastructure spending. Low leverage and rising free cash flow are good signs, but they don’t guarantee anything.
I’ve been watching these funds for years. They rarely make mistakes. When they move, it’s worth paying attention. This isn’t a condemnation of Everus. It’s a signal. A quiet one, but a signal nonetheless. The market is a ruthless mistress, and even the best companies can fall from grace. This fund just decided to take a little insurance.
Top holdings after the filing:
- NYSEMKT:CEF: $50.93 million (6.2% of AUM)
- NASDAQ:MSFT: $42.90 million (5.2% of AUM)
- NASDAQ:CSCO: $37.90 million (4.6% of AUM)
- NASDAQ:GOOGL: $33.64 million (4.1% of AUM)
- NASDAQ:SNY: $30.83 million (3.7% of AUM)
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2026-01-30 02:22