A Modest Retreat from Fashion

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It is, alas, a truth universally acknowledged that a portfolio in possession of a good fortune must be in want of a little pruning. Segall Bryant & Hamill, those arbiters of taste in the financial district, have recently demonstrated this maxim, parting with some 654,898 shares of V.F. Corporation, a transaction amounting to approximately $10.61 million. One suspects a sigh of relief, not from penury, but from an excess of the fashionable.

The Arithmetic of Discretion

The filing with the Securities and Exchange Commission, dated February 13, 2026, reveals this discreet withdrawal from the world of branded apparel. The sum, while substantial, is merely a rounding error in the grand ledger of modern finance. The fund’s remaining stake, valued at $77.44 million, represents a slight diminution from the previous quarter, a gentle ebb in the tide of investment. It is a lesson, perhaps, that even the most durable of brands are subject to the whims of fashion, and the even more capricious nature of the market.

A Question of Proportion

This reduction sees V.F. Corporation now constituting a mere 1.05% of Segall Bryant & Hamill’s reported U.S. equity assets. A trifle, really. One might almost suspect the fund is making room for something truly interesting, something beyond the predictable allure of The North Face and its brethren. Their top holdings, as of late, include NASDAQ’s NVDA ($125.83 million), GOOGL ($119.36 million), MSFT ($115.39 million), NYSE’s VMI ($112.41 million), and, predictably, AAPL ($108.14 million). A remarkably sensible, if uninspired, collection.

V.F. Corporation itself, as of the same date, traded at $20.30, a figure lamentably down 18.7% over the past year. It has, it seems, underperformed the S&P 500 by a rather vulgar 30.5 percentage points. One begins to suspect that the market, like a jaded critic, has grown weary of the same old silhouettes.

The Anatomy of a Brand

Metric Value
Revenue (TTM) $9.59 billion
Net income (TTM) $223.94 million
Dividend yield 1.77%
Price (as of market close February 13, 2026) $20.30

A Snapshot of Style

  • Offers branded lifestyle apparel, footwear, equipment, and accessories under brands such as The North Face, Vans, Timberland, and Supreme
  • Generates revenue through wholesale distribution to specialty and department stores, as well as direct-to-consumer channels including retail stores and e-commerce platforms
  • Targets a global customer base spanning men, women, and children across the Americas, Europe, and Asia-Pacific regions

V.F. Corporation, a purveyor of branded lifestyles, operates, as all successful enterprises must, on a foundation of diversification. Wholesale, direct-to-consumer—it is a familiar refrain. The scale is impressive, the portfolio undeniably strong, but one wonders if even these advantages can withstand the relentless march of novelty.

The Meaning of the Transaction

Segall Bryant & Hamill’s sale, amounting to some $10.6 million, is, of course, a matter of public record. But its true significance lies not in the sum itself, but in the timing. The stock, having plumbed the depths in April 2025, has enjoyed a rather spirited revival, climbing some 112% since then. One suspects a simple taking of profits, a prudent harvesting of the fruits of a well-timed investment. Though, to be fair, the truly discerning investor never admits to such pedestrian motives.

V.F. Corporation is, undeniably, in the midst of a turnaround. Net debt has fallen, bolstering the balance sheet. However, the dividend has suffered a rather ignominious fate, plummeting from nearly $2.00 in 2021 to a mere $0.36 in 2025. A cautionary tale, perhaps, that even the most established of brands must adapt to survive. The current yield of 1.8% may appeal to some, but will likely leave income-oriented investors wanting. It is, after all, a truth universally acknowledged that a gentleman (or a fund) in possession of a good dividend must be in want of a larger one.

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2026-02-17 17:54