In the autumn of 2025, as the leaves turned and the market’s breath grew colder, Clio Asset Management LLC divested its entire position in Builders FirstSource (BLDR), selling 30,652 shares for a sum estimated at $3.58 million. This act, recorded in the cold ledger of the SEC, marked not merely a financial transaction but a philosophical reckoning-a moment when a fund, once a steward of 2.8% of its assets under management in this enterprise, chose to abandon its ship as it sailed through stormy waters.
What happened
The filing, dated October 21, 2025, revealed the full liquidation of Clio’s stake in Builders FirstSource. The price, averaged over the quarter, bore the weight of a market weary of cyclical industries. Yet one might ask: Was this a prudent retreat or a premature surrender to the siren song of fear?
The fund’s holdings, once anchored by this position, now shifted toward O’Reilly Automotive, Autozone, and other titans of retail and industry. Yet these new allies, while stout in their own right, may prove as fickle as any in the tempest of capital.
What else to know
Builders FirstSource, with its sprawling network of materials and services, stands as both architect and builder of the American home. Its integrated model, a marriage of production and delivery, has long served as a bulwark against the caprices of demand. But even the sturdiest walls tremble when the earth itself falters.
As of October 20, 2025, the stock traded at $122.46, a price that had fallen 34% in a year and lagged the S&P 500 by 53 points. Yet in this decline, one might discern not the death knell of an industry but the prelude to a rebirth-a market pruning itself of excess, preparing for the spring of renewed demand.
Company Overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $15.94 billion |
| Net income (TTM) | $756.32 million |
| Price (as of market close 2025-10-20) | $122.46 |
| One-year price change | -33.75% |
Company Snapshot
Builders FirstSource, with its trusses, panels, and doors, is more than a supplier-it is a custodian of the American dream, a provider of the very bones of shelter. Its operations span the breadth of the nation, a vast web of lumber and labor, yet it is bound by the same mortgage rates and economic tides that sway the hearts of homebuilders and consumers alike.
Foolish take
Clio’s departure, once a 6% stake, now a ghost, raises questions not of folly but of timing. The housing market, cyclical as the moon’s phases, has seen Builders FirstSource ascend and descend, its stock a pendulum swinging between euphoria and despondency. Yet even in its 12 quarters of declining sales, the company remains a titan among builders-a fortress, perhaps, in waiting.
The Federal Reserve’s tentative steps to lower rates may yet unlock a flood of liquidity, but Clio, ever the pragmatist, has chosen to wait for the tide rather than ride it. Yet contrarians know: the greatest returns often lie in the ruins of despair. Builders FirstSource, though not cheap, may yet offer value to those patient enough to see beyond the present gloom.
Dollar-cost averaging, as the sages advise, is the path for those who believe in the long arc of market cycles. For the wise investor, this is not a sell signal but a summons to consider the deeper currents at play-a test of resolve against the noise of the crowd.
Glossary
13F assets under management: The total value of securities reported by institutional investment managers in quarterly SEC Form 13F filings.
Stake: The ownership interest or investment held in a company by an individual or institution.
AUM (Assets Under Management): The total market value of investments managed by a fund or investment firm on behalf of clients.
Integrated supply and manufacturing model: A business approach combining production and distribution processes to streamline operations and improve efficiency.
Value-added installation and construction services: Additional services provided beyond selling products, such as assembling or installing building materials for clients.
Turnkey framing solutions: Construction services where a provider handles all aspects of framing, delivering a ready-to-use structure.
Quarter (Q3 2025): A three-month financial reporting period; Q3 refers to the third quarter of the year.
TTM: The 12-month period ending with the most recent quarterly report.
Let the skeptics scoff. The market, after all, is a stage for both folly and wisdom. And in the end, the builder who dares to lay bricks in the rain may find the sun breaks through just in time. 🏡
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2025-10-27 19:54