SCHEDULE: Select Equity Group Discloses 5.1% Stake in Core & Main

Select Equity Group, L.P. and George S. Loening have reported beneficial ownership of 5.1% of Core & Main, Inc.'s Class A Common Stock.

Summary

• Select Equity Group, L.P. and George S. Loening jointly filed an Amendment No. 5 to Schedule 13G, disclosing their beneficial ownership in Core & Main, Inc.
• The reporting persons collectively beneficially own 9,692,506 shares of Core & Main's Class A Common Stock.
• This ownership represents 5.1% of the total Class A Common Stock outstanding.
• The beneficial ownership is based on 190,688,721 shares of Class A common stock outstanding as of September 5, 2025, as reported in Core & Main's Form 10-Q filed on September 9, 2025.
• Select Equity Group, L.P. is classified as an Investment Adviser, while George S. Loening is classified as a Holding Company and an Individual.
• The securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: The filing is a factual disclosure of beneficial ownership and does not inherently convey positive or negative sentiment regarding the issuer's operational or financial performance. The presence of a significant institutional investor can be seen as neutral to slightly positive.

Positives

• The filing indicates a significant institutional investor, Select Equity Group, L.P., maintains a substantial stake (5.1%) in Core & Main, Inc., which can be viewed as a vote of confidence in the company's long-term prospects.

Negatives

• The Schedule 13G filing is a disclosure of beneficial ownership and does not contain information regarding negative operational or financial performance of Core & Main, Inc.

Risks

• The Schedule 13G filing is a disclosure of beneficial ownership and does not contain information regarding specific risks related to Core & Main, Inc.'s operations or financial health.

Future Outlook

The Schedule 13G filing is a disclosure of beneficial ownership and does not contain any forward-looking statements or guidance from Core & Main, Inc. or the reporting persons regarding the issuer's future performance.

Industry Context

This filing is a standard disclosure of a significant ownership stake by an institutional investor. It does not provide specific industry context or analysis of Core & Main's position relative to broader industry trends or competitors.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional holding, which can influence investor perception and potentially trading activity.
• Management: Awareness of a substantial shareholder's position and its stated intent (not to influence control).

Key Dates

Keywords

Core & Main, Select Equity Group, George S. Loening, Class A Common Stock, Beneficial Ownership, Schedule 13G, Institutional Investor, Equity Stake