Diamant's aggressive investment strategy.
Diamant Asset Management boosts massive stakes in McDonald's, Caterpillar, Progressive, and more during Q1.
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Key Points
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McDonald’s activity shows broader institutional interest beyond Diamant, with several other funds upping stakes: Kenora Financial LLC to 6,900 shares (+1.4%), Louisbourg Investments Inc. to 10,569 shares (+2.1%), J. L. Bainbridge & Co. Inc. to 2,101 shares (+2.1%), Caldwell Trust Co to 34,116 shares (+1.5%), and AGH Wealth Advisors LLC to 866 shares (+15.2%), alongside EVP Desiree Ralls-Morrison selling 2,763 McDonald’s shares.
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Progressive saw multiple other institutions add to their positions in Q1: Cornerstone Wealth Group LLC (+399.4% to 6,033 shares), Pictet Asset Management Holding SA (+3.1% to 347,477 shares), Towne Trust Company N.A (+38.8% to 3,748 shares), with additional buying by MRA Advisory Group and Kenora Financial.
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Caterpillar’s activity alongside Diamant included major moves by other large investors: Wellington Management Group LLP boosted to 5,228,058 shares (+3,949.8%), Capital International Investors initiating a new stake, and Northwestern Mutual Wealth Management Co. increasing to 1,504,612 shares (+573.1%), with Bank of America Corp DE rising to 6,738,802 shares (+16.0%).
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Ulta Beauty activity included a director sale and additional institutional moves: Director George R. Mrkonic, Jr. sold 383 shares (cash value noted in filing), while other investors such as Fideuram Asset Management Ireland, Hilton Head Capital Partners, Strengthening Families & Communities LLC, Nalls Sherbakoff Group LLC, and BOKF NA added positions or opened new ones.
Diamant Asset Management dramatically reshaped its portfolio in the first quarter of 2026, boosting its stake in Caterpillar by roughly 68,427% to 3,140,603 shares — a position now worth about $2.225 billion, according to Watchlist News. The Connecticut-based firm made similarly massive moves in McDonald's, Progressive, and Lockheed Martin, signaling a sweeping bet on industrials, consumer staples, and defense.
The moves are far from isolated. Wellington Management Group boosted its Caterpillar stake by over 3,900% to 5,228,058 shares. Northwestern Mutual raised its CAT position by 573.1% to 1,504,612 shares. A broad rotation into quality, cash-generating companies is underway across Wall Street.
Caterpillar Becomes Diamant's Crown Jewel Position
Caterpillar is now Diamant's 4th largest holding, making up 7.4% of its entire portfolio. The firm went from a near-zero position to owning 3,140,603 shares in a single quarter, according to Watchlist News. Bank of America also added to its CAT stake, climbing to 6,738,802 shares — a 16% increase. Capital International Investors opened a brand-new position.
The surge in Caterpillar interest is tied to more than construction demand. Analysts at Ticker Report note that the explosion of AI data centers has created massive demand for power generation equipment — generators and gas turbines — where Caterpillar holds a strong market edge. Caterpillar reported a record $63 billion order backlog in its Q1 2026 earnings, sending the stock up 10% in a single day.
McDonald's and Progressive Draw Billion-Dollar Bets
Diamant raised its McDonald's stake by about 31,000% to 2,596,340 shares, a position valued at roughly $806 million, making it the firm's 7th largest holding, according to Watchlist News. McDonald's posted Q1 earnings of $2.83 per share, beating Wall Street estimates. The company also declared a quarterly dividend of $1.86 per share, payable June 16, 2026.
Progressive saw a nearly 19,724% increase from Diamant, bringing its share count to 4,068,876 — worth about $806.6 million and ranked 8th in the portfolio. Other firms piled in too. Cornerstone Wealth Group jumped its Progressive stake by 399.4% to 6,033 shares. Pictet Asset Management added 3.1%, reaching 347,477 shares. Towne Trust Company rose 38.8% to 3,748 shares.
Insiders Sell While Institutions Buy at Record Pace
A sharp split is showing up between institutional buyers and company insiders. McDonald's EVP Desiree Ralls-Morrison sold 2,763 shares on May 28 at an average price of $278.36 per share. At Ulta Beauty, Director George R. Mrkonic Jr. sold 383 shares on June 15 at $475.84 — near the stock's 52-week low, according to Ticker Report.
Those insider sales contrast with heavy institutional buying. Diamant boosted its Ulta Beauty stake by 52,171% to 1,474,042 shares, worth roughly $77.05 million. Other funds — including Fideuram Asset Management Ireland, Hilton Head Capital Partners, and BOKF NA — also opened or added to Ulta positions. For McDonald's, AGH Wealth Advisors raised its stake 15.2% to 866 shares, and Caldwell Trust grew to 34,116 shares, according to Watchlist News.
Lockheed and Broader Picks Round Out the Defense Tilt
Diamant also lifted its Lockheed Martin position by about 60,339% to 879,387 shares. That stake is now worth roughly $531.5 million and ranks 15th in the portfolio, representing 1.8% of total holdings, according to Watchlist News. The move fits a broader pattern of institutional money flowing into defense names amid ongoing geopolitical uncertainty.
Beyond the headline names, Diamant also expanded into L3Harris Technologies, Verizon, Clorox, and Johnson Controls during Q1, according to Ticker Report. The L3Harris position grew by 34,415% to 357,230 shares. The Verizon stake rose 4,772%. Taken together, the moves show Diamant rebuilding its book from the ground up — shifting from a small regional manager into a multi-billion-dollar institutional force in just one quarter.
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