"O'Reilly Automotive, Inc. (NASDAQ:ORLY) modestly contributed to performance for the quarter and for the year. After a few years of outsized revenue and earnings growth, O'Reilly delivered more normalized sales and earnings growth in 2024 but continues to dominate in the highly fragmented automotive parts industry. As we have noted in the past, the Company has a mostly singular focus on the U.S. market, while several competitors have diverted their attention and investments away from the large and fragmented domestic market toward non-U.S. or nonautomotive markets. O'Reilly has taken profit share, particularly in the faster growing do-it-for-me (DIFM) end markets, by focusing both its hiring and capital expenditures on their U.S. stores and distribution infrastructure, while limiting acquisitions. We would consider adding to our positions in the future if short-term investors ever soured on shares due to protracted bouts of mild weather."