In the third quarter of 2025, DME Capital Management added 1,694,100 shares of Fluor to its portfolio, raising its total holding to 5,513,680 shares. This represents a 44.3% increase in the fund’s position and reflects an additional investment of approximately $36.13 million. The transaction was disclosed in a November 14 filing with the U.S. Securities and Exchange Commission.

Following this acquisition, Fluor became DME Capital’s second-largest equity holding, accounting for 9.13% of the fund’s assets under management. By comparison, the fund’s largest position represents 27.51% of AUM, while its third and fourth biggest stakes stand at 7.08% and 5.83%, respectively. The shift underscores DME Capital’s conviction in Fluor’s long-term prospects despite recent market volatility.

Fluor reported trailing twelve-month revenue of $15.59 billion and net income of $3.38 billion, with a market capitalization of $6.5 billion. The company’s backlog stood at $28 billion after declining 13% year-over-year, and it secured $3.3 billion in new project awards during the third quarter. In addition, Fluor generated $605 million in net proceeds from the partial sale of its majority stake in a small modular reactor developer, with plans to monetize the remaining interest by mid-2026.

Fluor’s stock has underperformed broad market benchmarks over the past year, falling by more than 16% while the S&P 500 advanced over 13%. Investors should weigh the firm’s transition toward reimbursable contracts—currently 82% of its project mix—against the cyclical nature of large-scale engineering and construction. The recent portfolio move by DME Capital suggests confidence in a value opportunity, but potential buyers must account for backlog pressures, one-off arbitration costs, and the uncertain timing of remaining asset monetizations.