Vulcan Value Partners

Q3 2013 13F · by C.T. Fitzpatrick, CIO

As of: Sep 30, 2013
Filed: Nov 12, 2013
US stock: $3.3B · prev $2.3B
Positions: 53 · prev 55
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves58 since the prior filing

+5.2 pp in · −5.2 pp out

New 3 +2.24 pp
Added 44 +2.94 pp
Trimmed 6 −3.40 pp
Exited 5 −1.81 pp

The book

Focused · behaves like 36 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 10% a year, about 9.7 years per position

Low
Moderate
High

Top 5 positions23% of US stock

Positions53 in this filing · 5 exited


AAPLApple Inc.	5.37%	368,699	$176M	added+26%	+0.30 pp	2 q
EGEverest Group, Ltd.	4.88%	1,099,023	$160M	added+32%	+0.20 pp	2 q
ORCLOracle Corp	4.77%	4,706,439	$156M	added+31%	−0.07 pp	2 q
NDAQNasdaq, Inc.	3.99%	4,068,222	$131M	added+42%	−0.13 pp	2 q
BNYBank of New York Mellon Corporation	3.79%	4,113,298	$124M	added+33%	−0.03 pp	2 q
BENFranklin Templeton, Inc.	3.78%	2,450,044	$124M	added+63%	+0.80 pp	2 q
QCOMQualcomm Inc	3.67%	1,785,813	$120M	added+63%	+0.73 pp	2 q
unresolvedStarwood HOTELS&RESORTS Wrld	3.58%	1,766,674	$117M	added+68%	+0.67 pp	2 q
MAMastercard Incorporated	3.26%	158,619	$107M	added+27%	+0.12 pp	2 q
DOVDover Corporation	3.21%	1,172,244	$105M	added+13%	−0.31 pp	2 q
unresolvedIntercontinental Hotels Group PLC (ADR)	3.10%	3,477,394	$102M	added+39%	+0.08 pp	2 q
CSCOCisco Systems, Inc. (DE)	3.02%	4,219,501	$99M	added+43%	−0.13 pp	2 q
DISCKDiscovery Inc-c	2.75%	1,153,638	$90M	added+36%	+0.15 pp	2 q
DISThe Walt Disney Company	2.67%	1,353,915	$87M	added+39%	−0.03 pp	2 q
KOCoca-Cola Company	2.46%	2,130,308	$81M	added+43%	−0.16 pp	2 q
unresolvedValueclick Inc	2.40%	3,767,105	$79M	added+77%	+0.10 pp	2 q
PHParker-Hannifin Corporation	2.33%	703,134	$76M	added+33%	+0.11 pp	2 q
VVISA Inc.	2.33%	400,204	$76M	added+39%	+0.01 pp	2 q
unresolvedChubb	2.20%	806,777	$72M	added+37%	+0.02 pp	2 q
CHKPCheck Point Software Technologies Ltd	2.18%	1,263,386	$71M	trimmed−3%	−0.65 pp	2 q
UTXZRTX Corporation	2.15%	651,889	$70M	added+13%	−0.21 pp	2 q
CHEChemed Corporation	2.05%	939,717	$67M	added×2.1	+0.61 pp	2 q
unresolvedExpress Scripts Hldg Co	1.74%	921,326	$57M	added+42%	−0.02 pp	2 q
ACIWACI Worldwide, Inc.	1.69%	1,024,715	$55M	added+20%	−0.04 pp	2 q
unresolvedHeartland Payment Systems	1.68%	1,381,667	$55M	trimmed−4%	−0.68 pp	2 q
TWXTime Warner Inc	1.48%	735,814	$48M	added+32%	+0.06 pp	2 q
unresolvedNavigators Group Inc	1.33%	752,247	$43M	added+46%	+0.04 pp	2 q
CMECME Group Inc.	1.30%	577,057	$43M	added+32%	−0.16 pp	2 q
LYVLive Nation Entertainment Inc.	1.30%	2,299,730	$43M	added+30%	+0.10 pp	2 q
WLYJohn Wiley & Sons, Inc. Class A	1.25%	855,512	$41M	added+26%	+0.06 pp	2 q
unresolvedGoogle Inc.	1.19%	44,579	$39M	added+20%	−0.24 pp	2 q
unresolvedMontpelier Re Holdings Ltd	1.19%	1,502,251	$39M	new	+1.19 pp	new
UNUnilever N V -ny Shares	1.11%	963,844	$36M	added+55%	+0.04 pp	2 q
FICOFair Isaac Corporation	1.10%	651,055	$36M	added+28%	+0.07 pp	2 q
GPNGlobal Payments, Inc.	1.07%	685,298	$35M	added+36%	+0.04 pp	2 q
UTIUniversal Technical Institute, Inc.	1.04%	2,808,907	$34M	added+6%	−0.16 pp	2 q
EVEaton Vance Corp	1.03%	871,838	$34M	added×2.5	+0.46 pp	2 q
unresolvedNeustar Inc	1.02%	675,475	$33M	added+39%	−0.02 pp	2 q
unresolvedKmg Chemicals Inc	1.00%	1,489,894	$33M	added+19%	−0.16 pp	2 q
ITRNIturan Location and Control Ltd.	0.92%	1,631,196	$30M	added+34%	+0.02 pp	2 q
TUPTupperware Brands Corporation	0.89%	337,999	$29M	added+34%	+0.03 pp	2 q
WWDWoodward, Inc.	0.88%	709,062	$29M	added+41%	0.00 pp	2 q
RVTYRevvity, Inc.	0.87%	754,062	$28M	trimmed−31%	−0.69 pp	2 q
LNNLindsay Corporation	0.63%	254,180	$21M	new	+0.63 pp	new
OTEXOpen Text Corp	0.62%	273,154	$20M	added+40%	+0.04 pp	2 q
CWCurtiss-Wright Corp.	0.60%	419,992	$20M	trimmed−25%	−0.30 pp	2 q
MSCIMSCI, Inc.	0.60%	484,210	$19M	added+29%	+0.05 pp	2 q
unresolvedIconix Brand Group Inc	0.59%	585,472	$19M	trimmed−45%	−0.79 pp	2 q
PRAProAssurance Corporation	0.51%	367,856	$17M	added+44%	−0.07 pp	2 q
DCIDonaldson Company, Inc.	0.44%	380,867	$15M	trimmed−18%	−0.29 pp	2 q
NSPInsperity, Inc	0.42%	369,813	$14M	new	+0.42 pp	new
NEUNewMarket Corporation	0.30%	34,436	$10M	added+39%	+0.01 pp	2 q
NDSNNordson Corp	0.25%	112,672	$8M	added+19%	−0.04 pp	2 q
LECOLincoln Electric Holdings Inc	—	−233,961	—	exited	−0.59 pp	—
MGMistras Group Inc.	—	−613,475	—	exited	−0.47 pp	—
unresolvedSonic Corp	—	−739,421	—	exited	−0.47 pp	—
unresolvedInterval Leisure Group Inc	—	−317,864	—	exited	−0.28 pp	—
MSFTMicrosoft Corp	—	−1	—	exited	0.00 pp	—