Vulcan Value Partners

Q4 2013 13F · by C.T. Fitzpatrick, CIO

As of: Dec 31, 2013
Filed: Feb 11, 2014
US stock: $4.8B · prev $3.3B
Positions: 52 · prev 53
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%

Moves57 since the prior filing

+9.5 pp in · −9.5 pp out

New 4 +6.60 pp
Added 41 +2.93 pp
Trimmed 7 −5.07 pp
Exited 5 −4.43 pp

The book

Focused · behaves like 35 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 20% a year, about 4.9 years per position

Low
Moderate
High

Top 5 positions24% of US stock

ORCL Oracle Corp added+1.01 pp added+1.015.8%
AAPL Apple Inc. added+0.04 pp added+0.045.4%
EG Everest Group, Ltd. added−0.35 pp added−0.354.5%
BNY Bank of New York Mellon Corporation added+0.17 pp added+0.174.0%
unresolved Starwood HOTELS&RESORTS Wrld added+0.34 pp added+0.343.9%

Positions52 in this filing · 5 exited


ORCLOracle Corp	5.78%	7,207,666	$276M	added+53%	+1.01 pp	3 q
AAPLApple Inc.	5.41%	459,540	$258M	added+25%	+0.04 pp	3 q
EGEverest Group, Ltd.	4.53%	1,385,079	$216M	added+26%	−0.35 pp	3 q
BNYBank of New York Mellon Corporation	3.96%	5,403,113	$189M	added+31%	+0.17 pp	3 q
unresolvedStarwood HOTELS&RESORTS Wrld	3.92%	2,350,058	$187M	added+33%	+0.34 pp	3 q
BENFranklin Templeton, Inc.	3.82%	3,155,174	$182M	added+29%	+0.04 pp	3 q
QCOMQualcomm Inc	3.73%	2,391,758	$178M	added+34%	+0.06 pp	3 q
EBAYeBay Inc	3.59%	3,120,828	$171M	new	+3.59 pp	new
NDAQNasdaq, Inc.	3.36%	4,020,523	$160M	trimmed−1%	−0.63 pp	3 q
MAMastercard Incorporated	3.34%	190,459	$159M	added+20%	+0.08 pp	3 q
unresolvedIntercontinental Hotels Group PLC (ADR)	3.20%	4,560,326	$152M	added+31%	+0.10 pp	3 q
MARMarriott International Class A	2.97%	2,871,575	$142M	new	+2.97 pp	new
unresolvedValueclick Inc	2.96%	6,033,076	$141M	added+60%	+0.56 pp	3 q
CSCOCisco Systems, Inc. (DE)	2.65%	5,642,384	$127M	added+34%	−0.37 pp	3 q
DISCKDiscovery Inc-c	2.61%	1,485,655	$125M	added+29%	−0.14 pp	3 q
DOVDover Corporation	2.51%	1,238,605	$120M	added+6%	−0.70 pp	3 q
KOCoca-Cola Company	2.43%	2,798,730	$116M	added+31%	−0.03 pp	3 q
VVISA Inc.	2.41%	515,880	$115M	added+29%	+0.08 pp	3 q
unresolvedChubb	2.20%	1,086,599	$105M	added+35%	0.00 pp	3 q
DISThe Walt Disney Company	2.19%	1,365,831	$104M	added+1%	−0.48 pp	3 q
CHEChemed Corporation	2.09%	1,297,688	$99M	added+38%	+0.04 pp	3 q
unresolvedExpress Scripts Hldg Co	1.78%	1,211,104	$85M	added+31%	+0.04 pp	3 q
UNUnilever N V -ny Shares	1.78%	2,104,168	$85M	added×2.2	+0.67 pp	3 q
CHKPCheck Point Software Technologies Ltd	1.67%	1,236,920	$80M	trimmed−2%	−0.51 pp	3 q
LNNLindsay Corporation	1.65%	951,181	$79M	added×3.7	+1.02 pp	2 q
ACIWACI Worldwide, Inc.	1.55%	1,135,649	$74M	added+11%	−0.14 pp	3 q
TWXTime Warner Inc	1.41%	962,163	$67M	added+31%	−0.07 pp	3 q
unresolvedNavigators Group Inc	1.29%	976,738	$62M	added+30%	−0.04 pp	3 q
PHParker-Hannifin Corporation	1.27%	469,756	$60M	trimmed−33%	−1.06 pp	3 q
LYVLive Nation Entertainment Inc.	1.23%	2,973,214	$59M	added+29%	−0.07 pp	3 q
unresolvedMontpelier Re Holdings Ltd	1.21%	1,981,570	$58M	added+32%	+0.02 pp	2 q
UTXZRTX Corporation	1.16%	485,138	$55M	trimmed−26%	−0.99 pp	3 q
NSPInsperity, Inc	1.15%	1,516,104	$55M	added×4.1	+0.73 pp	2 q
unresolvedNeustar Inc	1.10%	1,056,528	$53M	added+56%	+0.08 pp	3 q
FICOFair Isaac Corporation	1.07%	811,396	$51M	added+25%	−0.03 pp	3 q
EVEaton Vance Corp	1.02%	1,138,421	$49M	added+31%	−0.01 pp	3 q
CWCurtiss-Wright Corp.	0.99%	760,507	$47M	added+81%	+0.39 pp	3 q
unresolvedHeartland Payment Systems	0.95%	909,354	$45M	trimmed−34%	−0.73 pp	3 q
UTIUniversal Technical Institute, Inc.	0.93%	3,190,427	$44M	added+14%	−0.11 pp	3 q
WWDWoodward, Inc.	0.92%	960,013	$44M	added+35%	+0.04 pp	3 q
RVTYRevvity, Inc.	0.91%	1,048,545	$43M	added+39%	+0.04 pp	3 q
TUPTupperware Brands Corporation	0.88%	443,122	$42M	added+31%	−0.01 pp	3 q
ITRNIturan Location and Control Ltd.	0.86%	1,904,522	$41M	added+17%	−0.06 pp	3 q
unresolvedIconix Brand Group Inc	0.60%	718,866	$29M	added+23%	+0.01 pp	3 q
WLYJohn Wiley & Sons, Inc. Class A	0.58%	504,037	$28M	trimmed−41%	−0.67 pp	3 q
MSCIMSCI, Inc.	0.56%	608,320	$27M	added+26%	−0.04 pp	3 q
PRAProAssurance Corporation	0.54%	530,878	$26M	added+44%	+0.03 pp	3 q
unresolvedKmg Chemicals Inc	0.52%	1,469,381	$25M	trimmed−1%	−0.48 pp	3 q
DCIDonaldson Company, Inc.	0.41%	450,335	$20M	added+18%	−0.03 pp	3 q
NEUNewMarket Corporation	0.32%	45,747	$15M	added+33%	+0.02 pp	3 q
ECOLUS Ecology Inc	0.03%	38,142	$1M	new	+0.03 pp	new
OMCLOmnicell Inc	0.01%	11,345	$290,000	new	+0.01 pp	new
CMECME Group Inc.	—	−577,057	—	exited	−1.30 pp	—
unresolvedGoogle Inc.	—	−44,579	—	exited	−1.19 pp	—
GPNGlobal Payments, Inc.	—	−685,298	—	exited	−1.07 pp	—
OTEXOpen Text Corp	—	−273,154	—	exited	−0.62 pp	—
NDSNNordson Corp	—	−112,672	—	exited	−0.25 pp	—