Vulcan Value Partners

Q1 2014 13F · by C.T. Fitzpatrick, CIO

As of: Mar 31, 2014
Filed: May 13, 2014
US stock: $5.7B · prev $4.8B
Positions: 61 · prev 52
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%

Moves66 since the prior filing

+13.5 pp in · −13.4 pp out

New 14 +12.62 pp
Added 35 +0.84 pp
Trimmed 12 −7.48 pp
Exited 5 −5.93 pp

The book

Focused · behaves like 36 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 40% a year, about 2.5 years per position

Low
Moderate
High

Top 5 positions24% of US stock

ORCL Oracle Corp added+0.38 pp added+0.386.2%
AAPL Apple Inc. added−0.37 pp added−0.375.0%
EG Everest Group, Ltd. added+0.19 pp added+0.194.7%
unresolved Starwood HOTELS&RESORTS Wrld added+0.06 pp added+0.064.0%
QCOM Qualcomm Inc added+0.21 pp added+0.213.9%

Positions61 in this filing · 5 exited


ORCLOracle Corp	6.16%	8,512,121	$348M	added+18%	+0.38 pp	4 q
AAPLApple Inc.	5.04%	530,593	$285M	added+15%	−0.37 pp	4 q
EGEverest Group, Ltd.	4.72%	1,743,404	$267M	added+26%	+0.19 pp	4 q
unresolvedStarwood HOTELS&RESORTS Wrld	3.98%	2,826,543	$225M	added+20%	+0.06 pp	4 q
QCOMQualcomm Inc	3.94%	2,823,696	$223M	added+18%	+0.21 pp	4 q
BENFranklin Templeton, Inc.	3.81%	3,978,744	$216M	added+26%	−0.01 pp	4 q
unresolvedConversant Inc	3.54%	7,105,217	$200M	new	+3.54 pp	new
EBAYeBay Inc	3.48%	3,561,909	$197M	added+14%	−0.11 pp	2 q
NDAQNasdaq, Inc.	3.33%	5,092,529	$188M	added+27%	−0.03 pp	4 q
MAMastercard Incorporated	3.08%	2,327,808	$174M	added+22%	−0.26 pp	4 q
BNYBank of New York Mellon Corporation	2.95%	4,721,424	$167M	trimmed−13%	−1.01 pp	4 q
CSCOCisco Systems, Inc. (DE)	2.66%	6,702,276	$150M	added+19%	+0.01 pp	4 q
DISCKDiscovery Inc-c	2.56%	1,880,977	$145M	added+27%	−0.05 pp	4 q
unresolvedWellpoint Inc	2.43%	1,377,600	$137M	new	+2.43 pp	new
MARMarriott International Class A	2.38%	2,397,851	$134M	trimmed−17%	−0.59 pp	2 q
VVISA Inc.	2.36%	617,002	$133M	added+20%	−0.05 pp	4 q
unresolvedChubb	2.35%	1,490,851	$133M	added+37%	+0.15 pp	4 q
DISThe Walt Disney Company	2.23%	1,577,752	$126M	added+16%	+0.04 pp	4 q
DOVDover Corporation	2.18%	1,505,398	$123M	added+22%	−0.33 pp	4 q
KOCoca-Cola Company	2.17%	3,179,168	$123M	added+14%	−0.26 pp	4 q
TWXTime Warner Inc	2.08%	1,798,523	$117M	added+87%	+0.67 pp	4 q
unresolvedIntercontinental Hotels Group PLC (ADR)	1.95%	3,398,659	$110M	trimmed−25%	−1.25 pp	4 q
UNUnilever N V -ny Shares	1.93%	2,654,982	$109M	added+26%	+0.15 pp	4 q
ACIWACI Worldwide, Inc.	1.79%	1,708,511	$101M	added+50%	+0.24 pp	4 q
LNNLindsay Corporation	1.71%	1,093,474	$96M	added+15%	+0.06 pp	3 q
VZVerizon Communications	1.56%	1,855,374	$88M	new	+1.56 pp	new
CHEChemed Corporation	1.40%	883,347	$79M	trimmed−32%	−0.69 pp	4 q
unresolvedNavigators Group Inc	1.38%	1,269,872	$78M	added+30%	+0.09 pp	4 q
EVEaton Vance Corp	1.29%	1,908,008	$73M	added+68%	+0.27 pp	4 q
NSPInsperity, Inc	1.21%	2,201,752	$68M	added+45%	+0.06 pp	3 q
NUSNuSkin Enterprises, Inc.	1.06%	722,808	$60M	new	+1.06 pp	new
CWCurtiss-Wright Corp.	0.99%	878,133	$56M	added+15%	0.00 pp	4 q
unresolvedMontpelier Re Holdings Ltd	0.95%	1,800,122	$54M	trimmed−9%	−0.26 pp	3 q
CHKPCheck Point Software Technologies Ltd	0.95%	791,447	$54M	trimmed−36%	−0.72 pp	4 q
unresolvedNeustar Inc	0.93%	1,617,079	$53M	added+53%	−0.17 pp	4 q
unresolvedExpress Scripts Hldg Co	0.92%	690,467	$52M	trimmed−43%	−0.86 pp	4 q
unresolvedHeartland Payment Systems	0.89%	1,207,709	$50M	added+33%	−0.06 pp	4 q
PRAProAssurance Corporation	0.89%	1,132,172	$50M	added×2.1	+0.35 pp	4 q
ITRNIturan Location and Control Ltd.	0.87%	1,978,736	$49M	added+4%	+0.01 pp	4 q
TUPTupperware Brands Corporation	0.85%	573,769	$48M	added+29%	−0.03 pp	4 q
FICOFair Isaac Corporation	0.82%	833,066	$46M	added+3%	−0.25 pp	4 q
UTIUniversal Technical Institute, Inc.	0.78%	3,420,345	$44M	added+7%	−0.15 pp	4 q
VRTSVirtus Investment Partners, Inc.	0.76%	248,262	$43M	new	+0.76 pp	new
KNKnowles Corporation	0.70%	1,260,042	$40M	new	+0.70 pp	new
MSCIMSCI, Inc.	0.61%	797,247	$34M	added+31%	+0.05 pp	4 q
PHParker-Hannifin Corporation	0.61%	289,375	$35M	trimmed−38%	−0.66 pp	4 q
ENSEnerSys, Inc.	0.57%	463,479	$32M	new	+0.57 pp	new
WWDWoodward, Inc.	0.56%	757,569	$31M	trimmed−21%	−0.36 pp	4 q
ROVIRovi Corporation Com Stk (De)	0.54%	1,350,846	$31M	new	+0.54 pp	new
unresolvedIconix Brand Group Inc	0.51%	732,877	$29M	added+2%	−0.09 pp	4 q
GGenpact Limited	0.49%	1,603,656	$28M	new	+0.49 pp	new
DCIDonaldson Company, Inc.	0.46%	610,008	$26M	added+35%	+0.05 pp	4 q
SAFTSafety Insurance Group Inc	0.44%	462,030	$25M	new	+0.44 pp	new
unresolvedKmg Chemicals Inc	0.41%	1,469,211	$23M	trimmed−0%	−0.11 pp	4 q
ALBAlbemarle Corporation	0.32%	271,480	$18M	new	+0.32 pp	new
LYVLive Nation Entertainment Inc.	0.27%	704,739	$15M	trimmed−76%	−0.96 pp	4 q
NCINeo-Concept International Group Holdings Limited Class A	0.17%	502,366	$9M	new	+0.17 pp	new
FWRDForward Air Corp	0.04%	45,529	$2M	new	+0.04 pp	new
OMCLOmnicell Inc	0.03%	63,917	$2M	added×5.6	+0.02 pp	2 q
ECOLUS Ecology Inc	0.02%	24,403	$906,000	trimmed−36%	−0.01 pp	2 q
FDSFactset Research Systems	0.00%	403	$43,000	new	0.00 pp	new
unresolvedValueclick Inc	—	−6,033,076	—	exited	−2.96 pp	—
UTXZRTX Corporation	—	−485,138	—	exited	−1.16 pp	—
RVTYRevvity, Inc.	—	−1,048,545	—	exited	−0.91 pp	—
WLYJohn Wiley & Sons, Inc. Class A	—	−504,037	—	exited	−0.58 pp	—
NEUNewMarket Corporation	—	−45,747	—	exited	−0.32 pp	—