Vulcan Value Partners

Q2 2014 13F · by C.T. Fitzpatrick, CIO

As of: Jun 30, 2014
Filed: Aug 12, 2014
US stock: $6.8B · prev $5.7B
Positions: 102 · prev 61
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%

Moves107 since the prior filing

+13.2 pp in · −13.3 pp out

New 46 +6.96 pp
Added 39 +6.23 pp
Trimmed 17 −11.10 pp
Exited 5 −2.16 pp

The book

Focused · behaves like 40 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 37% a year, about 2.7 years per position

Low
Moderate
High

Top 5 positions20% of US stock

ORCL Oracle Corp trimmed−1.54 pp trimmed−1.544.6%
NDAQ Nasdaq, Inc. added+0.87 pp added+0.874.2%
DISCK Discovery Inc-c added+1.52 pp added+1.524.1%
AAPL Apple Inc. trimmed−1.20 pp trimmed−1.203.8%
V VISA Inc. added+1.35 pp added+1.353.7%

Positions102 in this filing · 5 exited


ORCLOracle Corp	4.62%	7,704,677	$312M	trimmed−9%	−1.54 pp	5 q
NDAQNasdaq, Inc.	4.20%	7,344,784	$284M	added+44%	+0.87 pp	5 q
DISCKDiscovery Inc-c	4.08%	3,794,575	$275M	added×2.0	+1.52 pp	5 q
AAPLApple Inc.	3.84%	2,791,979	$259M	trimmed−25%	−1.20 pp	5 q
VVISA Inc.	3.71%	1,190,175	$251M	added+93%	+1.35 pp	5 q
EBAYeBay Inc	3.70%	4,991,303	$250M	added+40%	+0.22 pp	3 q
EGEverest Group, Ltd.	3.63%	1,528,698	$245M	trimmed−12%	−1.09 pp	5 q
BENFranklin Templeton, Inc.	3.54%	4,136,130	$239M	added+4%	−0.27 pp	5 q
unresolvedStarwood HOTELS&RESORTS Wrld	3.42%	2,859,190	$231M	added+1%	−0.56 pp	5 q
unresolvedWellpoint Inc	3.17%	1,993,097	$214M	added+45%	+0.74 pp	2 q
MAMastercard Incorporated	3.12%	2,869,895	$211M	added+23%	+0.04 pp	5 q
unresolvedConversant Inc	2.81%	7,474,765	$190M	added+5%	−0.73 pp	2 q
BNYBank of New York Mellon Corporation	2.69%	4,853,002	$182M	added+3%	−0.26 pp	5 q
CSCOCisco Systems, Inc. (DE)	2.68%	7,291,952	$181M	added+9%	+0.02 pp	5 q
QCOMQualcomm Inc	2.55%	2,179,425	$173M	trimmed−23%	−1.39 pp	5 q
DISThe Walt Disney Company	2.33%	1,834,197	$157M	added+16%	+0.10 pp	5 q
unresolvedChubb	2.25%	1,649,386	$152M	added+11%	−0.10 pp	5 q
VZVerizon Communications	2.16%	2,987,522	$146M	added+61%	+0.60 pp	2 q
TWXTime Warner Inc	2.15%	2,068,600	$145M	added+15%	+0.07 pp	5 q
unresolvedIntercontinental Hotels Group PLC (ADR)	2.05%	3,330,897	$138M	trimmed−2%	+0.10 pp	5 q
STTState Street Corporation	1.95%	1,957,149	$132M	new	+1.95 pp	new
EVEaton Vance Corp	1.85%	3,307,706	$125M	added+73%	+0.56 pp	5 q
ACIWACI Worldwide, Inc.	1.71%	2,068,049	$115M	added+21%	−0.08 pp	5 q
MARMarriott International Class A	1.66%	1,751,669	$112M	trimmed−27%	−0.72 pp	3 q
CMECME Group Inc.	1.55%	1,480,225	$105M	new	+1.55 pp	new
DOVDover Corporation	1.55%	1,152,017	$105M	trimmed−23%	−0.63 pp	5 q
SABRSabre Corporation	1.50%	5,058,124	$101M	new	+1.50 pp	new
unresolvedAetna Inc New	1.47%	1,221,425	$99M	new	+1.47 pp	new
UNUnilever N V -ny Shares	1.30%	2,006,108	$88M	trimmed−24%	−0.63 pp	5 q
unresolvedNavigators Group Inc	1.28%	1,290,201	$87M	added+2%	−0.10 pp	5 q
CHKPCheck Point Software Technologies Ltd	1.28%	1,295,395	$87M	added+64%	+0.33 pp	5 q
NUSNuSkin Enterprises, Inc.	1.25%	1,145,536	$85M	added+58%	+0.19 pp	2 q
ROVIRovi Corporation Com Stk (De)	1.20%	3,373,343	$81M	added×2.5	+0.66 pp	2 q
CHEChemed Corporation	1.05%	757,841	$71M	trimmed−14%	−0.35 pp	5 q
NSPInsperity, Inc	0.97%	1,985,716	$66M	trimmed−10%	−0.24 pp	4 q
LNNLindsay Corporation	0.92%	732,884	$62M	trimmed−33%	−0.79 pp	4 q
CWCurtiss-Wright Corp.	0.86%	885,867	$58M	added+1%	−0.13 pp	5 q
unresolvedMontpelier Re Holdings Ltd	0.86%	1,819,075	$58M	added+1%	−0.09 pp	4 q
unresolvedExpress Scripts Hldg Co	0.84%	821,661	$57M	added+19%	−0.08 pp	5 q
FICOFair Isaac Corporation	0.80%	846,381	$54M	added+2%	−0.02 pp	5 q
VRTSVirtus Investment Partners, Inc.	0.79%	250,813	$53M	added+1%	+0.03 pp	2 q
ENSEnerSys, Inc.	0.75%	736,382	$51M	added+59%	+0.18 pp	2 q
TUPTupperware Brands Corporation	0.72%	580,747	$49M	added+1%	−0.13 pp	5 q
ITRNIturan Location and Control Ltd.	0.71%	1,980,049	$48M	added0%	−0.16 pp	5 q
LYVLive Nation Entertainment Inc.	0.65%	1,777,620	$44M	added×2.5	+0.38 pp	5 q
KOCoca-Cola Company	0.62%	985,128	$42M	trimmed−69%	−1.55 pp	5 q
UTIUniversal Technical Institute, Inc.	0.62%	3,469,530	$42M	added+1%	−0.16 pp	5 q
NCINeo-Concept International Group Holdings Limited Class A	0.61%	2,380,009	$42M	added×4.7	+0.44 pp	2 q
PHParker-Hannifin Corporation	0.60%	321,825	$40M	added+11%	−0.01 pp	5 q
FWRDForward Air Corp	0.57%	802,917	$38M	added×17.6	+0.53 pp	2 q
PRAProAssurance Corporation	0.55%	840,012	$37M	trimmed−26%	−0.34 pp	5 q
unresolvedHeartland Payment Systems	0.54%	885,362	$36M	trimmed−27%	−0.35 pp	5 q
WWDWoodward, Inc.	0.54%	726,264	$36M	trimmed−4%	−0.02 pp	5 q
SAFTSafety Insurance Group Inc	0.46%	608,485	$31M	added+32%	+0.02 pp	2 q
OMCLOmnicell Inc	0.44%	1,043,553	$30M	added×16.3	+0.41 pp	3 q
GGenpact Limited	0.42%	1,624,216	$28M	added+1%	−0.07 pp	2 q
unresolvedKmg Chemicals Inc	0.40%	1,492,067	$27M	added+2%	−0.01 pp	5 q
DCIDonaldson Company, Inc.	0.39%	620,226	$26M	added+2%	−0.07 pp	5 q
MSCIMSCI, Inc.	0.29%	423,523	$19M	trimmed−47%	−0.32 pp	5 q
ALBAlbemarle Corporation	0.28%	268,352	$19M	trimmed−1%	−0.04 pp	2 q
EXPOExponent Inc	0.27%	250,191	$19M	new	+0.27 pp	new
unresolvedSelect Comfort Corporation	0.22%	717,956	$15M	new	+0.22 pp	new
TAT&T Inc.	0.00%	1,240	$44,000	new	0.00 pp	new
ABTAbbott Laboratories	0.00%	785	$32,000	new	0.00 pp	new
ABBVAbbvie Inc.	0.00%	785	$44,000	new	0.00 pp	new
ALGNAlign Technology Inc	0.00%	260	$15,000	new	0.00 pp	new
AEOAmerican Eagle Outfitters	0.00%	1,690	$19,000	new	0.00 pp	new
AVAAvista Corporation	0.00%	1,525	$51,000	new	0.00 pp	new
BMOBank of Montreal	0.00%	545	$40,000	new	0.00 pp	new
BDXBecton, Dickinson and Co.	0.00%	425	$50,000	new	0.00 pp	new
CVSCvs Health Corporation	0.00%	475	$36,000	new	0.00 pp	new
CELGCelgene Corp	0.00%	205	$18,000	new	0.00 pp	new
CERNCerner Corp	0.00%	650	$34,000	new	0.00 pp	new
EDConsolidated Edison, Inc.	0.00%	840	$49,000	new	0.00 pp	new
DEDeere & Company	0.00%	430	$39,000	new	0.00 pp	new
unresolvedE M C Corp Mass	0.00%	1,855	$49,000	new	0.00 pp	new
unresolvedEpiq Systems Inc	0.00%	1,320	$19,000	new	0.00 pp	new
FFIVF5, Inc.	0.00%	370	$41,000	new	0.00 pp	new
FFord Motor Company	0.00%	2,440	$42,000	new	0.00 pp	new
unresolvedFoundation Medicine	0.00%	600	$16,000	new	0.00 pp	new
GISGeneral Mills, Inc.	0.00%	650	$34,000	new	0.00 pp	new
unresolvedGoogle Inc.	0.00%	40	$23,000	new	0.00 pp	new
GOOGAlphabet Inc. Class C	0.00%	40	$23,000	new	0.00 pp	new
HMCHonda Motor Co., Ltd.	0.00%	1,035	$36,000	new	0.00 pp	new
INTCIntel Corp	0.00%	1,570	$49,000	new	0.00 pp	new
INTUIntuit Inc	0.00%	480	$39,000	new	0.00 pp	new
KUBTYKubota Corp	0.00%	590	$42,000	new	0.00 pp	new
unresolvedKyocera Corp (ADR)	0.00%	555	$26,000	new	0.00 pp	new
NVSNovartis AG	0.00%	580	$53,000	new	0.00 pp	new
NVDANvidia Corp	0.00%	1,235	$23,000	new	0.00 pp	new
PNCPNC Financial Services Group	0.00%	574	$51,000	new	0.00 pp	new
PORPortland General Electric Company	0.00%	1,195	$41,000	new	0.00 pp	new
PGProcter & Gamble Company	0.00%	598	$47,000	new	0.00 pp	new
unresolvedSapient Corp	0.00%	1,930	$31,000	new	0.00 pp	new
SYKStryker Corporation	0.00%	515	$43,000	new	0.00 pp	new
SYMCGen Digital Inc.	0.00%	1,500	$34,000	new	0.00 pp	new
TIMETime Inc	0.00%	517	$13,000	new	0.00 pp	new
USBU.S. Bancorp	0.00%	1,030	$45,000	new	0.00 pp	new
UNFIUnited Natural Foods Inc	0.00%	505	$33,000	new	0.00 pp	new
WFCWells Fargo & Co.	0.00%	860	$45,000	new	0.00 pp	new
unresolvedXerox Corp	0.00%	2,750	$34,000	new	0.00 pp	new
ALLTAllot Ltd.	0.00%	640	$8,000	new	0.00 pp	new
unresolvedNeustar Inc	—	−1,617,079	—	exited	−0.93 pp	—
KNKnowles Corporation	—	−1,260,042	—	exited	−0.70 pp	—
unresolvedIconix Brand Group Inc	—	−732,877	—	exited	−0.51 pp	—
ECOLUS Ecology Inc	—	−24,403	—	exited	−0.02 pp	—
FDSFactset Research Systems	—	−403	—	exited	0.00 pp	—