Vulcan Value Partners

Q1 2015 13F · by C.T. Fitzpatrick, CIO

As of: Mar 31, 2015
Filed: May 15, 2015
US stock: $10.0B · prev $6.8B
Positions: 63 · prev 102
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%

Moves120 since the prior filing

+36.3 pp in · −36.3 pp out

New 18 +27.40 pp
Added 28 +8.90 pp
Trimmed 17 −14.53 pp
Exited 57 −21.76 pp

The book

Focused · behaves like 35 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 95% a year, about 1.1 years per position

Low
Moderate
High

Top 5 positions25% of US stock

Positions63 in this filing · 57 exited


ORCLOracle Corp	6.82%	18,134,918	$685M	added×2.4	+2.20 pp	new
PHParker-Hannifin Corporation	6.69%	5,655,557	$672M	added×17.6	+6.09 pp	new
FOSLFossil Group, Inc.	3.77%	4,587,694	$378M	new	+3.77 pp	new
BENFranklin Templeton, Inc.	3.68%	7,205,752	$370M	added+74%	+0.14 pp	new
AXSAxis Capital Holders Limited	3.67%	7,136,601	$368M	new	+3.67 pp	new
NOVNOV Inc.	3.58%	7,200,991	$360M	new	+3.58 pp	new
EGEverest Group, Ltd.	3.27%	2,095,897	$329M	added+37%	−0.36 pp	new
BABoeing Company	3.15%	2,105,518	$316M	new	+3.15 pp	new
VVISA Inc.	2.96%	4,537,350	$297M	trimmed−5%	−0.75 pp	new
MAMastercard Incorporated	2.95%	3,431,706	$296M	added+20%	−0.17 pp	new
DOVDover Corporation	2.80%	4,065,646	$281M	added×3.5	+1.25 pp	new
NDAQNasdaq, Inc.	2.76%	5,442,673	$277M	trimmed−26%	−1.44 pp	new
STTState Street Corporation	2.71%	3,706,304	$273M	added+89%	+0.76 pp	new
MSMMSC Industrial Direct Co., Inc. Class A	2.68%	3,722,245	$269M	new	+2.68 pp	new
unresolvedChubb	2.59%	2,568,070	$260M	added+56%	+0.34 pp	new
QCOMQualcomm Inc	2.56%	3,705,897	$257M	added+70%	+0.01 pp	new
VZVerizon Communications	2.52%	5,213,533	$254M	added+75%	+0.36 pp	new
DISThe Walt Disney Company	2.48%	2,372,764	$249M	added+29%	+0.15 pp	new
BNYBank of New York Mellon Corporation	2.39%	5,962,334	$240M	added+23%	−0.30 pp	new
DISCKDiscovery Inc-c	2.35%	7,989,084	$235M	added+5%	−1.73 pp	new
ACIWACI Worldwide, Inc.	2.34%	10,843,099	$235M	added×5.2	+0.63 pp	new
TROWT Rowe Price Group Inc	1.97%	2,442,399	$198M	new	+1.97 pp	new
CHKPCheck Point Software Technologies Ltd	1.61%	1,976,125	$162M	added+53%	+0.33 pp	new
unresolvedPrecision Castparts Corp	1.58%	755,768	$159M	new	+1.58 pp	new
unresolvedAetna Inc New	1.52%	1,436,563	$153M	added+18%	+0.05 pp	new
EVEaton Vance Corp	1.44%	3,461,937	$144M	added+5%	−0.41 pp	new
NUSNuSkin Enterprises, Inc.	1.42%	2,371,066	$143M	added×2.1	+0.17 pp	new
CSCOCisco Systems, Inc. (DE)	1.08%	3,949,574	$109M	trimmed−46%	−1.60 pp	new
SABRSabre Corporation	1.01%	4,165,837	$101M	trimmed−18%	−0.49 pp	new
ENSEnerSys, Inc.	0.96%	1,503,184	$97M	added×2.0	+0.21 pp	new
MSCIMSCI, Inc.	0.92%	1,505,896	$92M	added×3.6	+0.63 pp	new
unresolvedNavigators Group Inc	0.89%	1,150,665	$90M	trimmed−11%	−0.39 pp	new
unresolvedPartnerre Ltd	0.87%	762,852	$87M	new	+0.87 pp	new
unresolvedStarwood HOTELS&RESORTS Wrld	0.82%	989,433	$83M	trimmed−65%	−2.60 pp	new
unresolvedAspen Insurance Holdings Ltd	0.82%	1,748,326	$83M	new	+0.82 pp	new
EMREmerson Electric Co.	0.80%	1,414,971	$80M	new	+0.80 pp	new
ELVElevance Health, Inc.	0.79%	515,203	$80M	new	+0.79 pp	new
AAPLApple Inc.	0.77%	623,931	$78M	trimmed−78%	−3.07 pp	new
SLBSLB Limited	0.77%	930,785	$78M	new	+0.77 pp	new
VRTSVirtus Investment Partners, Inc.	0.77%	587,679	$77M	added×2.3	−0.02 pp	new
UNUnilever N V -ny Shares	0.76%	1,819,486	$76M	trimmed−9%	−0.54 pp	new
unresolvedIntercontinental Hotels Grou	0.74%	1,895,347	$74M	new	+0.74 pp	new
TWXTime Warner Inc	0.74%	884,191	$75M	trimmed−57%	−1.41 pp	new
WATWaters Corp	0.70%	566,263	$70M	new	+0.70 pp	new
CLColgate-Palmolive Company	0.68%	977,566	$68M	new	+0.68 pp	new
ROVIRovi Corporation Com Stk (De)	0.67%	3,690,443	$67M	added+9%	−0.53 pp	new
LNNLindsay Corporation	0.60%	790,582	$60M	added+8%	−0.32 pp	new
WWDWoodward, Inc.	0.58%	1,135,893	$58M	added+56%	+0.04 pp	new
CWCurtiss-Wright Corp.	0.55%	747,832	$55M	trimmed−16%	−0.31 pp	new
ITRNIturan Location and Control Ltd.	0.53%	2,427,554	$53M	added+23%	−0.18 pp	new
TUPTupperware Brands Corporation	0.50%	733,749	$51M	added+26%	−0.22 pp	new
NCINeo-Concept International Group Holdings Limited Class A	0.49%	3,831,025	$50M	added+61%	−0.12 pp	new
ATUEnerpac Tool Group Corp.	0.43%	1,808,863	$43M	new	+0.43 pp	new
unresolvedIHS Inc 'A'	0.40%	349,283	$40M	new	+0.40 pp	new
FWRDForward Air Corp	0.35%	645,651	$35M	trimmed−20%	−0.22 pp	new
SAFTSafety Insurance Group Inc	0.34%	578,144	$35M	trimmed−5%	−0.12 pp	new
DCIDonaldson Company, Inc.	0.29%	762,513	$29M	added+23%	−0.10 pp	new
OMCLOmnicell Inc	0.29%	835,405	$29M	trimmed−20%	−0.15 pp	new
unresolvedKmg Chemicals Inc	0.27%	1,001,896	$27M	trimmed−33%	−0.13 pp	new
EXPOExponent Inc	0.20%	224,565	$20M	trimmed−10%	−0.07 pp	new
CHEChemed Corporation	0.18%	147,434	$18M	trimmed−81%	−0.87 pp	new
PRAProAssurance Corporation	0.18%	395,250	$18M	trimmed−53%	−0.37 pp	new
SPYState Street SPDR S&P 500 ETF Trust	0.00%	1,456	$301,000	new	0.00 pp	new
EBAYeBay Inc	—	−4,991,303	—	exited	−3.70 pp	—
unresolvedWellpoint Inc	—	−1,993,097	—	exited	−3.17 pp	—
unresolvedConversant Inc	—	−7,474,765	—	exited	−2.81 pp	—
unresolvedIntercontinental Hotels Group PLC (ADR)	—	−3,330,897	—	exited	−2.05 pp	—
MARMarriott International Class A	—	−1,751,669	—	exited	−1.66 pp	—
CMECME Group Inc.	—	−1,480,225	—	exited	−1.55 pp	—
NSPInsperity, Inc	—	−1,985,716	—	exited	−0.97 pp	—
unresolvedMontpelier Re Holdings Ltd	—	−1,819,075	—	exited	−0.86 pp	—
unresolvedExpress Scripts Hldg Co	—	−821,661	—	exited	−0.84 pp	—
FICOFair Isaac Corporation	—	−846,381	—	exited	−0.80 pp	—
LYVLive Nation Entertainment Inc.	—	−1,777,620	—	exited	−0.65 pp	—
KOCoca-Cola Company	—	−985,128	—	exited	−0.62 pp	—
UTIUniversal Technical Institute, Inc.	—	−3,469,530	—	exited	−0.62 pp	—
unresolvedHeartland Payment Systems	—	−885,362	—	exited	−0.54 pp	—
GGenpact Limited	—	−1,624,216	—	exited	−0.42 pp	—
ALBAlbemarle Corporation	—	−268,352	—	exited	−0.28 pp	—
unresolvedSelect Comfort Corporation	—	−717,956	—	exited	−0.22 pp	—
TAT&T Inc.	—	−1,240	—	exited	0.00 pp	—
ABTAbbott Laboratories	—	−785	—	exited	0.00 pp	—
ABBVAbbvie Inc.	—	−785	—	exited	0.00 pp	—
ALGNAlign Technology Inc	—	−260	—	exited	0.00 pp	—
AEOAmerican Eagle Outfitters	—	−1,690	—	exited	0.00 pp	—
AVAAvista Corporation	—	−1,525	—	exited	0.00 pp	—
BMOBank of Montreal	—	−545	—	exited	0.00 pp	—
BDXBecton, Dickinson and Co.	—	−425	—	exited	0.00 pp	—
CVSCvs Health Corporation	—	−475	—	exited	0.00 pp	—
CELGCelgene Corp	—	−205	—	exited	0.00 pp	—
CERNCerner Corp	—	−650	—	exited	0.00 pp	—
EDConsolidated Edison, Inc.	—	−840	—	exited	0.00 pp	—
DEDeere & Company	—	−430	—	exited	0.00 pp	—
unresolvedE M C Corp Mass	—	−1,855	—	exited	0.00 pp	—
unresolvedEpiq Systems Inc	—	−1,320	—	exited	0.00 pp	—
FFIVF5, Inc.	—	−370	—	exited	0.00 pp	—
FFord Motor Company	—	−2,440	—	exited	0.00 pp	—
unresolvedFoundation Medicine	—	−600	—	exited	0.00 pp	—
GISGeneral Mills, Inc.	—	−650	—	exited	0.00 pp	—
unresolvedGoogle Inc.	—	−40	—	exited	0.00 pp	—
GOOGAlphabet Inc. Class C	—	−40	—	exited	0.00 pp	—
HMCHonda Motor Co., Ltd.	—	−1,035	—	exited	0.00 pp	—
INTCIntel Corp	—	−1,570	—	exited	0.00 pp	—
INTUIntuit Inc	—	−480	—	exited	0.00 pp	—
KUBTYKubota Corp	—	−590	—	exited	0.00 pp	—
unresolvedKyocera Corp (ADR)	—	−555	—	exited	0.00 pp	—
NVSNovartis AG	—	−580	—	exited	0.00 pp	—
NVDANvidia Corp	—	−1,235	—	exited	0.00 pp	—
PNCPNC Financial Services Group	—	−574	—	exited	0.00 pp	—
PORPortland General Electric Company	—	−1,195	—	exited	0.00 pp	—
PGProcter & Gamble Company	—	−598	—	exited	0.00 pp	—
unresolvedSapient Corp	—	−1,930	—	exited	0.00 pp	—
SYKStryker Corporation	—	−515	—	exited	0.00 pp	—
SYMCGen Digital Inc.	—	−1,500	—	exited	0.00 pp	—
TIMETime Inc	—	−517	—	exited	0.00 pp	—
USBU.S. Bancorp	—	−1,030	—	exited	0.00 pp	—
UNFIUnited Natural Foods Inc	—	−505	—	exited	0.00 pp	—
WFCWells Fargo & Co.	—	−860	—	exited	0.00 pp	—
unresolvedXerox Corp	—	−2,750	—	exited	0.00 pp	—
ALLTAllot Ltd.	—	−640	—	exited	0.00 pp	—