Vulcan Value Partners

Q1 2016 13F · by C.T. Fitzpatrick, CIO

As of: Mar 31, 2016
Filed: May 16, 2016
US stock: $11.1B · prev $10.3B
Positions: 55 · 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%

Moves63 since the prior filing

+14.6 pp in · −14.6 pp out

New 8 +6.51 pp
Added 27 +8.05 pp
Trimmed 20 −8.87 pp
Exited 8 −5.71 pp

The book

Focused · behaves like 26 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 61% a year, about 1.6 years per position

Low
Moderate
High

Top 5 positions31% of US stock

ORCL Oracle Corp added+0.52 pp added+0.528.7%
PH Parker-Hannifin Corporation added+0.49 pp added+0.497.3%
NOV NOV Inc. added+1.23 pp added+1.235.4%
BEN Franklin Templeton, Inc. added+0.15 pp added+0.155.0%
DISCK Discovery Inc-c added+0.26 pp added+0.264.6%

Positions55 in this filing · 8 exited


ORCLOracle Corp	8.69%	23,631,169	$967M	added+1%	+0.52 pp	new
PHParker-Hannifin Corporation	7.32%	7,335,977	$815M	added+1%	+0.49 pp	new
NOVNOV Inc.	5.39%	19,302,165	$600M	added+69%	+1.23 pp	new
BENFranklin Templeton, Inc.	4.99%	14,218,015	$555M	added+6%	+0.15 pp	new
DISCKDiscovery Inc-c	4.60%	18,963,010	$512M	added+3%	+0.26 pp	new
FOSLFossil Group, Inc.	4.45%	11,151,818	$495M	added+29%	−0.25 pp	new
BABoeing Company	4.43%	3,885,522	$493M	added+48%	+1.09 pp	new
AXSAxis Capital Holders Limited	4.05%	8,120,386	$450M	added+3%	−0.04 pp	new
STTState Street Corporation	3.97%	7,550,610	$442M	added+61%	+0.92 pp	new
CSCOCisco Systems, Inc. (DE)	3.89%	15,201,066	$433M	added+20%	+0.68 pp	new
VVISA Inc.	3.45%	5,022,433	$384M	trimmed−4%	−0.08 pp	new
MAMastercard Incorporated	3.43%	4,039,335	$382M	trimmed−1%	−0.12 pp	new
EGEverest Group, Ltd.	3.37%	1,897,954	$375M	trimmed−6%	−0.03 pp	new
ELVElevance Health, Inc.	3.23%	2,586,585	$360M	added+71%	+1.17 pp	new
BNYBank of New York Mellon Corporation	3.02%	9,119,839	$336M	added+40%	+0.54 pp	new
DOVDover Corporation	2.64%	4,569,135	$294M	trimmed−11%	−0.19 pp	new
QCOMQualcomm Inc	2.49%	5,417,886	$277M	added+10%	−0.07 pp	new
UTXZRTX Corporation	2.34%	2,596,972	$260M	new	+2.34 pp	new
unresolvedHilton Worldwide Hldgs Inc	2.26%	11,167,435	$251M	new	+2.26 pp	new
ACIWACI Worldwide, Inc.	1.60%	8,579,551	$178M	added+6%	−0.05 pp	new
TROWT Rowe Price Group Inc	1.60%	2,426,864	$178M	trimmed−22%	−0.50 pp	new
TWXTime Warner Inc	1.59%	2,445,030	$177M	added×2.3	+0.88 pp	new
DISThe Walt Disney Company	1.54%	1,726,293	$171M	added+12%	+0.02 pp	new
unresolvedAetna Inc New	1.52%	1,503,380	$169M	trimmed−43%	−1.27 pp	new
unresolvedIntercontinental Hotels Grou	1.21%	3,275,273	$135M	new	+1.21 pp	new
unresolvedAspen Insurance Holdings Ltd	1.10%	2,556,995	$122M	added+13%	+0.08 pp	new
NUSNuSkin Enterprises, Inc.	0.90%	2,619,928	$100M	trimmed−6%	−0.22 pp	new
ENSEnerSys, Inc.	0.82%	1,643,668	$92M	trimmed−4%	−0.07 pp	new
CHKPCheck Point Software Technologies Ltd	0.82%	1,041,239	$91M	trimmed−5%	−0.02 pp	new
unresolvedNavigators Group Inc	0.80%	1,064,199	$89M	trimmed−9%	−0.08 pp	new
WWDWoodward, Inc.	0.73%	1,553,990	$81M	trimmed−12%	+0.04 pp	new
AAPLApple Inc.	0.72%	731,557	$80M	added+5%	−0.03 pp	new
unresolvedLa Quinta Hldgs Inc	0.70%	6,221,289	$78M	new	+0.70 pp	new
LNNLindsay Corporation	0.66%	1,026,073	$73M	added+5%	+0.02 pp	new
EVEaton Vance Corp	0.61%	2,035,908	$68M	added+6%	−0.01 pp	new
VRTSVirtus Investment Partners, Inc.	0.58%	825,731	$64M	added+55%	+0.06 pp	new
ITRNIturan Location and Control Ltd.	0.53%	2,994,368	$59M	added+14%	+0.01 pp	new
CXTCrane NXT, Co.	0.50%	1,036,395	$56M	added+45%	+0.18 pp	new
FWRDForward Air Corp	0.43%	1,054,079	$48M	added+39%	+0.13 pp	new
8TGThermon Group Holdings Inc	0.41%	2,621,033	$46M	added+23%	−0.01 pp	new
ATUEnerpac Tool Group Corp.	0.36%	1,626,912	$40M	added+5%	+0.08 pp	new
TKRThe Timken Company	0.36%	1,200,353	$40M	trimmed−48%	−0.26 pp	new
SAFTSafety Insurance Group Inc	0.34%	670,791	$38M	added+3%	0.00 pp	new
TUPTupperware Brands Corporation	0.34%	651,416	$38M	trimmed−69%	−0.68 pp	new
MSMMSC Industrial Direct Co., Inc. Class A	0.27%	387,385	$30M	trimmed−91%	−2.22 pp	new
NCINeo-Concept International Group Holdings Limited Class A	0.22%	1,550,490	$25M	trimmed−37%	−0.16 pp	new
CWCurtiss-Wright Corp.	0.18%	265,330	$20M	trimmed−53%	−0.16 pp	new
DCIDonaldson Company, Inc.	0.18%	635,607	$20M	trimmed−56%	−0.21 pp	new
MLKNMillerKnoll, Inc.	0.18%	646,424	$20M	trimmed−11%	−0.02 pp	new
LECOLincoln Electric Holdings Inc	0.17%	322,916	$19M	trimmed−53%	−0.18 pp	new
MKLMarkel Group Inc.	0.00%	138	$123,000	new	0.00 pp	new
MSFTMicrosoft Corp	0.00%	1,300	$72,000	trimmed−100%	−2.44 pp	new
PXDPioneer Natural Resource Co.	0.00%	320	$45,000	new	0.00 pp	new
unresolvedPopeyes La Kitchen Inc	0.00%	1,090	$57,000	new	0.00 pp	new
ZAYOZayo Group Holdings, Inc.	0.00%	2,015	$49,000	new	0.00 pp	new
FFIVF5, Inc.	—	−2,440,746	—	exited	−2.74 pp	—
VZVerizon Communications	—	−2,525,956	—	exited	−1.07 pp	—
HONHoneywell International, Inc.	—	−842,288	—	exited	−0.77 pp	—
NDSNNordson Corp	—	−575,418	—	exited	−0.35 pp	—
GGGGraco Inc	—	−344,445	—	exited	−0.22 pp	—
JKHYHenry (Jack) & Associates	—	−304,913	—	exited	−0.21 pp	—
NDAQNasdaq, Inc.	—	−340,285	—	exited	−0.18 pp	—
CLBCore Laboratories Inc.	—	−171,164	—	exited	−0.17 pp	—