Vulcan Value Partners

Q1 2017 13F · by C.T. Fitzpatrick, CIO

As of: Mar 31, 2017
Filed: May 15, 2017
US stock: $11.6B · prev $10.2B
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%

Moves70 since the prior filing

+35.1 pp in · −35.1 pp out

New 15 +29.27 pp
Added 12 +5.84 pp
Trimmed 28 −16.58 pp
Exited 15 −18.52 pp

The book

Focused · behaves like 30 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 145% a year, about 0.7 years per position

Low
Moderate
High

Top 5 positions28% of US stock

ORCL Oracle Corp trimmed−0.60 pp trimmed−0.608.8%
NOV NOV Inc. trimmed−0.60 pp trimmed−0.605.7%
CVS Cvs Health Corporation new+5.14 pp new+5.145.1%
MCK McKesson Corporation new+4.35 pp new+4.354.3%
COR Cencora, Inc. added+3.80 pp added+3.804.1%

Positions55 in this filing · 15 exited


ORCLOracle Corp	8.75%	22,708,953	$1.0B	trimmed−2%	−0.60 pp	new
NOVNOV Inc.	5.71%	16,488,429	$661M	trimmed−13%	−0.60 pp	new
CVSCvs Health Corporation	5.14%	7,586,549	$596M	new	+5.14 pp	new
MCKMcKesson Corporation	4.35%	3,400,880	$504M	new	+4.35 pp	new
CORCencora, Inc.	4.07%	5,329,275	$472M	added×15.3	+3.80 pp	new
MAMastercard Incorporated	3.75%	3,865,633	$435M	trimmed−4%	+0.26 pp	new
AXSAxis Capital Holders Limited	3.75%	6,475,573	$434M	trimmed−23%	−0.82 pp	new
VVISA Inc.	3.63%	4,731,398	$420M	trimmed−5%	+0.01 pp	new
DISCKDiscovery Inc-c	3.53%	14,453,035	$409M	trimmed−3%	+0.03 pp	new
STTState Street Corporation	3.33%	4,848,047	$386M	trimmed−34%	−0.55 pp	new
QRVOQorvo, Inc.	3.31%	5,584,735	$383M	new	+3.31 pp	new
EGEverest Group, Ltd.	3.15%	1,560,031	$365M	trimmed−20%	−0.37 pp	new
CAHCardinal Health, Inc.	3.02%	4,291,200	$350M	new	+3.02 pp	new
BABoeing Company	2.51%	1,646,573	$291M	trimmed−44%	−1.23 pp	new
ELVElevance Health, Inc.	2.47%	1,730,750	$286M	trimmed−33%	−0.88 pp	new
BNYBank of New York Mellon Corporation	2.45%	6,001,339	$283M	trimmed−35%	−1.08 pp	new
CBRECbre Group, Inc.	2.43%	8,084,900	$281M	new	+2.43 pp	new
HLTHilton Worldwide Holdings Inc.	2.19%	4,341,075	$254M	new	+2.19 pp	new
SABRSabre Corporation	2.01%	10,962,006	$232M	added×2.2	+0.72 pp	new
SWKSSkyworks Solutions Inc	2.01%	2,374,361	$233M	new	+2.01 pp	new
unresolvedAetna Inc New	1.73%	1,568,008	$200M	added+4%	−0.07 pp	new
FOSLFossil Group, Inc.	1.72%	11,387,845	$199M	trimmed−2%	−1.54 pp	new
ACIWACI Worldwide, Inc.	1.64%	8,871,216	$190M	added+1%	−0.04 pp	new
MCOMoody's Corporation	1.60%	1,653,477	$185M	new	+1.60 pp	new
PHParker-Hannifin Corporation	1.55%	1,117,459	$179M	trimmed−76%	−3.44 pp	new
DISThe Walt Disney Company	1.54%	1,570,614	$178M	trimmed−26%	−0.51 pp	new
unresolvedSelect Comfort Corporation	1.44%	6,709,618	$166M	added+63%	+0.57 pp	new
SPGIS&P Global Inc.	1.36%	1,207,794	$158M	new	+1.36 pp	new
NTRSNorthern Trust Corp	1.32%	1,763,224	$153M	new	+1.32 pp	new
JLLJones Lang LaSalle, Inc.	1.31%	1,359,221	$151M	added×2.5	+0.78 pp	new
unresolvedIntercontinental Hotels Grou	1.18%	2,793,207	$137M	new	+1.18 pp	new
unresolvedAspen Insurance Holdings Ltd	1.18%	2,628,924	$137M	trimmed−1%	−0.03 pp	new
ITRNIturan Location and Control Ltd.	0.91%	3,422,591	$106M	trimmed−4%	+0.11 pp	new
CSCOCisco Systems, Inc. (DE)	0.88%	3,029,164	$102M	trimmed−71%	−2.04 pp	new
VRTSVirtus Investment Partners, Inc.	0.88%	957,627	$101M	added0%	+0.21 pp	new
TWXTime Warner Inc	0.85%	1,011,078	$99M	trimmed−57%	−0.84 pp	new
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.84%	591,371	$97M	new	+0.84 pp	new
unresolvedNavigators Group Inc	0.73%	1,564,227	$85M	added+55%	−0.19 pp	new
BIDTribeca Strategic Acquisition Corp. Class A	0.71%	1,813,867	$82M	trimmed−17%	+0.12 pp	new
unresolvedLa Quinta Hldgs Inc	0.47%	4,003,358	$54M	trimmed−33%	−0.20 pp	new
FWRDForward Air Corp	0.44%	1,069,114	$51M	added+3%	−0.02 pp	new
LNNLindsay Corporation	0.43%	566,218	$50M	trimmed−44%	−0.25 pp	new
ENSEnerSys, Inc.	0.40%	588,403	$46M	trimmed−36%	−0.14 pp	new
SBHSally Beauty Holdings, Inc.	0.40%	2,260,283	$46M	added+81%	+0.04 pp	new
ATUEnerpac Tool Group Corp.	0.38%	1,681,857	$44M	trimmed−3%	0.00 pp	new
UTXZRTX Corporation	0.34%	354,053	$40M	trimmed−76%	−1.15 pp	new
TUPTupperware Brands Corporation	0.33%	608,517	$38M	added+3%	0.00 pp	new
CHHChoice Hotels Intnl.	0.32%	595,005	$37M	new	+0.32 pp	new
NCINeo-Concept International Group Holdings Limited Class A	0.30%	1,544,469	$35M	trimmed−19%	0.00 pp	new
CXTCrane NXT, Co.	0.28%	435,672	$33M	trimmed−39%	−0.12 pp	new
MLKNMillerKnoll, Inc.	0.28%	1,020,537	$32M	added+25%	+0.04 pp	new
8TGThermon Group Holdings Inc	0.26%	1,446,815	$30M	trimmed−26%	−0.11 pp	new
WWDWoodward, Inc.	0.24%	407,060	$28M	trimmed−73%	−0.61 pp	new
unresolvedOutfront Media Inc	0.16%	677,111	$18M	new	+0.16 pp	new
PKPark Hotels & Resorts Inc.	0.04%	194,437	$5M	new	+0.04 pp	new
BENFranklin Templeton, Inc.	—	−14,330,506	—	exited	−4.70 pp	—
unresolvedHilton Worldwide Hldgs Inc	—	−17,641,732	—	exited	−3.91 pp	—
QCOMQualcomm Inc	—	−3,614,589	—	exited	−1.90 pp	—
CHKPCheck Point Software Technologies Ltd	—	−2,206,298	—	exited	−1.73 pp	—
TROWT Rowe Price Group Inc	—	−2,234,209	—	exited	−1.60 pp	—
MARMarriott International Class A	—	−2,086,158	—	exited	−1.36 pp	—
DOVDover Corporation	—	−1,298,407	—	exited	−0.89 pp	—
TKRThe Timken Company	—	−1,548,244	—	exited	−0.47 pp	—
NUSNuSkin Enterprises, Inc.	—	−889,275	—	exited	−0.40 pp	—
EVEaton Vance Corp	—	−1,105,180	—	exited	−0.38 pp	—
SAFTSafety Insurance Group Inc	—	−551,650	—	exited	−0.33 pp	—
MSMMSC Industrial Direct Co., Inc. Class A	—	−386,439	—	exited	−0.27 pp	—
CWCurtiss-Wright Corp.	—	−264,559	—	exited	−0.22 pp	—
DCIDonaldson Company, Inc.	—	−635,618	—	exited	−0.21 pp	—
WCCWesco International Inc.	—	−302,883	—	exited	−0.15 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 7 unresolved
Accession: 0001556785-17-000035
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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