Vulcan Value Partners

Q2 2017 13F · by C.T. Fitzpatrick, CIO

As of: Jun 30, 2017
Filed: Aug 14, 2017
US stock: $11.2B · prev $11.6B
Positions: 51 · 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%

Moves58 since the prior filing

+5.1 pp in · −5.1 pp out

New 3 +2.27 pp
Added 12 +2.87 pp
Trimmed 36 +1.03 pp
Exited 7 −6.16 pp

The book

Focused · behaves like 27 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 17% a year, about 5.7 years per position

Low
Moderate
High

Top 5 positions30% of US stock

ORCL Oracle Corp trimmed+1.09 pp trimmed+1.099.8%
CVS Cvs Health Corporation added+0.37 pp added+0.375.5%
NOV NOV Inc. added−0.59 pp added−0.595.1%
MCK McKesson Corporation trimmed+0.44 pp trimmed+0.444.8%
V VISA Inc. added+0.82 pp added+0.824.5%

Positions51 in this filing · 7 exited


ORCLOracle Corp	9.84%	22,026,871	$1.1B	trimmed−3%	+1.09 pp	2 q
CVSCvs Health Corporation	5.51%	7,689,383	$619M	added+1%	+0.37 pp	2 q
NOVNOV Inc.	5.12%	17,425,713	$574M	added+6%	−0.59 pp	2 q
MCKMcKesson Corporation	4.79%	3,267,211	$538M	trimmed−4%	+0.44 pp	2 q
VVISA Inc.	4.45%	5,328,143	$500M	added+13%	+0.82 pp	2 q
CORCencora, Inc.	4.44%	5,265,850	$498M	trimmed−1%	+0.37 pp	2 q
MAMastercard Incorporated	4.40%	4,068,894	$494M	added+5%	+0.65 pp	2 q
AXSAxis Capital Holders Limited	3.81%	6,618,307	$428M	added+2%	+0.06 pp	2 q
STTState Street Corporation	3.80%	4,753,666	$427M	trimmed−2%	+0.47 pp	2 q
EGEverest Group, Ltd.	3.40%	1,497,957	$381M	trimmed−4%	+0.25 pp	2 q
BABoeing Company	3.27%	1,853,511	$367M	added+13%	+0.76 pp	2 q
CAHCardinal Health, Inc.	3.03%	4,357,447	$340M	added+2%	+0.01 pp	2 q
ELVElevance Health, Inc.	2.83%	1,689,616	$318M	trimmed−2%	+0.36 pp	2 q
BNYBank of New York Mellon Corporation	2.71%	5,963,174	$304M	trimmed−1%	+0.26 pp	2 q
CBRECbre Group, Inc.	2.57%	7,923,263	$288M	trimmed−2%	+0.14 pp	2 q
DISCKDiscovery Inc-c	2.45%	10,925,555	$275M	trimmed−24%	−1.08 pp	2 q
HLTHilton Worldwide Holdings Inc.	2.33%	4,227,228	$261M	trimmed−3%	+0.14 pp	2 q
QRVOQorvo, Inc.	2.22%	3,925,736	$249M	trimmed−30%	−1.09 pp	2 q
SABRSabre Corporation	2.12%	10,921,259	$238M	trimmed−0%	+0.11 pp	2 q
unresolvedAetna Inc New	2.07%	1,527,217	$232M	trimmed−3%	+0.34 pp	2 q
MCOMoody's Corporation	1.77%	1,631,472	$199M	trimmed−1%	+0.17 pp	2 q
JLLJones Lang LaSalle, Inc.	1.67%	1,495,773	$187M	added+10%	+0.36 pp	2 q
PHParker-Hannifin Corporation	1.55%	1,088,587	$174M	trimmed−3%	0.00 pp	2 q
SPGIS&P Global Inc.	1.55%	1,190,375	$174M	trimmed−1%	+0.19 pp	2 q
NTRSNorthern Trust Corp	1.51%	1,745,111	$170M	trimmed−1%	+0.19 pp	2 q
ACIWACI Worldwide, Inc.	1.49%	7,470,187	$167M	trimmed−16%	−0.15 pp	2 q
unresolvedIntercontinental Hotels Grou	1.42%	2,873,564	$160M	new	+1.42 pp	new
unresolvedAspen Insurance Holdings Ltd	1.17%	2,626,145	$131M	trimmed−0%	−0.01 pp	2 q
unresolvedSelect Comfort Corporation	1.14%	3,592,547	$127M	trimmed−46%	−0.30 pp	2 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.96%	579,873	$108M	trimmed−2%	+0.12 pp	2 q
ITRNIturan Location and Control Ltd.	0.95%	3,413,962	$107M	trimmed−0%	+0.04 pp	2 q
SWKSSkyworks Solutions Inc	0.93%	1,083,349	$104M	trimmed−54%	−1.08 pp	2 q
TWXTime Warner Inc	0.89%	999,172	$100M	trimmed−1%	+0.04 pp	2 q
BIDTribeca Strategic Acquisition Corp. Class A	0.74%	1,550,808	$83M	trimmed−15%	+0.03 pp	2 q
VRTSVirtus Investment Partners, Inc.	0.74%	747,117	$83M	trimmed−22%	−0.14 pp	2 q
unresolvedNavigators Group Inc	0.70%	1,429,087	$78M	trimmed−9%	−0.03 pp	2 q
UTXZRTX Corporation	0.61%	563,496	$69M	added+59%	+0.27 pp	2 q
unresolvedLa Quinta Hldgs Inc	0.53%	4,003,038	$59M	trimmed−0%	+0.06 pp	2 q
FWRDForward Air Corp	0.50%	1,060,409	$56M	trimmed−1%	+0.06 pp	2 q
CACCCredit Acceptance Corp	0.46%	199,316	$51M	new	+0.46 pp	new
LNNLindsay Corporation	0.45%	565,944	$51M	trimmed−0%	+0.02 pp	2 q
WCCWesco International Inc.	0.39%	772,926	$44M	new	+0.39 pp	new
WWDWoodward, Inc.	0.39%	642,457	$43M	added+58%	+0.15 pp	2 q
TUPTupperware Brands Corporation	0.38%	604,436	$42M	trimmed−1%	+0.05 pp	2 q
ATUEnerpac Tool Group Corp.	0.37%	1,679,655	$41M	trimmed−0%	−0.01 pp	2 q
CHHChoice Hotels Intnl.	0.35%	610,369	$39M	added+3%	+0.03 pp	2 q
CXTCrane NXT, Co.	0.31%	435,510	$35M	trimmed−0%	+0.03 pp	2 q
MLKNMillerKnoll, Inc.	0.28%	1,020,469	$31M	trimmed−0%	0.00 pp	2 q
NCINeo-Concept International Group Holdings Limited Class A	0.28%	1,583,082	$31M	added+3%	−0.02 pp	2 q
8TGThermon Group Holdings Inc	0.24%	1,395,952	$27M	trimmed−4%	−0.02 pp	2 q
unresolvedOutfront Media Inc	0.13%	606,989	$14M	trimmed−10%	−0.03 pp	2 q
FOSLFossil Group, Inc.	—	−11,387,845	—	exited	−1.72 pp	—
DISThe Walt Disney Company	—	−1,570,614	—	exited	−1.54 pp	—
unresolvedIntercontinental Hotels Grou	—	−2,793,207	—	exited	−1.18 pp	—
CSCOCisco Systems, Inc. (DE)	—	−3,029,164	—	exited	−0.88 pp	—
ENSEnerSys, Inc.	—	−588,403	—	exited	−0.40 pp	—
SBHSally Beauty Holdings, Inc.	—	−2,260,283	—	exited	−0.40 pp	—
PKPark Hotels & Resorts Inc.	—	−194,437	—	exited	−0.04 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 7 unresolved
Accession: 0001556785-17-000039
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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