Vulcan Value Partners

Q3 2017 13F · by C.T. Fitzpatrick, CIO

As of: Sep 30, 2017
Filed: Nov 14, 2017
US stock: $11.7B · prev $11.2B
Positions: 52 · prev 51
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%

Moves57 since the prior filing

+13.2 pp in · −13.3 pp out

New 6 +7.80 pp
Added 14 +5.42 pp
Trimmed 32 −5.41 pp
Exited 5 −7.85 pp

The book

Focused · behaves like 26 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 51% a year, about 2.0 years per position

Low
Moderate
High

Top 5 positions31% of US stock

Positions52 in this filing · 5 exited


ORCLOracle Corp	9.04%	21,826,461	$1.1B	trimmed−1%	−0.80 pp	3 q
NOVNOV Inc.	6.80%	22,209,508	$794M	added+27%	+1.68 pp	3 q
CVSCvs Health Corporation	6.08%	8,736,102	$710M	added+14%	+0.57 pp	3 q
MAMastercard Incorporated	4.69%	3,878,629	$548M	trimmed−5%	+0.29 pp	3 q
VVISA Inc.	4.61%	5,115,625	$538M	trimmed−4%	+0.16 pp	3 q
MCKMcKesson Corporation	4.35%	3,306,897	$508M	added+1%	−0.44 pp	3 q
GOOGAlphabet Inc. Class C	4.28%	521,201	$500M	new	+4.28 pp	new
CORCencora, Inc.	4.12%	5,819,707	$482M	added+11%	−0.32 pp	3 q
QRVOQorvo, Inc.	4.08%	6,735,385	$476M	added+72%	+1.86 pp	3 q
STTState Street Corporation	3.75%	4,582,869	$438M	trimmed−4%	−0.05 pp	3 q
AXSAxis Capital Holders Limited	3.28%	6,692,720	$384M	added+1%	−0.53 pp	3 q
SWKSSkyworks Solutions Inc	2.93%	3,354,221	$342M	added×3.1	+2.00 pp	3 q
EGEverest Group, Ltd.	2.81%	1,435,361	$328M	trimmed−4%	−0.59 pp	3 q
BNYBank of New York Mellon Corporation	2.68%	5,897,318	$313M	trimmed−1%	−0.03 pp	3 q
CAHCardinal Health, Inc.	2.65%	4,624,616	$309M	added+6%	−0.38 pp	3 q
CBRECbre Group, Inc.	2.54%	7,835,567	$297M	trimmed−1%	−0.03 pp	3 q
HLTHilton Worldwide Holdings Inc.	2.36%	3,970,356	$276M	trimmed−6%	+0.03 pp	3 q
ORLYO'Reilly Automotive, Inc.	2.35%	1,276,578	$275M	new	+2.35 pp	new
SABRSabre Corporation	2.26%	14,578,427	$264M	added+33%	+0.14 pp	3 q
MCOMoody's Corporation	1.78%	1,494,378	$208M	trimmed−8%	+0.01 pp	3 q
NTRSNorthern Trust Corp	1.75%	2,223,913	$204M	added+27%	+0.24 pp	3 q
unresolvedAetna Inc New	1.57%	1,151,223	$183M	trimmed−25%	−0.50 pp	3 q
PHParker-Hannifin Corporation	1.54%	1,024,751	$179M	trimmed−6%	−0.01 pp	3 q
SPGIS&P Global Inc.	1.50%	1,120,886	$175M	trimmed−6%	−0.05 pp	3 q
ELVElevance Health, Inc.	1.42%	872,391	$166M	trimmed−48%	−1.41 pp	3 q
JLLJones Lang LaSalle, Inc.	1.42%	1,342,390	$166M	trimmed−10%	−0.25 pp	3 q
ACIWACI Worldwide, Inc.	1.40%	7,167,201	$163M	trimmed−4%	−0.09 pp	3 q
unresolvedIntercontinental Hotels Grou	1.29%	2,857,034	$151M	trimmed−1%	−0.13 pp	2 q
unresolvedSelect Comfort Corporation	1.12%	4,227,174	$131M	added+18%	−0.02 pp	3 q
UTXZRTX Corporation	0.90%	910,077	$106M	added+62%	+0.29 pp	3 q
unresolvedAspen Insurance Holdings Ltd	0.85%	2,460,425	$99M	trimmed−6%	−0.32 pp	3 q
ITRNIturan Location and Control Ltd.	0.78%	2,513,628	$91M	trimmed−26%	−0.17 pp	3 q
WCCWesco International Inc.	0.62%	1,251,262	$73M	added+62%	+0.23 pp	2 q
BIDTribeca Strategic Acquisition Corp. Class A	0.52%	1,311,039	$60M	trimmed−15%	−0.22 pp	3 q
MSMMSC Industrial Direct Co., Inc. Class A	0.51%	789,375	$60M	new	+0.51 pp	new
CACCCredit Acceptance Corp	0.47%	197,314	$55M	trimmed−1%	+0.01 pp	2 q
unresolvedNavigators Group Inc	0.47%	949,155	$55M	trimmed−34%	−0.23 pp	3 q
VRTSVirtus Investment Partners, Inc.	0.44%	439,797	$51M	trimmed−41%	−0.30 pp	3 q
WWDWoodward, Inc.	0.42%	635,427	$49M	trimmed−1%	+0.03 pp	3 q
CSLCarlisle Companies, Inc.	0.37%	433,793	$44M	new	+0.37 pp	new
unresolvedLa Quinta Hldgs Inc	0.37%	2,443,183	$43M	trimmed−39%	−0.16 pp	3 q
ATUEnerpac Tool Group Corp.	0.36%	1,658,650	$42M	trimmed−1%	−0.01 pp	3 q
LNNLindsay Corporation	0.35%	448,868	$41M	trimmed−21%	−0.10 pp	3 q
CHHChoice Hotels Intnl.	0.33%	597,495	$38M	trimmed−2%	−0.02 pp	3 q
MLKNMillerKnoll, Inc.	0.31%	1,004,385	$36M	trimmed−2%	+0.03 pp	3 q
CXTCrane NXT, Co.	0.30%	432,754	$35M	trimmed−1%	−0.01 pp	3 q
WPPWpp PLC	0.28%	352,268	$33M	new	+0.28 pp	new
TUPTupperware Brands Corporation	0.26%	491,112	$30M	trimmed−19%	−0.12 pp	3 q
unresolvedOutfront Media Inc	0.23%	1,083,605	$27M	added+79%	+0.10 pp	3 q
FWRDForward Air Corp	0.19%	389,381	$22M	trimmed−63%	−0.31 pp	3 q
8TGThermon Group Holdings Inc	0.18%	1,174,967	$21M	trimmed−16%	−0.06 pp	3 q
IWMiShares Russell 2000 ETF	0.01%	11,300	$2M	new	+0.01 pp	new
BABoeing Company	—	−1,853,511	—	exited	−3.27 pp	—
DISCKDiscovery Inc-c	—	−10,925,555	—	exited	−2.45 pp	—
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	—	−579,873	—	exited	−0.96 pp	—
TWXTime Warner Inc	—	−999,172	—	exited	−0.89 pp	—
NCINeo-Concept International Group Holdings Limited Class A	—	−1,583,082	—	exited	−0.28 pp	—