Vulcan Value Partners

Q4 2017 13F · by C.T. Fitzpatrick, CIO

As of: Dec 31, 2017
Filed: Feb 14, 2018
US stock: $12.2B · prev $11.7B
Positions: 57 · prev 52
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

+8.5 pp in · −8.4 pp out

New 7 +6.78 pp
Added 12 +1.69 pp
Trimmed 37 −7.13 pp
Exited 2 −1.30 pp

The book

Focused · behaves like 27 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 40% a year, about 2.5 years per position

Low
Moderate
High

Top 5 positions31% of US stock

ORCL Oracle Corp added−0.13 pp added−0.138.9%
NOV NOV Inc. trimmed−0.42 pp trimmed−0.426.4%
COR Cencora, Inc. added+1.54 pp added+1.545.7%
CVS Cvs Health Corporation added−0.83 pp added−0.835.3%
MCK McKesson Corporation added+0.26 pp added+0.264.6%

Positions57 in this filing · 2 exited


ORCLOracle Corp	8.91%	23,002,309	$1.1B	added+5%	−0.13 pp	4 q
NOVNOV Inc.	6.38%	21,640,475	$779M	trimmed−3%	−0.42 pp	4 q
CORCencora, Inc.	5.66%	7,530,523	$691M	added+29%	+1.54 pp	4 q
CVSCvs Health Corporation	5.25%	8,839,878	$641M	added+1%	−0.83 pp	4 q
MCKMcKesson Corporation	4.61%	3,612,389	$563M	added+9%	+0.26 pp	4 q
VVISA Inc.	4.46%	4,773,544	$544M	trimmed−7%	−0.15 pp	4 q
GOOGAlphabet Inc. Class C	4.36%	508,961	$533M	trimmed−2%	+0.08 pp	2 q
MAMastercard Incorporated	4.31%	3,478,612	$527M	trimmed−10%	−0.38 pp	4 q
QRVOQorvo, Inc.	3.58%	6,562,958	$437M	trimmed−3%	−0.50 pp	4 q
STTState Street Corporation	3.51%	4,385,126	$428M	trimmed−4%	−0.24 pp	4 q
SWKSSkyworks Solutions Inc	3.29%	4,230,322	$402M	added+26%	+0.36 pp	4 q
AXSAxis Capital Holders Limited	3.15%	7,646,245	$384M	added+14%	−0.13 pp	4 q
EGEverest Group, Ltd.	2.62%	1,443,878	$319M	added+1%	−0.19 pp	4 q
BNYBank of New York Mellon Corporation	2.61%	5,917,561	$319M	added0%	−0.07 pp	4 q
ELVElevance Health, Inc.	2.45%	1,327,283	$299M	added+52%	+1.03 pp	4 q
CAHCardinal Health, Inc.	2.40%	4,786,270	$293M	added+4%	−0.25 pp	4 q
AZOAutoZone, Inc.	2.38%	409,252	$291M	new	+2.38 pp	new
SABRSabre Corporation	2.17%	12,895,956	$264M	trimmed−12%	−0.09 pp	4 q
ORLYO'Reilly Automotive, Inc.	2.14%	1,086,530	$261M	trimmed−15%	−0.21 pp	2 q
HLTHilton Worldwide Holdings Inc.	1.73%	2,638,607	$211M	trimmed−34%	−0.63 pp	4 q
unresolvedAetna Inc New	1.50%	1,014,937	$183M	trimmed−12%	−0.07 pp	4 q
CBRECbre Group, Inc.	1.50%	4,225,216	$183M	trimmed−46%	−1.04 pp	4 q
JLLJones Lang LaSalle, Inc.	1.49%	1,219,963	$182M	trimmed−9%	+0.07 pp	4 q
MCOMoody's Corporation	1.40%	1,154,442	$170M	trimmed−23%	−0.38 pp	4 q
NTRSNorthern Trust Corp	1.35%	1,655,113	$165M	trimmed−26%	−0.40 pp	4 q
PHParker-Hannifin Corporation	1.35%	824,390	$165M	trimmed−20%	−0.19 pp	4 q
unresolvedPriceline Grp Inc	1.33%	93,392	$162M	new	+1.33 pp	new
SPGIS&P Global Inc.	1.30%	937,149	$159M	trimmed−16%	−0.20 pp	4 q
SNBRQSleep Number Corp	1.28%	4,168,618	$157M	new	+1.28 pp	new
SSNCSS&C Technologies Inc	1.23%	3,708,290	$150M	new	+1.23 pp	new
ACIWACI Worldwide, Inc.	1.19%	6,398,210	$145M	trimmed−11%	−0.21 pp	4 q
unresolvedIntercontinental Hotels Grou	1.10%	2,116,479	$134M	trimmed−26%	−0.19 pp	3 q
unresolvedAspen Insurance Holdings Ltd	0.97%	2,912,637	$118M	added+18%	+0.12 pp	4 q
UTXZRTX Corporation	0.90%	862,037	$110M	trimmed−5%	0.00 pp	4 q
ITRNIturan Location and Control Ltd.	0.64%	2,276,196	$78M	trimmed−9%	−0.14 pp	4 q
BIDTribeca Strategic Acquisition Corp. Class A	0.54%	1,268,329	$65M	trimmed−3%	+0.02 pp	4 q
MSMMSC Industrial Direct Co., Inc. Class A	0.52%	651,167	$63M	trimmed−18%	+0.01 pp	2 q
CACCCredit Acceptance Corp	0.45%	167,963	$54M	trimmed−15%	−0.02 pp	3 q
unresolvedNavigators Group Inc	0.45%	1,136,007	$55M	added+20%	−0.02 pp	4 q
CSLCarlisle Companies, Inc.	0.35%	374,160	$43M	trimmed−14%	−0.02 pp	2 q
MLKNMillerKnoll, Inc.	0.30%	929,043	$37M	trimmed−8%	−0.01 pp	4 q
AXTAAxalta Coating Systems Ltd.	0.30%	1,123,215	$36M	new	+0.30 pp	new
CXTCrane NXT, Co.	0.28%	377,506	$34M	trimmed−13%	−0.02 pp	4 q
WCCWesco International Inc.	0.27%	479,860	$33M	trimmed−62%	−0.35 pp	3 q
AYIAcuity Inc.	0.25%	173,040	$30M	new	+0.25 pp	new
VRTSVirtus Investment Partners, Inc.	0.25%	261,416	$30M	trimmed−41%	−0.19 pp	4 q
LNNLindsay Corporation	0.24%	337,025	$30M	trimmed−25%	−0.11 pp	4 q
TUPTupperware Brands Corporation	0.24%	470,078	$29M	trimmed−4%	−0.02 pp	4 q
WPPWpp PLC	0.22%	302,410	$27M	trimmed−14%	−0.06 pp	2 q
FWRDForward Air Corp	0.17%	366,959	$21M	trimmed−6%	−0.02 pp	4 q
unresolvedOutfront Media Inc	0.17%	890,818	$21M	trimmed−18%	−0.06 pp	4 q
ATUEnerpac Tool Group Corp.	0.16%	787,207	$20M	trimmed−53%	−0.20 pp	4 q
WWDWoodward, Inc.	0.16%	256,448	$20M	trimmed−60%	−0.26 pp	4 q
unresolvedLa Quinta Hldgs Inc	0.11%	731,462	$14M	trimmed−70%	−0.26 pp	4 q
CHHChoice Hotels Intnl.	0.06%	97,927	$8M	trimmed−84%	−0.27 pp	4 q
IWDiShares Russell 1000 Value ETF	0.01%	12,903	$2M	new	+0.01 pp	new
IWMiShares Russell 2000 ETF	0.01%	11,300	$2M	held	—	2 q
unresolvedSelect Comfort Corporation	—	−4,227,174	—	exited	−1.12 pp	—
8TGThermon Group Holdings Inc	—	−1,174,967	—	exited	−0.18 pp	—