Vulcan Value Partners

Q2 2018 13F · by C.T. Fitzpatrick, CIO

As of: Jun 30, 2018
Filed: Aug 14, 2018
US stock: $12.9B · prev $12.2B
Positions: 57 · prev 57
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%

Moves67 since the prior filing

+22.1 pp in · −22.1 pp out

New 10 +11.69 pp
Added 24 +10.45 pp
Trimmed 23 −16.90 pp
Exited 10 −5.21 pp

The book

Focused · behaves like 26 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 93% a year, about 1.1 years per position

Low
Moderate
High

Top 5 positions30% of US stock

Positions57 in this filing · 10 exited


ORCLOracle Corp	8.53%	25,019,520	$1.1B	added+9%	−0.38 pp	new
NOVNOV Inc.	6.81%	20,274,296	$880M	trimmed−6%	+0.43 pp	new
SWKSSkyworks Solutions Inc	4.92%	6,581,779	$636M	added+56%	+1.63 pp	new
QRVOQorvo, Inc.	4.84%	7,798,102	$625M	added+19%	+1.26 pp	new
CVSCvs Health Corporation	4.74%	9,522,744	$613M	added+8%	−0.51 pp	new
MAMastercard Incorporated	4.34%	2,853,374	$561M	trimmed−18%	+0.03 pp	new
GOOGAlphabet Inc. Class C	4.14%	479,172	$535M	trimmed−6%	−0.22 pp	new
VVISA Inc.	3.90%	3,802,012	$504M	trimmed−20%	−0.56 pp	new
MCKMcKesson Corporation	3.89%	3,768,099	$503M	added+4%	−0.72 pp	new
PHParker-Hannifin Corporation	3.83%	3,178,193	$495M	added×3.9	+2.48 pp	new
STTState Street Corporation	3.57%	4,952,036	$461M	added+13%	+0.06 pp	new
AXSAxis Capital Holders Limited	3.35%	7,781,689	$433M	added+2%	+0.20 pp	new
CORCencora, Inc.	3.29%	4,988,485	$425M	trimmed−34%	−2.37 pp	new
BNYBank of New York Mellon Corporation	3.28%	7,871,202	$424M	added+33%	+0.67 pp	new
EGEverest Group, Ltd.	3.26%	1,830,722	$422M	added+27%	+0.64 pp	new
unresolvedAetna Inc New	3.04%	2,142,029	$393M	added×2.1	+1.54 pp	new
HLTHilton Worldwide Holdings Inc.	3.01%	4,914,914	$389M	added+86%	+1.28 pp	new
unresolvedKkr & Co L P DEL	3.01%	15,643,574	$389M	new	+3.01 pp	new
UPSUnited Parcel Service, Inc. Class B	2.38%	2,899,895	$308M	new	+2.38 pp	new
METAMeta Platforms, Inc. Class A	2.05%	1,365,749	$265M	new	+2.05 pp	new
NTRSNorthern Trust Corp	2.01%	2,522,199	$260M	added+52%	+0.66 pp	new
SPGIS&P Global Inc.	1.80%	1,139,734	$232M	added+22%	+0.50 pp	new
AVGOBroadcom Inc.	1.74%	927,394	$225M	new	+1.74 pp	new
TERTeradyne, Inc.	1.24%	4,215,694	$160M	new	+1.24 pp	new
ELVElevance Health, Inc.	1.17%	636,193	$151M	trimmed−52%	−1.28 pp	new
SNBRQSleep Number Corp	1.12%	4,974,464	$144M	added+19%	−0.16 pp	new
ACIWACI Worldwide, Inc.	1.08%	5,636,815	$139M	trimmed−12%	−0.11 pp	new
JLLJones Lang LaSalle, Inc.	1.02%	792,002	$131M	trimmed−35%	−0.47 pp	new
AYIAcuity Inc.	0.80%	888,340	$103M	added×5.1	+0.55 pp	new
SABRSabre Corporation	0.65%	3,431,149	$85M	trimmed−73%	−1.52 pp	new
unresolvedAspen Insurance Holdings Ltd	0.65%	2,049,823	$83M	trimmed−30%	−0.32 pp	new
ITRNIturan Location and Control Ltd.	0.63%	2,702,061	$82M	added+19%	−0.01 pp	new
VRTSVirtus Investment Partners, Inc.	0.54%	533,272	$69M	added×2.0	+0.29 pp	new
SGISomnigroup International Inc.	0.50%	1,348,756	$65M	new	+0.50 pp	new
WCCWesco International Inc.	0.43%	978,838	$56M	added×2.0	+0.16 pp	new
DESPDespegar.com Corp	0.43%	2,635,944	$55M	new	+0.43 pp	new
MCOMoody's Corporation	0.41%	309,137	$53M	trimmed−73%	−0.99 pp	new
unresolvedNavigators Group Inc	0.39%	884,642	$50M	trimmed−22%	−0.06 pp	new
CSLCarlisle Companies, Inc.	0.38%	453,169	$49M	added+21%	+0.03 pp	new
MSMMSC Industrial Direct Co., Inc. Class A	0.38%	577,630	$49M	trimmed−11%	−0.14 pp	new
WWDWoodward, Inc.	0.33%	557,028	$43M	added×2.2	+0.17 pp	new
TUPTupperware Brands Corporation	0.32%	991,383	$41M	added×2.1	+0.08 pp	new
MLKNMillerKnoll, Inc.	0.31%	1,174,053	$40M	added+26%	+0.01 pp	new
BIDTribeca Strategic Acquisition Corp. Class A	0.30%	716,378	$39M	trimmed−44%	−0.24 pp	new
CACCCredit Acceptance Corp	0.24%	87,862	$31M	trimmed−48%	−0.21 pp	new
CXTCrane NXT, Co.	0.21%	344,146	$28M	trimmed−9%	−0.07 pp	new
unresolvedOutfront Media Inc	0.19%	1,231,447	$24M	added+38%	+0.02 pp	new
FWRDForward Air Corp	0.16%	352,853	$21M	trimmed−4%	−0.01 pp	new
VSMVersum Materials, Inc.	0.16%	558,867	$21M	new	+0.16 pp	new
DCIDonaldson Company, Inc.	0.15%	421,298	$19M	new	+0.15 pp	new
ATUEnerpac Tool Group Corp.	0.09%	381,441	$11M	trimmed−52%	−0.07 pp	new
LSTRLandstar System Inc	0.03%	36,708	$4M	new	+0.03 pp	new
AZOAutoZone, Inc.	0.00%	149	$100,000	trimmed−100%	−2.38 pp	new
CBRECbre Group, Inc.	0.00%	165	$8,000	trimmed−100%	−1.50 pp	new
CAHCardinal Health, Inc.	0.00%	1,087	$53,000	trimmed−100%	−2.40 pp	new
ORLYO'Reilly Automotive, Inc.	0.00%	278	$76,000	trimmed−100%	−2.14 pp	new
AXTAAxalta Coating Systems Ltd.	0.00%	55	$2,000	trimmed−100%	−0.30 pp	new
unresolvedPriceline Grp Inc	—	−93,392	—	exited	−1.33 pp	—
SSNCSS&C Technologies Inc	—	−3,708,290	—	exited	−1.23 pp	—
unresolvedIntercontinental Hotels Grou	—	−2,116,479	—	exited	−1.10 pp	—
UTXZRTX Corporation	—	−862,037	—	exited	−0.90 pp	—
LNNLindsay Corporation	—	−337,025	—	exited	−0.24 pp	—
WPPWpp PLC	—	−302,410	—	exited	−0.22 pp	—
unresolvedLa Quinta Hldgs Inc	—	−731,462	—	exited	−0.11 pp	—
CHHChoice Hotels Intnl.	—	−97,927	—	exited	−0.06 pp	—
IWDiShares Russell 1000 Value ETF	—	−12,903	—	exited	−0.01 pp	—
IWMiShares Russell 2000 ETF	—	−11,300	—	exited	−0.01 pp	—