Vulcan Value Partners

Q4 2018 13F · by C.T. Fitzpatrick, CIO

As of: Dec 31, 2018
Filed: Feb 14, 2019
US stock: $10.8B · prev $13.7B
Positions: 56 · prev 56
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

+24.8 pp in · −24.7 pp out

New 4 +7.03 pp
Added 19 +17.74 pp
Trimmed 30 −21.54 pp
Exited 4 −3.19 pp

The book

Focused · behaves like 24 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 99% a year, about 1.0 years per position

Low
Moderate
High

Top 5 positions31% of US stock

HLT Hilton Worldwide Holdings Inc. added+2.65 pp added+2.656.7%
QRVO Qorvo, Inc. added+1.93 pp added+1.936.5%
MA Mastercard Incorporated added+2.06 pp added+2.066.4%
SWKS Skyworks Solutions Inc added+1.36 pp added+1.365.9%
KKR KKR & Co. Inc. added+0.25 pp added+0.255.3%

Positions56 in this filing · 4 exited


HLTHilton Worldwide Holdings Inc.	6.69%	10,110,499	$726M	added+47%	+2.65 pp	3 q
QRVOQorvo, Inc.	6.45%	11,521,778	$700M	added+43%	+1.93 pp	3 q
MAMastercard Incorporated	6.39%	3,671,973	$693M	added+38%	+2.06 pp	3 q
SWKSSkyworks Solutions Inc	5.94%	9,614,290	$644M	added+39%	+1.36 pp	3 q
KKRKKR & Co. Inc.	5.31%	29,365,707	$576M	added+15%	+0.25 pp	2 q
NOVNOV Inc.	5.15%	21,718,101	$558M	added+48%	+0.54 pp	3 q
MCKMcKesson Corporation	4.57%	4,491,391	$496M	trimmed−17%	−0.68 pp	3 q
GOOGAlphabet Inc. Class C	4.33%	453,020	$469M	added+35%	+1.41 pp	3 q
VVISA Inc.	4.18%	3,432,381	$453M	added+1%	+0.45 pp	3 q
UPSUnited Parcel Service, Inc. Class B	4.08%	4,540,158	$443M	added+55%	+1.59 pp	3 q
PHParker-Hannifin Corporation	3.94%	2,864,847	$427M	trimmed−9%	−0.29 pp	3 q
TERTeradyne, Inc.	3.58%	12,371,928	$388M	added×2.2	+2.06 pp	3 q
AMZNAmazon.Com Inc	3.52%	254,028	$382M	new	+3.52 pp	new
ORCLOracle Corp	3.17%	7,604,460	$343M	trimmed−69%	−6.07 pp	3 q
MSFTMicrosoft Corp	3.13%	3,344,742	$340M	new	+3.13 pp	new
CVSCvs Health Corporation	3.07%	5,076,516	$333M	trimmed−13%	−0.27 pp	3 q
AXSAxis Capital Holders Limited	3.00%	6,302,253	$325M	trimmed−13%	−0.05 pp	3 q
EGEverest Group, Ltd.	2.89%	1,439,377	$313M	trimmed−23%	−0.23 pp	3 q
SPGIS&P Global Inc.	2.81%	1,792,709	$305M	added+56%	+1.17 pp	3 q
CORCencora, Inc.	2.75%	4,015,045	$299M	trimmed−21%	−0.65 pp	3 q
STTState Street Corporation	2.70%	4,640,046	$293M	trimmed−40%	−1.99 pp	3 q
METAMeta Platforms, Inc. Class A	2.67%	2,211,780	$290M	added+27%	+0.58 pp	3 q
COHRCoherent Corp.	1.19%	1,219,217	$129M	added×2.5	+0.58 pp	2 q
JLLJones Lang LaSalle, Inc.	1.08%	924,147	$117M	added+28%	+0.32 pp	3 q
91990EURCushman & Wakefield UK Holdc	1.04%	7,804,326	$113M	added+1%	+0.08 pp	2 q
BIDTribeca Strategic Acquisition Corp. Class A	0.87%	2,382,155	$95M	added+98%	+0.44 pp	3 q
SNBRQSleep Number Corp	0.79%	2,716,036	$86M	trimmed−36%	−0.35 pp	3 q
ACIWACI Worldwide, Inc.	0.78%	3,048,475	$84M	trimmed−31%	−0.13 pp	3 q
AYIAcuity Inc.	0.59%	554,718	$64M	added+24%	+0.08 pp	3 q
ITRNIturan Location and Control Ltd.	0.59%	2,012,135	$65M	trimmed−20%	−0.04 pp	3 q
DESPDespegar.com Corp	0.49%	4,253,084	$53M	trimmed−20%	−0.16 pp	3 q
FTDRFrontdoor, Inc.	0.35%	1,441,489	$38M	new	+0.35 pp	new
WCCWesco International Inc.	0.35%	795,876	$38M	trimmed−6%	−0.03 pp	3 q
MSMMSC Industrial Direct Co., Inc. Class A	0.33%	461,659	$36M	trimmed−26%	−0.07 pp	3 q
CSLCarlisle Companies, Inc.	0.32%	342,429	$34M	added+27%	+0.08 pp	3 q
VRTSVirtus Investment Partners, Inc.	0.29%	391,194	$31M	added+83%	+0.11 pp	3 q
SABRSabre Corporation	0.25%	1,249,896	$27M	trimmed−59%	−0.34 pp	3 q
WWDWoodward, Inc.	0.21%	306,936	$23M	trimmed−33%	−0.06 pp	3 q
VSMVersum Materials, Inc.	0.12%	480,949	$13M	trimmed−26%	−0.05 pp	3 q
IWDiShares Russell 1000 Value ETF	0.03%	30,490	$3M	new	+0.03 pp	new
BNYBank of New York Mellon Corporation	0.01%	12,873	$606,000	trimmed−100%	−3.48 pp	3 q
NTRSNorthern Trust Corp	0.01%	6,659	$557,000	trimmed−100%	−1.97 pp	3 q
ELVElevance Health, Inc.	0.00%	57	$15,000	trimmed−76%	0.00 pp	3 q
AZOAutoZone, Inc.	0.00%	33	$28,000	trimmed−78%	0.00 pp	3 q
BLQADBlackrock Inc	0.00%	102	$40,000	trimmed−100%	−1.49 pp	2 q
AVGOBroadcom Inc.	0.00%	189	$48,000	trimmed−100%	−2.44 pp	3 q
CBRECbre Group, Inc.	0.00%	165	$7,000	held	—	3 q
CAHCardinal Health, Inc.	0.00%	472	$21,000	trimmed−57%	0.00 pp	3 q
CHHChoice Hotels Intnl.	0.00%	298	$21,000	trimmed−100%	−0.12 pp	2 q
CXTCrane NXT, Co.	0.00%	263	$19,000	trimmed−100%	−0.20 pp	3 q
LSTRLandstar System Inc	0.00%	752	$72,000	trimmed−100%	−0.14 pp	3 q
MCOMoody's Corporation	0.00%	66	$9,000	trimmed−75%	0.00 pp	3 q
ORLYO'Reilly Automotive, Inc.	0.00%	71	$24,000	trimmed−74%	0.00 pp	3 q
SGISomnigroup International Inc.	0.00%	2,770	$115,000	trimmed−100%	−0.24 pp	3 q
unresolvedAspen Insurance Holdings Ltd	0.00%	2	$0	held	—	3 q
AXTAAxalta Coating Systems Ltd.	0.00%	55	$1,000	held	—	3 q
unresolvedAetna Inc New	—	−2,106,021	—	exited	−3.12 pp	—
MLKNMillerKnoll, Inc.	—	−143,000	—	exited	−0.04 pp	—
CACCCredit Acceptance Corp	—	−9,511	—	exited	−0.03 pp	—
FWRDForward Air Corp	—	−2,035	—	exited	0.00 pp	—