Vulcan Value Partners

Q1 2019 13F · by C.T. Fitzpatrick, CIO

As of: Mar 31, 2019
Filed: May 16, 2019
US stock: $11.6B · prev $10.8B
Positions: 54 · prev 56
Options notional: $0
Documents: 1· 1 amendment

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%

Moves54 since the prior filing

+8.4 pp in · −8.4 pp out

New 2 +5.24 pp
Added 8 +3.14 pp
Trimmed 40 −8.38 pp
Exited 4 −0.03 pp

The book

Focused · behaves like 24 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 33% a year, about 3.1 years per position

Low
Moderate
High

Top 5 positions31% of US stock

Revealed late, restated

restated 4 rows corrected by the filer · US stock +6.61%; later quarters recomputed 13F-HR/A · May 16, 2019 ↗

Positions54 in this filing · 4 exited


MAMastercard Incorporated	6.65%	3,278,181	$772M	trimmed−11%	+0.26 pp	4 q
HLTHilton Worldwide Holdings Inc.	6.60%	9,213,618	$766M	trimmed−9%	−0.09 pp	4 q
QRVOQorvo, Inc.	6.60%	10,679,762	$766M	trimmed−7%	+0.15 pp	4 q
SWKSSkyworks Solutions Inc	5.96%	8,377,796	$691M	trimmed−13%	+0.02 pp	4 q
KKRKKR & Co. Inc.	5.68%	28,069,392	$659M	trimmed−4%	+0.37 pp	3 q
NOVNOV Inc.	4.87%	21,202,898	$565M	trimmed−2%	−0.28 pp	4 q
AMZNAmazon.Com Inc	4.77%	310,602	$553M	added+22%	+1.25 pp	2 q
MCKMcKesson Corporation	4.26%	4,218,301	$494M	trimmed−6%	−0.31 pp	4 q
VVISA Inc.	4.21%	3,126,907	$488M	trimmed−9%	+0.03 pp	4 q
GOOGAlphabet Inc. Class C	4.11%	405,967	$476M	trimmed−10%	−0.22 pp	4 q
UPSUnited Parcel Service, Inc. Class B	3.95%	4,103,154	$458M	trimmed−10%	−0.13 pp	4 q
CVSCvs Health Corporation	3.70%	7,958,469	$429M	added+57%	+0.63 pp	4 q
NVDANvidia Corp	3.54%	2,285,970	$410M	new	+3.54 pp	new
SPGIS&P Global Inc.	3.31%	1,822,702	$384M	added+2%	+0.50 pp	4 q
MSFTMicrosoft Corp	3.30%	3,245,567	$383M	trimmed−3%	+0.17 pp	2 q
PHParker-Hannifin Corporation	3.13%	2,113,953	$363M	trimmed−26%	−0.81 pp	4 q
AXSAxis Capital Holders Limited	2.76%	5,847,282	$320M	trimmed−7%	−0.24 pp	4 q
METAMeta Platforms, Inc. Class A	2.68%	1,867,771	$311M	trimmed−16%	+0.01 pp	4 q
TERTeradyne, Inc.	2.64%	7,687,527	$306M	trimmed−38%	−0.94 pp	4 q
EGEverest Group, Ltd.	2.45%	1,317,461	$285M	trimmed−8%	−0.44 pp	4 q
ORCLOracle Corp	1.94%	4,199,237	$226M	trimmed−45%	−1.23 pp	4 q
MARMarriott International Class A	1.70%	1,572,573	$197M	new	+1.70 pp	new
CORCencora, Inc.	1.68%	2,457,506	$195M	trimmed−39%	−1.07 pp	4 q
COHRCoherent Corp.	1.48%	1,210,757	$172M	trimmed−1%	+0.29 pp	3 q
91990EURCushman & Wakefield UK Holdc	1.28%	8,371,022	$149M	added+7%	+0.24 pp	3 q
BIDTribeca Strategic Acquisition Corp. Class A	1.03%	3,153,685	$119M	added+32%	+0.16 pp	4 q
JLLJones Lang LaSalle, Inc.	0.97%	730,107	$113M	trimmed−21%	−0.11 pp	4 q
ACIWACI Worldwide, Inc.	0.53%	1,882,939	$62M	trimmed−38%	−0.25 pp	4 q
AYIAcuity Inc.	0.52%	505,320	$61M	trimmed−9%	−0.07 pp	4 q
ITRNIturan Location and Control Ltd.	0.52%	1,780,091	$61M	trimmed−12%	−0.07 pp	4 q
DESPDespegar.com Corp	0.46%	3,593,398	$54M	trimmed−16%	−0.03 pp	4 q
SNBRQSleep Number Corp	0.44%	1,094,457	$51M	trimmed−60%	−0.35 pp	4 q
VRTSVirtus Investment Partners, Inc.	0.41%	491,908	$48M	added+26%	+0.12 pp	4 q
FTDRFrontdoor, Inc.	0.36%	1,227,916	$42M	trimmed−15%	+0.01 pp	2 q
WCCWesco International Inc.	0.34%	736,817	$39M	trimmed−7%	−0.01 pp	4 q
MSMMSC Industrial Direct Co., Inc. Class A	0.30%	414,435	$34M	trimmed−10%	−0.03 pp	4 q
SABRSabre Corporation	0.28%	1,497,474	$32M	added+20%	+0.03 pp	4 q
CSLCarlisle Companies, Inc.	0.26%	244,371	$30M	trimmed−29%	−0.06 pp	4 q
CXTCrane NXT, Co.	0.21%	283,204	$24M	added×1076.8	+0.21 pp	4 q
WWDWoodward, Inc.	0.10%	125,965	$12M	trimmed−59%	−0.11 pp	4 q
ELVElevance Health, Inc.	0.00%	55	$16,000	trimmed−4%	0.00 pp	4 q
AZOAutoZone, Inc.	0.00%	33	$34,000	held	—	4 q
BNYBank of New York Mellon Corporation	0.00%	532	$27,000	trimmed−96%	−0.01 pp	4 q
CBRECbre Group, Inc.	0.00%	157	$8,000	trimmed−5%	0.00 pp	4 q
CAHCardinal Health, Inc.	0.00%	465	$22,000	trimmed−1%	0.00 pp	4 q
CHHChoice Hotels Intnl.	0.00%	298	$23,000	held	—	3 q
LSTRLandstar System Inc	0.00%	298	$33,000	trimmed−60%	0.00 pp	4 q
MCOMoody's Corporation	0.00%	64	$12,000	trimmed−3%	0.00 pp	4 q
NTRSNorthern Trust Corp	0.00%	226	$20,000	trimmed−97%	−0.01 pp	4 q
ORLYO'Reilly Automotive, Inc.	0.00%	71	$28,000	held	—	4 q
STTState Street Corporation	0.00%	383	$25,000	trimmed−100%	−2.70 pp	4 q
SGISomnigroup International Inc.	0.00%	920	$53,000	trimmed−67%	0.00 pp	4 q
VSMVersum Materials, Inc.	0.00%	1,569	$79,000	trimmed−100%	−0.12 pp	4 q
AXTAAxalta Coating Systems Ltd.	0.00%	55	$1,000	held	—	4 q
IWDiShares Russell 1000 Value ETF	—	−30,490	—	exited	−0.03 pp	—
BLQADBlackrock Inc	—	−102	—	exited	0.00 pp	—
AVGOBroadcom Inc.	—	−189	—	exited	0.00 pp	—
unresolvedAspen Insurance Holdings Ltd	—	−2	—	exited	0.00 pp	—