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Vulcan Value Partners

Q3 2019 13F · by C.T. Fitzpatrick, CIO

As of
Sep 30, 2019
Filed
Nov 14, 2019
US stock
$11.8B · prev $11.2B
Positions
50 · prev 58
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

The book

Focused · behaves like 25 equal-sized positions

  1. Very concentrated
  2. Concentrated
  3. Focused
  4. Diversified

Moderate turnover · 33% a year, about 3.0 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions31% of US stock

  1. QRVO Qorvo, Inc. added+0.86 pp added+0.867.3%
  2. KKR KKR & Co. Inc. added+0.69 pp added+0.696.6%
  3. SWKS Skyworks Solutions Inc trimmed−0.28 pp trimmed−0.286.2%
  4. NVDA Nvidia Corp added+0.29 pp added+0.295.9%
  5. GOOG Alphabet Inc. Class C added+0.78 pp added+0.785.1%

Positions50 in this filing · 12 exited

QRVOQorvo, Inc.7.29%11,624,085$862Madded+7%+0.86 pp6 q
KKRKKR & Co. Inc.6.56%28,860,685$775Madded+10%+0.69 pp5 q
SWKSSkyworks Solutions Inc6.17%9,198,635$729Mtrimmed−2%−0.28 pp6 q
NVDANvidia Corp5.92%4,016,662$699Madded+4%+0.29 pp3 q
GOOGAlphabet Inc. Class C5.10%493,989$602Madded+10%+0.78 pp6 q
NOVNOV Inc.4.93%27,503,658$583Madded+7%−0.17 pp6 q
CVSCvs Health Corporation4.67%8,754,912$552Mtrimmed−2%+0.35 pp6 q
AMZNAmazon.Com Inc4.50%306,225$532Madded+12%−0.11 pp4 q
MAMastercard Incorporated4.04%1,757,410$477Madded+10%+0.29 pp6 q
HLTHilton Worldwide Holdings Inc.3.85%4,885,903$455Madded+14%+0.14 pp6 q
MCKMcKesson Corporation3.61%3,121,011$427Mtrimmed−22%−1.17 pp6 q
VVISA Inc.3.59%2,465,413$424Madded+6%0.00 pp6 q
ELVElevance Health, Inc.3.58%1,764,073$424Madded+50%+0.63 pp6 q
MSFTMicrosoft Corp3.37%2,864,889$398Madded+9%+0.23 pp4 q
UPSUnited Parcel Service, Inc. Class B2.88%2,844,150$341Mtrimmed−32%−0.93 pp6 q
ORCLOracle Corp2.64%5,658,989$311Madded+60%+0.84 pp6 q
EGEverest Group, Ltd.2.51%1,116,163$297Mtrimmed−1%+0.03 pp6 q
METAMeta Platforms, Inc. Class A2.47%1,639,896$292Madded+57%+0.67 pp6 q
SPGIS&P Global Inc.2.46%1,188,899$291Mtrimmed−19%−0.53 pp6 q
CORCencora, Inc.2.41%3,458,794$285Madded0%−0.21 pp6 q
BKNGBooking Holdings Inc.2.16%129,826$255Mtrimmed−2%−0.05 pp2 q
AXSAxis Capital Holders Limited2.03%3,604,245$240Mtrimmed−4%+0.04 pp6 q
PHParker-Hannifin Corporation1.88%1,229,500$222Madded+2%+0.07 pp6 q
unresolvedBrookfield Asset Mgmt Inc1.71%3,815,009$203Mnew+1.71 ppnew
MARMarriott International Class A1.53%1,451,394$181Madded+1%−0.26 pp3 q
COHRCoherent Corp.1.05%804,545$124Mtrimmed−20%−0.17 pp5 q
91990EURCushman & Wakefield UK Holdc1.05%6,702,466$124Mtrimmed−13%−0.17 pp5 q
REZIResideo Technologies, Inc.1.02%8,381,443$120Madded×2.1+0.25 pp2 q
JLLJones Lang LaSalle, Inc.0.81%690,586$96Mtrimmed−13%−0.18 pp6 q
ACIWACI Worldwide, Inc.0.45%1,707,997$54Mtrimmed−1%−0.07 pp6 q
AYIAcuity Inc.0.42%372,381$50Mtrimmed−10%−0.08 pp6 q
SNBRQSleep Number Corp0.42%1,192,665$49Mtrimmed−32%−0.21 pp6 q
WCCWesco International Inc.0.41%1,006,945$48Madded+4%−0.02 pp6 q
ENSEnerSys, Inc.0.36%643,656$42Mnew+0.36 ppnew
ITRNIturan Location and Control Ltd.0.32%1,541,717$38Mtrimmed−6%−0.12 pp6 q
CDKCDK Global, Inc.0.30%733,732$35Madded+8%0.00 pp2 q
VRTSVirtus Investment Partners, Inc.0.30%318,556$35Madded+11%+0.02 pp6 q
CXTCrane NXT, Co.0.29%421,795$34Madded+62%+0.10 pp6 q
MSMMSC Industrial Direct Co., Inc. Class A0.29%473,287$34Madded+16%+0.02 pp6 q
MMIMarcus & Millichap0.22%719,969$26Mnew+0.22 ppnew
CSLCarlisle Companies, Inc.0.20%163,906$24Madded+7%+0.01 pp6 q
SABRSabre Corporation0.14%755,695$17Mtrimmed−59%−0.22 pp6 q
WHWyndham Hotels & Resorts, Inc.0.08%189,441$10Mnew+0.08 ppnew
BLQADBlackrock Inc0.00%38$17,000trimmed−100%−0.92 pp2 q
FWRDForward Air Corp0.00%460$29,000held—2 q
LSTRLandstar System Inc0.00%298$34,000held—6 q
BIDTribeca Strategic Acquisition Corp. Class A0.00%2,067$118,000held—6 q
SGISomnigroup International Inc.0.00%920$71,000held—6 q
TERTeradyne, Inc.0.00%774$45,000trimmed−100%−2.19 pp6 q
WWDWoodward, Inc.0.00%472$51,000held—6 q
DESPDespegar.com Corp—−3,474,728—exited−0.43 pp—
FTDRFrontdoor, Inc.—−503,570—exited−0.19 pp—
AZOAutoZone, Inc.—−33—exited0.00 pp—
BNYBank of New York Mellon Corporation—−532—exited0.00 pp—
CBRECbre Group, Inc.—−157—exited0.00 pp—
CAHCardinal Health, Inc.—−465—exited0.00 pp—
CHHChoice Hotels Intnl.—−298—exited0.00 pp—
MCOMoody's Corporation—−64—exited0.00 pp—
NTRSNorthern Trust Corp—−226—exited0.00 pp—
ORLYO'Reilly Automotive, Inc.—−71—exited0.00 pp—
STTState Street Corporation—−383—exited0.00 pp—
AXTAAxalta Coating Systems Ltd.—−55—exited0.00 pp—

Source

Form
13F-HR
Reading
0 defects · 1 unresolved
Accession
0001556785-19-000034
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet