Vulcan Value Partners

Q4 2019 13F · by C.T. Fitzpatrick, CIO

As of: Dec 31, 2019
Filed: Nov 14, 2019
US stock: $13.0B · prev $11.8B
Positions: 54 · prev 50
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%

Moves59 since the prior filing

+10.3 pp in · −10.3 pp out

New 10 +2.35 pp
Added 19 +7.98 pp
Trimmed 24 −9.29 pp
Exited 6 −1.02 pp

The book

Focused · behaves like 24 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 39% a year, about 2.5 years per position

Low
Moderate
High

Top 5 positions31% of US stock

QRVO Qorvo, Inc. trimmed+0.07 pp trimmed+0.077.4%
KKR KKR & Co. Inc. added+0.18 pp added+0.186.7%
SWKS Skyworks Solutions Inc trimmed+0.08 pp trimmed+0.086.3%
NVDA Nvidia Corp trimmed−0.55 pp trimmed−0.555.4%
GOOG Alphabet Inc. Class C added+0.15 pp added+0.155.3%

Positions54 in this filing · 6 exited


QRVOQorvo, Inc.	7.36%	8,252,167	$959M	trimmed−29%	+0.07 pp	7 q
KKRKKR & Co. Inc.	6.74%	30,115,654	$878M	added+4%	+0.18 pp	6 q
SWKSSkyworks Solutions Inc	6.25%	6,736,585	$814M	trimmed−27%	+0.08 pp	7 q
NVDANvidia Corp	5.37%	2,972,747	$699M	trimmed−26%	−0.55 pp	4 q
GOOGAlphabet Inc. Class C	5.25%	511,769	$684M	added+4%	+0.15 pp	7 q
NOVNOV Inc.	5.11%	26,584,279	$666M	trimmed−3%	+0.18 pp	7 q
HLTHilton Worldwide Holdings Inc.	5.08%	5,965,477	$662M	added+22%	+1.23 pp	7 q
MAMastercard Incorporated	5.04%	2,198,612	$656M	added+25%	+1.00 pp	7 q
AMZNAmazon.Com Inc	4.66%	328,879	$608M	added+7%	+0.16 pp	5 q
ELVElevance Health, Inc.	4.32%	1,865,275	$563M	added+6%	+0.74 pp	7 q
METAMeta Platforms, Inc. Class A	3.92%	2,489,654	$511M	added+52%	+1.45 pp	7 q
MSFTMicrosoft Corp	3.87%	3,194,179	$504M	added+11%	+0.50 pp	5 q
CVSCvs Health Corporation	3.81%	6,681,892	$496M	trimmed−24%	−0.86 pp	7 q
VVISA Inc.	3.79%	2,631,001	$494M	added+7%	+0.20 pp	7 q
MARMarriott International Class A	3.65%	3,139,170	$475M	added×2.2	+2.12 pp	4 q
MCKMcKesson Corporation	2.42%	2,278,129	$315M	trimmed−27%	−1.19 pp	7 q
ORCLOracle Corp	2.37%	5,831,073	$309M	added+3%	−0.27 pp	7 q
EGEverest Group, Ltd.	2.17%	1,020,284	$282M	trimmed−9%	−0.34 pp	7 q
CORCencora, Inc.	2.14%	3,277,878	$279M	trimmed−5%	−0.27 pp	7 q
BKNGBooking Holdings Inc.	2.01%	127,387	$262M	trimmed−2%	−0.15 pp	3 q
UPSUnited Parcel Service, Inc. Class B	1.99%	2,210,690	$259M	trimmed−22%	−0.89 pp	7 q
SPGIS&P Global Inc.	1.74%	831,837	$227M	trimmed−30%	−0.72 pp	7 q
unresolvedBrookfield Asset Mgmt Inc	1.64%	3,688,222	$213M	trimmed−3%	−0.07 pp	2 q
CACCCredit Acceptance Corp	1.11%	326,037	$144M	new	+1.11 pp	new
91990EURCushman & Wakefield UK Holdc	1.11%	7,070,340	$145M	added+5%	+0.06 pp	6 q
JLLJones Lang LaSalle, Inc.	0.91%	679,293	$118M	trimmed−2%	+0.10 pp	7 q
COHRCoherent Corp.	0.89%	696,036	$116M	trimmed−13%	−0.16 pp	6 q
SNBRQSleep Number Corp	0.60%	1,595,206	$79M	added+34%	+0.18 pp	7 q
unresolvedThe Carlyle Group	0.55%	2,216,343	$71M	new	+0.55 pp	new
ENSEnerSys, Inc.	0.37%	641,305	$48M	trimmed−0%	+0.01 pp	2 q
ITRNIturan Location and Control Ltd.	0.32%	1,668,154	$42M	added+8%	0.00 pp	7 q
VRTSVirtus Investment Partners, Inc.	0.31%	334,876	$41M	added+5%	+0.01 pp	7 q
ACIWACI Worldwide, Inc.	0.30%	1,031,959	$39M	trimmed−40%	−0.15 pp	7 q
SABRSabre Corporation	0.28%	1,646,494	$37M	added×2.2	+0.14 pp	7 q
AXSAxis Capital Holders Limited	0.28%	618,966	$37M	trimmed−83%	−1.75 pp	7 q
AYIAcuity Inc.	0.27%	254,580	$35M	trimmed−32%	−0.15 pp	7 q
CXTCrane NXT, Co.	0.25%	378,284	$33M	trimmed−10%	−0.04 pp	7 q
MMIMarcus & Millichap	0.25%	885,408	$33M	added+23%	+0.03 pp	2 q
CSLCarlisle Companies, Inc.	0.20%	164,484	$27M	added0%	0.00 pp	7 q
MSMMSC Industrial Direct Co., Inc. Class A	0.18%	294,874	$23M	trimmed−38%	−0.11 pp	7 q
PKPark Hotels & Resorts Inc.	0.18%	903,224	$23M	new	+0.18 pp	new
WHWyndham Hotels & Resorts, Inc.	0.18%	365,147	$23M	added+93%	+0.10 pp	2 q
LFUSLittelfuse Inc	0.16%	111,417	$21M	new	+0.16 pp	new
WCCWesco International Inc.	0.16%	349,133	$21M	trimmed−65%	−0.25 pp	7 q
FTDRFrontdoor, Inc.	0.13%	360,558	$17M	new	+0.13 pp	new
TPLTexas Pacific Land Corporation	0.11%	18,242	$14M	new	+0.11 pp	new
CDKCDK Global, Inc.	0.10%	245,638	$13M	trimmed−67%	−0.20 pp	3 q
BBarnes Group Inc	0.08%	170,841	$11M	new	+0.08 pp	new
IWDiShares Russell 1000 Value ETF	0.02%	15,632	$2M	new	+0.02 pp	new
IWNiShares Russell 2000 Value ETF	0.01%	5,723	$736,000	new	+0.01 pp	new
PHParker-Hannifin Corporation	0.00%	725	$149,000	trimmed−100%	−1.88 pp	7 q
SGISomnigroup International Inc.	0.00%	320	$28,000	trimmed−65%	0.00 pp	7 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.00%	651	$191,000	new	0.00 pp	new
WWDWoodward, Inc.	0.00%	472	$56,000	held	—	7 q
REZIResideo Technologies, Inc.	—	−8,381,443	—	exited	−1.02 pp	—
BLQADBlackrock Inc	—	−38	—	exited	0.00 pp	—
FWRDForward Air Corp	—	−460	—	exited	0.00 pp	—
LSTRLandstar System Inc	—	−298	—	exited	0.00 pp	—
BIDTribeca Strategic Acquisition Corp. Class A	—	−2,067	—	exited	0.00 pp	—
TERTeradyne, Inc.	—	−774	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 2 unresolved
Accession: 0001556785-20-000003
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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