Vulcan Value Partners

Q1 2020 13F · by C.T. Fitzpatrick, CIO

As of: Mar 31, 2020
Filed: May 15, 2020
US stock: $9.6B · prev $13.0B
Positions: 40 · prev 54
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%

Moves58 since the prior filing

+22.8 pp in · −22.8 pp out

New 4 +6.10 pp
Added 20 +16.73 pp
Trimmed 16 −10.68 pp
Exited 18 −12.16 pp

The book

Concentrated · behaves like 19 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 91% a year, about 1.1 years per position

Low
Moderate
High

Top 5 positions38% of US stock

QRVO Qorvo, Inc. added+0.89 pp added+0.898.3%
SWKS Skyworks Solutions Inc added+1.78 pp added+1.788.0%
GOOG Alphabet Inc. Class C added+2.76 pp added+2.768.0%
HLT Hilton Worldwide Holdings Inc. added+1.75 pp added+1.756.8%
KKR KKR & Co. Inc. trimmed+0.03 pp trimmed+0.036.8%

Positions40 in this filing · 18 exited


QRVOQorvo, Inc.	8.25%	9,868,731	$796M	added+20%	+0.89 pp	8 q
SWKSSkyworks Solutions Inc	8.03%	8,671,296	$775M	added+29%	+1.78 pp	8 q
GOOGAlphabet Inc. Class C	8.01%	664,486	$773M	added+30%	+2.76 pp	8 q
HLTHilton Worldwide Holdings Inc.	6.83%	9,650,611	$659M	added+62%	+1.75 pp	8 q
KKRKKR & Co. Inc.	6.77%	27,818,177	$653M	trimmed−8%	+0.03 pp	7 q
AMZNAmazon.Com Inc	5.82%	288,036	$562M	trimmed−12%	+1.16 pp	6 q
CGThe Carlyle Group Inc.	5.62%	25,068,029	$543M	new	+5.62 pp	new
MSFTMicrosoft Corp	5.29%	3,236,024	$510M	added+1%	+1.42 pp	6 q
MAMastercard Incorporated	4.76%	1,899,314	$459M	trimmed−14%	−0.28 pp	8 q
VVISA Inc.	4.53%	2,713,622	$437M	added+3%	+0.74 pp	8 q
JLLJones Lang LaSalle, Inc.	4.47%	4,270,978	$431M	added×6.3	+3.56 pp	8 q
ELVElevance Health, Inc.	4.07%	1,729,827	$393M	trimmed−7%	−0.25 pp	8 q
METAMeta Platforms, Inc. Class A	3.95%	2,286,422	$381M	trimmed−8%	+0.03 pp	8 q
CACCCredit Acceptance Corp	3.83%	1,444,589	$369M	added×4.4	+2.72 pp	2 q
CVSCvs Health Corporation	3.26%	5,308,715	$315M	trimmed−21%	−0.55 pp	8 q
NVDANvidia Corp	3.23%	1,182,168	$312M	trimmed−60%	−2.14 pp	5 q
BKNGBooking Holdings Inc.	2.88%	206,523	$278M	added+62%	+0.87 pp	4 q
NOVNOV Inc.	2.49%	24,485,057	$241M	trimmed−8%	−2.62 pp	8 q
ORCLOracle Corp	1.84%	3,664,073	$177M	trimmed−37%	−0.53 pp	8 q
EGEverest Group, Ltd.	1.00%	503,105	$97M	trimmed−51%	−1.17 pp	8 q
91990EURCushman & Wakefield UK Holdc	0.90%	7,360,539	$86M	added+4%	−0.21 pp	7 q
COHRCoherent Corp.	0.42%	376,788	$40M	trimmed−46%	−0.47 pp	7 q
PKPark Hotels & Resorts Inc.	0.37%	4,477,579	$35M	added×5.0	+0.19 pp	2 q
WHWyndham Hotels & Resorts, Inc.	0.37%	1,127,529	$36M	added×3.1	+0.19 pp	3 q
ENSEnerSys, Inc.	0.35%	687,984	$34M	added+7%	−0.02 pp	3 q
MLKNMillerKnoll, Inc.	0.32%	1,400,999	$31M	new	+0.32 pp	new
ITRNIturan Location and Control Ltd.	0.32%	2,151,806	$31M	added+29%	0.00 pp	8 q
MMIMarcus & Millichap	0.30%	1,052,425	$29M	added+19%	+0.05 pp	3 q
VRTSVirtus Investment Partners, Inc.	0.30%	383,582	$29M	added+15%	−0.01 pp	8 q
CXTCrane NXT, Co.	0.27%	527,108	$26M	added+39%	+0.02 pp	8 q
AXSAxis Capital Holders Limited	0.26%	656,625	$25M	added+6%	−0.02 pp	8 q
ACIWACI Worldwide, Inc.	0.21%	850,001	$21M	trimmed−18%	−0.09 pp	8 q
AYIAcuity Inc.	0.20%	222,672	$19M	trimmed−13%	−0.07 pp	8 q
LFUSLittelfuse Inc	0.20%	146,725	$20M	added+32%	+0.04 pp	2 q
KNLKnoll, Inc.	0.16%	1,532,045	$16M	new	+0.16 pp	new
TPLTexas Pacific Land Corporation	0.12%	31,320	$12M	added+72%	+0.01 pp	2 q
BBarnes Group Inc	0.00%	30	$1,000	trimmed−100%	−0.08 pp	2 q
MARMarriott International Class A	0.00%	1,344	$101,000	trimmed−100%	−3.65 pp	5 q
MFSWelbilt Inc	0.00%	1,000	$5,000	new	0.00 pp	new
WWDWoodward, Inc.	0.00%	100	$6,000	trimmed−79%	0.00 pp	8 q
MCKMcKesson Corporation	—	−2,278,129	—	exited	−2.42 pp	—
CORCencora, Inc.	—	−3,277,878	—	exited	−2.14 pp	—
UPSUnited Parcel Service, Inc. Class B	—	−2,210,690	—	exited	−1.99 pp	—
SPGIS&P Global Inc.	—	−831,837	—	exited	−1.74 pp	—
unresolvedBrookfield Asset Mgmt Inc	—	−3,688,222	—	exited	−1.64 pp	—
SNBRQSleep Number Corp	—	−1,595,206	—	exited	−0.60 pp	—
unresolvedThe Carlyle Group	—	−2,216,343	—	exited	−0.55 pp	—
SABRSabre Corporation	—	−1,646,494	—	exited	−0.28 pp	—
CSLCarlisle Companies, Inc.	—	−164,484	—	exited	−0.20 pp	—
MSMMSC Industrial Direct Co., Inc. Class A	—	−294,874	—	exited	−0.18 pp	—
WCCWesco International Inc.	—	−349,133	—	exited	−0.16 pp	—
FTDRFrontdoor, Inc.	—	−360,558	—	exited	−0.13 pp	—
CDKCDK Global, Inc.	—	−245,638	—	exited	−0.10 pp	—
IWDiShares Russell 1000 Value ETF	—	−15,632	—	exited	−0.02 pp	—
IWNiShares Russell 2000 Value ETF	—	−5,723	—	exited	−0.01 pp	—
PHParker-Hannifin Corporation	—	−725	—	exited	0.00 pp	—
SGISomnigroup International Inc.	—	−320	—	exited	0.00 pp	—
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	—	−651	—	exited	0.00 pp	—