Vulcan Value Partners

Q3 2020 13F · by C.T. Fitzpatrick, CIO

As of: Sep 30, 2020
Filed: Nov 16, 2020
US stock: $12.9B · prev $12.7B
Positions: 40 · prev 42
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%

Moves47 since the prior filing

+10.3 pp in · −10.3 pp out

New 5 +5.27 pp
Added 11 +5.01 pp
Trimmed 24 −5.05 pp
Exited 7 −5.20 pp

The book

Concentrated · behaves like 19 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 48% a year, about 2.1 years per position

Low
Moderate
High

Top 5 positions36% of US stock

Positions40 in this filing · 7 exited


QRVOQorvo, Inc.	7.85%	7,828,179	$1.0B	trimmed−16%	−0.29 pp	10 q
MAMastercard Incorporated	7.62%	2,895,575	$979M	trimmed−2%	+0.74 pp	10 q
TDGTransDigm Group Incorporated	6.90%	1,866,434	$887M	added+80%	+3.29 pp	2 q
KKRKKR & Co. Inc.	6.89%	25,789,638	$886M	trimmed−5%	+0.28 pp	9 q
SWKSSkyworks Solutions Inc	6.87%	6,075,067	$884M	trimmed−17%	−0.46 pp	10 q
AMZNAmazon.Com Inc	6.86%	280,030	$882M	trimmed−14%	−0.24 pp	8 q
GOOGAlphabet Inc. Class C	4.89%	427,877	$629M	trimmed−35%	−2.45 pp	10 q
VVISA Inc.	4.85%	3,116,906	$623M	trimmed−2%	+0.02 pp	10 q
MSFTMicrosoft Corp	4.74%	2,896,490	$609M	trimmed−7%	−0.24 pp	8 q
CGThe Carlyle Group Inc.	4.71%	24,529,738	$605M	added+1%	−0.62 pp	3 q
CACCCredit Acceptance Corp	4.18%	1,588,388	$538M	added+27%	+0.05 pp	4 q
HLTHilton Worldwide Holdings Inc.	4.10%	6,183,758	$528M	trimmed−10%	+0.14 pp	10 q
METAMeta Platforms, Inc. Class A	3.96%	1,942,923	$509M	trimmed−6%	+0.28 pp	10 q
ELVElevance Health, Inc.	3.83%	1,832,485	$492M	added0%	+0.05 pp	10 q
JLLJones Lang LaSalle, Inc.	3.69%	4,957,714	$474M	added+2%	−0.25 pp	10 q
CRMSalesforce, Inc.	3.50%	1,792,678	$451M	trimmed−6%	+0.69 pp	2 q
unresolvedGeneral Electric Co	3.15%	65,115,567	$406M	added×5.6	+2.52 pp	2 q
CSGPCoStar Group Inc	3.03%	458,447	$389M	new	+3.03 pp	new
HEI.AHeico Corp Cl A	1.46%	2,123,714	$188M	new	+1.46 pp	new
CVSCvs Health Corporation	1.39%	3,051,845	$178M	trimmed−30%	−0.85 pp	10 q
91990EURCushman & Wakefield UK Holdc	0.84%	10,278,350	$108M	added+13%	−0.05 pp	9 q
PKPark Hotels & Resorts Inc.	0.44%	5,668,709	$57M	added+2%	+0.01 pp	4 q
LFUSLittelfuse Inc	0.41%	299,340	$53M	trimmed−7%	−0.02 pp	4 q
ENSEnerSys, Inc.	0.39%	739,964	$50M	added+2%	+0.02 pp	5 q
VRTSVirtus Investment Partners, Inc.	0.39%	360,038	$50M	trimmed−15%	0.00 pp	10 q
COHRCoherent Corp.	0.29%	337,805	$37M	trimmed−2%	−0.06 pp	9 q
CIGIColliers International Group Inc. Subordinate Voting Shares	0.29%	567,658	$38M	new	+0.29 pp	new
MLKNMillerKnoll, Inc.	0.28%	1,197,485	$36M	trimmed−22%	0.00 pp	3 q
ORCLOracle Corp	0.28%	613,812	$37M	trimmed−88%	−1.97 pp	10 q
ITRNIturan Location and Control Ltd.	0.27%	2,525,250	$35M	added0%	−0.05 pp	10 q
CWCurtiss-Wright Corp.	0.25%	347,579	$32M	new	+0.25 pp	new
ABMABM Industries, Inc.	0.24%	844,862	$31M	new	+0.24 pp	new
ACIWACI Worldwide, Inc.	0.23%	1,116,718	$29M	trimmed−5%	−0.02 pp	10 q
KNLKnoll, Inc.	0.23%	2,453,722	$30M	trimmed−9%	−0.03 pp	3 q
AYIAcuity Inc.	0.21%	260,209	$27M	trimmed−7%	0.00 pp	10 q
CSLCarlisle Companies, Inc.	0.20%	212,886	$26M	added+27%	+0.04 pp	2 q
TKRThe Timken Company	0.13%	311,901	$17M	trimmed−42%	−0.06 pp	2 q
CRNCCerence Inc.	0.11%	285,991	$14M	trimmed−62%	−0.13 pp	2 q
CXTCrane NXT, Co.	0.05%	118,145	$6M	trimmed−76%	−0.18 pp	10 q
MMIMarcus & Millichap	0.00%	898	$25,000	trimmed−100%	−0.20 pp	5 q
NVDANvidia Corp	—	−1,107,382	—	exited	−3.31 pp	—
NOVNOV Inc.	—	−19,638,173	—	exited	−1.89 pp	—
BBarnes Group Inc	—	−30	—	exited	0.00 pp	—
BKNGBooking Holdings Inc.	—	−11	—	exited	0.00 pp	—
MFSWelbilt Inc	—	−1,000	—	exited	0.00 pp	—
WWDWoodward, Inc.	—	−100	—	exited	0.00 pp	—
WHWyndham Hotels & Resorts, Inc.	—	−472	—	exited	0.00 pp	—