Vulcan Value Partners

Q4 2021 13F · by C.T. Fitzpatrick, CIO

As of: Dec 31, 2021
Filed: Mar 4, 2022
US stock: $39.1B · prev $18.6B
Positions: 39 · prev 40
Options notional: $0
Documents: 2· 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%

Moves45 since the prior filing

+4.8 pp in · −4.8 pp out

New 5 +7.91 pp
Added 34 −3.11 pp
Trimmed 0 0.00 pp
Exited 6 −4.81 pp

The book

Focused · behaves like 22 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 9.2% a year, about 10.9 years per position

Low
Moderate
High

Top 5 positions31% of US stock

MA Mastercard Incorporated added+0.10 pp added+0.107.3%
TDG TransDigm Group Incorporated added+0.37 pp added+0.377.2%
AMZN Amazon.Com Inc added−0.08 pp added−0.086.7%
KKR KKR & Co. Inc. added−0.91 pp added−0.915.2%
CRM Salesforce, Inc. added−0.84 pp added−0.845.0%

Revealed late, restated

revealed late 2 names revealed after the original — carried back to this quarter, never shown as a new buy 13F-HR/A · Mar 4, 2022 ↗

Positions39 in this filing · 6 exited


MAMastercard Incorporated	7.31%	7,956,386	$2.9B	added×2.1	+0.10 pp	15 q
TDGTransDigm Group Incorporated	7.23%	4,446,960	$2.8B	added×2.2	+0.37 pp	7 q
AMZNAmazon.Com Inc	6.66%	781,082	$2.6B	added×2.0	−0.08 pp	13 q
KKRKKR & Co. Inc.	5.18%	27,200,688	$2.0B	added+46%	−0.91 pp	14 q
CRMSalesforce, Inc.	4.95%	7,619,608	$1.9B	added+92%	−0.84 pp	7 q
VVISA Inc.	4.71%	8,499,276	$1.8B	added×2.5	+0.61 pp	15 q
APPApplovin Corporation Class A	4.68%	19,413,178	$1.8B	new	+4.68 pp	new
CGThe Carlyle Group Inc.	4.66%	33,218,246	$1.8B	added+94%	+0.30 pp	8 q
QRVOQorvo, Inc.	4.51%	11,281,300	$1.8B	added×2.6	+0.61 pp	15 q
SWKSSkyworks Solutions Inc	4.36%	10,998,514	$1.7B	added×2.6	+0.68 pp	15 q
AMATApplied Materials Inc	4.09%	10,165,536	$1.6B	added+68%	−0.11 pp	3 q
MSFTMicrosoft Corp	4.07%	4,738,756	$1.6B	added+79%	+0.06 pp	13 q
GOOGAlphabet Inc. Class C	4.00%	541,064	$1.6B	added+86%	−0.16 pp	15 q
METAMeta Platforms, Inc. Class A	3.99%	4,639,832	$1.6B	added×2.2	+0.14 pp	15 q
UPSTUpstart Holdings, Inc.	3.75%	9,690,630	$1.5B	added×2.3	−3.48 pp	5 q
WWayfair Inc.	3.58%	7,361,766	$1.4B	added×2.6	−0.28 pp	5 q
LRCXLam Research Corp	3.27%	1,780,798	$1.3B	added+99%	+0.53 pp	2 q
NVDANvidia Corp	2.96%	3,936,432	$1.2B	added+21%	−0.65 pp	4 q
CSGPCoStar Group Inc	2.86%	14,160,814	$1.1B	added+99%	−0.43 pp	6 q
HEI.AHeico Corp Cl A	2.82%	8,575,334	$1.1B	added+94%	+0.01 pp	6 q
SPLKSplunk Inc	2.74%	9,255,220	$1.1B	new	+2.74 pp	new
91990EURCushman & Wakefield UK Holdc	1.37%	24,020,716	$534M	added+94%	+0.13 pp	14 q
CRNCCerence Inc.	0.82%	4,159,818	$319M	added×2.6	0.00 pp	7 q
VRTSVirtus Investment Partners, Inc.	0.51%	677,938	$201M	added×2.3	+0.01 pp	15 q
PRCHPorch Group, Inc.	0.48%	12,132,590	$189M	new	+0.48 pp	new
PRGPROG Holdings, Inc.	0.48%	4,127,334	$186M	added×2.7	+0.13 pp	5 q
PKPark Hotels & Resorts Inc.	0.47%	9,760,842	$184M	added×2.4	+0.06 pp	9 q
SMRTSmartRent, Inc.	0.45%	18,105,852	$175M	added×2.9	+0.01 pp	2 q
LFUSLittelfuse Inc	0.43%	531,296	$167M	added+95%	+0.03 pp	9 q
MLKNMillerKnoll, Inc.	0.43%	4,326,198	$170M	added×3.3	+0.17 pp	8 q
ITRNIturan Location and Control Ltd.	0.43%	6,277,218	$167M	added×3.2	+0.16 pp	15 q
ENSEnerSys, Inc.	0.42%	2,091,510	$165M	added×4.0	+0.21 pp	10 q
ABMABM Industries, Inc.	0.34%	3,236,712	$132M	added+90%	−0.07 pp	6 q
CIGIColliers International Group Inc. Subordinate Voting Shares	0.32%	844,138	$125M	added+22%	−0.16 pp	6 q
MEDPMedpace Holdings, Inc.	0.26%	465,240	$101M	added+51%	−0.05 pp	3 q
CWCurtiss-Wright Corp.	0.21%	580,714	$81M	added+13%	−0.14 pp	6 q
JLLJones Lang LaSalle, Inc.	0.20%	290,490	$78M	added+46%	−0.07 pp	15 q
SPYState Street SPDR S&P 500 ETF Trust	0.01%	7,670	$4M	new	+0.01 pp	new
IWMiShares Russell 2000 ETF	0.00%	940	$209,000	new	0.00 pp	new
ELVElevance Health, Inc.	—	−1,168,878	—	exited	−2.34 pp	—
SAPSap SE	—	−2,018,211	—	exited	−1.47 pp	—
SSNCSS&C Technologies Inc	—	−1,392,389	—	exited	−0.52 pp	—
CSLCarlisle Companies, Inc.	—	−213,033	—	exited	−0.23 pp	—
AYIAcuity Inc.	—	−240,052	—	exited	−0.22 pp	—
ESMTEngagesmart Inc	—	−140,000	—	exited	−0.03 pp	—