Vulcan Value Partners

Q1 2024 13F · by C.T. Fitzpatrick, CIO

As of: Mar 31, 2024
Filed: May 14, 2024
US stock: $6.9B · prev $6.8B
Positions: 46 · prev 46
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%

Moves50 since the prior filing

+6.9 pp in · −6.9 pp out

New 4 +4.53 pp
Added 9 +2.41 pp
Trimmed 33 −5.06 pp
Exited 4 −1.85 pp

The book

Focused · behaves like 23 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 27% a year, about 3.6 years per position

Low
Moderate
High

Top 5 positions34% of US stock

KKR KKR & Co. Inc. trimmed+0.44 pp trimmed+0.447.9%
AMZN Amazon.Com Inc trimmed+0.63 pp trimmed+0.637.6%
MSFT Microsoft Corp trimmed+0.32 pp trimmed+0.326.4%
TDG TransDigm Group Incorporated trimmed+0.29 pp trimmed+0.296.0%
GOOG Alphabet Inc. Class C trimmed+0.11 pp trimmed+0.115.6%

Positions46 in this filing · 4 exited


KKRKKR & Co. Inc.	7.86%	5,381,037	$541M	trimmed−12%	+0.44 pp	23 q
AMZNAmazon.Com Inc	7.62%	2,909,298	$525M	trimmed−7%	+0.63 pp	22 q
MSFTMicrosoft Corp	6.36%	1,040,526	$438M	trimmed−5%	+0.32 pp	22 q
TDGTransDigm Group Incorporated	6.04%	337,725	$416M	trimmed−13%	+0.29 pp	16 q
GOOGAlphabet Inc. Class C	5.64%	2,547,815	$388M	trimmed−5%	+0.11 pp	24 q
CGThe Carlyle Group Inc.	5.31%	7,792,628	$365M	trimmed−8%	+0.28 pp	17 q
SWKSSkyworks Solutions Inc	5.12%	3,255,487	$353M	added+13%	+0.36 pp	24 q
MAMastercard Incorporated	4.92%	703,197	$339M	trimmed−5%	+0.27 pp	24 q
VVISA Inc.	4.25%	1,048,706	$293M	trimmed−4%	+0.07 pp	24 q
CRMSalesforce, Inc.	3.67%	838,401	$253M	trimmed−48%	−2.49 pp	16 q
CBRECbre Group, Inc.	3.59%	2,543,033	$247M	added+5%	+0.29 pp	8 q
CSGPCoStar Group Inc	3.05%	2,177,070	$210M	added+36%	+1.00 pp	15 q
NICENICE Ltd	3.00%	793,656	$207M	trimmed−11%	+0.39 pp	6 q
ELVElevance Health, Inc.	2.93%	389,740	$202M	added+1%	+0.27 pp	7 q
JLLJones Lang LaSalle, Inc.	2.85%	1,008,121	$196M	trimmed−9%	−0.21 pp	8 q
LYVLive Nation Entertainment Inc.	2.82%	1,839,266	$194M	new	+2.82 pp	new
ARESAres Management Corporation Class A	2.62%	1,357,069	$180M	trimmed−13%	−0.08 pp	7 q
QRVOQorvo, Inc.	2.62%	1,573,825	$181M	trimmed−5%	−0.12 pp	24 q
SSNCSS&C Technologies Inc	1.90%	2,029,596	$131M	trimmed−9%	−0.10 pp	4 q
HEI.AHeico Corp Cl A	1.86%	831,809	$128M	trimmed−5%	+0.04 pp	15 q
FISVFiserv, Inc.	1.50%	647,780	$103M	trimmed−11%	+0.08 pp	4 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.29%	179,241	$89M	added+70%	+0.48 pp	3 q
SBUXStarbucks Corp	1.05%	791,326	$72M	new	+1.05 pp	new
ABTAbbott Laboratories	0.94%	568,260	$65M	trimmed−15%	−0.13 pp	6 q
ABMABM Industries, Inc.	0.91%	1,405,242	$63M	added+3%	+0.01 pp	15 q
LFUSLittelfuse Inc	0.90%	256,966	$62M	trimmed−3%	−0.14 pp	18 q
CIGIColliers International Group Inc. Subordinate Voting Shares	0.77%	434,031	$53M	trimmed−8%	−0.11 pp	15 q
91990EURCushman & Wakefield UK Holdc	0.77%	5,095,985	$53M	trimmed−8%	−0.11 pp	23 q
ITRNIturan Location and Control Ltd.	0.62%	1,526,894	$43M	trimmed−9%	−0.05 pp	24 q
GGenpact Limited	0.61%	1,282,586	$42M	added+3%	−0.03 pp	4 q
DNBDun & Bradstreet Holdings, Inc.	0.60%	4,107,063	$41M	added+18%	0.00 pp	4 q
KMXCarMax Inc.	0.58%	457,153	$40M	new	+0.58 pp	new
VRTSVirtus Investment Partners, Inc.	0.57%	157,376	$39M	trimmed−17%	−0.10 pp	24 q
SEESealed Air Corp New	0.56%	1,042,984	$39M	trimmed−8%	−0.05 pp	5 q
BALLBall Corporation	0.54%	556,208	$37M	trimmed−68%	−0.94 pp	6 q
MARMarriott International Class A	0.52%	141,475	$36M	trimmed−61%	−0.69 pp	3 q
PKPark Hotels & Resorts Inc.	0.49%	1,941,008	$34M	trimmed−29%	−0.12 pp	18 q
PRGPROG Holdings, Inc.	0.49%	979,614	$34M	trimmed−4%	+0.03 pp	14 q
MLKNMillerKnoll, Inc.	0.46%	1,272,842	$32M	added+17%	+0.03 pp	17 q
MEDPMedpace Holdings, Inc.	0.45%	76,516	$31M	trimmed−25%	−0.01 pp	12 q
TKRThe Timken Company	0.43%	338,922	$30M	trimmed−5%	+0.01 pp	7 q
SMRTSmartRent, Inc.	0.38%	9,656,894	$26M	trimmed−2%	−0.08 pp	11 q
ENSEnerSys, Inc.	0.32%	232,483	$22M	trimmed−2%	−0.03 pp	19 q
AYIAcuity Inc.	0.14%	34,996	$9M	trimmed−72%	−0.24 pp	5 q
CCKCrown Holdings Inc.	0.08%	69,962	$6M	new	+0.08 pp	new
GEGE Aerospace	0.00%	1,409	$247,000	trimmed−100%	−2.22 pp	8 q
AMATApplied Materials Inc	—	−373,144	—	exited	−0.88 pp	—
TXNTexas Instruments Incorporated	—	−319,624	—	exited	−0.80 pp	—
CNMCore & Main, Inc.	—	−257,850	—	exited	−0.15 pp	—
SPYState Street SPDR S&P 500 ETF Trust	—	−3,472	—	exited	−0.02 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001556785-24-000012
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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