Vulcan Value Partners

Q2 2024 13F · by C.T. Fitzpatrick, CIO

As of: Jun 30, 2024
Filed: Aug 15, 2024
US stock: $7.1B · prev $6.9B
Positions: 45 · prev 46
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%

Moves47 since the prior filing

+14.1 pp in · −14.1 pp out

New 1 +0.10 pp
Added 12 +14.02 pp
Trimmed 32 −13.59 pp
Exited 2 −0.54 pp

The book

Focused · behaves like 24 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 50% a year, about 2.0 years per position

Low
Moderate
High

Top 5 positions31% of US stock

G Genpact Limited added+6.54 pp added+6.547.2%
AMZN Amazon.Com Inc trimmed−0.79 pp trimmed−0.796.8%
SWKS Skyworks Solutions Inc added+1.71 pp added+1.716.8%
CRM Salesforce, Inc. added+1.71 pp added+1.715.4%
MSFT Microsoft Corp trimmed−1.12 pp trimmed−1.125.2%

Revealed late, restated

revealed late 1 name revealed after the original — carried back to this quarter, never shown as a new buy 13F-HR/A · Aug 15, 2024 ↗

Positions45 in this filing · 2 exited


GGenpact Limited	7.15%	1,567,428	$505M	added+22%	+6.54 pp	5 q
AMZNAmazon.Com Inc	6.83%	2,490,807	$482M	trimmed−14%	−0.79 pp	23 q
SWKSSkyworks Solutions Inc	6.83%	4,518,451	$482M	added+39%	+1.71 pp	25 q
CRMSalesforce, Inc.	5.38%	1,476,111	$379M	added+76%	+1.71 pp	17 q
MSFTMicrosoft Corp	5.24%	826,752	$370M	trimmed−21%	−1.12 pp	23 q
GOOGAlphabet Inc. Class C	5.15%	1,980,905	$363M	trimmed−22%	−0.49 pp	25 q
KKRKKR & Co. Inc.	4.36%	2,924,461	$308M	trimmed−46%	−3.50 pp	24 q
CSGPCoStar Group Inc	4.35%	4,138,987	$307M	added+90%	+1.30 pp	16 q
MAMastercard Incorporated	4.31%	688,998	$304M	trimmed−2%	−0.61 pp	25 q
CGThe Carlyle Group Inc.	4.26%	7,495,229	$301M	trimmed−4%	−1.05 pp	18 q
TDGTransDigm Group Incorporated	3.99%	220,570	$282M	trimmed−35%	−2.05 pp	17 q
VVISA Inc.	3.80%	1,020,377	$268M	trimmed−3%	−0.45 pp	25 q
LYVLive Nation Entertainment Inc.	3.58%	2,694,463	$253M	added+47%	+0.76 pp	2 q
QRVOQorvo, Inc.	3.50%	2,123,936	$247M	added+35%	+0.88 pp	25 q
CBRECbre Group, Inc.	3.36%	2,666,141	$237M	added+5%	−0.23 pp	9 q
NICENICE Ltd	2.89%	1,188,371	$204M	added+50%	−0.11 pp	7 q
JLLJones Lang LaSalle, Inc.	2.74%	943,391	$193M	trimmed−6%	−0.11 pp	9 q
ELVElevance Health, Inc.	2.65%	344,938	$187M	trimmed−12%	−0.28 pp	8 q
ARESAres Management Corporation Class A	2.16%	1,143,671	$153M	trimmed−16%	−0.46 pp	8 q
KMXCarMax Inc.	1.90%	1,827,139	$134M	added×4.0	+1.32 pp	2 q
HEI.AHeico Corp Cl A	1.85%	734,063	$130M	trimmed−12%	−0.01 pp	16 q
SSNCSS&C Technologies Inc	1.70%	1,918,399	$120M	trimmed−5%	−0.20 pp	5 q
FISVFiserv, Inc.	1.27%	600,318	$89M	trimmed−7%	−0.23 pp	5 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.21%	167,470	$85M	trimmed−7%	−0.08 pp	4 q
LFUSLittelfuse Inc	0.87%	241,365	$62M	trimmed−6%	−0.03 pp	19 q
ABMABM Industries, Inc.	0.84%	1,168,048	$59M	trimmed−17%	−0.07 pp	16 q
ABTAbbott Laboratories	0.74%	500,469	$52M	trimmed−12%	−0.20 pp	7 q
CIGIColliers International Group Inc. Subordinate Voting Shares	0.72%	454,181	$51M	added+5%	−0.05 pp	16 q
SBUXStarbucks Corp	0.72%	651,366	$51M	trimmed−18%	−0.33 pp	2 q
91990EURCushman & Wakefield UK Holdc	0.70%	4,765,752	$50M	trimmed−6%	−0.07 pp	24 q
DNBDun & Bradstreet Holdings, Inc.	0.68%	5,206,280	$48M	added+27%	+0.08 pp	5 q
ITRNIturan Location and Control Ltd.	0.50%	1,410,937	$35M	trimmed−8%	−0.12 pp	25 q
MARMarriott International Class A	0.48%	140,475	$34M	trimmed−1%	−0.04 pp	4 q
MLKNMillerKnoll, Inc.	0.44%	1,164,023	$31M	trimmed−9%	−0.02 pp	18 q
SEESealed Air Corp New	0.43%	878,918	$31M	trimmed−16%	−0.13 pp	6 q
VRTSVirtus Investment Partners, Inc.	0.41%	128,890	$29M	trimmed−18%	−0.16 pp	25 q
PRGPROG Holdings, Inc.	0.39%	789,920	$27M	trimmed−19%	−0.10 pp	15 q
SMRTSmartRent, Inc.	0.30%	8,995,284	$21M	trimmed−7%	−0.08 pp	12 q
TKRThe Timken Company	0.29%	257,129	$21M	trimmed−24%	−0.14 pp	8 q
MEDPMedpace Holdings, Inc.	0.23%	38,600	$16M	trimmed−50%	−0.22 pp	13 q
ENSEnerSys, Inc.	0.20%	138,507	$14M	trimmed−40%	−0.12 pp	20 q
PKPark Hotels & Resorts Inc.	0.20%	920,427	$14M	trimmed−53%	−0.29 pp	19 q
CCKCrown Holdings Inc.	0.19%	183,368	$14M	added×2.6	+0.11 pp	2 q
AYIAcuity Inc.	0.10%	27,828	$7M	trimmed−20%	−0.04 pp	6 q
PLNTPlanet Fitness, Inc.	0.10%	97,386	$7M	new	+0.10 pp	new
BALLBall Corporation	—	−556,208	—	exited	−0.54 pp	—
GEGE Aerospace	—	−1,409	—	exited	0.00 pp	—

Source

Forms: 13F-HR · 13F-HR/A
Reading: 0 defects · 0 unresolved
Accession: 0001556785-24-000014
: 0001556785-24-000016
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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