Vulcan Value Partners

Q2 2026 13F · by C.T. Fitzpatrick, CIO

As of: Jun 30, 2026
Filed: Jul 30, 2026
US stock: $3.3B · prev $3.8B
Positions: 36 · prev 33
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%

Moves37 since the prior filing

+9.9 pp in · −9.9 pp out

New 4 +0.91 pp
Added 6 +8.99 pp
Trimmed 26 −9.55 pp
Exited 1 −0.33 pp

The book

Concentrated · behaves like 15 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 23% a year, about 4.4 years per position

Low
Moderate
High

Top 5 positions47% of US stock

Positions36 in this filing · 1 exited


EGEverest Group, Ltd.	11.28%	1,036,906	$370M	trimmed−24%	−0.52 pp	8 q
MSFTMicrosoft Corp	11.21%	986,905	$368M	trimmed−11%	+0.33 pp	31 q
RYANRyan Specialty Holdings, Inc.	9.09%	7,912,669	$299M	added+20%	+3.19 pp	4 q
MAMastercard Incorporated	7.86%	502,961	$258M	added+31%	+2.78 pp	33 q
AMZNAmazon.Com Inc	7.20%	992,758	$237M	trimmed−38%	−1.61 pp	31 q
TDGTransDigm Group Incorporated	6.91%	170,429	$227M	trimmed−7%	+1.25 pp	25 q
ARESAres Management Corporation Class A	6.45%	1,902,580	$212M	added+13%	+1.56 pp	16 q
TRUTransUnion	5.94%	2,707,249	$195M	trimmed−16%	+0.06 pp	3 q
GOOGAlphabet Inc. Class C	5.80%	539,472	$191M	trimmed−20%	+0.66 pp	33 q
VVISA Inc.	4.84%	463,268	$159M	trimmed−28%	−0.28 pp	33 q
TPGTPG Inc. Class A	2.92%	2,361,862	$96M	added+19%	+0.79 pp	6 q
MEDPMedpace Holdings, Inc.	2.28%	141,743	$75M	trimmed−30%	−0.30 pp	21 q
ELVElevance Health, Inc.	1.83%	155,873	$60M	trimmed−47%	−0.47 pp	16 q
NOWServicenow, Inc.	1.74%	574,811	$57M	added+8%	+0.26 pp	2 q
IQVIQVIA Holdings Inc.	1.53%	259,856	$50M	added+5%	+0.41 pp	5 q
KMXCarMax Inc.	1.47%	912,638	$48M	trimmed−59%	−0.96 pp	10 q
FISVFiserv, Inc.	1.33%	893,965	$44M	trimmed−18%	−0.29 pp	4 q
NICENICE Ltd	1.32%	478,421	$43M	trimmed−16%	−0.35 pp	15 q
HEI.AHeico Corp Cl A	1.21%	153,718	$40M	trimmed−14%	+0.21 pp	24 q
JLLJones Lang LaSalle, Inc.	0.91%	96,258	$30M	trimmed−12%	+0.03 pp	17 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.85%	67,309	$28M	trimmed−93%	−5.70 pp	7 q
CRMSalesforce, Inc.	0.78%	164,013	$26M	trimmed−17%	−0.19 pp	25 q
ABMABM Industries, Inc.	0.60%	448,559	$20M	trimmed−29%	−0.04 pp	24 q
CIGIColliers International Group Inc. Subordinate Voting Shares	0.60%	211,910	$20M	trimmed−17%	−0.12 pp	24 q
MLKNMillerKnoll, Inc.	0.52%	838,151	$17M	trimmed−37%	+0.01 pp	26 q
QRVOQorvo, Inc.	0.51%	181,315	$17M	trimmed−33%	−0.04 pp	33 q
EFXEquifax, Incorporated	0.44%	90,748	$14M	new	+0.44 pp	new
GGenpact Limited	0.44%	521,587	$14M	trimmed−27%	−0.26 pp	13 q
SAROStandardAero, Inc.	0.41%	450,287	$13M	trimmed−37%	−0.08 pp	3 q
PRGPROG Holdings, Inc.	0.40%	281,066	$13M	trimmed−50%	−0.03 pp	23 q
FBINFortune Brands Innovations, Inc.	0.36%	214,798	$12M	trimmed−37%	+0.01 pp	7 q
BMIBadger Meter, Inc.	0.31%	68,684	$10M	new	+0.31 pp	new
LFUSLittelfuse Inc	0.24%	17,448	$8M	trimmed−78%	−0.46 pp	27 q
ITRNIturan Location and Control Ltd.	0.23%	124,028	$8M	trimmed−75%	−0.41 pp	33 q
VEEVVeeva Systems Inc.	0.11%	21,240	$4M	new	+0.11 pp	new
IWDiShares Russell 1000 Value ETF	0.05%	7,011	$2M	new	+0.05 pp	new
PKPark Hotels & Resorts Inc.	—	−1,195,835	—	exited	−0.33 pp	—