C.T. Fitzpatrick – Vulcan Value Partners Portfolio Activity & Recent Trades (Jun 30, 2025)

As of Jun 30, 2025, the Vulcan Value Partners portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Aug 13, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q2 2025, the filing reported:

New Buys – IQVIA Holdings, Inc. (IQV), SS&C Technologies Holdings, Inc (SSNC)

Increases – Ares Management Corporation (ARES), UnitedHealth Group Incorporated (UNH), Salesforce, Inc. (CRM), Stanley Black & Decker, Inc. (SWK), Amazon.com, Inc. (AMZN), and 6 more

Reductions – The Middleby Corporation (MIDD), Virtus Investment Partners, Inc (VRTS), MillerKnoll, Inc. (MLKN), PROG Holdings, Inc. (PRG), Transdigm Group Incorporated (TDG), and 20 more

Complete Exits – Cushman Wakefield (G2717B108), Dun & Bradstreet Holdings, Inc. (DNB), The Carlyle Group Inc. (CG)

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Vulcan Value Partners Activity

Date	Symbol	Name	Type	Quantity	Value	Remaining
Q4 2023Dec 31, 2023	TDG Transdigm Group Incorporated	Transdigm Group Incorporated	Sell	-45,384-10.5%	$391.61K	387,364
Q4 2023Dec 31, 2023	AMAT Applied Materials, Inc.	Applied Materials, Inc.	Sell	-57,563-13.4%	$60.29K	373,144
Q4 2023Dec 31, 2023	MAR Marriott International	Marriott International	Sell	-59,015-13.9%	$82.38K	365,685
Q4 2023Dec 31, 2023	GE GE Aerospace	GE Aerospace	Sell	-59,218-4.8%	$151.17K	1,184,715
Q4 2023Dec 31, 2023	ABT Abbott Laboratories	Abbott Laboratories	Sell	-61,077-8.4%	$73.20K	665,088
Q4 2023Dec 31, 2023	ELV Elevance Health, Inc.	Elevance Health, Inc.	Sell	-65,113-14.5%	$181.43K	384,417
Q4 2023Dec 31, 2023	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-70,679-8.7%	$317.08K	743,641
Q4 2023Dec 31, 2023	CIGI Colliers International Group In	Colliers International Group In	Sell	-78,136-14.1%	$60.00K	474,208
Q4 2023Dec 31, 2023	CNM Core & Main, Inc.	Core & Main, Inc.	Sell	-80,273-23.7%	$10.42K	257,850
Q4 2023Dec 31, 2023	M6158M104 Ituran	Ituran	Sell	-93,548-5.3%	$45.80K	1,681,329
Q4 2023Dec 31, 2023	FI Fiserv, Inc.	Fiserv, Inc.	Sell	-100,269-12.1%	$96.89K	729,266
Q4 2023Dec 31, 2023	CSGP CoStar Group, Inc.	CoStar Group, Inc.	Sell	-122,383-7.1%	$139.69K	1,600,687
Q4 2023Dec 31, 2023	HEI-A Heico Corporation	Heico Corporation	Sell	-129,336-12.9%	$124.31K	872,999
Q4 2023Dec 31, 2023	G Genpact	Genpact	Sell	-148,862-10.6%	$43.40K	1,250,392
Q4 2023Dec 31, 2023	NICE NICE Ltd	NICE Ltd	Sell	-148,971-14.3%	$178.02K	894,033
Q4 2023Dec 31, 2023	V Visa Inc.	Visa Inc.	Sell	-214,239-16.4%	$284.81K	1,094,118
Q4 2023Dec 31, 2023	CRM Salesforce, Inc.	Salesforce, Inc.	Sell	-237,177-12.9%	$420.12K	1,597,720
Q4 2023Dec 31, 2023	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-240,824-9.1%	$224.56K	2,412,179
Q4 2023Dec 31, 2023	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-250,703-18.6%	$411.92K	1,095,775
Q4 2023Dec 31, 2023	MLKN MillerKnoll, Inc.	MillerKnoll, Inc.	Sell	-280,750-20.5%	$29.01K	1,087,257
Q4 2023Dec 31, 2023	SSNC SS&C Technologies Holdings, Inc	SS&C Technologies Holdings, Inc	Sell	-286,161-11.4%	$136.32K	2,232,240
Q4 2023Dec 31, 2023	QRVO Qorvo, Inc.	Qorvo, Inc.	Sell	-313,336-15.9%	$186.90K	1,662,449
Q4 2023Dec 31, 2023	ABM ABM Industries Incorporated	ABM Industries Incorporated	Sell	-320,478-19.0%	$61.23K	1,365,929
Q4 2023Dec 31, 2023	SWKS Skyworks Solutions, Inc.	Skyworks Solutions, Inc.	Sell	-340,710-10.5%	$324.71K	2,890,983
Q4 2023Dec 31, 2023	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell	-420,410-11.8%	$476.47K	3,137,012
Q4 2023Dec 31, 2023	ARES Ares Management Corporation	Ares Management Corporation	Sell	-455,939-22.7%	$184.27K	1,551,992
Q4 2023Dec 31, 2023	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-485,827-15.4%	$376.67K	2,673,507
Q4 2023Dec 31, 2023	SMRT SmartRent, Inc.	SmartRent, Inc.	Sell	-613,273-5.9%	$31.32K	9,817,910
Q4 2023Dec 31, 2023	PK Park Hotels & Resorts Inc.	Park Hotels & Resorts Inc.	Sell	-726,956-21.0%	$41.80K	2,732,270
Q4 2023Dec 31, 2023	KKR KKR & Co. Inc.	KKR & Co. Inc.	Sell	-814,020-11.8%	$505.50K	6,104,549

Page 11 of 78 • 2313 total trades

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