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	G2717B108 Cushman Wakefield	Cushman Wakefield	Sell	-881,005-13.7%	$59.83K	5,539,791
Q4 2023Dec 31, 2023	CG The Carlyle Group Inc.	The Carlyle Group Inc.	Sell	-1,377,948-14.0%	$343.00K	8,435,231
Q3 2023Sep 30, 2023	DNB Dun & Bradstreet Holdings, Inc.	Dun & Bradstreet Holdings, Inc.	Buy	+2,093,525+178.8%	$32.61K	3,264,527
Q3 2023Sep 30, 2023	SSNC SS&C Technologies Holdings, Inc	SS&C Technologies Holdings, Inc	Buy	+931,608+58.7%	$132.25K	2,518,401
Q3 2023Sep 30, 2023	MAR Marriott International	Marriott International	Buy - Position Entry	+424,700	$83.41K	424,700
Q3 2023Sep 30, 2023	ABM ABM Industries Incorporated	ABM Industries Incorporated	Buy	+410,933+32.2%	$67.47K	1,686,407
Q3 2023Sep 30, 2023	SEE Sealed Air Corporation	Sealed Air Corporation	Buy	+351,545+44.3%	$37.60K	1,144,343
Q3 2023Sep 30, 2023	TXN Texas Instruments Incorporated	Texas Instruments Incorporated	Buy - Position Entry	+344,797	$54.84K	344,797
Q3 2023Sep 30, 2023	TKR Timken Company (The)	Timken Company (The)	Buy	+233,791+139.4%	$29.50K	401,471
Q3 2023Sep 30, 2023	NICE NICE Ltd	NICE Ltd	Buy	+195,359+23.0%	$177.46K	1,043,004
Q3 2023Sep 30, 2023	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Buy - Position Entry	+123,681	$62.44K	123,681
Q3 2023Sep 30, 2023	G Genpact	Genpact	Buy	+77,692+5.9%	$50.65K	1,399,254
Q3 2023Sep 30, 2023	FI Fiserv, Inc.	Fiserv, Inc.	Buy	+34,041+4.3%	$93.70K	829,535
Q3 2023Sep 30, 2023	AYI Acuity Brands, Inc.	Acuity Brands, Inc.	Sell	-818-0.5%	$25.92K	152,196
Q3 2023Sep 30, 2023	ENS EnerSys	EnerSys	Sell	-1,326-0.5%	$24.14K	254,960
Q3 2023Sep 30, 2023	VRTS Virtus Investment Partners, Inc	Virtus Investment Partners, Inc	Sell	-8,075-3.6%	$43.21K	213,940
Q3 2023Sep 30, 2023	CNM Core & Main, Inc.	Core & Main, Inc.	Sell	-21,925-6.1%	$9.76K	338,123
Q3 2023Sep 30, 2023	PRG PROG Holdings, Inc.	PROG Holdings, Inc.	Sell	-27,288-2.8%	$31.86K	959,208
Q3 2023Sep 30, 2023	MEDP Medpace Holdings, Inc.	Medpace Holdings, Inc.	Sell	-51,889-27.0%	$33.93K	140,119
Q3 2023Sep 30, 2023	CIGI Colliers International Group In	Colliers International Group In	Sell	-52,473-8.7%	$52.61K	552,344
Q3 2023Sep 30, 2023	LFUS Littelfuse, Inc.	Littelfuse, Inc.	Sell	-69,181-20.2%	$67.76K	273,969
Q3 2023Sep 30, 2023	PK Park Hotels & Resorts Inc.	Park Hotels & Resorts Inc.	Sell	-95,794-2.7%	$42.62K	3,459,226
Q3 2023Sep 30, 2023	ELV Elevance Health, Inc.	Elevance Health, Inc.	Sell	-97,288-17.8%	$195.84K	449,530
Q3 2023Sep 30, 2023	ABT Abbott Laboratories	Abbott Laboratories	Sell	-114,821-13.7%	$70.28K	726,165
Q3 2023Sep 30, 2023	LRCX Lam Research Corporation	Lam Research Corporation	Sell - Position Exit	-120,856-100.0%	$0.00	-
Q3 2023Sep 30, 2023	HEI-A Heico Corporation	Heico Corporation	Sell	-158,092-13.6%	$129.47K	1,002,335
Q3 2023Sep 30, 2023	MLKN MillerKnoll, Inc.	MillerKnoll, Inc.	Sell	-175,418-11.4%	$33.45K	1,368,007
Q3 2023Sep 30, 2023	SMRT SmartRent, Inc.	SmartRent, Inc.	Sell	-178,061-1.7%	$27.23K	10,431,183
Q3 2023Sep 30, 2023	TDG Transdigm Group Incorporated	Transdigm Group Incorporated	Sell	-194,090-31.0%	$364.61K	432,748
Q3 2023Sep 30, 2023	V Visa Inc.	Visa Inc.	Sell	-211,109-13.9%	$300.98K	1,308,357

Page 12 of 78 • 2313 total trades

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