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
Q2 2023Jun 30, 2023	CRNC Cerence Inc.	Cerence Inc.	Sell - Position Exit	-488,634-100.0%	$0.00	-
Q2 2023Jun 30, 2023	CNM Core & Main, Inc.	Core & Main, Inc.	Sell	-619,131-63.2%	$11.28K	360,048
Q2 2023Jun 30, 2023	GE GE Aerospace	GE Aerospace	Sell	-744,011-28.2%	$208.47K	1,898,425
Q2 2023Jun 30, 2023	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell	-819,956-15.8%	$570.78K	4,378,601
Q2 2023Jun 30, 2023	AMAT Applied Materials, Inc.	Applied Materials, Inc.	Sell	-865,043-46.8%	$142.33K	984,443
Q2 2023Jun 30, 2023	SMRT SmartRent, Inc.	SmartRent, Inc.	Sell	-3,182,683-23.1%	$40.63K	10,609,244
Q1 2023Mar 31, 2023	CNM Core & Main, Inc.	Core & Main, Inc.	Buy - Position Entry	+979,179	$22.62K	979,179
Q1 2023Mar 31, 2023	ARES Ares Management Corporation	Ares Management Corporation	Buy	+527,361+23.4%	$231.64K	2,778,272
Q1 2023Mar 31, 2023	SEE Sealed Air Corporation	Sealed Air Corporation	Buy - Position Entry	+473,615	$21.74K	473,615
Q1 2023Mar 31, 2023	CSGP CoStar Group, Inc.	CoStar Group, Inc.	Buy	+401,547+14.9%	$213.07K	3,094,970
Q1 2023Mar 31, 2023	UPS United Parcel Service, Inc.	United Parcel Service, Inc.	Buy - Position Entry	+383,604	$74.41K	383,604
Q1 2023Mar 31, 2023	SMRT SmartRent, Inc.	SmartRent, Inc.	Buy	+324,673+2.4%	$35.17K	13,791,927
Q1 2023Mar 31, 2023	MLKN MillerKnoll, Inc.	MillerKnoll, Inc.	Buy	+289,219+23.6%	$31.00K	1,515,868
Q1 2023Mar 31, 2023	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+268,820+6.8%	$438.76K	4,217,585
Q1 2023Mar 31, 2023	ABM ABM Industries Incorporated	ABM Industries Incorporated	Buy	+141,276+11.8%	$60.13K	1,337,959
Q1 2023Mar 31, 2023	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy	+130,833+2.6%	$536.80K	5,198,557
Q1 2023Mar 31, 2023	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+106,177+5.2%	$624.81K	2,167,530
Q1 2023Mar 31, 2023	ELV Elevance Health, Inc.	Elevance Health, Inc.	Buy	+92,403+29.5%	$187.13K	406,001
Q1 2023Mar 31, 2023	AYI Acuity Brands, Inc.	Acuity Brands, Inc.	Buy - Position Entry	+68,365	$12.49K	68,365
Q1 2023Mar 31, 2023	MEDP Medpace Holdings, Inc.	Medpace Holdings, Inc.	Buy	+67,229+43.8%	$41.48K	220,571
Q1 2023Mar 31, 2023	FWRD Forward Air Corporation	Forward Air Corporation	Buy	+65,358+28.8%	$31.51K	292,427
Q1 2023Mar 31, 2023	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Buy	+53,801+4.0%	$204.77K	1,407,528
Q1 2023Mar 31, 2023	CW Curtiss-Wright Corporation	Curtiss-Wright Corporation	Buy - Position Entry	+29,370	$5.18K	29,370
Q1 2023Mar 31, 2023	NICE NICE Ltd	NICE Ltd	Buy	+29,322+3.4%	$205.20K	897,419
Q1 2023Mar 31, 2023	PK Park Hotels & Resorts Inc.	Park Hotels & Resorts Inc.	Buy	+23,623+0.6%	$47.86K	3,871,859
Q1 2023Mar 31, 2023	ABT Abbott Laboratories	Abbott Laboratories	Buy	+8,444+0.9%	$91.79K	906,307
Q1 2023Mar 31, 2023	VRTS Virtus Investment Partners, Inc	Virtus Investment Partners, Inc	Buy	+5,265+2.4%	$43.35K	227,701
Q1 2023Mar 31, 2023	PRG PROG Holdings, Inc.	PROG Holdings, Inc.	Buy	+2,996+0.3%	$25.59K	1,075,773
Q1 2023Mar 31, 2023	ENS EnerSys	EnerSys	Sell	-14,475-3.0%	$41.03K	472,309
Q1 2023Mar 31, 2023	CIGI Colliers International Group In	Colliers International Group In	Sell	-21,277-3.7%	$59.03K	559,265

Page 15 of 78 • 2313 total trades

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