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 2022Dec 31, 2022	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Sell	-100,905-6.9%	$216.02K	1,353,727
Q4 2022Dec 31, 2022	ABM ABM Industries Incorporated	ABM Industries Incorporated	Sell	-122,855-9.3%	$53.16K	1,196,683
Q4 2022Dec 31, 2022	VRTS Virtus Investment Partners, Inc	Virtus Investment Partners, Inc	Sell	-124,898-36.0%	$42.58K	222,436
Q4 2022Dec 31, 2022	CIGI Colliers International Group In	Colliers International Group In	Sell	-130,179-18.3%	$53.43K	580,542
Q4 2022Dec 31, 2022	ARES Ares Management Corporation	Ares Management Corporation	Sell	-179,914-7.4%	$154.04K	2,250,911
Q4 2022Dec 31, 2022	TDG Transdigm Group Incorporated	Transdigm Group Incorporated	Sell	-183,712-18.0%	$525.81K	835,344
Q4 2022Dec 31, 2022	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell	-236,517-4.5%	$426.04K	5,067,724
Q4 2022Dec 31, 2022	SNBR Sleep Number Corporation	Sleep Number Corporation	Sell	-246,389-25.8%	$18.39K	708,050
Q4 2022Dec 31, 2022	MEDP Medpace Holdings, Inc.	Medpace Holdings, Inc.	Sell	-247,861-61.8%	$32.57K	153,342
Q4 2022Dec 31, 2022	LRCX Lam Research Corporation	Lam Research Corporation	Sell	-254,404-43.4%	$139.45K	332,094
Q4 2022Dec 31, 2022	TKR Timken Company (The)	Timken Company (The)	Sell	-270,457-44.3%	$24.02K	339,918
Q4 2022Dec 31, 2022	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-283,871-16.8%	$487.50K	1,402,068
Q4 2022Dec 31, 2022	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-405,336-16.4%	$494.33K	2,061,353
Q4 2022Dec 31, 2022	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-405,965-9.3%	$350.55K	3,948,765
Q4 2022Dec 31, 2022	PRG PROG Holdings, Inc.	PROG Holdings, Inc.	Sell	-410,614-27.7%	$18.12K	1,072,777
Q4 2022Dec 31, 2022	V Visa Inc.	Visa Inc.	Sell	-422,379-19.5%	$361.79K	1,741,498
Q4 2022Dec 31, 2022	CRM Salesforce, Inc.	Salesforce, Inc.	Sell	-449,651-14.0%	$364.99K	2,751,250
Q4 2022Dec 31, 2022	CRNC Cerence Inc.	Cerence Inc.	Sell	-450,457-35.2%	$15.34K	828,025
Q4 2022Dec 31, 2022	MLKN MillerKnoll, Inc.	MillerKnoll, Inc.	Sell	-511,618-29.4%	$25.77K	1,226,649
Q4 2022Dec 31, 2022	ENS EnerSys	EnerSys	Sell	-520,647-51.7%	$35.94K	486,784
Q4 2022Dec 31, 2022	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-681,743-17.9%	$241.42K	3,134,136
Q4 2022Dec 31, 2022	SWKS Skyworks Solutions, Inc.	Skyworks Solutions, Inc.	Sell	-701,927-15.1%	$359.73K	3,948,502
Q4 2022Dec 31, 2022	QRVO Qorvo, Inc.	Qorvo, Inc.	Sell	-711,549-20.7%	$247.12K	2,728,901
Q4 2022Dec 31, 2022	M6158M104 Ituran	Ituran	Sell	-722,503-22.9%	$51.34K	2,429,641
Q4 2022Dec 31, 2022	HEI-A Heico Corporation	Heico Corporation	Sell	-830,042-37.2%	$167.69K	1,399,966
Q4 2022Dec 31, 2022	CSGP CoStar Group, Inc.	CoStar Group, Inc.	Sell	-894,776-24.9%	$208.22K	2,693,423
Q4 2022Dec 31, 2022	GE GE Aerospace	GE Aerospace	Sell	-1,541,340-21.5%	$471.25K	5,620,658
Q4 2022Dec 31, 2022	CG The Carlyle Group Inc.	The Carlyle Group Inc.	Sell	-1,596,356-11.2%	$377.19K	12,637,553
Q4 2022Dec 31, 2022	PK Park Hotels & Resorts Inc.	Park Hotels & Resorts Inc.	Sell	-1,656,592-30.1%	$45.37K	3,848,236
Q4 2022Dec 31, 2022	AMAT Applied Materials, Inc.	Applied Materials, Inc.	Sell	-1,661,563-43.2%	$212.50K	2,183,113

Page 17 of 78 • 2313 total trades

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