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
Q3 2021Sep 30, 2021	ENS EnerSys	EnerSys	Buy	+69,860+15.4%	$38.96K	523,385
Q3 2021Sep 30, 2021	M6158M104 Ituran	Ituran	Buy	+38,625+2.0%	$49.61K	1,953,990
Q3 2021Sep 30, 2021	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy	+15,896+4.3%	$1.25M	381,653
Q3 2021Sep 30, 2021	CSGP CoStar Group, Inc.	CoStar Group, Inc.	Buy	+10,092+0.1%	$612.62K	7,118,544
Q3 2021Sep 30, 2021	VRTS Virtus Investment Partners, Inc	Virtus Investment Partners, Inc	Buy	+4,750+1.6%	$93.20K	300,329
Q3 2021Sep 30, 2021	CIGI Colliers International Group In	Colliers International Group In	Sell	-1,623-0.2%	$88.57K	693,535
Q3 2021Sep 30, 2021	AYI Acuity Brands, Inc.	Acuity Brands, Inc.	Sell	-1,913-0.8%	$41.62K	240,052
Q3 2021Sep 30, 2021	ELV Elevance Health, Inc.	Elevance Health, Inc.	Sell	-11,702-1.0%	$435.76K	1,168,878
Q3 2021Sep 30, 2021	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-17,757-5.8%	$773.94K	290,375
Q3 2021Sep 30, 2021	CSL Carlisle Companies Incorporated	Carlisle Companies Incorporated	Sell	-49,548-18.9%	$42.35K	213,033
Q3 2021Sep 30, 2021	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-71,833-3.3%	$716.59K	2,111,410
Q3 2021Sep 30, 2021	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-104,066-3.8%	$746.50K	2,647,917
Q3 2021Sep 30, 2021	CRM Salesforce, Inc.	Salesforce, Inc.	Sell	-107,186-2.6%	$1.08M	3,971,610
Q3 2021Sep 30, 2021	CRNC Cerence Inc.	Cerence Inc.	Sell	-180,364-10.2%	$153.21K	1,594,153
Q3 2021Sep 30, 2021	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Sell	-600,938-75.1%	$49.45K	199,326
Q3 2021Sep 30, 2021	V Visa Inc.	Visa Inc.	Sell	-828,135-19.5%	$762.09K	3,421,291
Q3 2021Sep 30, 2021	CG The Carlyle Group Inc.	The Carlyle Group Inc.	Sell	-958,393-5.3%	$811.44K	17,162,398
Q3 2021Sep 30, 2021	SAP SAP SE	SAP SE	Sell	-2,313,353-53.4%	$273.28K	2,018,211
Q3 2021Sep 30, 2021	KKR KKR & Co. Inc.	KKR & Co. Inc.	Sell	-3,020,622-14.0%	$1.13M	18,603,128
Q3 2021Sep 30, 2021	SSNC SS&C Technologies Holdings, Inc	SS&C Technologies Holdings, Inc	Sell	-4,415,670-76.0%	$96.63K	1,392,389
Q2 2021Jun 30, 2021	CSGP CoStar Group, Inc.	CoStar Group, Inc.	Buy	+6,444,877+971.2%	$588.72K	7,108,452
Q2 2021Jun 30, 2021	AMAT Applied Materials, Inc.	Applied Materials, Inc.	Buy - Position Entry	+3,071,614	$437.40K	3,071,614
Q2 2021Jun 30, 2021	CRNC Cerence Inc.	Cerence Inc.	Buy	+725,288+69.1%	$189.36K	1,774,517
Q2 2021Jun 30, 2021	UPST Upstart Holdings, Inc.	Upstart Holdings, Inc.	Buy	+538,016+54.7%	$189.99K	1,521,104
Q2 2021Jun 30, 2021	G2717B108 Cushman Wakefield	Cushman Wakefield	Buy	+309,822+2.7%	$206.48K	11,819,175
Q2 2021Jun 30, 2021	MEDP Medpace Holdings, Inc.	Medpace Holdings, Inc.	Buy - Position Entry	+225,176	$39.77K	225,176
Q2 2021Jun 30, 2021	PRG PROG Holdings, Inc.	PROG Holdings, Inc.	Buy	+185,576+17.4%	$60.15K	1,249,816
Q2 2021Jun 30, 2021	PK Park Hotels & Resorts Inc.	Park Hotels & Resorts Inc.	Buy	+125,470+9.4%	$30.00K	1,455,832
Q2 2021Jun 30, 2021	W Wayfair Inc.	Wayfair Inc.	Buy	+108,547+4.2%	$853.93K	2,704,793
Q2 2021Jun 30, 2021	CIGI Colliers International Group In	Colliers International Group In	Buy	+54,280+8.5%	$77.84K	695,158

Page 24 of 78 • 2313 total trades

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