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
Q1 2021Mar 31, 2021	SAP SAP SE	SAP SE	Buy - Position Entry	+4,497,599	$552.00K	4,497,599
Q1 2021Mar 31, 2021	NVDA NVIDIA Corporation	NVIDIA Corporation	Buy - Position Entry	+1,415,791	$755.93K	1,415,791
Q1 2021Mar 31, 2021	V Visa Inc.	Visa Inc.	Buy	+1,226,342+37.6%	$949.59K	4,484,904
Q1 2021Mar 31, 2021	CRM Salesforce, Inc.	Salesforce, Inc.	Buy	+1,107,432+35.6%	$894.60K	4,222,384
Q1 2021Mar 31, 2021	HEI-A Heico Corporation	Heico Corporation	Buy	+1,015,754+31.3%	$484.36K	4,263,689
Q1 2021Mar 31, 2021	W Wayfair Inc.	Wayfair Inc.	Buy	+441,982+20.5%	$817.17K	2,596,246
Q1 2021Mar 31, 2021	MA Mastercard Incorporated	Mastercard Incorporated	Buy	+391,455+11.9%	$1.31M	3,677,184
Q1 2021Mar 31, 2021	TPX Tempur Sealy International, Inc	Tempur Sealy International, Inc	Buy - Position Entry	+380,253	$13.90K	380,253
Q1 2021Mar 31, 2021	META Meta Platforms, Inc.	Meta Platforms, Inc.	Buy	+335,839+17.3%	$672.26K	2,282,486
Q1 2021Mar 31, 2021	SSNC SS&C Technologies Holdings, Inc	SS&C Technologies Holdings, Inc	Buy	+284,653+5.1%	$408.24K	5,842,794
Q1 2021Mar 31, 2021	ABM ABM Industries Incorporated	ABM Industries Incorporated	Buy	+193,693+15.8%	$72.53K	1,421,791
Q1 2021Mar 31, 2021	CSGP CoStar Group, Inc.	CoStar Group, Inc.	Buy	+166,264+33.4%	$545.39K	663,575
Q1 2021Mar 31, 2021	PRG PROG Holdings, Inc.	PROG Holdings, Inc.	Buy	+156,858+17.3%	$46.07K	1,064,240
Q1 2021Mar 31, 2021	G2717B108 Cushman Wakefield	Cushman Wakefield	Buy	+136,714+1.2%	$187.83K	11,509,353
Q1 2021Mar 31, 2021	CSL Carlisle Companies Incorporated	Carlisle Companies Incorporated	Buy	+133,320+62.8%	$56.90K	345,754
Q1 2021Mar 31, 2021	MLKN MillerKnoll, Inc.	MillerKnoll, Inc.	Buy	+76,066+7.1%	$47.32K	1,149,897
Q1 2021Mar 31, 2021	CIGI Colliers International Group In	Colliers International Group In	Buy	+74,632+13.2%	$62.96K	640,878
Q1 2021Mar 31, 2021	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy	+70,896+24.0%	$1.13M	366,266
Q1 2021Mar 31, 2021	TDG Transdigm Group Incorporated	Transdigm Group Incorporated	Buy	+35,401+1.8%	$1.20M	2,033,895
Q1 2021Mar 31, 2021	CW Curtiss-Wright Corporation	Curtiss-Wright Corporation	Buy	+32,862+9.2%	$46.45K	391,637
Q1 2021Mar 31, 2021	AYI Acuity Brands, Inc.	Acuity Brands, Inc.	Sell	-9,622-3.1%	$49.67K	301,024
Q1 2021Mar 31, 2021	VRTS Virtus Investment Partners, Inc	Virtus Investment Partners, Inc	Sell	-16,961-5.7%	$65.62K	278,640
Q1 2021Mar 31, 2021	LFUS Littelfuse, Inc.	Littelfuse, Inc.	Sell	-17,870-11.3%	$37.23K	140,780
Q1 2021Mar 31, 2021	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-77,566-19.0%	$685.85K	331,548
Q1 2021Mar 31, 2021	ENS EnerSys	EnerSys	Sell	-100,500-17.1%	$44.17K	486,481
Q1 2021Mar 31, 2021	CRNC Cerence Inc.	Cerence Inc.	Sell	-107,499-9.3%	$93.99K	1,049,229
Q1 2021Mar 31, 2021	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-124,464-4.2%	$672.60K	2,852,769
Q1 2021Mar 31, 2021	QRVO Qorvo, Inc.	Qorvo, Inc.	Sell	-251,404-5.4%	$799.07K	4,373,653
Q1 2021Mar 31, 2021	M6158M104 Ituran	Ituran	Sell	-321,544-13.0%	$45.66K	2,150,866
Q1 2021Mar 31, 2021	ELV Elevance Health, Inc.	Elevance Health, Inc.	Sell	-517,528-28.5%	$466.56K	1,299,779

Page 26 of 78 • 2313 total trades

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