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	SWKS Skyworks Solutions, Inc.	Skyworks Solutions, Inc.	Sell	-570,964-12.8%	$714.56K	3,894,461
Q1 2021Mar 31, 2021	UPST Upstart Holdings, Inc.	Upstart Holdings, Inc.	Sell	-608,718-38.2%	$126.68K	983,088
Q1 2021Mar 31, 2021	KKR KKR & Co. Inc.	KKR & Co. Inc.	Sell	-897,014-3.6%	$1.18M	24,202,394
Q1 2021Mar 31, 2021	PK Park Hotels & Resorts Inc.	Park Hotels & Resorts Inc.	Sell	-2,154,426-61.8%	$28.71K	1,330,362
Q1 2021Mar 31, 2021	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Sell	-2,317,106-46.9%	$470.42K	2,627,447
Q1 2021Mar 31, 2021	CVS CVS Health Corporation	CVS Health Corporation	Sell	-3,221,594-99.7%	$658.00	8,751
Q1 2021Mar 31, 2021	HLT Hilton Worldwide Holdings Inc.	Hilton Worldwide Holdings Inc.	Sell	-5,618,067-93.3%	$48.55K	401,501
Q1 2021Mar 31, 2021	CG The Carlyle Group Inc.	The Carlyle Group Inc.	Sell	-5,752,324-22.6%	$722.96K	19,666,965
Q4 2020Dec 31, 2020	SSNC SS&C Technologies Holdings, Inc	SS&C Technologies Holdings, Inc	Buy - Position Entry	+5,558,141	$404.36K	5,558,141
Q4 2020Dec 31, 2020	W Wayfair Inc.	Wayfair Inc.	Buy - Position Entry	+2,154,264	$486.45K	2,154,264
Q4 2020Dec 31, 2020	UPST Upstart Holdings, Inc.	Upstart Holdings, Inc.	Buy - Position Entry	+1,591,806	$64.87K	1,591,806
Q4 2020Dec 31, 2020	CRM Salesforce, Inc.	Salesforce, Inc.	Buy	+1,322,274+73.8%	$693.17K	3,114,952
Q4 2020Dec 31, 2020	HEI-A Heico Corporation	Heico Corporation	Buy	+1,124,221+52.9%	$380.20K	3,247,935
Q4 2020Dec 31, 2020	G2717B108 Cushman Wakefield	Cushman Wakefield	Buy	+1,094,289+10.6%	$168.66K	11,372,639
Q4 2020Dec 31, 2020	PRG PROG Holdings, Inc.	PROG Holdings, Inc.	Buy - Position Entry	+907,382	$48.88K	907,382
Q4 2020Dec 31, 2020	CG The Carlyle Group Inc.	The Carlyle Group Inc.	Buy	+889,551+3.6%	$799.18K	25,419,289
Q4 2020Dec 31, 2020	CRNC Cerence Inc.	Cerence Inc.	Buy	+870,737+304.5%	$116.23K	1,156,728
Q4 2020Dec 31, 2020	MA Mastercard Incorporated	Mastercard Incorporated	Buy	+390,154+13.5%	$1.17M	3,285,729
Q4 2020Dec 31, 2020	ABM ABM Industries Incorporated	ABM Industries Incorporated	Buy	+383,236+45.4%	$46.47K	1,228,098
Q4 2020Dec 31, 2020	CVS CVS Health Corporation	CVS Health Corporation	Buy	+178,500+5.8%	$220.63K	3,230,345
Q4 2020Dec 31, 2020	V Visa Inc.	Visa Inc.	Buy	+141,656+4.5%	$712.75K	3,258,562
Q4 2020Dec 31, 2020	TDG Transdigm Group Incorporated	Transdigm Group Incorporated	Buy	+132,060+7.1%	$1.24M	1,998,494
Q4 2020Dec 31, 2020	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+80,743+2.8%	$662.20K	2,977,233
Q4 2020Dec 31, 2020	AYI Acuity Brands, Inc.	Acuity Brands, Inc.	Buy	+50,437+19.4%	$37.62K	310,646
Q4 2020Dec 31, 2020	CSGP CoStar Group, Inc.	CoStar Group, Inc.	Buy	+38,864+8.5%	$459.65K	497,311
Q4 2020Dec 31, 2020	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy	+15,340+5.5%	$962.00K	295,370
Q4 2020Dec 31, 2020	CW Curtiss-Wright Corporation	Curtiss-Wright Corporation	Buy	+11,196+3.2%	$41.74K	358,775
Q4 2020Dec 31, 2020	META Meta Platforms, Inc.	Meta Platforms, Inc.	Buy	+3,724+0.2%	$531.75K	1,946,647
Q4 2020Dec 31, 2020	CSL Carlisle Companies Incorporated	Carlisle Companies Incorporated	Sell	-452-0.2%	$33.18K	212,434
Q4 2020Dec 31, 2020	MMI Marcus & Millichap, Inc.	Marcus & Millichap, Inc.	Sell - Position Exit	-898-100.0%	$0.00	-

Page 27 of 78 • 2313 total trades

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