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 2020Mar 31, 2020	IWN iShares Russell 2000 Value ETF	iShares Russell 2000 Value ETF	Sell - Position Exit	-5,723-100.0%	$0.00	-
Q1 2020Mar 31, 2020	IWD iShares Russell 1000 Value ETF	iShares Russell 1000 Value ETF	Sell - Position Exit	-15,632-100.0%	$0.00	-
Q1 2020Mar 31, 2020	AYI Acuity Brands, Inc.	Acuity Brands, Inc.	Sell	-31,908-12.5%	$19.07K	222,672
Q1 2020Mar 31, 2020	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell	-40,843-12.4%	$561.59K	288,036
Q1 2020Mar 31, 2020	ELV Elevance Health, Inc.	Elevance Health, Inc.	Sell	-135,448-7.3%	$392.74K	1,729,827
Q1 2020Mar 31, 2020	CSL Carlisle Companies Incorporated	Carlisle Companies Incorporated	Sell - Position Exit	-164,484-100.0%	$0.00	-
Q1 2020Mar 31, 2020	B Barnes Group, Inc.	Barnes Group, Inc.	Sell	-170,811-100.0%	$1.00	30
Q1 2020Mar 31, 2020	ACIW ACI Worldwide, Inc.	ACI Worldwide, Inc.	Sell	-181,958-17.6%	$20.53K	850,001
Q1 2020Mar 31, 2020	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-203,232-8.2%	$381.38K	2,286,422
Q1 2020Mar 31, 2020	MSM MSC Industrial Direct Company,	MSC Industrial Direct Company,	Sell - Position Exit	-294,874-100.0%	$0.00	-
Q1 2020Mar 31, 2020	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-299,298-13.6%	$458.80K	1,899,314
Q1 2020Mar 31, 2020	WCC WESCO International, Inc.	WESCO International, Inc.	Sell - Position Exit	-349,133-100.0%	$0.00	-
Q1 2020Mar 31, 2020	FTDR frontdoor, inc.	frontdoor, inc.	Sell - Position Exit	-360,558-100.0%	$0.00	-
Q1 2020Mar 31, 2020	EG Everest Group	Everest Group	Sell	-517,179-50.7%	$96.81K	503,105
Q1 2020Mar 31, 2020	SPGI S&P Global Inc.	S&P Global Inc.	Sell - Position Exit	-831,837-100.0%	$0.00	-
Q1 2020Mar 31, 2020	CVS CVS Health Corporation	CVS Health Corporation	Sell	-1,373,177-20.6%	$314.97K	5,308,715
Q1 2020Mar 31, 2020	SNBR Sleep Number Corporation	Sleep Number Corporation	Sell - Position Exit	-1,595,206-100.0%	$0.00	-
Q1 2020Mar 31, 2020	SABR Sabre Corporation	Sabre Corporation	Sell - Position Exit	-1,646,494-100.0%	$0.00	-
Q1 2020Mar 31, 2020	NVDA NVIDIA Corporation	NVIDIA Corporation	Sell	-1,790,579-60.2%	$311.62K	1,182,168
Q1 2020Mar 31, 2020	ORCL Oracle Corporation	Oracle Corporation	Sell	-2,167,000-37.2%	$177.09K	3,664,073
Q1 2020Mar 31, 2020	UPS United Parcel Service, Inc.	United Parcel Service, Inc.	Sell - Position Exit	-2,210,690-100.0%	$0.00	-
Q1 2020Mar 31, 2020	MCK McKesson Corporation	McKesson Corporation	Sell - Position Exit	-2,278,129-100.0%	$0.00	-
Q1 2020Mar 31, 2020	KKR KKR & Co. Inc.	KKR & Co. Inc.	Sell	-2,297,477-7.6%	$652.89K	27,818,177
Q1 2020Mar 31, 2020	MAR Marriott International	Marriott International	Sell	-3,137,826-100.0%	$101.00	1,344
Q1 2020Mar 31, 2020	COR Cencora, Inc.	Cencora, Inc.	Sell - Position Exit	-3,277,878-100.0%	$0.00	-
Q1 2020Mar 31, 2020	BAM Brookfield Asset Management Ltd.	Brookfield Asset Management Ltd.	Sell - Position Exit	-3,688,222-100.0%	$0.00	-
Q4 2019Dec 31, 2019	MAR Marriott International	Marriott International	Buy	+1,687,776+116.3%	$475.37K	3,139,170
Q4 2019Dec 31, 2019	KKR KKR & Co. Inc.	KKR & Co. Inc.	Buy	+1,254,969+4.3%	$878.47K	30,115,654
Q4 2019Dec 31, 2019	HLT Hilton Worldwide Holdings Inc.	Hilton Worldwide Holdings Inc.	Buy	+1,079,574+22.1%	$661.63K	5,965,477
Q4 2019Dec 31, 2019	PK Park Hotels & Resorts Inc.	Park Hotels & Resorts Inc.	Buy - Position Entry	+903,224	$23.37K	903,224

Page 32 of 78 • 2313 total trades

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