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 2018Dec 31, 2018	ORLY O'Reilly Automotive, Inc.	O'Reilly Automotive, Inc.	Sell	-207-74.5%	$24.00	71
Q4 2018Dec 31, 2018	CAH Cardinal Health, Inc.	Cardinal Health, Inc.	Sell	-615-56.6%	$21.00	472
Q4 2018Dec 31, 2018	FWRD Forward Air Corporation	Forward Air Corporation	Sell - Position Exit	-2,035-100.0%	$0.00	-
Q4 2018Dec 31, 2018	CACC Credit Acceptance Corporation	Credit Acceptance Corporation	Sell - Position Exit	-9,511-100.0%	$0.00	-
Q4 2018Dec 31, 2018	WCC WESCO International, Inc.	WESCO International, Inc.	Sell	-49,219-5.8%	$38.20K	795,876
Q4 2018Dec 31, 2018	MLKN MillerKnoll, Inc.	MillerKnoll, Inc.	Sell - Position Exit	-143,000-100.0%	$0.00	-
Q4 2018Dec 31, 2018	WWD Woodward, Inc.	Woodward, Inc.	Sell	-150,550-32.9%	$22.80K	306,936
Q4 2018Dec 31, 2018	LSTR Landstar System, Inc.	Landstar System, Inc.	Sell	-156,920-99.5%	$72.00	752
Q4 2018Dec 31, 2018	MSM MSC Industrial Direct Company,	MSC Industrial Direct Company,	Sell	-163,560-26.2%	$35.51K	461,659
Q4 2018Dec 31, 2018	CHH Choice Hotels International, In	Choice Hotels International, In	Sell	-201,871-99.9%	$21.00	298
Q4 2018Dec 31, 2018	PH Parker-Hannifin Corporation	Parker-Hannifin Corporation	Sell	-288,561-9.2%	$427.26K	2,864,847
Q4 2018Dec 31, 2018	EG Everest Group	Everest Group	Sell	-432,354-23.1%	$313.44K	1,439,377
Q4 2018Dec 31, 2018	BLK BlackRock, Inc.	BlackRock, Inc.	Sell	-433,581-100.0%	$40.00	102
Q4 2018Dec 31, 2018	M6158M104 Ituran	Ituran	Sell	-515,957-20.4%	$64.51K	2,012,135
Q4 2018Dec 31, 2018	TPX Tempur Sealy International, Inc	Tempur Sealy International, Inc	Sell	-620,350-99.6%	$115.00	2,770
Q4 2018Dec 31, 2018	CVS CVS Health Corporation	CVS Health Corporation	Sell	-734,563-12.6%	$332.61K	5,076,516
Q4 2018Dec 31, 2018	MCK McKesson Corporation	McKesson Corporation	Sell	-927,581-17.1%	$496.16K	4,491,391
Q4 2018Dec 31, 2018	G0692U109 Axis Capital	Axis Capital	Sell	-943,706-13.0%	$325.45K	6,302,253
Q4 2018Dec 31, 2018	COR Cencora, Inc.	Cencora, Inc.	Sell	-1,040,251-20.6%	$298.72K	4,015,045
Q4 2018Dec 31, 2018	AVGO Broadcom Inc.	Broadcom Inc.	Sell	-1,357,535-100.0%	$48.00	189
Q4 2018Dec 31, 2018	ACIW ACI Worldwide, Inc.	ACI Worldwide, Inc.	Sell	-1,389,144-31.3%	$84.35K	3,048,475
Q4 2018Dec 31, 2018	SNBR Sleep Number Corporation	Sleep Number Corporation	Sell	-1,537,201-36.1%	$86.18K	2,716,036
Q4 2018Dec 31, 2018	SABR Sabre Corporation	Sabre Corporation	Sell	-1,830,715-59.4%	$27.05K	1,249,896
Q4 2018Dec 31, 2018	NTRS Northern Trust Corporation	Northern Trust Corporation	Sell	-2,648,968-99.7%	$557.00	6,659
Q4 2018Dec 31, 2018	STT State Street Corporation	State Street Corporation	Sell	-3,032,294-39.5%	$292.65K	4,640,046
Q4 2018Dec 31, 2018	BK The Bank of New York Mellon Cor	The Bank of New York Mellon Cor	Sell	-9,354,310-99.9%	$606.00	12,873
Q4 2018Dec 31, 2018	ORCL Oracle Corporation	Oracle Corporation	Sell	-16,939,929-69.0%	$343.34K	7,604,460
Q3 2018Sep 30, 2018	KKR KKR & Co. Inc.	KKR & Co. Inc.	Buy	+9,791,018+62.6%	$693.60K	25,434,592
Q3 2018Sep 30, 2018	G2717B108 Cushman Wakefield	Cushman Wakefield	Buy - Position Entry	+7,720,162	$131.17K	7,720,162
Q3 2018Sep 30, 2018	STT State Street Corporation	State Street Corporation	Buy	+2,720,304+54.9%	$642.79K	7,672,340

Page 40 of 78 • 2313 total trades

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