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 2017Dec 31, 2017	MCK McKesson Corporation	McKesson Corporation	Buy	+305,492+9.2%	$563.35K	3,612,389
Q4 2017Dec 31, 2017	AYI Acuity Brands, Inc.	Acuity Brands, Inc.	Buy - Position Entry	+173,040	$30.45K	173,040
Q4 2017Dec 31, 2017	CAH Cardinal Health, Inc.	Cardinal Health, Inc.	Buy	+161,654+3.5%	$293.25K	4,786,270
Q4 2017Dec 31, 2017	CVS CVS Health Corporation	CVS Health Corporation	Buy	+103,776+1.2%	$640.89K	8,839,878
Q4 2017Dec 31, 2017	BK The Bank of New York Mellon Cor	The Bank of New York Mellon Cor	Buy	+20,243+0.3%	$318.72K	5,917,561
Q4 2017Dec 31, 2017	IWD iShares Russell 1000 Value ETF	iShares Russell 1000 Value ETF	Buy - Position Entry	+12,903	$1.60K	12,903
Q4 2017Dec 31, 2017	EG Everest Group	Everest Group	Buy	+8,517+0.6%	$319.47K	1,443,878
Q4 2017Dec 31, 2017	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-12,240-2.3%	$532.58K	508,961
Q4 2017Dec 31, 2017	TUP		Sell	-21,034-4.3%	$29.47K	470,078
Q4 2017Dec 31, 2017	FWRD Forward Air Corporation	Forward Air Corporation	Sell	-22,422-5.8%	$21.08K	366,959
Q4 2017Dec 31, 2017	CACC Credit Acceptance Corporation	Credit Acceptance Corporation	Sell	-29,351-14.9%	$54.33K	167,963
Q4 2017Dec 31, 2017	WPP WPP plc	WPP plc	Sell	-49,858-14.2%	$27.39K	302,410
Q4 2017Dec 31, 2017	CSL Carlisle Companies Incorporated	Carlisle Companies Incorporated	Sell	-59,633-13.7%	$42.52K	374,160
Q4 2017Dec 31, 2017	MLKN MillerKnoll, Inc.	MillerKnoll, Inc.	Sell	-75,342-7.5%	$37.21K	929,043
Q4 2017Dec 31, 2017	LNN Lindsay Corporation	Lindsay Corporation	Sell	-111,843-24.9%	$29.73K	337,025
Q4 2017Dec 31, 2017	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Sell	-122,427-9.1%	$181.69K	1,219,963
Q4 2017Dec 31, 2017	MSM MSC Industrial Direct Company,	MSC Industrial Direct Company,	Sell	-138,208-17.5%	$62.94K	651,167
Q4 2017Dec 31, 2017	QRVO Qorvo, Inc.	Qorvo, Inc.	Sell	-172,427-2.6%	$437.09K	6,562,958
Q4 2017Dec 31, 2017	VRTS Virtus Investment Partners, Inc	Virtus Investment Partners, Inc	Sell	-178,381-40.6%	$30.08K	261,416
Q4 2017Dec 31, 2017	SPGI S&P Global Inc.	S&P Global Inc.	Sell	-183,737-16.4%	$158.75K	937,149
Q4 2017Dec 31, 2017	ORLY O'Reilly Automotive, Inc.	O'Reilly Automotive, Inc.	Sell	-190,048-14.9%	$261.35K	1,086,530
Q4 2017Dec 31, 2017	OUT OUTFRONT Media Inc.	OUTFRONT Media Inc.	Sell	-192,787-17.8%	$20.67K	890,818
Q4 2017Dec 31, 2017	STT State Street Corporation	State Street Corporation	Sell	-197,743-4.3%	$428.03K	4,385,126
Q4 2017Dec 31, 2017	PH Parker-Hannifin Corporation	Parker-Hannifin Corporation	Sell	-200,361-19.6%	$164.53K	824,390
Q4 2017Dec 31, 2017	M6158M104 Ituran	Ituran	Sell	-237,432-9.4%	$77.85K	2,276,196
Q4 2017Dec 31, 2017	MCO Moody's Corporation	Moody's Corporation	Sell	-339,936-22.7%	$170.41K	1,154,442
Q4 2017Dec 31, 2017	V Visa Inc.	Visa Inc.	Sell	-342,081-6.7%	$544.28K	4,773,544
Q4 2017Dec 31, 2017	WWD Woodward, Inc.	Woodward, Inc.	Sell	-378,979-59.6%	$19.63K	256,448
Q4 2017Dec 31, 2017	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-400,017-10.3%	$526.52K	3,478,612
Q4 2017Dec 31, 2017	CHH Choice Hotels International, In	Choice Hotels International, In	Sell	-499,568-83.6%	$7.60K	97,927

Page 46 of 78 • 2313 total trades

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