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 2016Mar 31, 2016	NUS Nu Skin Enterprises, Inc.	Nu Skin Enterprises, Inc.	Sell	-893,553-25.4%	$100.21K	2,619,928
Q1 2016Mar 31, 2016	HON Honeywell International Inc.	Honeywell International Inc.	Sell - Position Exit	-912,452-100.0%	$0.00	-
Q1 2016Mar 31, 2016	CSL Carlisle Companies Incorporated	Carlisle Companies Incorporated	Sell - Position Exit	-990,584-100.0%	$0.00	-
Q1 2016Mar 31, 2016	TKR Timken Company (The)	Timken Company (The)	Sell	-1,014,338-45.8%	$40.20K	1,200,353
Q1 2016Mar 31, 2016	TUP		Sell	-1,419,654-68.5%	$37.77K	651,416
Q1 2016Mar 31, 2016	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-1,596,350-99.9%	$72.00	1,300
Q1 2016Mar 31, 2016	VZ Verizon Communications Inc.	Verizon Communications Inc.	Sell - Position Exit	-2,681,040-100.0%	$0.00	-
Q1 2016Mar 31, 2016	MSM MSC Industrial Direct Company,	MSC Industrial Direct Company,	Sell	-4,221,498-91.6%	$29.56K	387,385
Q4 2015Dec 31, 2015	FOSL Fossil Group, Inc.	Fossil Group, Inc.	Buy	+1,885,889+21.7%	$386.04K	10,559,173
Q4 2015Dec 31, 2015	ELV Elevance Health, Inc.	Elevance Health, Inc.	Buy	+1,029,406+67.9%	$354.96K	2,545,577
Q4 2015Dec 31, 2015	CSL Carlisle Companies Incorporated	Carlisle Companies Incorporated	Buy - Position Entry	+990,584	$87.86K	990,584
Q4 2015Dec 31, 2015	NUS Nu Skin Enterprises, Inc.	Nu Skin Enterprises, Inc.	Buy	+719,525+25.8%	$133.13K	3,513,481
Q4 2015Dec 31, 2015	ORCL Oracle Corporation	Oracle Corporation	Buy	+691,989+3.0%	$877.75K	24,028,074
Q4 2015Dec 31, 2015	BEN Franklin Resources, Inc.	Franklin Resources, Inc.	Buy	+684,122+5.1%	$519.05K	14,096,898
Q4 2015Dec 31, 2015	QCOM QUALCOMM Incorporated	QUALCOMM Incorporated	Buy	+500,942+10.2%	$270.54K	5,412,471
Q4 2015Dec 31, 2015	PH Parker-Hannifin Corporation	Parker-Hannifin Corporation	Buy	+456,275+6.3%	$746.42K	7,696,600
Q4 2015Dec 31, 2015	MSM MSC Industrial Direct Company,	MSC Industrial Direct Company,	Buy	+395,767+9.4%	$259.34K	4,608,883
Q4 2015Dec 31, 2015	STT State Street Corporation	State Street Corporation	Buy	+368,622+7.9%	$334.86K	5,046,149
Q4 2015Dec 31, 2015	THR Thermon Group Holdings, Inc.	Thermon Group Holdings, Inc.	Buy	+325,590+15.3%	$41.56K	2,456,357
Q4 2015Dec 31, 2015	FWRD Forward Air Corporation	Forward Air Corporation	Buy	+304,809+40.2%	$45.73K	1,063,313
Q4 2015Dec 31, 2015	VZ Verizon Communications Inc.	Verizon Communications Inc.	Buy	+155,084+6.1%	$123.92K	2,681,040
Q4 2015Dec 31, 2015	G0692U109 Axis Capital	Axis Capital	Buy	+150,050+1.9%	$449.66K	7,998,216
Q4 2015Dec 31, 2015	CSCO Cisco Systems, Inc.	Cisco Systems, Inc.	Buy	+89,156+0.7%	$345.51K	12,723,769
Q4 2015Dec 31, 2015	HON Honeywell International Inc.	Honeywell International Inc.	Buy	+70,164+8.3%	$94.50K	912,452
Q4 2015Dec 31, 2015	TROW T. Rowe Price Group, Inc.	T. Rowe Price Group, Inc.	Buy	+67,454+2.2%	$227.54K	3,182,846
Q4 2015Dec 31, 2015	AAPL Apple Inc.	Apple Inc.	Buy	+30,149+4.3%	$76.57K	727,448
Q4 2015Dec 31, 2015	LNN Lindsay Corporation	Lindsay Corporation	Buy	+28,971+3.0%	$72.79K	1,005,399
Q4 2015Dec 31, 2015	F Ford Motor Company	Ford Motor Company	Buy - Position Entry	+14,300	$201.00	14,300
Q4 2015Dec 31, 2015	RF Regions Financial Corporation	Regions Financial Corporation	Buy - Position Entry	+13,300	$128.00	13,300
Q4 2015Dec 31, 2015	DCI Donaldson Company, Inc.	Donaldson Company, Inc.	Buy	+13,268+0.9%	$41.42K	1,445,128

Page 58 of 78 • 2313 total trades

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