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
Q3 2024Sep 30, 2024	VRTS Virtus Investment Partners, Inc	Virtus Investment Partners, Inc	Sell	-13,813-10.7%	$24.10M	115,077
Q3 2024Sep 30, 2024	ENS EnerSys	EnerSys	Sell	-17,974-13.0%	$12.30M	120,533
Q3 2024Sep 30, 2024	MAR Marriott International	Marriott International	Sell	-18,603-13.2%	$30.30M	121,872
Q3 2024Sep 30, 2024	LFUS Littelfuse, Inc.	Littelfuse, Inc.	Sell	-24,421-10.1%	$57.54M	216,944
Q3 2024Sep 30, 2024	TDG Transdigm Group Incorporated	Transdigm Group Incorporated	Sell	-25,454-11.5%	$278.46M	195,116
Q3 2024Sep 30, 2024	TKR Timken Company (The)	Timken Company (The)	Sell	-31,743-12.3%	$19.00M	225,386
Q3 2024Sep 30, 2024	CCK Crown Holdings, Inc.	Crown Holdings, Inc.	Sell	-33,749-18.4%	$14.35M	149,619
Q3 2024Sep 30, 2024	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-45,319-6.6%	$317.85M	643,679
Q3 2024Sep 30, 2024	MLKN MillerKnoll, Inc.	MillerKnoll, Inc.	Sell	-53,866-4.6%	$27.69M	1,110,157
Q3 2024Sep 30, 2024	ELV Elevance Health, Inc.	Elevance Health, Inc.	Sell	-65,653-19.0%	$145.23M	279,285
Q3 2024Sep 30, 2024	V Visa Inc.	Visa Inc.	Sell	-67,061-6.6%	$262.11M	953,316
Q3 2024Sep 30, 2024	CIGI Colliers International Group In	Colliers International Group In	Sell	-67,277-14.8%	$58.74M	386,904
Q3 2024Sep 30, 2024	SEE Sealed Air Corporation	Sealed Air Corporation	Sell	-83,323-9.5%	$28.88M	795,595
Q3 2024Sep 30, 2024	CRM Salesforce, Inc.	Salesforce, Inc.	Sell	-87,897-6.0%	$380.49M	1,388,214
Q3 2024Sep 30, 2024	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-95,164-4.8%	$315.28M	1,885,741
Q3 2024Sep 30, 2024	PLNT Planet Fitness, Inc.	Planet Fitness, Inc.	Sell - Position Exit	-97,386-100.0%	$0.00	-
Q3 2024Sep 30, 2024	ABT Abbott Laboratories	Abbott Laboratories	Sell	-112,347-22.4%	$44.25M	388,122
Q3 2024Sep 30, 2024	ABM ABM Industries Incorporated	ABM Industries Incorporated	Sell	-118,584-10.2%	$55.37M	1,049,464
Q3 2024Sep 30, 2024	FI Fiserv, Inc.	Fiserv, Inc.	Sell	-156,086-26.0%	$79.81M	444,232
Q3 2024Sep 30, 2024	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Sell - Position Exit	-167,470-100.0%	$0.00	-
Q3 2024Sep 30, 2024	HEI-A Heico Corporation	Heico Corporation	Sell	-173,800-23.7%	$114.16M	560,263
Q3 2024Sep 30, 2024	NICE NICE Ltd	NICE Ltd	Sell	-184,276-15.5%	$174.38M	1,004,095
Q3 2024Sep 30, 2024	M6158M104 Ituran	Ituran	Sell	-191,316-13.6%	$32.73M	1,219,621
Q3 2024Sep 30, 2024	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell	-208,423-8.4%	$425.28M	2,282,384
Q3 2024Sep 30, 2024	LYV Live Nation Entertainment, Inc.	Live Nation Entertainment, Inc.	Sell	-231,282-8.6%	$269.69M	2,463,181
Q3 2024Sep 30, 2024	PRG PROG Holdings, Inc.	PROG Holdings, Inc.	Sell	-326,854-41.4%	$22.45M	463,066
Q3 2024Sep 30, 2024	KMX CarMax Inc	CarMax Inc	Sell	-391,543-21.4%	$111.09M	1,435,596
Q3 2024Sep 30, 2024	SWKS Skyworks Solutions, Inc.	Skyworks Solutions, Inc.	Sell	-422,420-9.3%	$404.56M	4,096,031
Q3 2024Sep 30, 2024	QRVO Qorvo, Inc.	Qorvo, Inc.	Sell	-444,993-21.0%	$173.43M	1,678,943
Q3 2024Sep 30, 2024	ARES Ares Management Corporation	Ares Management Corporation	Sell	-461,229-40.3%	$106.35M	682,442

Page 6 of 78 • 2313 total trades

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