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
Q2 2024Jun 30, 2024	ELV Elevance Health, Inc.	Elevance Health, Inc.	Sell	-44,802-11.5%	$186.75K	344,938
Q2 2024Jun 30, 2024	FI Fiserv, Inc.	Fiserv, Inc.	Sell	-47,462-7.3%	$89.39K	600,318
Q2 2024Jun 30, 2024	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Sell	-64,730-6.4%	$193.22K	943,391
Q2 2024Jun 30, 2024	ABT Abbott Laboratories	Abbott Laboratories	Sell	-67,791-11.9%	$51.98K	500,469
Q2 2024Jun 30, 2024	TKR Timken Company (The)	Timken Company (The)	Sell	-81,793-24.1%	$20.60K	257,129
Q2 2024Jun 30, 2024	ENS EnerSys	EnerSys	Sell	-93,976-40.4%	$14.34K	138,507
Q2 2024Jun 30, 2024	HEI-A Heico Corporation	Heico Corporation	Sell	-97,746-11.8%	$130.21K	734,063
Q2 2024Jun 30, 2024	MLKN MillerKnoll, Inc.	MillerKnoll, Inc.	Sell	-108,819-8.5%	$31.06K	1,164,023
Q2 2024Jun 30, 2024	SSNC SS&C Technologies Holdings, Inc	SS&C Technologies Holdings, Inc	Sell	-111,197-5.5%	$120.18K	1,918,399
Q2 2024Jun 30, 2024	M6158M104 Ituran	Ituran	Sell	-115,957-7.6%	$35.18K	1,410,937
Q2 2024Jun 30, 2024	TDG Transdigm Group Incorporated	Transdigm Group Incorporated	Sell	-117,155-34.7%	$281.63K	220,570
Q2 2024Jun 30, 2024	SBUX Starbucks Corporation	Starbucks Corporation	Sell	-139,960-17.7%	$50.68K	651,366
Q2 2024Jun 30, 2024	SEE Sealed Air Corporation	Sealed Air Corporation	Sell	-164,066-15.7%	$30.58K	878,918
Q2 2024Jun 30, 2024	PRG PROG Holdings, Inc.	PROG Holdings, Inc.	Sell	-189,694-19.4%	$27.39K	789,920
Q2 2024Jun 30, 2024	ARES Ares Management Corporation	Ares Management Corporation	Sell	-213,398-15.7%	$152.64K	1,143,671
Q2 2024Jun 30, 2024	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-213,774-20.5%	$369.75K	826,752
Q2 2024Jun 30, 2024	ABM ABM Industries Incorporated	ABM Industries Incorporated	Sell	-237,194-16.9%	$59.07K	1,168,048
Q2 2024Jun 30, 2024	CG The Carlyle Group Inc.	The Carlyle Group Inc.	Sell	-297,399-3.8%	$300.77K	7,495,229
Q2 2024Jun 30, 2024	G2717B108 Cushman Wakefield	Cushman Wakefield	Sell	-330,233-6.5%	$49.56K	4,765,752
Q2 2024Jun 30, 2024	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell	-418,491-14.4%	$481.61K	2,490,807
Q2 2024Jun 30, 2024	BALL Ball Corporation	Ball Corporation	Sell - Position Exit	-556,208-100.0%	$0.00	-
Q2 2024Jun 30, 2024	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-566,910-22.3%	$363.40K	1,980,905
Q2 2024Jun 30, 2024	SMRT SmartRent, Inc.	SmartRent, Inc.	Sell	-661,610-6.9%	$21.50K	8,995,284
Q2 2024Jun 30, 2024	PK Park Hotels & Resorts Inc.	Park Hotels & Resorts Inc.	Sell	-1,020,581-52.6%	$14.02K	920,427
Q2 2024Jun 30, 2024	G Genpact	Genpact	Sell - Position Exit	-1,282,586-100.0%	$0.00	-
Q2 2024Jun 30, 2024	KKR KKR & Co. Inc.	KKR & Co. Inc.	Sell	-2,456,576-45.7%	$307.70K	2,924,461
Q1 2024Mar 31, 2024	LYV Live Nation Entertainment, Inc.	Live Nation Entertainment, Inc.	Buy - Position Entry	+1,839,266	$194.41K	1,839,266
Q1 2024Mar 31, 2024	SBUX Starbucks Corporation	Starbucks Corporation	Buy - Position Entry	+791,326	$72.32K	791,326
Q1 2024Mar 31, 2024	DNB Dun & Bradstreet Holdings, Inc.	Dun & Bradstreet Holdings, Inc.	Buy	+636,053+18.3%	$41.23K	4,107,063
Q1 2024Mar 31, 2024	CSGP CoStar Group, Inc.	CoStar Group, Inc.	Buy	+576,383+36.0%	$210.11K	2,177,070

Page 8 of 78 • 2313 total trades

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