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 2024Mar 31, 2024	KMX CarMax Inc	CarMax Inc	Buy - Position Entry	+457,153	$39.79K	457,153
Q1 2024Mar 31, 2024	SWKS Skyworks Solutions, Inc.	Skyworks Solutions, Inc.	Buy	+364,504+12.6%	$352.50K	3,255,487
Q1 2024Mar 31, 2024	MLKN MillerKnoll, Inc.	MillerKnoll, Inc.	Buy	+185,585+17.1%	$31.52K	1,272,842
Q1 2024Mar 31, 2024	CBRE CBRE Group Inc	CBRE Group Inc	Buy	+130,854+5.4%	$247.09K	2,543,033
Q1 2024Mar 31, 2024	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Buy	+73,997+70.3%	$88.61K	179,241
Q1 2024Mar 31, 2024	CCK Crown Holdings, Inc.	Crown Holdings, Inc.	Buy - Position Entry	+69,962	$5.54K	69,962
Q1 2024Mar 31, 2024	ABM ABM Industries Incorporated	ABM Industries Incorporated	Buy	+39,313+2.9%	$62.70K	1,405,242
Q1 2024Mar 31, 2024	G Genpact	Genpact	Buy	+32,194+2.6%	$42.26K	1,282,586
Q1 2024Mar 31, 2024	ELV Elevance Health, Inc.	Elevance Health, Inc.	Buy	+5,323+1.4%	$202.04K	389,740
Q1 2024Mar 31, 2024	SPY SPDR S&P 500	SPDR S&P 500	Sell - Position Exit	-3,472-100.0%	$0.00	-
Q1 2024Mar 31, 2024	ENS EnerSys	EnerSys	Sell	-3,576-1.5%	$21.96K	232,483
Q1 2024Mar 31, 2024	LFUS Littelfuse, Inc.	Littelfuse, Inc.	Sell	-6,924-2.6%	$62.28K	256,966
Q1 2024Mar 31, 2024	TKR Timken Company (The)	Timken Company (The)	Sell	-17,595-4.9%	$29.63K	338,922
Q1 2024Mar 31, 2024	MEDP Medpace Holdings, Inc.	Medpace Holdings, Inc.	Sell	-25,744-25.2%	$30.92K	76,516
Q1 2024Mar 31, 2024	VRTS Virtus Investment Partners, Inc	Virtus Investment Partners, Inc	Sell	-32,730-17.2%	$39.03K	157,376
Q1 2024Mar 31, 2024	CIGI Colliers International Group In	Colliers International Group In	Sell	-40,177-8.5%	$53.05K	434,031
Q1 2024Mar 31, 2024	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-40,444-5.4%	$338.58K	703,197
Q1 2024Mar 31, 2024	HEI-A Heico Corporation	Heico Corporation	Sell	-41,190-4.7%	$127.98K	831,809
Q1 2024Mar 31, 2024	PRG PROG Holdings, Inc.	PROG Holdings, Inc.	Sell	-41,849-4.1%	$33.74K	979,614
Q1 2024Mar 31, 2024	V Visa Inc.	Visa Inc.	Sell	-45,412-4.2%	$292.65K	1,048,706
Q1 2024Mar 31, 2024	TDG Transdigm Group Incorporated	Transdigm Group Incorporated	Sell	-49,639-12.8%	$415.75K	337,725
Q1 2024Mar 31, 2024	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-55,249-5.0%	$437.86K	1,040,526
Q1 2024Mar 31, 2024	FI Fiserv, Inc.	Fiserv, Inc.	Sell	-81,486-11.2%	$103.47K	647,780
Q1 2024Mar 31, 2024	QRVO Qorvo, Inc.	Qorvo, Inc.	Sell	-88,624-5.3%	$180.66K	1,573,825
Q1 2024Mar 31, 2024	AYI Acuity Brands, Inc.	Acuity Brands, Inc.	Sell	-90,209-72.0%	$9.40K	34,996
Q1 2024Mar 31, 2024	SEE Sealed Air Corporation	Sealed Air Corporation	Sell	-92,508-8.1%	$38.80K	1,042,984
Q1 2024Mar 31, 2024	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Sell	-96,228-8.7%	$196.34K	1,008,121
Q1 2024Mar 31, 2024	ABT Abbott Laboratories	Abbott Laboratories	Sell	-96,828-14.6%	$64.53K	568,260
Q1 2024Mar 31, 2024	NICE NICE Ltd	NICE Ltd	Sell	-100,377-11.2%	$206.55K	793,656
Q1 2024Mar 31, 2024	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-125,692-4.7%	$388.24K	2,547,815

Page 9 of 78 • 2313 total trades

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