Vulcan Value Partners
Our archive holds 4 letters from Vulcan Value Partners, behind 21 investment theses and positions in 23 companies. Every quote below is copied verbatim from the letter it came from.
Vulcan Value Partners’s own letters pageWhat they bought and sold · 14 moves
- March 2026
“We have been buying RYAN.”
Read the letter - New positionStandardAeroMarch 2026
“We purchased four positions during the quarter: Ryan Specialty Holdings, Inc., TransUnion, StandardAero, Inc., and CTS Eventim.”
Read the letter - ExitedCrown Holdings, Inc.March 2026
“We sold five positions during the quarter: Virtus Investment Partners, Crown Holdings, Inc., The Middleby Corporation, The Timken Company, and Sealed Air Corporation.”
Read the letter - ExitedSalesforce, Inc.March 2026
“We sold Salesforce to fund the purchase of SAP.”
Read the letter - March 2026
“We have been buying.”
Read the letter - ExitedThe Middleby CorporationMarch 2026
“We sold five positions during the quarter: Virtus Investment Partners, Crown Holdings, Inc., The Middleby Corporation, The Timken Company, and Sealed Air Corporation.”
Read the letter - March 2026
“We sold Virtus Investment Partners, Crown Holdings, Inc., The Middleby Corporation, The Timken Company, and Sealed Air Corporation to reallocate capital into more discounted businesses.”
Read the letter - ExitedThe Timken CompanyMarch 2026
“We sold five positions during the quarter: Virtus Investment Partners, Crown Holdings, Inc., The Middleby Corporation, The Timken Company, and Sealed Air Corporation.”
Read the letter - ExitedSealed Air CorporationMarch 2026
“We sold five positions during the quarter: Virtus Investment Partners, Crown Holdings, Inc., The Middleby Corporation, The Timken Company, and Sealed Air Corporation.”
Read the letter - New positionTransUnionMarch 2026
“We purchased two new positions during the quarter: TransUnion and SAP SE.”
Read the letter - AddedSAPMarch 2026
“We continued to add to our position in SAP throughout the quarter.”
Read the letter - New positionCTS EventimMarch 2026
“We purchased four positions during the quarter: Ryan Specialty Holdings, Inc., TransUnion, StandardAero, Inc., and CTS Eventim.”
Read the letter - AddedMastercardMarch 2026
“we have added to it when it was more discounted and trimmed it when it became more fully valued.”
Read the letter - ExitedISS A/SMarch 2026
“We sold one position during the quarter: ISS A/S.”
Read the letter
Companies held · 23
Every company Vulcan Value Partners has disclosed a position in across our archive, with the letter that last mentioned it.
- AlphabetMar 2026
- Amazon.com, Inc.Mar 2026
- Ares Management CorporationMar 2026
- Crown Holdings, Inc.Mar 2026
- CTS EventimMar 2026
- Ibstock PlcMar 2026
- ISS A/SMar 2026
- Littelfuse, Inc.Mar 2026
- MastercardMar 2026
- Microsoft CorporationMar 2026
- MillerKnoll, Inc.Mar 2026
- Premium Brands Holdings CorporationMar 2026
- Ryan Specialty Holdings, Inc.Mar 2026
- Salesforce, Inc.Mar 2026
- SAPMar 2026
- Sealed Air CorporationMar 2026
- StandardAeroMar 2026
- The Middleby CorporationMar 2026
- The Timken CompanyMar 2026
- TPG Inc.Mar 2026
- TransUnionMar 2026
- UnitedHealth Group IncorporatedMar 2026
- Virtus Investment PartnersMar 2026
Theses · 21
- March 2026
Ares Management Corporation is a leading private credit manager with stable, institutional capital and limited direct AI risk.
Read the full thesis - March 2026
SAP SE is the ERP market leader with deeply embedded customer workflows and is expected to benefit from AI rather than be disrupted by it.
Read the full thesis - March 2026
ServiceNow, Inc. runs enterprise workflow automation and should benefit from AI embedded into its platform, supported by strong growth and cash generation.
Read the full thesis - March 2026
TPG Inc. is an alternative asset manager with software exposure that the managers believe is intelligently allocated and still positioned for growth.
Read the full thesis - March 2026
CTS Eventim is Europe’s leading live entertainment and ticketing company with a vertically integrated flywheel and strong cash generation.
Read the full thesis - March 2026
StandardAero, Inc. provides aircraft engine MRO with long-term contracts, strong market positions, and barriers to entry.
Read the full thesis - March 2026
Salesforce, Inc. is the leading CRM SaaS platform and could benefit from AI through its Agentforce offering.
Read the full thesis - March 2026
MillerKnoll, Inc. has premium furnishings brands, strong margins and cash flow, and a value-stable business model.
Read the full thesis - March 2026
Ibstock Plc is the UK’s leading brick manufacturer, supported by structural undersupply, import cost advantages, and high barriers to entry.
Read the full thesis - March 2026
Premium Brands Holdings Corporation is a diversified protein-based food business with strong growth, margins, and free cash flow.
Read the full thesis - December 2025
Ryan Specialty Holdings, Inc. is a leading E&S insurance broker with stable margins and robust free cash flow in a structurally growing market, currently trading below intrinsic value due to temporary pricing headwinds.
Read the full thesis - December 2025
Microsoft Corporation is deeply entrenched with high switching costs and strong Azure growth, benefiting from cloud and AI tailwinds with a synergistic bundling model.
Read the full thesis
- CarMax, Inc.Dec 2025
- Salesforce, Inc.Dec 2025
- Fiserv, Inc.Dec 2025
- Everest Group Ltd.Dec 2025
- TransUnionDec 2025
- Fiserv Inc.Sep 2025
- Ares ManagementJun 2025
- IQVIA HoldingsJun 2025
- MicrosoftJun 2025
Letter archive · 4
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