Vulcan Value Partners

Jun 2025 → Jun 2026 · Publishes quarterly · 2 funds

Our archive holds 6 letters from Vulcan Value Partners, behind 32 investment theses and positions in 40 companies. Every quote below is copied verbatim from the letter it came from.

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Letters

Companies

Moves

Theses

What they bought and sold · 30 moves

ExitedCarMax Inc.
June 2026
“We sold four positions during the quarter: Littelfuse Inc., CarMax Inc., Sdiptech AB, and UnitedHealth Group Inc.”
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AddedSAP SE
June 2026
“We took advantage of stock price volatility to add to our position in SAP during the quarter.”
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New positionVeeva Systems Inc.
June 2026
“We purchased three new positions during the quarter: Veeva Systems Inc., Equifax Inc., and ServiceNow Inc.”
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New positionBadger Meter Inc.
June 2026
“We purchased two positions during the quarter: Badger Meter Inc. and TPG Inc.”
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AddedRyan Specialty Holdings Inc.
June 2026
“We added to our position in Ryan early in the quarter when its price to value ratio was more attractive.”
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New positionServiceNow Inc.
June 2026
“We purchased three new positions during the quarter: Veeva Systems Inc., Equifax Inc., and ServiceNow Inc.”
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New positionTPG Inc.
June 2026
“We purchased two positions during the quarter: Badger Meter Inc. and TPG Inc.”
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ExitedPartners Group Holding AG
June 2026
“We sold two positions during the quarter: Sodexo SA and Partners Group Holding AG.”
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New positionEquifax, Inc.
June 2026
“We purchased one new position during the quarter: Equifax, Inc.”
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AddedTransDigm Group Inc.
June 2026
“We added to our position in TransDigm early in the quarter when its price to value ratio was more attractive.”
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ExitedSodexo SA
June 2026
“We sold two positions during the quarter: Sodexo SA and Partners Group Holding AG.”
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ExitedLittelfuse Inc.
June 2026
“We sold four positions during the quarter: Littelfuse Inc., CarMax Inc., Sdiptech AB, and UnitedHealth Group Inc.”
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ExitedPark Hotels and Resorts Inc.
June 2026
“We sold one position during the quarter: Park Hotels and Resorts Inc.”
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ExitedSdiptech AB
June 2026
“We sold Sdiptech to allocate capital into even better businesses with larger margins of safety.”
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ExitedUnitedHealth Group Inc.
June 2026
“We sold UnitedHealth Group in our Focus portfolio to reallocate capital into meaningfully more discounted companies whose values are compounding at attractive double-digit rates.”
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ExitedSodexo SA
June 2026
“We sold two positions during the quarter: Sodexo SA and Partners Group Holding AG.”
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AddedRyan Specialty Holdings, Inc.
March 2026
“We have been buying RYAN.”
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New positionStandardAero
March 2026
“We purchased four positions during the quarter: Ryan Specialty Holdings, Inc., TransUnion, StandardAero, Inc., and CTS Eventim.”
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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.”
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ExitedSalesforce, Inc.
March 2026
“We sold Salesforce to fund the purchase of SAP.”
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AddedAres Management Corporation
March 2026
“We have been buying.”
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ExitedThe Middleby Corporation
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.”
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ExitedVirtus Investment Partners
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.”
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ExitedThe Timken Company
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.”
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ExitedSealed Air Corporation
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.”
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New positionTransUnion
March 2026
“We purchased two new positions during the quarter: TransUnion and SAP SE.”
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AddedSAP
March 2026
“We continued to add to our position in SAP throughout the quarter.”
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New positionCTS Eventim
March 2026
“We purchased four positions during the quarter: Ryan Specialty Holdings, Inc., TransUnion, StandardAero, Inc., and CTS Eventim.”
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AddedMastercard
March 2026
“we have added to it when it was more discounted and trimmed it when it became more fully valued.”
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ExitedISS A/S
March 2026
“We sold one position during the quarter: ISS A/S.”
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Companies held · 40

Every company Vulcan Value Partners has disclosed a position in across our archive, with the letter that last mentioned it.

Alphabet Inc.Jun 2026
Amazon.com Inc.Jun 2026
Ares Management CorporationMar 2026
Badger Meter Inc.Jun 2026
CarMax Inc.Jun 2026
Crown Holdings, Inc.Mar 2026
CTS EventimMar 2026
Elevance Health Inc.Jun 2026
Equifax, Inc.Jun 2026
Everest Group Ltd.Jun 2026
Fortune Brands Innovations Inc.Jun 2026
Genpact Ltd.Jun 2026
Ibstock PlcMar 2026
ISS A/SMar 2026
Ituran Location and Control Ltd.Jun 2026
Littelfuse Inc.Jun 2026
MastercardMar 2026
Microsoft CorporationMar 2026
MillerKnoll Inc.Jun 2026
Park Hotels and Resorts Inc.Jun 2026
Partners Group Holding AGJun 2026
Premium Brands Holdings CorporationMar 2026
PROG Holdings Inc.Jun 2026
Ryan Specialty Holdings Inc.Jun 2026
Salesforce, Inc.Mar 2026
SAP SEJun 2026
Sdiptech ABJun 2026
Sealed Air CorporationMar 2026
ServiceNow Inc.Jun 2026
Sodexo SAJun 2026
Sodexo SAJun 2026
StandardAeroMar 2026
The Middleby CorporationMar 2026
The Timken CompanyMar 2026
TPG Inc.Jun 2026
TransDigm Group Inc.Jun 2026
TransUnionMar 2026
UnitedHealth Group Inc.Jun 2026
Veeva Systems Inc.Jun 2026
Virtus Investment PartnersMar 2026

Theses · 32

TPG Inc.
June 2026
TPG is an alternative asset manager with strong AUM and fee-related earnings growth, disciplined capital allocation, and a track record in software investing.
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Everest Group, Ltd.
June 2026
Everest Group is a disciplined reinsurance and specialty insurer using capital wisely, compounding book value, and repurchasing stock below tangible book value.
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Equifax, Inc.
June 2026
Equifax operates a highly regulated credit bureau and workforce verification business with strong barriers to entry, proprietary data, and attractive long-term growth.
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ServiceNow, Inc.
June 2026
ServiceNow automates enterprise workflows across departments and industries, with strong growth, AI-enhanced products, and durable competitive advantages.
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Veeva Systems Inc.
June 2026
Veeva is the dominant life sciences software platform with mission-critical, regulated workflows, resilient demand, and AI as a growth driver.
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Badger Meter Inc.
June 2026
Badger Meter has a dominant position in water meters, recurring replacement demand, higher-margin software exposure, and a long history of profitable growth.
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MillerKnoll, Inc.
June 2026
MillerKnoll has premium brands, a multi-channel distribution model, global reach, and substantial hidden earnings power versus current depressed volumes.
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Alphabet Inc.
June 2026
Alphabet is benefiting from accelerating Search and Cloud growth, expanding Cloud margins, and AI-driven demand for enterprise offerings.
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Genpact Ltd.
June 2026
Genpact is an IT services and advanced technology solutions company whose process expertise and early AI-related wins support its investment case.
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Fortune Brands Innovations, Inc.
June 2026
Fortune Brands Innovations is a home and security products leader with trusted brands, strong distribution relationships, and a new CEO with a strong value-creation track record.
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Ituran Location and Control Ltd.
June 2026
Ituran provides subscription-based stolen vehicle recovery services with strong margins, excellent returns on capital, and new long-term OEM agreements.
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Ares Management Corporation
March 2026
Ares Management Corporation is a leading private credit manager with stable, institutional capital and limited direct AI risk.
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SAP SEMar 2026
ServiceNow, Inc.Mar 2026
TPG Inc.Mar 2026
CTS EventimMar 2026
StandardAero, Inc.Mar 2026
Salesforce, Inc.Mar 2026
MillerKnoll, Inc.Mar 2026
Ibstock PlcMar 2026
Premium Brands Holdings CorporationMar 2026
Ryan Specialty Holdings, Inc.Dec 2025
Microsoft CorporationDec 2025
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 · 6

2026

2025

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