Vulcan Value Partners
Our archive holds 7 letters from Vulcan Value Partners, behind 42 investment theses and positions in 45 companies. Every quote below is copied verbatim from the letter it came from.
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2 strategies
Vulcan Value Partners publishes a letter per strategy. Each one has its own page with what it holds, what it bought and what it wrote.
Also filed under Vulcan Value Partners.
What they bought and sold · 38 moves
- New positionTyler Technologies, Inc.September 2026
“We purchased three positions during the quarter: Tyler Technologies, Inc., NICE Ltd., and Skyworks Solutions, Inc.”
Read the letter - ExitedIQVIA Holdings Inc.September 2026
“we have exited IQVIA to fund more deeply discounted businesses.”
Read the letter - ExitedQorvo, Inc.September 2026
“We sold Qorvo and used that capital to purchase shares of Skyworks.”
Read the letter - New positionSkyworks Solutions, Inc.September 2026
“We purchased three positions during the quarter: Tyler Technologies, Inc., NICE Ltd., and Skyworks Solutions, Inc.”
Read the letter - AddedStandardAero, Inc.September 2026
“we were pleased to have the opportunity to add to our position late in the quarter”
Read the letter - ExitedCarMax, Inc.September 2026
“we sold it to allocate capital to more discounted names.”
Read the letter - New positionNICE Ltd.September 2026
“We purchased three positions during the quarter: Tyler Technologies, Inc., NICE Ltd., and Skyworks Solutions, Inc.”
Read the letter - ExitedISS A/SSeptember 2026
“We sold ISS A/S in the third quarter.”
Read the letter - ExitedCarMax Inc.June 2026
“We sold four positions during the quarter: Littelfuse Inc., CarMax Inc., Sdiptech AB, and UnitedHealth Group Inc.”
Read the letter - AddedSAP SEJune 2026
“We took advantage of stock price volatility to add to our position in SAP during the quarter.”
Read the letter - New positionVeeva Systems Inc.June 2026
“We purchased three new positions during the quarter: Veeva Systems Inc., Equifax Inc., and ServiceNow Inc.”
Read the letter - New positionBadger Meter Inc.June 2026
“We purchased two positions during the quarter: Badger Meter Inc. and TPG Inc.”
Read the letter - June 2026
“We added to our position in Ryan early in the quarter when its price to value ratio was more attractive.”
Read the letter - New positionServiceNow Inc.June 2026
“We purchased three new positions during the quarter: Veeva Systems Inc., Equifax Inc., and ServiceNow Inc.”
Read the letter - New positionTPG Inc.June 2026
“We purchased two positions during the quarter: Badger Meter Inc. and TPG Inc.”
Read the letter - June 2026
“We sold two positions during the quarter: Sodexo SA and Partners Group Holding AG.”
Read the letter - New positionEquifax, Inc.June 2026
“We purchased one new position during the quarter: Equifax, Inc.”
Read the letter - 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.”
Read the letter - ExitedSodexo SAJune 2026
“We sold two positions during the quarter: Sodexo SA and Partners Group Holding AG.”
Read the letter - ExitedLittelfuse Inc.June 2026
“We sold four positions during the quarter: Littelfuse Inc., CarMax Inc., Sdiptech AB, and UnitedHealth Group Inc.”
Read the letter - June 2026
“We sold one position during the quarter: Park Hotels and Resorts Inc.”
Read the letter - ExitedSdiptech ABJune 2026
“We sold Sdiptech to allocate capital into even better businesses with larger margins of safety.”
Read the letter - 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.”
Read the letter - ExitedSodexo SAJune 2026
“We sold two positions during the quarter: Sodexo SA and Partners Group Holding AG.”
Read the letter - 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
Showing the 30 most recent of 38 recorded moves.
Companies held · 45
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.Sep 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
- IQVIA Holdings Inc.Sep 2026
- ISS A/SSep 2026
- Ituran Location and Control Ltd.Jun 2026
- Littelfuse Inc.Jun 2026
- MastercardMar 2026
- Microsoft CorporationSep 2026
- MillerKnoll Inc.Jun 2026
- NICE Ltd.Sep 2026
- Park Hotels and Resorts Inc.Jun 2026
- Partners Group Holding AGJun 2026
- Premium Brands Holdings CorporationMar 2026
- PROG Holdings, Inc.Sep 2026
- Qorvo, Inc.Sep 2026
- Ryan Specialty Holdings Inc.Jun 2026
- Salesforce, Inc.Mar 2026
- SAP SESep 2026
- Sdiptech ABJun 2026
- Sealed Air CorporationMar 2026
- ServiceNow Inc.Jun 2026
- Skyworks Solutions, Inc.Sep 2026
- Sodexo SAJun 2026
- Sodexo SAJun 2026
- StandardAero, Inc.Sep 2026
- The Middleby CorporationMar 2026
- The Timken CompanyMar 2026
- TPG Inc.Jun 2026
- TransDigm Group Inc.Jun 2026
- TransUnionMar 2026
- Tyler Technologies, Inc.Sep 2026
- UnitedHealth Group Inc.Jun 2026
- Veeva Systems Inc.Sep 2026
- Virtus Investment PartnersMar 2026
Theses · 42
- September 2026
ServiceNow, Inc. is viewed as a highly entrenched, resilient software business bought at a significant discount with long-term compounding potential.
Read the full thesis - September 2026
Microsoft Corporation combines accelerating cloud growth, sticky AI and enterprise adoption, and massive free cash flow with still-discounted shares.
Read the full thesis - September 2026
SAP SE leads global ERP software with deep switching costs, strong cloud growth, and a discounted valuation.
Read the full thesis - September 2026
Tyler Technologies, Inc. sells mission-critical software to local and state governments, supported by long replacement cycles, strong switching costs, and AI-driven growth.
Read the full thesis - September 2026
NICE Ltd. provides mission-critical contact center software and is seen as an AI winner with strong free cash flow and a discounted valuation.
Read the full thesis - September 2026
Skyworks Solutions, Inc. makes RF semiconductors and is favored for synergies from its Qorvo acquisition and upside from a discounted valuation.
Read the full thesis - September 2026
Fortune Brands Innovations, Inc. owns strong consumer brands and leading market positions, with management changes and a discounted valuation supporting the thesis.
Read the full thesis - September 2026
PROG Holdings, Inc. runs a lease-to-own financing business with strong free cash flow, attractive returns on capital, and a discounted valuation.
Read the full thesis - September 2026
StandardAero, Inc. provides regulated aircraft-engine MRO services with backlog visibility, resilient demand, and a discounted entry point.
Read the full thesis - September 2026
Veeva Systems Inc. is viewed as a competitively entrenched, resilient software business bought at a significant discount with long-term compounding potential.
Read the full thesis - 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.
Read the full thesis - June 2026
Everest Group is a disciplined reinsurance and specialty insurer using capital wisely, compounding book value, and repurchasing stock below tangible book value.
Read the full thesis
- Equifax, Inc.Jun 2026
- ServiceNow, Inc.Jun 2026
- Veeva Systems Inc.Jun 2026
- Badger Meter Inc.Jun 2026
- MillerKnoll, Inc.Jun 2026
- Alphabet Inc.Jun 2026
- Genpact Ltd.Jun 2026
- Fortune Brands Innovations, Inc.Jun 2026
- Ituran Location and Control Ltd.Jun 2026
- Ares Management CorporationMar 2026
- 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 · 7
2026
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