Vulcan Value Partners
Vulcan Value Partners Multi-Strategy Equity Portfolios
Sep 2026 → Sep 2026
Our archive holds 1 letter from this strategy, behind 10 investment theses and positions in 19 companies. Every quote below is copied verbatim from the letter it came from.
1 letter in a year · follow all of Vulcan Value Partners for every strategy.
What it bought and sold
We purchased three positions during the quarter: Tyler Technologies, Inc., NICE Ltd., and Skyworks Solutions, Inc.
we have exited IQVIA to fund more deeply discounted businesses.
We sold Qorvo and used that capital to purchase shares of Skyworks.
We purchased three positions during the quarter: Tyler Technologies, Inc., NICE Ltd., and Skyworks Solutions, Inc.
we were pleased to have the opportunity to add to our position late in the quarter
we sold it to allocate capital to more discounted names.
We purchased three positions during the quarter: Tyler Technologies, Inc., NICE Ltd., and Skyworks Solutions, Inc.
We sold ISS A/S in the third quarter.
Also held
Its investment theses
- ServiceNow, Inc.Sep 2026ServiceNow, Inc. is viewed as a highly entrenched, resilient software business bought at a significant discount with long-term compounding potential.
- Microsoft CorporationSep 2026Microsoft Corporation combines accelerating cloud growth, sticky AI and enterprise adoption, and massive free cash flow with still-discounted shares.
- SAP SESep 2026SAP SE leads global ERP software with deep switching costs, strong cloud growth, and a discounted valuation.
- Tyler Technologies, Inc.Sep 2026Tyler Technologies, Inc. sells mission-critical software to local and state governments, supported by long replacement cycles, strong switching costs, and AI-driven growth.
- NICE Ltd.Sep 2026NICE Ltd. provides mission-critical contact center software and is seen as an AI winner with strong free cash flow and a discounted valuation.
- Skyworks Solutions, Inc.Sep 2026Skyworks Solutions, Inc. makes RF semiconductors and is favored for synergies from its Qorvo acquisition and upside from a discounted valuation.
- Fortune Brands Innovations, Inc.Sep 2026Fortune Brands Innovations, Inc. owns strong consumer brands and leading market positions, with management changes and a discounted valuation supporting the thesis.
- PROG Holdings, Inc.Sep 2026PROG Holdings, Inc. runs a lease-to-own financing business with strong free cash flow, attractive returns on capital, and a discounted valuation.
- StandardAero, Inc.Sep 2026StandardAero, Inc. provides regulated aircraft-engine MRO services with backlog visibility, resilient demand, and a discounted entry point.
- Veeva Systems Inc.Sep 2026Veeva Systems Inc. is viewed as a competitively entrenched, resilient software business bought at a significant discount with long-term compounding potential.