C.T. Fitzpatrick - Vulcan Value Partners 13F Activity & Position Changes (Q1 2018)

As of Mar 31, 2018, the Vulcan Value Partners portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on May 11, 2026. 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 Q1 2018, the filing reported:

New Buys - Meta Platforms, Inc., Tempur Sealy International, Inc

Increases - Axalta, Acuity Brands, Inc., The Bank of New York Mellon Cor, Cardinal Health, Inc., Carlisle Companies Incorporated, and 13 more

Reductions - ACI Worldwide, Inc., AutoZone, Inc., Credit Acceptance Corporation, CBRE Group Inc, Cencora, Inc., and 18 more

Complete Exits - Choice Hotels International, In, iShares Russell 1000 Value ETF, iShares Russell 2000 ETF, SS&C Technologies Holdings, Inc, WPP plc

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q1 2018	ACIW ACI Worldwide, Inc.	ACI Worldwide, Inc.	Sell	-357,174	-5.6%	$143.29K	6,041,036
Q1 2018	AXTA Axalta	Axalta	Buy	+4,678,791	+416.6%	$175.16K	5,802,006
Q1 2018	AYI Acuity Brands, Inc.	Acuity Brands, Inc.	Buy	+282,915	+163.5%	$63.46K	455,955
Q1 2018	AZO AutoZone, Inc.	AutoZone, Inc.	Sell	-35,240	-8.6%	$242.62K	374,012
Q1 2018	BK The Bank of New York Mellon Cor	The Bank of New York Mellon Cor	Buy	+1,035,101	+17.5%	$358.27K	6,952,662
Q1 2018	CACC Credit Acceptance Corporation	Credit Acceptance Corporation	Sell	-56,238	-33.5%	$36.91K	111,725
Q1 2018	CAH Cardinal Health, Inc.	Cardinal Health, Inc.	Buy	+167,134	+3.5%	$310.48K	4,953,404
Q1 2018	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-1,808,062	-42.8%	$114.14K	2,417,154
Q1 2018	CHH Choice Hotels International, In	Choice Hotels International, In	Sell - Position Exit	-97,927	-100.0%	$0.00	-
Q1 2018	COR Cencora, Inc.	Cencora, Inc.	Sell	-2,624,262	-34.8%	$422.97K	4,906,261
Q1 2018	CSL Carlisle Companies Incorporated	Carlisle Companies Incorporated	Buy	+84,681	+22.6%	$47.91K	458,841
Q1 2018	CVS CVS Health Corporation	CVS Health Corporation	Buy	+465,460	+5.3%	$578.88K	9,305,338
Q1 2018	EG Everest Group	Everest Group	Buy	+23,326	+1.6%	$376.81K	1,467,204
Q1 2018	ELV Elevance Health, Inc.	Elevance Health, Inc.	Sell	-23,622	-1.8%	$286.41K	1,303,661
Q1 2018	FWRD Forward Air Corporation	Forward Air Corporation	Sell	-8,075	-2.2%	$18.97K	358,884
Q1 2018	G0692U109 Axis Capital	Axis Capital	Buy	+378,788	+5.0%	$462.00K	8,025,033
Q1 2018	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-21,538	-4.2%	$502.92K	487,423
Q1 2018	HLT Hilton Worldwide Holdings Inc.	Hilton Worldwide Holdings Inc.	Buy	+2,119,763	+80.3%	$374.77K	4,758,370
Q1 2018	IWD iShares Russell 1000 Value ETF	iShares Russell 1000 Value ETF	Sell - Position Exit	-12,903	-100.0%	$0.00	-
Q1 2018	IWM iShares Russell 2000 ETF	iShares Russell 2000 ETF	Sell - Position Exit	-11,300	-100.0%	$0.00	-
Q1 2018	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Sell	-74,476	-6.1%	$200.05K	1,145,487
Q1 2018	LNN Lindsay Corporation	Lindsay Corporation	Sell	-275,013	-81.6%	$5.67K	62,012
Q1 2018	M6158M104 Ituran	Ituran	Sell	-160,528	-7.1%	$65.80K	2,115,668
Q1 2018	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-301,201	-8.7%	$556.55K	3,177,411
Q1 2018	MCK McKesson Corporation	McKesson Corporation	Sell	-117,380	-3.2%	$492.34K	3,495,009
Q1 2018	MCO Moody's Corporation	Moody's Corporation	Sell	-76,837	-6.7%	$173.82K	1,077,605
Q1 2018	META Meta Platforms, Inc.	Meta Platforms, Inc.	Buy - Position Entry	+698,247	-	$111.57K	698,247
Q1 2018	MLKN MillerKnoll, Inc.	MillerKnoll, Inc.	Sell	-13,228	-1.4%	$29.26K	915,815
Q1 2018	MSM MSC Industrial Direct Company,	MSC Industrial Direct Company,	Sell	-56,239	-8.6%	$54.56K	594,928
Q1 2018	NTRS Northern Trust Corporation	Northern Trust Corporation	Sell	-44,090	-2.7%	$166.15K	1,611,023

Page 1 of 2