C.T. Fitzpatrick - Vulcan Value Partners 13F Activity & Position Changes (Q1 2025)

As of Mar 31, 2025, the Vulcan Value Partners portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on May 08, 2025. 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 2025, the filing reported:

New Buys - Stanley Black & Decker, Inc., TPG Inc.

Increases - Dun & Bradstreet Holdings, Inc., Everest Group, Fortune Brands Innovations, Inc, Jones Lang LaSalle Incorporated, Littelfuse, Inc., and 6 more

Reductions - ABM Industries Incorporated, Amazon.com, Inc., Ares Management Corporation, CBRE Group Inc, Crown Holdings, Inc., and 21 more

Complete Exits - Abbott Laboratories, Diageo plc, EnerSys, Fiserv, Inc., Intercontinental Hotels Group, and 7 more

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 2025	ABM ABM Industries Incorporated	ABM Industries Incorporated	Sell	-48,649	-5.7%	$38.07M	803,846
Q1 2025	ABT Abbott Laboratories	Abbott Laboratories	Sell - Position Exit	-370,518	-100.0%	$0.00	-
Q1 2025	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell	-181,304	-9.4%	$334.04M	1,755,372
Q1 2025	ARES Ares Management Corporation	Ares Management Corporation	Sell	-220,457	-61.4%	$20.36M	138,622
Q1 2025	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-460,505	-22.6%	$205.70M	1,572,823
Q1 2025	CCK Crown Holdings, Inc.	Crown Holdings, Inc.	Sell	-78,520	-9.5%	$66.75M	745,171
Q1 2025	CG The Carlyle Group Inc.	The Carlyle Group Inc.	Sell	-153,158	-2.9%	$225.91M	5,180,438
Q1 2025	CIGI Colliers International Group In	Colliers International Group In	Sell	-21,865	-7.3%	$33.76M	278,323
Q1 2025	CRM Salesforce, Inc.	Salesforce, Inc.	Sell	-26,004	-3.5%	$194.20M	723,562
Q1 2025	CSGP CoStar Group, Inc.	CoStar Group, Inc.	Sell	-265,961	-5.2%	$382.95M	4,833,477
Q1 2025	DEO Diageo plc	Diageo plc	Sell - Position Exit	-91,776	-100.0%	$0.00	-
Q1 2025	DNB Dun & Bradstreet Holdings, Inc.	Dun & Bradstreet Holdings, Inc.	Buy	+1,373,476	+50.3%	$36.68M	4,103,360
Q1 2025	EG Everest Group	Everest Group	Buy	+350,019	+35.8%	$482.83M	1,328,732
Q1 2025	ELV Elevance Health, Inc.	Elevance Health, Inc.	Sell	-15,018	-3.8%	$164.73M	378,874
Q1 2025	ENS EnerSys	EnerSys	Sell - Position Exit	-109,472	-100.0%	$0.00	-
Q1 2025	FBIN Fortune Brands Innovations, Inc	Fortune Brands Innovations, Inc	Buy	+30,671	+20.2%	$11.11M	182,565
Q1 2025	FI Fiserv, Inc.	Fiserv, Inc.	Sell - Position Exit	-146,008	-100.0%	$0.00	-
Q1 2025	G Genpact	Genpact	Sell	-321,529	-29.6%	$38.57M	765,615
Q1 2025	G2717B108 Cushman Wakefield	Cushman Wakefield	Sell	-2,300,155	-64.0%	$13.23M	1,294,418
Q1 2025	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-75,618	-3.9%	$290.93M	1,861,409
Q1 2025	HEI-A Heico Corporation	Heico Corporation	Sell	-45,634	-9.0%	$97.04M	459,739
Q1 2025	IHG Intercontinental Hotels Group	Intercontinental Hotels Group	Sell - Position Exit	-2,736	-100.0%	$0.00	-
Q1 2025	IWD iShares Russell 1000 Value ETF	iShares Russell 1000 Value ETF	Sell - Position Exit	-3,336	-100.0%	$0.00	-
Q1 2025	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Buy	+99,837	+22.9%	$132.83M	536,063
Q1 2025	KKR KKR & Co. Inc.	KKR & Co. Inc.	Sell - Position Exit	-2,316	-100.0%	$0.00	-
Q1 2025	KMX CarMax Inc	CarMax Inc	Sell	-108,910	-8.2%	$95.00M	1,218,127
Q1 2025	LFUS Littelfuse, Inc.	Littelfuse, Inc.	Buy	+27,462	+13.7%	$44.77M	227,555
Q1 2025	LYV Live Nation Entertainment, Inc.	Live Nation Entertainment, Inc.	Sell - Position Exit	-461,474	-100.0%	$0.00	-
Q1 2025	M6158M104 Ituran	Ituran	Sell	-266,984	-25.9%	$27.92M	764,017
Q1 2025	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-80,800	-12.3%	$314.82M	574,345

Page 1 of 2