C.T. Fitzpatrick - Vulcan Value Partners 13F Activity & Position Changes (Q3 2025)

According to the SEC 13F filed on Nov 10, 2025, the Vulcan Value Partners portfolio showed several notable changes in holdings as of quarter-end Sep 30, 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 Q3 2025, the filing reported:

New Buys - Fiserv, Inc., Ryan Specialty Holdings, Inc., SPDR S&P 500

Increases - Ares Management Corporation, Salesforce, Inc., CoStar Group, Inc., Everest Group, Elevance Health, Inc., and 10 more

Reductions - ABM Industries Incorporated, Amazon.com, Inc., Crown Holdings, Inc., Colliers International Group In, Fortune Brands Innovations, Inc, and 17 more

Complete Exits - CBRE Group Inc

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
Q3 2025	ABM ABM Industries Incorporated	ABM Industries Incorporated	Sell	-35,910	-5.1%	$30.63M	664,054
Q3 2025	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell	-59,309	-3.1%	$412.95M	1,880,565
Q3 2025	ARES Ares Management Corporation	Ares Management Corporation	Buy	+129,368	+10.6%	$215.78M	1,350,249
Q3 2025	CBRE CBRE Group Inc	CBRE Group Inc	Sell - Position Exit	-1,491,792	-100.0%	$0.00	-
Q3 2025	CCK Crown Holdings, Inc.	Crown Holdings, Inc.	Sell	-4,792	-1.1%	$41.53M	429,884
Q3 2025	CIGI Colliers International Group In	Colliers International Group In	Sell	-71,105	-27.6%	$29.07M	186,068
Q3 2025	CRM Salesforce, Inc.	Salesforce, Inc.	Buy	+496,033	+46.4%	$371.21M	1,564,357
Q3 2025	CSGP CoStar Group, Inc.	CoStar Group, Inc.	Buy	+115,125	+3.1%	$323.20M	3,831,609
Q3 2025	EG Everest Group	Everest Group	Buy	+172,479	+13.9%	$496.51M	1,417,466
Q3 2025	ELV Elevance Health, Inc.	Elevance Health, Inc.	Buy	+125,464	+42.7%	$135.71M	419,195
Q3 2025	FBIN Fortune Brands Innovations, Inc	Fortune Brands Innovations, Inc	Sell	-25,664	-7.9%	$15.97M	299,028
Q3 2025	FI Fiserv, Inc.	Fiserv, Inc.	Buy - Position Entry	+803,160	-	$103.40M	803,160
Q3 2025	G Genpact	Genpact	Buy	+44,485	+6.3%	$31.43M	750,224
Q3 2025	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-650,058	-37.1%	$268.04M	1,100,358
Q3 2025	HEI-A Heico Corporation	Heico Corporation	Buy	+8,783	+3.4%	$68.67M	270,379
Q3 2025	IQV IQVIA Holdings, Inc.	IQVIA Holdings, Inc.	Buy	+12,177	+1.8%	$129.91M	680,933
Q3 2025	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Sell	-282,629	-58.8%	$58.95M	197,663
Q3 2025	KMX CarMax Inc	CarMax Inc	Buy	+1,338,134	+135.2%	$104.57M	2,328,120
Q3 2025	LFUS Littelfuse, Inc.	Littelfuse, Inc.	Sell	-59,857	-23.3%	$51.00M	196,903
Q3 2025	M6158M104 Ituran	Ituran	Sell	-48,312	-7.4%	$21.74M	602,364
Q3 2025	MA Mastercard Incorporated	Mastercard Incorporated	Buy	+28,331	+6.5%	$265.23M	466,222
Q3 2025	MEDP Medpace Holdings, Inc.	Medpace Holdings, Inc.	Sell	-87,287	-30.4%	$103.24M	200,172
Q3 2025	MIDD The Middleby Corporation	The Middleby Corporation	Buy	+41,373	+141.4%	$9.39M	70,624
Q3 2025	MLKN MillerKnoll, Inc.	MillerKnoll, Inc.	Sell	-4,036	-0.4%	$20.03M	1,116,932
Q3 2025	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-33,092	-2.7%	$614.02M	1,185,402
Q3 2025	NICE NICE Ltd	NICE Ltd	Sell	-87,826	-10.4%	$108.79M	753,316
Q3 2025	PK Park Hotels & Resorts Inc.	Park Hotels & Resorts Inc.	Buy	+254,704	+25.4%	$14.25M	1,257,290
Q3 2025	PRG PROG Holdings, Inc.	PROG Holdings, Inc.	Sell	-75,679	-11.2%	$19.51M	602,871
Q3 2025	QRVO Qorvo, Inc.	Qorvo, Inc.	Sell	-123,243	-9.3%	$109.01M	1,197,365
Q3 2025	RYAN Ryan Specialty Holdings, Inc.	Ryan Specialty Holdings, Inc.	Buy - Position Entry	+631,577	-	$35.60M	631,577

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