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

As of Sep 30, 2025, the Vulcan Value Partners portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Nov 10, 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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