C.T. Fitzpatrick – Vulcan Value Partners Portfolio Activity & Recent Trades (Jun 30, 2025)

As of Jun 30, 2025, the Vulcan Value Partners portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Aug 13, 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 Q2 2025, the filing reported:

New Buys – IQVIA Holdings, Inc. (IQV), SS&C Technologies Holdings, Inc (SSNC)

Increases – Ares Management Corporation (ARES), UnitedHealth Group Incorporated (UNH), Salesforce, Inc. (CRM), Stanley Black & Decker, Inc. (SWK), Amazon.com, Inc. (AMZN), and 6 more

Reductions – The Middleby Corporation (MIDD), Virtus Investment Partners, Inc (VRTS), MillerKnoll, Inc. (MLKN), PROG Holdings, Inc. (PRG), Transdigm Group Incorporated (TDG), and 20 more

Complete Exits – Cushman Wakefield (G2717B108), Dun & Bradstreet Holdings, Inc. (DNB), The Carlyle Group Inc. (CG)

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

Vulcan Value Partners Activity

Date	Symbol	Name	Type	Quantity	Value	Remaining
Q2 2023Jun 30, 2023	MLKN MillerKnoll, Inc.	MillerKnoll, Inc.	Buy	+27,557+1.8%	$22.81K	1,543,425
Q2 2023Jun 30, 2023	VRTS Virtus Investment Partners, Inc	Virtus Investment Partners, Inc	Sell	-5,686-2.5%	$43.84K	222,015
Q2 2023Jun 30, 2023	LFUS Littelfuse, Inc.	Littelfuse, Inc.	Sell	-24,677-6.7%	$99.96K	343,150
Q2 2023Jun 30, 2023	FWRD Forward Air Corporation	Forward Air Corporation	Sell	-25,127-8.6%	$28.36K	267,300
Q2 2023Jun 30, 2023	MEDP Medpace Holdings, Inc.	Medpace Holdings, Inc.	Sell	-28,563-12.9%	$46.12K	192,008
Q2 2023Jun 30, 2023	CW Curtiss-Wright Corporation	Curtiss-Wright Corporation	Sell - Position Exit	-29,370-100.0%	$0.00	-
Q2 2023Jun 30, 2023	NICE NICE Ltd	NICE Ltd	Sell	-49,774-5.5%	$174.87K	847,645
Q2 2023Jun 30, 2023	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-58,729-5.4%	$406.23K	1,032,820
Q2 2023Jun 30, 2023	ABM ABM Industries Incorporated	ABM Industries Incorporated	Sell	-62,485-4.7%	$54.40K	1,275,474
Q2 2023Jun 30, 2023	TDG Transdigm Group Incorporated	Transdigm Group Incorporated	Sell	-64,327-9.3%	$560.55K	626,838
Q2 2023Jun 30, 2023	ABT Abbott Laboratories	Abbott Laboratories	Sell	-65,321-7.2%	$91.60K	840,986
Q2 2023Jun 30, 2023	V Visa Inc.	Visa Inc.	Sell	-65,629-4.1%	$360.86K	1,519,466
Q2 2023Jun 30, 2023	TKR Timken Company (The)	Timken Company (The)	Sell	-80,900-32.5%	$15.35K	167,680
Q2 2023Jun 30, 2023	HEI-A Heico Corporation	Heico Corporation	Sell	-85,687-6.9%	$163.10K	1,160,427
Q2 2023Jun 30, 2023	PRG PROG Holdings, Inc.	PROG Holdings, Inc.	Sell	-89,277-8.3%	$31.69K	986,496
Q2 2023Jun 30, 2023	BALL Ball Corporation	Ball Corporation	Sell	-138,024-6.5%	$116.28K	1,997,074
Q2 2023Jun 30, 2023	QRVO Qorvo, Inc.	Qorvo, Inc.	Sell	-165,685-6.7%	$235.63K	2,308,344
Q2 2023Jun 30, 2023	LRCX Lam Research Corporation	Lam Research Corporation	Sell	-169,156-58.3%	$77.74K	120,856
Q2 2023Jun 30, 2023	ENS EnerSys	EnerSys	Sell	-216,023-45.7%	$27.81K	256,286
Q2 2023Jun 30, 2023	ARES Ares Management Corporation	Ares Management Corporation	Sell	-263,047-9.5%	$242.36K	2,515,225
Q2 2023Jun 30, 2023	CG The Carlyle Group Inc.	The Carlyle Group Inc.	Sell	-312,923-2.7%	$359.30K	11,240,921
Q2 2023Jun 30, 2023	PK Park Hotels & Resorts Inc.	Park Hotels & Resorts Inc.	Sell	-316,839-8.2%	$45.58K	3,555,020
Q2 2023Jun 30, 2023	CRM Salesforce, Inc.	Salesforce, Inc.	Sell	-325,962-13.4%	$445.36K	2,108,013
Q2 2023Jun 30, 2023	M6158M104 Ituran	Ituran	Sell	-365,068-15.2%	$47.44K	2,032,424
Q2 2023Jun 30, 2023	KKR KKR & Co. Inc.	KKR & Co. Inc.	Sell	-377,134-4.5%	$450.22K	8,037,780
Q2 2023Jun 30, 2023	UPS United Parcel Service, Inc.	United Parcel Service, Inc.	Sell - Position Exit	-383,604-100.0%	$0.00	-
Q2 2023Jun 30, 2023	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-408,889-9.7%	$460.69K	3,808,696
Q2 2023Jun 30, 2023	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-424,607-19.6%	$593.41K	1,742,923
Q2 2023Jun 30, 2023	CSGP CoStar Group, Inc.	CoStar Group, Inc.	Sell	-432,262-14.0%	$236.75K	2,662,708
Q2 2023Jun 30, 2023	G2717B108 Cushman Wakefield	Cushman Wakefield	Sell	-451,583-6.1%	$56.61K	6,920,751

Page 14 of 78 • 2313 total trades

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