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
Q1 2023Mar 31, 2023	IWM iShares Russell 2000 ETF	iShares Russell 2000 ETF	Sell - Position Exit	-29,752-100.0%	$0.00	-
Q1 2023Mar 31, 2023	M6158M104 Ituran	Ituran	Sell	-32,149-1.3%	$52.22K	2,397,492
Q1 2023Mar 31, 2023	LFUS Littelfuse, Inc.	Littelfuse, Inc.	Sell	-32,518-8.1%	$98.61K	367,827
Q1 2023Mar 31, 2023	SPY SPDR S&P 500	SPDR S&P 500	Sell - Position Exit	-33,614-100.0%	$0.00	-
Q1 2023Mar 31, 2023	LRCX Lam Research Corporation	Lam Research Corporation	Sell	-42,082-12.7%	$153.57K	290,012
Q1 2023Mar 31, 2023	TKR Timken Company (The)	Timken Company (The)	Sell	-91,338-26.9%	$20.31K	248,580
Q1 2023Mar 31, 2023	TDG Transdigm Group Incorporated	Transdigm Group Incorporated	Sell	-144,179-17.3%	$509.68K	691,165
Q1 2023Mar 31, 2023	HEI-A Heico Corporation	Heico Corporation	Sell	-153,852-11.0%	$169.38K	1,246,114
Q1 2023Mar 31, 2023	V Visa Inc.	Visa Inc.	Sell	-156,403-9.0%	$357.58K	1,585,095
Q1 2023Mar 31, 2023	G2717B108 Cushman Wakefield	Cushman Wakefield	Sell	-208,803-2.8%	$77.70K	7,372,334
Q1 2023Mar 31, 2023	QRVO Qorvo, Inc.	Qorvo, Inc.	Sell	-254,872-9.3%	$251.19K	2,474,029
Q1 2023Mar 31, 2023	BALL Ball Corporation	Ball Corporation	Sell	-268,943-11.2%	$117.66K	2,135,098
Q1 2023Mar 31, 2023	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-294,362-9.4%	$206.76K	2,839,774
Q1 2023Mar 31, 2023	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-310,519-22.1%	$396.80K	1,091,549
Q1 2023Mar 31, 2023	CRM Salesforce, Inc.	Salesforce, Inc.	Sell	-317,275-11.5%	$486.01K	2,433,975
Q1 2023Mar 31, 2023	AMAT Applied Materials, Inc.	Applied Materials, Inc.	Sell	-333,627-15.3%	$227.12K	1,849,486
Q1 2023Mar 31, 2023	CRNC Cerence Inc.	Cerence Inc.	Sell	-339,391-41.0%	$13.73K	488,634
Q1 2023Mar 31, 2023	SWKS Skyworks Solutions, Inc.	Skyworks Solutions, Inc.	Sell	-347,762-8.8%	$424.74K	3,600,740
Q1 2023Mar 31, 2023	KKR KKR & Co. Inc.	KKR & Co. Inc.	Sell	-528,370-5.9%	$441.79K	8,414,914
Q1 2023Mar 31, 2023	SNBR Sleep Number Corporation	Sleep Number Corporation	Sell - Position Exit	-708,050-100.0%	$0.00	-
Q1 2023Mar 31, 2023	CG The Carlyle Group Inc.	The Carlyle Group Inc.	Sell	-1,083,709-8.6%	$358.56K	11,553,844
Q1 2023Mar 31, 2023	GE GE Aerospace	GE Aerospace	Sell	-2,978,222-53.0%	$252.73K	2,642,436
Q4 2022Dec 31, 2022	BALL Ball Corporation	Ball Corporation	Buy - Position Entry	+2,404,041	$123.09K	2,404,041
Q4 2022Dec 31, 2022	ABT Abbott Laboratories	Abbott Laboratories	Buy - Position Entry	+897,863	$98.56K	897,863
Q4 2022Dec 31, 2022	NICE NICE Ltd	NICE Ltd	Buy - Position Entry	+868,097	$166.87K	868,097
Q4 2022Dec 31, 2022	FWRD Forward Air Corporation	Forward Air Corporation	Buy - Position Entry	+227,069	$23.82K	227,069
Q4 2022Dec 31, 2022	SPY SPDR S&P 500	SPDR S&P 500	Buy - Position Entry	+33,614	$12.80K	33,614
Q4 2022Dec 31, 2022	IWM iShares Russell 2000 ETF	iShares Russell 2000 ETF	Buy - Position Entry	+29,752	$5.03K	29,752
Q4 2022Dec 31, 2022	LFUS Littelfuse, Inc.	Littelfuse, Inc.	Sell	-70,888-15.0%	$88.16K	400,345
Q4 2022Dec 31, 2022	ELV Elevance Health, Inc.	Elevance Health, Inc.	Sell	-77,455-19.8%	$160.63K	313,598

Page 16 of 78 • 2313 total trades

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