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
Q4 2022Dec 31, 2022	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell - Position Exit	-1,711,315-100.0%	$0.00	-
Q4 2022Dec 31, 2022	KKR KKR & Co. Inc.	KKR & Co. Inc.	Sell	-1,871,707-17.3%	$415.23K	8,943,284
Q4 2022Dec 31, 2022	G2717B108 Cushman Wakefield	Cushman Wakefield	Sell	-2,876,673-27.5%	$94.46K	7,581,137
Q4 2022Dec 31, 2022	SMRT SmartRent, Inc.	SmartRent, Inc.	Sell	-3,218,977-19.3%	$32.73K	13,467,254
Q3 2022Sep 30, 2022	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+4,139,186+1920.3%	$418.71K	4,354,730
Q3 2022Sep 30, 2022	ARES Ares Management Corporation	Ares Management Corporation	Buy - Position Entry	+2,430,825	$150.59K	2,430,825
Q3 2022Sep 30, 2022	PK Park Hotels & Resorts Inc.	Park Hotels & Resorts Inc.	Buy	+1,706,417+44.9%	$61.98K	5,504,828
Q3 2022Sep 30, 2022	CBRE CBRE Group Inc	CBRE Group Inc	Buy	+1,203,756+46.1%	$257.61K	3,815,879
Q3 2022Sep 30, 2022	TKR Timken Company (The)	Timken Company (The)	Buy - Position Entry	+610,375	$36.04K	610,375
Q3 2022Sep 30, 2022	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+571,035+30.1%	$574.49K	2,466,689
Q3 2022Sep 30, 2022	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Buy	+401,988+38.2%	$219.75K	1,454,632
Q3 2022Sep 30, 2022	ELV Elevance Health, Inc.	Elevance Health, Inc.	Buy - Position Entry	+391,053	$177.63K	391,053
Q3 2022Sep 30, 2022	MLKN MillerKnoll, Inc.	MillerKnoll, Inc.	Buy	+374,921+27.5%	$27.12K	1,738,267
Q3 2022Sep 30, 2022	CIGI Colliers International Group In	Colliers International Group In	Buy	+297,364+71.9%	$65.14K	710,721
Q3 2022Sep 30, 2022	LFUS Littelfuse, Inc.	Littelfuse, Inc.	Buy	+116,222+32.7%	$93.63K	471,233
Q3 2022Sep 30, 2022	SWKS Skyworks Solutions, Inc.	Skyworks Solutions, Inc.	Buy	+12,435+0.3%	$396.54K	4,650,429
Q3 2022Sep 30, 2022	G2717B108 Cushman Wakefield	Cushman Wakefield	Sell	-7,732-0.1%	$119.74K	10,457,810
Q3 2022Sep 30, 2022	IWD iShares Russell 1000 Value ETF	iShares Russell 1000 Value ETF	Sell - Position Exit	-13,164-100.0%	$0.00	-
Q3 2022Sep 30, 2022	MEDP Medpace Holdings, Inc.	Medpace Holdings, Inc.	Sell	-14,605-3.5%	$63.06K	401,203
Q3 2022Sep 30, 2022	VRTS Virtus Investment Partners, Inc	Virtus Investment Partners, Inc	Sell	-26,094-7.0%	$55.41K	347,334
Q3 2022Sep 30, 2022	M6158M104 Ituran	Ituran	Sell	-49,752-1.6%	$73.57K	3,152,144
Q3 2022Sep 30, 2022	SMRT SmartRent, Inc.	SmartRent, Inc.	Sell	-54,234-0.3%	$37.88K	16,686,231
Q3 2022Sep 30, 2022	ABM ABM Industries Incorporated	ABM Industries Incorporated	Sell	-67,509-4.9%	$50.45K	1,319,538
Q3 2022Sep 30, 2022	ENS EnerSys	EnerSys	Sell	-69,029-6.4%	$58.60K	1,007,431
Q3 2022Sep 30, 2022	LRCX Lam Research Corporation	Lam Research Corporation	Sell	-91,687-13.5%	$214.66K	586,498
Q3 2022Sep 30, 2022	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-106,867-5.9%	$232.19K	1,711,315
Q3 2022Sep 30, 2022	CRM Salesforce, Inc.	Salesforce, Inc.	Sell	-111,435-3.4%	$460.42K	3,200,901
Q3 2022Sep 30, 2022	GE GE Aerospace	GE Aerospace	Sell	-195,454-2.7%	$443.40K	7,161,998
Q3 2022Sep 30, 2022	TDG Transdigm Group Incorporated	Transdigm Group Incorporated	Sell	-211,116-17.2%	$534.82K	1,019,056
Q3 2022Sep 30, 2022	AMAT Applied Materials, Inc.	Applied Materials, Inc.	Sell	-235,704-5.8%	$314.99K	3,844,676

Page 18 of 78 • 2313 total trades

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