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
Q3 2022Sep 30, 2022	V Visa Inc.	Visa Inc.	Sell	-271,998-11.2%	$384.41K	2,163,877
Q3 2022Sep 30, 2022	CG The Carlyle Group Inc.	The Carlyle Group Inc.	Sell	-585,118-3.9%	$367.80K	14,233,909
Q3 2022Sep 30, 2022	SNBR Sleep Number Corporation	Sleep Number Corporation	Sell	-608,217-38.9%	$32.27K	954,439
Q3 2022Sep 30, 2022	CRNC Cerence Inc.	Cerence Inc.	Sell	-638,884-33.3%	$20.14K	1,278,482
Q3 2022Sep 30, 2022	HEI-A Heico Corporation	Heico Corporation	Sell	-750,817-25.2%	$255.60K	2,230,008
Q3 2022Sep 30, 2022	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-780,710-31.7%	$479.38K	1,685,939
Q3 2022Sep 30, 2022	NVDA NVIDIA Corporation	NVIDIA Corporation	Sell - Position Exit	-912,476-100.0%	$0.00	-
Q3 2022Sep 30, 2022	KKR KKR & Co. Inc.	KKR & Co. Inc.	Sell	-999,597-8.5%	$465.05K	10,814,991
Q3 2022Sep 30, 2022	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell	-1,220,006-18.7%	$599.38K	5,304,241
Q3 2022Sep 30, 2022	QRVO Qorvo, Inc.	Qorvo, Inc.	Sell	-1,281,159-27.1%	$273.21K	3,440,450
Q3 2022Sep 30, 2022	PRG PROG Holdings, Inc.	PROG Holdings, Inc.	Sell	-1,338,861-47.4%	$22.22K	1,483,391
Q3 2022Sep 30, 2022	CSGP CoStar Group, Inc.	CoStar Group, Inc.	Sell	-1,431,644-28.5%	$249.92K	3,588,199
Q3 2022Sep 30, 2022	UPST Upstart Holdings, Inc.	Upstart Holdings, Inc.	Sell - Position Exit	-3,996,381-100.0%	$0.00	-
Q3 2022Sep 30, 2022	APP Applovin Corporation	Applovin Corporation	Sell - Position Exit	-7,588,801-100.0%	$0.00	-
Q3 2022Sep 30, 2022	PRCH Porch Group, Inc.	Porch Group, Inc.	Sell - Position Exit	-10,027,757-100.0%	$0.00	-
Q2 2022Jun 30, 2022	GE GE Aerospace	GE Aerospace	Buy - Position Entry	+7,357,452	$468.45K	7,357,452
Q2 2022Jun 30, 2022	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy	+6,163,068+1706.4%	$692.94K	6,524,247
Q2 2022Jun 30, 2022	CBRE CBRE Group Inc	CBRE Group Inc	Buy - Position Entry	+2,612,123	$192.28K	2,612,123
Q2 2022Jun 30, 2022	SNBR Sleep Number Corporation	Sleep Number Corporation	Buy - Position Entry	+1,562,656	$48.36K	1,562,656
Q2 2022Jun 30, 2022	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Buy - Position Entry	+1,052,644	$184.06K	1,052,644
Q2 2022Jun 30, 2022	SMRT SmartRent, Inc.	SmartRent, Inc.	Buy	+836,478+5.3%	$75.67K	16,740,465
Q2 2022Jun 30, 2022	ABM ABM Industries Incorporated	ABM Industries Incorporated	Buy	+65,617+5.0%	$60.23K	1,387,047
Q2 2022Jun 30, 2022	PRG PROG Holdings, Inc.	PROG Holdings, Inc.	Buy	+52,448+1.9%	$46.57K	2,822,252
Q2 2022Jun 30, 2022	IWD iShares Russell 1000 Value ETF	iShares Russell 1000 Value ETF	Buy - Position Entry	+13,164	$1.91K	13,164
Q2 2022Jun 30, 2022	ENS EnerSys	EnerSys	Buy	+8,019+0.8%	$63.47K	1,076,460
Q2 2022Jun 30, 2022	VRTS Virtus Investment Partners, Inc	Virtus Investment Partners, Inc	Buy	+5,177+1.4%	$63.86K	373,428
Q2 2022Jun 30, 2022	CIGI Colliers International Group In	Colliers International Group In	Sell	-6,382-1.5%	$45.35K	413,357
Q2 2022Jun 30, 2022	LFUS Littelfuse, Inc.	Littelfuse, Inc.	Sell	-7,244-2.0%	$90.19K	355,011
Q2 2022Jun 30, 2022	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-34,358-13.7%	$471.49K	215,544
Q2 2022Jun 30, 2022	M6158M104 Ituran	Ituran	Sell	-44,501-1.4%	$78.41K	3,201,896

Page 19 of 78 • 2313 total trades

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