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 2022Jun 30, 2022	MEDP Medpace Holdings, Inc.	Medpace Holdings, Inc.	Sell	-145,835-26.0%	$62.23K	415,808
Q2 2022Jun 30, 2022	LRCX Lam Research Corporation	Lam Research Corporation	Sell	-179,054-20.9%	$289.01K	678,185
Q2 2022Jun 30, 2022	MLKN MillerKnoll, Inc.	MillerKnoll, Inc.	Sell	-207,951-13.2%	$35.81K	1,363,346
Q2 2022Jun 30, 2022	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-305,854-13.9%	$486.86K	1,895,654
Q2 2022Jun 30, 2022	G2717B108 Cushman Wakefield	Cushman Wakefield	Sell	-419,272-3.9%	$159.50K	10,465,542
Q2 2022Jun 30, 2022	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-429,192-19.1%	$293.18K	1,818,182
Q2 2022Jun 30, 2022	CRM Salesforce, Inc.	Salesforce, Inc.	Sell	-503,058-13.2%	$546.67K	3,312,336
Q2 2022Jun 30, 2022	SWKS Skyworks Solutions, Inc.	Skyworks Solutions, Inc.	Sell	-538,996-10.4%	$429.66K	4,637,994
Q2 2022Jun 30, 2022	AMAT Applied Materials, Inc.	Applied Materials, Inc.	Sell	-674,631-14.2%	$371.23K	4,080,380
Q2 2022Jun 30, 2022	QRVO Qorvo, Inc.	Qorvo, Inc.	Sell	-708,110-13.0%	$445.34K	4,721,609
Q2 2022Jun 30, 2022	CRNC Cerence Inc.	Cerence Inc.	Sell	-716,190-27.2%	$48.38K	1,917,366
Q2 2022Jun 30, 2022	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-758,870-23.5%	$778.18K	2,466,649
Q2 2022Jun 30, 2022	TDG Transdigm Group Incorporated	Transdigm Group Incorporated	Sell	-794,718-39.2%	$660.20K	1,230,172
Q2 2022Jun 30, 2022	HEI-A Heico Corporation	Heico Corporation	Sell	-900,448-23.2%	$314.12K	2,980,825
Q2 2022Jun 30, 2022	PK Park Hotels & Resorts Inc.	Park Hotels & Resorts Inc.	Sell	-928,338-19.6%	$51.54K	3,798,411
Q2 2022Jun 30, 2022	V Visa Inc.	Visa Inc.	Sell	-937,142-27.8%	$479.60K	2,435,875
Q2 2022Jun 30, 2022	NVDA NVIDIA Corporation	NVIDIA Corporation	Sell	-1,181,754-56.4%	$138.32K	912,476
Q2 2022Jun 30, 2022	CG The Carlyle Group Inc.	The Carlyle Group Inc.	Sell	-1,302,210-8.1%	$469.17K	14,819,027
Q2 2022Jun 30, 2022	KKR KKR & Co. Inc.	KKR & Co. Inc.	Sell	-1,470,909-11.1%	$546.90K	11,814,588
Q2 2022Jun 30, 2022	CSGP CoStar Group, Inc.	CoStar Group, Inc.	Sell	-1,906,616-27.5%	$303.25K	5,019,843
Q2 2022Jun 30, 2022	PRCH Porch Group, Inc.	Porch Group, Inc.	Sell	-2,843,888-22.1%	$25.67K	10,027,757
Q2 2022Jun 30, 2022	APP Applovin Corporation	Applovin Corporation	Sell	-2,899,921-27.6%	$261.36K	7,588,801
Q2 2022Jun 30, 2022	UPST Upstart Holdings, Inc.	Upstart Holdings, Inc.	Sell	-3,244,826-44.8%	$126.36K	3,996,381
Q2 2022Jun 30, 2022	W Wayfair Inc.	Wayfair Inc.	Sell - Position Exit	-3,928,113-100.0%	$0.00	-
Q1 2022Mar 31, 2022	SMRT SmartRent, Inc.	SmartRent, Inc.	Buy	+6,851,061+75.7%	$80.47K	15,903,987
Q1 2022Mar 31, 2022	PRCH Porch Group, Inc.	Porch Group, Inc.	Buy	+6,805,350+112.2%	$89.39K	12,871,645
Q1 2022Mar 31, 2022	UPST Upstart Holdings, Inc.	Upstart Holdings, Inc.	Buy	+2,395,892+49.4%	$789.94K	7,241,207
Q1 2022Mar 31, 2022	APP Applovin Corporation	Applovin Corporation	Buy	+782,133+8.1%	$577.61K	10,488,722
Q1 2022Mar 31, 2022	PRG PROG Holdings, Inc.	PROG Holdings, Inc.	Buy	+706,137+34.2%	$79.69K	2,769,804
Q1 2022Mar 31, 2022	CRNC Cerence Inc.	Cerence Inc.	Buy	+553,647+26.6%	$95.07K	2,633,556

Page 20 of 78 • 2313 total trades

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