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 2018Jun 30, 2018	DCI Donaldson Company, Inc.	Donaldson Company, Inc.	Buy - Position Entry	+421,298	$19.01K	421,298
Q2 2018Jun 30, 2018	EG Everest Group	Everest Group	Buy	+363,518+24.8%	$421.94K	1,830,722
Q2 2018Jun 30, 2018	WCC WESCO International, Inc.	WESCO International, Inc.	Buy	+341,462+53.6%	$55.89K	978,838
Q2 2018Jun 30, 2018	VRTS Virtus Investment Partners, Inc	Virtus Investment Partners, Inc	Buy	+275,535+106.9%	$69.47K	533,272
Q2 2018Jun 30, 2018	MCK McKesson Corporation	McKesson Corporation	Buy	+273,090+7.8%	$502.66K	3,768,099
Q2 2018Jun 30, 2018	MLKN MillerKnoll, Inc.	MillerKnoll, Inc.	Buy	+258,238+28.2%	$39.80K	1,174,053
Q2 2018Jun 30, 2018	CVS CVS Health Corporation	CVS Health Corporation	Buy	+217,406+2.3%	$612.79K	9,522,744
Q2 2018Jun 30, 2018	STT State Street Corporation	State Street Corporation	Buy	+205,964+4.3%	$460.99K	4,952,036
Q2 2018Jun 30, 2018	HLT Hilton Worldwide Holdings Inc.	Hilton Worldwide Holdings Inc.	Buy	+156,544+3.3%	$389.06K	4,914,914
Q2 2018Jun 30, 2018	COR Cencora, Inc.	Cencora, Inc.	Buy	+82,224+1.7%	$425.37K	4,988,485
Q2 2018Jun 30, 2018	LSTR Landstar System, Inc.	Landstar System, Inc.	Buy - Position Entry	+36,708	$4.01K	36,708
Q2 2018Jun 30, 2018	CSL Carlisle Companies Incorporated	Carlisle Companies Incorporated	Sell	-5,672-1.2%	$49.08K	453,169
Q2 2018Jun 30, 2018	FWRD Forward Air Corporation	Forward Air Corporation	Sell	-6,031-1.7%	$20.85K	352,853
Q2 2018Jun 30, 2018	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-8,251-1.7%	$534.59K	479,172
Q2 2018Jun 30, 2018	MSM MSC Industrial Direct Company,	MSC Industrial Direct Company,	Sell	-17,298-2.9%	$49.01K	577,630
Q2 2018Jun 30, 2018	WWD Woodward, Inc.	Woodward, Inc.	Sell	-18,531-3.2%	$42.81K	557,028
Q2 2018Jun 30, 2018	CACC Credit Acceptance Corporation	Credit Acceptance Corporation	Sell	-23,863-21.4%	$31.05K	87,862
Q2 2018Jun 30, 2018	SPGI S&P Global Inc.	S&P Global Inc.	Sell	-39,450-3.3%	$232.38K	1,139,734
Q2 2018Jun 30, 2018	LNN Lindsay Corporation	Lindsay Corporation	Sell - Position Exit	-62,012-100.0%	$0.00	-
Q2 2018Jun 30, 2018	G0692U109 Axis Capital	Axis Capital	Sell	-243,344-3.0%	$432.82K	7,781,689
Q2 2018Jun 30, 2018	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-324,037-10.2%	$560.75K	2,853,374
Q2 2018Jun 30, 2018	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Sell	-353,485-30.9%	$131.46K	792,002
Q2 2018Jun 30, 2018	AZO AutoZone, Inc.	AutoZone, Inc.	Sell	-373,863-100.0%	$100.00	149
Q2 2018Jun 30, 2018	ACIW ACI Worldwide, Inc.	ACI Worldwide, Inc.	Sell	-404,221-6.7%	$139.06K	5,636,815
Q2 2018Jun 30, 2018	V Visa Inc.	Visa Inc.	Sell	-644,706-14.5%	$503.58K	3,802,012
Q2 2018Jun 30, 2018	ORLY O'Reilly Automotive, Inc.	O'Reilly Automotive, Inc.	Sell	-658,495-100.0%	$76.00	278
Q2 2018Jun 30, 2018	ELV Elevance Health, Inc.	Elevance Health, Inc.	Sell	-667,468-51.2%	$151.43K	636,193
Q2 2018Jun 30, 2018	MCO Moody's Corporation	Moody's Corporation	Sell	-768,468-71.3%	$52.73K	309,137
Q2 2018Jun 30, 2018	OUT OUTFRONT Media Inc.	OUTFRONT Media Inc.	Sell	-1,099,650-47.2%	$23.95K	1,231,447
Q2 2018Jun 30, 2018	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-2,416,989-100.0%	$8.00	165

Page 43 of 78 • 2313 total trades

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