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 2016Dec 31, 2016	MLKN MillerKnoll, Inc.	MillerKnoll, Inc.	Buy	+135,116+16.6%	$32.48K	949,701
Q4 2016Dec 31, 2016	ACIW ACI Worldwide, Inc.	ACI Worldwide, Inc.	Buy	+104,185+1.2%	$166.16K	9,154,653
Q4 2016Dec 31, 2016	V Visa Inc.	Visa Inc.	Buy	+79,656+1.7%	$377.56K	4,839,570
Q4 2016Dec 31, 2016	SPY SPDR S&P 500	SPDR S&P 500	Buy - Position Entry	+15,126	$3.38K	15,126
Q4 2016Dec 31, 2016	FWRD Forward Air Corporation	Forward Air Corporation	Buy	+13,446+1.3%	$50.05K	1,056,435
Q4 2016Dec 31, 2016	TUP		Buy	+7,915+1.3%	$31.28K	594,451
Q4 2016Dec 31, 2016	IWD iShares Russell 1000 Value ETF	iShares Russell 1000 Value ETF	Buy - Position Entry	+3,203	$359.00	3,203
Q4 2016Dec 31, 2016	VRTS Virtus Investment Partners, Inc	Virtus Investment Partners, Inc	Buy	+2,822+0.3%	$120.74K	1,022,759
Q4 2016Dec 31, 2016	GOOG Alphabet Inc.	Alphabet Inc.	Sell - Position Exit	-311-100.0%	$0.00	-
Q4 2016Dec 31, 2016	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell - Position Exit	-17,000-100.0%	$0.00	-
Q4 2016Dec 31, 2016	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-33,049-1.5%	$226.97K	2,177,854
Q4 2016Dec 31, 2016	CHE Chemed Corp	Chemed Corp	Sell - Position Exit	-72,008-100.0%	$0.00	-
Q4 2016Dec 31, 2016	EG Everest Group	Everest Group	Sell	-88,158-4.3%	$428.75K	1,981,260
Q4 2016Dec 31, 2016	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-94,704-2.4%	$394.80K	3,823,683
Q4 2016Dec 31, 2016	ELV Elevance Health, Inc.	Elevance Health, Inc.	Sell	-111,728-3.5%	$438.54K	3,050,319
Q4 2016Dec 31, 2016	M6158M104 Ituran	Ituran	Sell	-114,240-3.2%	$91.39K	3,448,782
Q4 2016Dec 31, 2016	FOSL Fossil Group, Inc.	Fossil Group, Inc.	Sell	-114,629-1.0%	$294.02K	11,369,693
Q4 2016Dec 31, 2016	THR Thermon Group Holdings, Inc.	Thermon Group Holdings, Inc.	Sell	-233,882-13.2%	$29.31K	1,535,371
Q4 2016Dec 31, 2016	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Sell	-331,937-35.7%	$95.62K	597,494
Q4 2016Dec 31, 2016	STT State Street Corporation	State Street Corporation	Sell	-339,767-6.5%	$378.15K	4,865,592
Q4 2016Dec 31, 2016	ENS EnerSys	EnerSys	Sell	-365,875-39.5%	$43.77K	560,445
Q4 2016Dec 31, 2016	SAFT Safety Insurance Group, Inc.	Safety Insurance Group, Inc.	Sell - Position Exit	-369,797-100.0%	$0.00	-
Q4 2016Dec 31, 2016	MSM MSC Industrial Direct Company,	MSC Industrial Direct Company,	Sell - Position Exit	-385,666-100.0%	$0.00	-
Q4 2016Dec 31, 2016	G0692U109 Axis Capital	Axis Capital	Sell	-409,043-4.9%	$518.46K	7,943,351
Q4 2016Dec 31, 2016	LNN Lindsay Corporation	Lindsay Corporation	Sell	-445,026-43.3%	$43.39K	581,585
Q4 2016Dec 31, 2016	WCC WESCO International, Inc.	WESCO International, Inc.	Sell - Position Exit	-563,787-100.0%	$0.00	-
Q4 2016Dec 31, 2016	DCI Donaldson Company, Inc.	Donaldson Company, Inc.	Sell - Position Exit	-633,805-100.0%	$0.00	-
Q4 2016Dec 31, 2016	CSCO Cisco Systems, Inc.	Cisco Systems, Inc.	Sell	-748,318-11.3%	$177.43K	5,871,339
Q4 2016Dec 31, 2016	WWD Woodward, Inc.	Woodward, Inc.	Sell	-913,305-70.4%	$26.50K	383,721
Q4 2016Dec 31, 2016	BA Boeing Company (The)	Boeing Company (The)	Sell	-1,022,346-35.5%	$289.65K	1,860,523

Page 52 of 78 • 2313 total trades

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