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
Q1 2015Mar 31, 2015	SAFT Safety Insurance Group, Inc.	Safety Insurance Group, Inc.	Sell	-30,932-5.1%	$34.54K	578,144
Q1 2015Mar 31, 2015	FWRD Forward Air Corporation	Forward Air Corporation	Sell	-70,828-9.9%	$35.06K	645,651
Q1 2015Mar 31, 2015	EG Everest Group	Everest Group	Sell	-108,893-4.9%	$328.79K	2,095,897
Q1 2015Mar 31, 2015	EBAY eBay Inc.	eBay Inc.	Sell - Position Exit	-127,561-100.0%	$0.00	-
Q1 2015Mar 31, 2015	MSCI MSCI Inc.	MSCI Inc.	Sell	-130,825-8.0%	$92.33K	1,505,896
Q1 2015Mar 31, 2015	CW Curtiss-Wright Corporation	Curtiss-Wright Corporation	Sell	-268,955-26.5%	$55.30K	747,832
Q1 2015Mar 31, 2015	AVY Avery Dennison Corporation	Avery Dennison Corporation	Sell - Position Exit	-353,019-100.0%	$0.00	-
Q1 2015Mar 31, 2015	CL Colgate-Palmolive Company	Colgate-Palmolive Company	Sell	-413,138-29.7%	$67.78K	977,566
Q1 2015Mar 31, 2015	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-632,480-15.6%	$296.46K	3,431,706
Q1 2015Mar 31, 2015	ELV Elevance Health, Inc.	Elevance Health, Inc.	Sell	-695,129-57.4%	$79.55K	515,203
Q1 2015Mar 31, 2015	AAPL Apple Inc.	Apple Inc.	Sell	-1,351,814-68.4%	$77.64K	623,931
Q1 2015Mar 31, 2015	NSP Insperity, Inc.	Insperity, Inc.	Sell - Position Exit	-1,656,084-100.0%	$0.00	-
Q1 2015Mar 31, 2015	G Genpact	Genpact	Sell - Position Exit	-1,913,798-100.0%	$0.00	-
Q1 2015Mar 31, 2015	NUS Nu Skin Enterprises, Inc.	Nu Skin Enterprises, Inc.	Sell	-2,248,909-48.7%	$142.76K	2,371,066
Q1 2015Mar 31, 2015	UTI Universal Technical Institute I	Universal Technical Institute I	Sell - Position Exit	-2,960,658-100.0%	$0.00	-
Q1 2015Mar 31, 2015	CSCO Cisco Systems, Inc.	Cisco Systems, Inc.	Sell	-3,220,882-44.9%	$108.71K	3,949,574
Q1 2015Mar 31, 2015	SABR Sabre Corporation	Sabre Corporation	Sell	-10,281,832-71.2%	$101.23K	4,165,837
Q4 2014Dec 31, 2014	ORCL Oracle Corporation	Oracle Corporation	Buy	+3,244,543+27.2%	$585.59K	15,152,762
Q4 2014Dec 31, 2014	ACIW ACI Worldwide, Inc.	ACI Worldwide, Inc.	Buy	+3,148,687+51.8%	$186.03K	9,223,344
Q4 2014Dec 31, 2014	DOV Dover Corporation	Dover Corporation	Buy	+2,702,159+323.1%	$253.78K	3,538,425
Q4 2014Dec 31, 2014	SABR Sabre Corporation	Sabre Corporation	Buy	+2,520,227+21.1%	$292.85K	14,447,669
Q4 2014Dec 31, 2014	TROW T. Rowe Price Group, Inc.	T. Rowe Price Group, Inc.	Buy - Position Entry	+2,101,836	$180.46K	2,101,836
Q4 2014Dec 31, 2014	MSM MSC Industrial Direct Company,	MSC Industrial Direct Company,	Buy - Position Entry	+1,646,720	$133.80K	1,646,720
Q4 2014Dec 31, 2014	BEN Franklin Resources, Inc.	Franklin Resources, Inc.	Buy	+1,428,192+30.7%	$336.85K	6,083,608
Q4 2014Dec 31, 2014	CSCO Cisco Systems, Inc.	Cisco Systems, Inc.	Buy	+1,352,558+23.2%	$199.45K	7,170,456
Q4 2014Dec 31, 2014	NUS Nu Skin Enterprises, Inc.	Nu Skin Enterprises, Inc.	Buy	+1,310,252+39.6%	$201.89K	4,619,975
Q4 2014Dec 31, 2014	ELV Elevance Health, Inc.	Elevance Health, Inc.	Buy - Position Entry	+1,210,332	$152.10K	1,210,332
Q4 2014Dec 31, 2014	VZ Verizon Communications Inc.	Verizon Communications Inc.	Buy	+1,092,182+32.4%	$208.81K	4,463,595
Q4 2014Dec 31, 2014	G0692U109 Axis Capital	Axis Capital	Buy	+727,957+70.8%	$89.72K	1,756,061
Q4 2014Dec 31, 2014	STT State Street Corporation	State Street Corporation	Buy	+613,064+28.5%	$217.28K	2,767,878

Page 65 of 78 • 2313 total trades

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