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 2024Sep 30, 2024	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Sell	-475,257-50.4%	$126.31M	468,134
Q3 2024Sep 30, 2024	SSNC SS&C Technologies Holdings, Inc	SS&C Technologies Holdings, Inc	Sell	-582,529-30.4%	$99.13M	1,335,870
Q3 2024Sep 30, 2024	SBUX Starbucks Corporation	Starbucks Corporation	Sell - Position Exit	-651,366-100.0%	$0.00	-
Q3 2024Sep 30, 2024	G2717B108 Cushman Wakefield	Cushman Wakefield	Sell	-689,770-14.5%	$55.56M	4,075,982
Q3 2024Sep 30, 2024	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-702,661-26.4%	$244.41M	1,963,480
Q3 2024Sep 30, 2024	CG The Carlyle Group Inc.	The Carlyle Group Inc.	Sell	-707,861-9.4%	$292.26M	6,787,368
Q3 2024Sep 30, 2024	KKR KKR & Co. Inc.	KKR & Co. Inc.	Sell	-1,070,350-36.6%	$242.11M	1,854,111
Q3 2024Sep 30, 2024	DNB Dun & Bradstreet Holdings, Inc.	Dun & Bradstreet Holdings, Inc.	Sell	-2,195,335-42.2%	$34.66M	3,010,945
Q3 2024Sep 30, 2024	SMRT SmartRent, Inc.	SmartRent, Inc.	Sell	-7,038,972-78.3%	$3.38M	1,956,312
Q2 2024Jun 30, 2024	CSGP CoStar Group, Inc.	CoStar Group, Inc.	Buy	+1,961,917+90.1%	$306.83K	4,138,987
Q2 2024Jun 30, 2024	KMX CarMax Inc	CarMax Inc	Buy	+1,369,986+299.7%	$133.77K	1,827,139
Q2 2024Jun 30, 2024	SWKS Skyworks Solutions, Inc.	Skyworks Solutions, Inc.	Buy	+1,262,964+38.8%	$481.55K	4,518,451
Q2 2024Jun 30, 2024	DNB Dun & Bradstreet Holdings, Inc.	Dun & Bradstreet Holdings, Inc.	Buy	+1,099,217+26.8%	$48.21K	5,206,280
Q2 2024Jun 30, 2024	LYV Live Nation Entertainment, Inc.	Live Nation Entertainment, Inc.	Buy	+855,197+46.5%	$252.66K	2,694,463
Q2 2024Jun 30, 2024	CRM Salesforce, Inc.	Salesforce, Inc.	Buy	+637,710+76.1%	$379.47K	1,476,111
Q2 2024Jun 30, 2024	QRVO Qorvo, Inc.	Qorvo, Inc.	Buy	+550,111+35.0%	$246.66K	2,123,936
Q2 2024Jun 30, 2024	NICE NICE Ltd	NICE Ltd	Buy	+394,715+49.7%	$204.17K	1,188,371
Q2 2024Jun 30, 2024	CBRE CBRE Group Inc	CBRE Group Inc	Buy	+123,108+4.8%	$237.32K	2,666,141
Q2 2024Jun 30, 2024	CCK Crown Holdings, Inc.	Crown Holdings, Inc.	Buy	+113,406+162.1%	$13.64K	183,368
Q2 2024Jun 30, 2024	PLNT Planet Fitness, Inc.	Planet Fitness, Inc.	Buy - Position Entry	+97,386	$7.17K	97,386
Q2 2024Jun 30, 2024	CIGI Colliers International Group In	Colliers International Group In	Buy	+20,150+4.6%	$50.77K	454,181
Q2 2024Jun 30, 2024	MAR Marriott International	Marriott International	Sell	-1,000-0.7%	$33.94K	140,475
Q2 2024Jun 30, 2024	GE GE Aerospace	GE Aerospace	Sell - Position Exit	-1,409-100.0%	$0.00	-
Q2 2024Jun 30, 2024	AYI Acuity Brands, Inc.	Acuity Brands, Inc.	Sell	-7,168-20.5%	$6.72K	27,828
Q2 2024Jun 30, 2024	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Sell	-11,771-6.6%	$85.12K	167,470
Q2 2024Jun 30, 2024	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-14,199-2.0%	$303.89K	688,998
Q2 2024Jun 30, 2024	LFUS Littelfuse, Inc.	Littelfuse, Inc.	Sell	-15,601-6.1%	$61.69K	241,365
Q2 2024Jun 30, 2024	V Visa Inc.	Visa Inc.	Sell	-28,329-2.7%	$267.84K	1,020,377
Q2 2024Jun 30, 2024	VRTS Virtus Investment Partners, Inc	Virtus Investment Partners, Inc	Sell	-28,486-18.1%	$29.11K	128,890
Q2 2024Jun 30, 2024	MEDP Medpace Holdings, Inc.	Medpace Holdings, Inc.	Sell	-37,916-49.6%	$15.90K	38,600

Page 7 of 78 • 2313 total trades

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