Vulcan Value Partners
Vulcan Value Partners
Vulcan Value Partners (Vulcan Value Partners) discloses a $3.77B portfolio across 33 US-listed positions in the latest 13F filing (2026Q1, filed May 11, 2026). The largest holding is EG at 11.8% of the book. The biggest move of the quarter: added 43% to the RYAN share count (position now $223M). Latticework's clone backtest puts this 13F book at -1.5%/yr vs SPY over 12.0 years.
About Vulcan Value Partners
Vulcan Value Partners, the Birmingham, Alabama-based equity manager founded by C.T. Fitzpatrick in 2007, runs a concentrated, long-only strategy built around what the firm calls "value" in the sense of buying competitively durable businesses at a discount to intrinsic value — a framework closer to Munger-style quality compounding than classic Graham net-nets. The 13F reflects the strategy cleanly: 33 positions with roughly 44% in the top five (led by Everest Group, Microsoft, and Amazon) is genuinely concentrated, and because the firm does not rely on shorts, options, or derivatives as structural tools, the filing is a reasonably faithful map of the actual book. The main interpretive caveat is the 45-day disclosure lag on a quarterly-rebalance basis — position sizing at entry may differ materially from what the filing shows. The clone backtest showing roughly -1.5% annual excess return versus SPY over twelve years is the honest long-run context: the strategy has not outpaced a passive index on a disclosed-holdings-replicated basis, which is the standard friction any fundamental active manager faces.
2026Q1 brief
Vulcan Value Partners' concentrated $3.77B portfolio made a dramatic statement in 2026Q1: TRU exploded to 5.88% after a staggering +201.9% add, and MEDP surged to 2.59% on a +329.3% build, signaling deep conviction in data/analytics and clinical research outsourcing at what Vulcan's valuation-first style suggests are discounted prices. RYAN also grew +42.7% to 5.90%, cementing insurance brokerage as a core theme alongside existing heavyweights EG (11.8%) and MSFT (10.88%). On the sell side, the full exit from CSGP (previously 5.44% of the book) is the most consequential move — a clean break from real estate data after a meaningful position. Trims in TDG (-23.4%), GOOG (-27.4%), and NICE (-34.3%) appear valuation-driven rather than thesis-breaking. The lone new position, NOW at 1.48%, dips a toe into enterprise software. With top-5 concentration at 43.9% across just 33 names, the portfolio is tightly wound. Watch whether MEDP continues to build toward top-5 territory — it would signal a major new pillar in Vulcan's thesis.
AI-generated. Not investment advice.
In the news
all news →- Vulcan Value Partners LLC Raises Stock Holdings in Fortune Brands Innovations, Inc. $FBINMarketBeat ·
- Qorvo, Inc. $QRVO Shares Sold by Vulcan Value Partners LLCMarketBeat ·
- Vulcan Value Partners LLC Reduces Holdings in Jones Lang LaSalle Incorporated $JLLMarketBeat ·
- Vulcan Value Partners LLC Takes $13.62 Million Position in StandardAero, Inc. $SAROMarketBeat ·
- Vulcan Value Partners LLC Reduces Holdings in Timken Company (The) $TKRMarketBeat ·
Headlines via Google News. Links open in a new tab.
Holdings (33) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | EG | 11.8% | $445M | |||
| 2 | MSFT | 10.9% | $411M | |||
| 3 | AMZN | 8.8% | $332M | |||
| 4 | UNH | 6.5% | $247M | |||
| 5 | RYAN | 5.9% | $223M | |||
| 6 | TRU | 5.9% | $222M | |||
| 7 | TDG | 5.7% | $214M | |||
| 8 | GOOG | 5.1% | $194M | |||
| 9 | V | 5.1% | $193M | |||
| 10 | MA | 5.1% | $191M | |||
| 11 | ARES | 4.9% | $185M | |||
| 12 | MEDP | 2.6% | $98M | |||
| 13 | KMX | 2.4% | $92M | |||
| 14 | ELV | 2.3% | $87M | |||
| 15 | TPG | 2.1% | $80M | |||
| 16 | NICE | 1.7% | $63M | |||
| 17 | FISV | 1.6% | $61M | |||
| 18 | NOW | 1.5% | $56M | |||
| 19 | IQV | 1.1% | $42M | |||
| 20 | HEI/A | 1.0% | $38M | |||
| 21 | CRM | 1.0% | $37M | |||
| 22 | JLL | 0.9% | $33M | |||
| 23 | CIGI | 0.7% | $27M | |||
| 24 | LFUS | 0.7% | $27M | |||
| 25 | G3922B107 | 0.7% | $26M | |||
| 26 | ABM | 0.6% | $24M | |||
| 27 | ITRN | 0.6% | $24M | |||
| 28 | QRVO | 0.6% | $21M | |||
| 29 | MLKN | 0.5% | $19M | |||
| 30 | SARO | 0.5% | $19M | |||
| 31 | PRG | 0.4% | $16M | |||
| 32 | FBIN | 0.4% | $13M | |||
| 33 | PK | 0.3% | $13M |
- 1EGport11.8%val$445MEverest Group Ltdthis Q hold·23q
- 2MSFTport10.9%val$411MMicrosoft Corpthis Q hold·30q
- 3AMZNport8.8%val$332MAmazon.com Incthis Q hold·30q
- 4UNHport6.5%val$247MUnitedhealth Group Incthis Q hold·15q
- 5RYANport5.9%val$223MRyan Specialty Holdings Incthis Q +43%·3q
- 6TRUport5.9%val$222MTransunionthis Q +202%·2q
- 7TDGport5.7%val$214MTransdigm Group Incthis Q -23%·24q
- 8GOOGport5.1%val$194MAlphabet Inc-cl Cthis Q -27%·36q
- 9Vport5.1%val$193MVisa Inc-class A Sharesthis Q hold·40q
- 10MAport5.1%val$191MMastercard Inc - Athis Q hold·40q
- 11ARESport4.9%val$185MAres Management Corp - Athis Q hold·15q
- 12MEDPport2.6%val$98MMedpace Holdings Incthis Q +329%·20q
- 13KMXport2.4%val$92MCarmax Incthis Q -25%·9q
- 14ELVport2.3%val$87MElevance Health Incthis Q -23%·37q
- 15TPGport2.1%val$80MTpg Incthis Q hold·5q
- 16NICEport1.7%val$63MNice Ltd - Spon Adrthis Q -34%·14q
- 17FISVport1.6%val$61MFiserv Incthis Q -24%·10q
- 18NOWport1.5%val$56MServicenow Incthis Q New·—1q
- 19IQVport1.1%val$42MIqvia Holdings Incthis Q -23%·4q
- 20HEI/Aport1.0%val$38MHeico Corp-class Athis Q -29%·23q
- 21CRMport1.0%val$37MSalesforce Incthis Q -87%·24q
- 22JLLport0.9%val$33MJones Lang Lasalle Incthis Q -27%·39q
- 23CIGIport0.7%val$27MColliers Intl Gr-subord Votthis Q +38%·23q
- 24LFUSport0.7%val$27MLittelfuse Incthis Q -59%·26q
- 25G3922B107port0.7%val$26MGenpact Limitedthis Q hold·12q
- 26ABMport0.6%val$24MAbm Industries Incthis Q hold·23q
- 27ITRNport0.6%val$24MIturan Location And Controlthis Q hold·40q
- 28QRVOport0.6%val$21MQorvo Incthis Q -76%·39q
- 29MLKNport0.5%val$19MMillerknoll Incthis Q hold·35q
- 30SAROport0.5%val$19MStandardaero Incthis Q +51%·2q
- 31PRGport0.4%val$16MProg Holdings Incthis Q hold·22q
- 32FBINport0.4%val$13MFortune Brands Innovations Ithis Q hold·6q
- 33PKport0.3%val$13MPark Hotels & Resorts Incthis Q hold·27q
All activity (2026Q1)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| CRM | Salesforce Inc | TRIM | 1.0% | -87% | $37M |
| RYAN | Ryan Specialty Holdings Inc | ADD | 5.9% | +43% | $223M |
| TRU | Transunion | ADD | 5.9% | +202% | $222M |
| TDG | Transdigm Group Inc | TRIM | 5.7% | -23% | $214M |
| CSGP | Costar Group Inc | EXIT | 5.4% | -100% | $0 |
| GOOG | Alphabet Inc-cl C | TRIM | 5.1% | -27% | $194M |
| MEDP | Medpace Holdings Inc | ADD | 2.6% | +329% | $98M |
| ELV | Elevance Health Inc | TRIM | 2.3% | -23% | $87M |
| KMX | Carmax Inc | TRIM | 2.4% | -25% | $92M |
| NICE | Nice Ltd - Spon Adr | TRIM | 1.7% | -34% | $63M |
| FISV | Fiserv Inc | TRIM | 1.6% | -24% | $61M |
| QRVO | Qorvo Inc | TRIM | 0.6% | -76% | $21M |
| NOW | Servicenow Inc | NEW | 1.5% | +100% | $56M |
| SWK | Stanley Black & Decker Inc | EXIT | 1.4% | -100% | $0 |
| IQV | Iqvia Holdings Inc | TRIM | 1.1% | -23% | $42M |
| HEI/A | Heico Corp-class A | TRIM | 1.0% | -29% | $38M |
| JLL | Jones Lang Lasalle Inc | TRIM | 0.9% | -27% | $33M |
| LFUS | Littelfuse Inc | TRIM | 0.7% | -59% | $27M |
| CCK | Crown Holdings Inc | EXIT | 0.7% | -100% | $0 |
| CIGI | Colliers Intl Gr-subord Vot | ADD | 0.7% | +38% | $27M |
| SARO | Standardaero Inc | ADD | 0.5% | +51% | $19M |
| VRTS | Virtus Investment Partners | EXIT | 0.2% | -100% | $0 |
| TKR | Timken CO | EXIT | 0.2% | -100% | $0 |
| MIDD | Middleby Corp | EXIT | 0.2% | -100% | $0 |
| SDA | Sealed Air Corp | EXIT | 0.1% | -100% | $0 |
| SPY | SS Spdr S&p 500 Etf Trust-us | EXIT | 0.1% | -100% | $0 |
| IWD | Ishares Russell 1000 Value E | EXIT | <0.1% | -100% | $0 |
- TRIMCRM1.0%Salesforce IncΔ -87%·$37M
- ADDRYAN5.9%Ryan Specialty Holdings IncΔ +43%·$223M
- ADDTRU5.9%TransunionΔ +202%·$222M
- TRIMTDG5.7%Transdigm Group IncΔ -23%·$214M
- EXITCSGP5.4%Costar Group IncΔ -100%·$0
- TRIMGOOG5.1%Alphabet Inc-cl CΔ -27%·$194M
- ADDMEDP2.6%Medpace Holdings IncΔ +329%·$98M
- TRIMELV2.3%Elevance Health IncΔ -23%·$87M
- TRIMKMX2.4%Carmax IncΔ -25%·$92M
- TRIMNICE1.7%Nice Ltd - Spon AdrΔ -34%·$63M
- TRIMFISV1.6%Fiserv IncΔ -24%·$61M
- TRIMQRVO0.6%Qorvo IncΔ -76%·$21M
- NEWNOW1.5%Servicenow IncΔ +100%·$56M
- EXITSWK1.4%Stanley Black & Decker IncΔ -100%·$0
- TRIMIQV1.1%Iqvia Holdings IncΔ -23%·$42M
- TRIMHEI/A1.0%Heico Corp-class AΔ -29%·$38M
- TRIMJLL0.9%Jones Lang Lasalle IncΔ -27%·$33M
- TRIMLFUS0.7%Littelfuse IncΔ -59%·$27M
- EXITCCK0.7%Crown Holdings IncΔ -100%·$0
- ADDCIGI0.7%Colliers Intl Gr-subord VotΔ +38%·$27M
- ADDSARO0.5%Standardaero IncΔ +51%·$19M
- EXITVRTS0.2%Virtus Investment PartnersΔ -100%·$0
- EXITTKR0.2%Timken COΔ -100%·$0
- EXITMIDD0.2%Middleby CorpΔ -100%·$0
- EXITSDA0.1%Sealed Air CorpΔ -100%·$0
- EXITSPY0.1%SS Spdr S&p 500 Etf Trust-usΔ -100%·$0
- EXITIWD<0.1%Ishares Russell 1000 Value EΔ -100%·$0
Frequently asked questions
- What stocks does Vulcan Value Partners own?
- As of 2026Q1, Vulcan Value Partners's 13F discloses 33 positions worth $3.77B. The top five holdings: EG (11.8%), MSFT (10.9%), AMZN (8.8%), UNH (6.5%), RYAN (5.9%). 13F filings cover long US-listed equities only — cash, bonds, shorts, and non-US positions are not disclosed.
- What did Vulcan Value Partners buy this quarter?
- In 2026Q1, the filing shows 1 new position and 5 additions to existing holdings. The largest positions touched by buying: RYAN, TRU, MEDP, NOW, CIGI.
- How big is Vulcan Value Partners's portfolio?
- $3.77B across 33 positions per the latest 13F (filed May 11, 2026). The top five holdings account for 44% of the disclosed book.
Explore more
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001556785). Not investment advice.