Vulcan Value Partners
Vulcan Value Partners
Vulcan Value Partners (Vulcan Value Partners) discloses a $3.29B portfolio across 36 US-listed positions in the latest 13F filing (2026Q2, filed Aug 10, 2026). The largest holding is EG at 11.3% of the book. The biggest move of the quarter: trimmed the EG share count by 24% (position now $370M). Mechanically cloning this 13F returned 13.0%/yr over the past 12.2 years, versus 13.7%/yr for the S&P 500 across that identical 12.2-year window.
Holdings (36) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | EG | 11.3% | $370M | |||
| 2 | MSFT | 11.2% | $368M | |||
| 3 | RYAN | 9.1% | $299M | |||
| 4 | MA | 7.9% | $258M | |||
| 5 | AMZN | 7.2% | $237M | |||
| 6 | TDG | 6.9% | $227M | |||
| 7 | ARES | 6.4% | $212M | |||
| 8 | TRU | 5.9% | $195M | |||
| 9 | GOOG | 5.8% | $191M | |||
| 10 | V | 4.8% | $159M | |||
| 11 | TPG | 2.9% | $96M | |||
| 12 | MEDP | 2.3% | $75M | |||
| 13 | ELV | 1.8% | $60M | |||
| 14 | NOW | 1.7% | $57M | |||
| 15 | IQV | 1.5% | $50M | |||
| 16 | KMX | 1.5% | $48M | |||
| 17 | FISV | 1.3% | $44M | |||
| 18 | NICE | 1.3% | $43M | |||
| 19 | HEI/A | 1.2% | $40M | |||
| 20 | JLL | 0.9% | $30M | |||
| 21 | UNH | 0.9% | $28M | |||
| 22 | CRM | 0.8% | $26M | |||
| 23 | CIGI | 0.6% | $20M | |||
| 24 | ABM | 0.6% | $20M | |||
| 25 | MLKN | 0.5% | $17M | |||
| 26 | QRVO | 0.5% | $17M | |||
| 27 | EFX | 0.4% | $14M | |||
| 28 | G3922B107 | 0.4% | $14M | |||
| 29 | SARO | 0.4% | $13M | |||
| 30 | PRG | 0.4% | $13M | |||
| 31 | FBIN | 0.4% | $12M | |||
| 32 | BMI | 0.3% | $10M | |||
| 33 | LFUS | 0.2% | $8M | |||
| 34 | ITRN | 0.2% | $8M | |||
| 35 | VEEV | 0.1% | $4M | |||
| 36 | IWD | 0.1% | $2M |
- 1EGport11.3%val$370MEverest Group Ltdthis Q -24%·23q
- 2MSFTport11.2%val$368MMicrosoft Corpthis Q hold·31q
- 3RYANport9.1%val$299MRyan Specialty Holdings Incthis Q hold·4q
- 4MAport7.9%val$258MMastercard Inc - Athis Q +31%·40q
- 5AMZNport7.2%val$237MAmazon.com Incthis Q -38%·31q
- 6TDGport6.9%val$227MTransdigm Group Incthis Q hold·25q
- 7ARESport6.4%val$212MAres Management Corp - Athis Q hold·16q
- 8TRUport5.9%val$195MTransunionthis Q hold·3q
- 9GOOGport5.8%val$191MAlphabet Inc-cl Cthis Q -20%·37q
- 10Vport4.8%val$159MVisa Inc-class A Sharesthis Q -28%·40q
- 11TPGport2.9%val$96MTpg Incthis Q hold·6q
- 12MEDPport2.3%val$75MMedpace Holdings Incthis Q -30%·21q
- 13ELVport1.8%val$60MElevance Health Incthis Q -47%·37q
- 14NOWport1.7%val$57MServicenow Incthis Q hold·2q
- 15IQVport1.5%val$50MIqvia Holdings Incthis Q hold·5q
- 16KMXport1.5%val$48MCarmax Incthis Q -59%·10q
- 17FISVport1.3%val$44MFiserv Incthis Q hold·11q
- 18NICEport1.3%val$43MNice Ltd - Spon Adrthis Q hold·15q
- 19HEI/Aport1.2%val$40MHeico Corp-class Athis Q hold·24q
- 20JLLport0.9%val$30MJones Lang Lasalle Incthis Q hold·39q
- 21UNHport0.9%val$28MUnitedhealth Group Incthis Q -93%·16q
- 22CRMport0.8%val$26MSalesforce Incthis Q hold·25q
- 23CIGIport0.6%val$20MColliers Intl Gr-subord Votthis Q hold·24q
- 24ABMport0.6%val$20MAbm Industries Incthis Q -29%·24q
- 25MLKNport0.5%val$17MMillerknoll Incthis Q -37%·35q
- 26QRVOport0.5%val$17MQorvo Incthis Q -33%·40q
- 27EFXport0.4%val$14MEquifax Incthis Q New·—1q
- 28G3922B107port0.4%val$14MGenpact Limitedthis Q -27%·13q
- 29SAROport0.4%val$13MStandardaero Incthis Q -37%·3q
- 30PRGport0.4%val$13MProg Holdings Incthis Q -50%·23q
- 31FBINport0.4%val$12MFortune Brands Innovations Ithis Q -37%·7q
- 32BMIport0.3%val$10MBadger Meter Incthis Q New·—1q
- 33LFUSport0.2%val$8MLittelfuse Incthis Q -78%·27q
- 34ITRNport0.2%val$8MIturan Location And Controlthis Q -75%·40q
- 35VEEVport0.1%val$4MVeeva Systems Inc-class Athis Q New·—1q
- 36IWDport0.1%val$2MIshares Russell 1000 Value Ethis Q New·8q
Beyond the 13F
as of 2026-04-30Across Vulcan Value Partners’s registered funds — $255M disclosed in SEC Form N-PORT — just 87.0% sits in US-listed equity, the only slice a 13F reports. The other $33M is foreign listings and cash — none of which a 13F can show.
These registered funds hold $255M against the $3.29B Vulcan Value Partners reports on its 13F, so this describes those funds, not the whole firm. Everything the manager runs outside a registered fund — separate accounts, private vehicles — files no N-PORT and is not counted here.
Where the hidden money is
| Germany | 6.1% | |
| France | 4.2% | |
| Switzerland | 1.5% |
Largest positions no 13F shows
| SAP SE · Germany · EUR | $16M |
| Sodexo SA · France · EUR | $11M |
| Partners Group Holding AG · Switzerland · CHF | $4M |
| Invesco Government & Agency Po · United States · USD | $3M |
From SEC Form N-PORT, which registered funds file with their full portfolio — every currency, asset class and short. Covers 1 fund. The percentage above is the composition of those funds, not a ratio between two filings: a 13F spans every discretionary account but only US-listed securities, while N-PORT covers only the registered funds but every asset inside them — different universes, so the totals are not comparable (the 13F itself reports $3.29B for 2026-06-30). None of this feeds the backtest above, which stays a pure 13F clone.
2026Q2 moves, by size (23)(expand ↓)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| EG | Everest Group Ltd | TRIM | 11.3% | -24% | $370M |
| AMZN | Amazon.com Inc | TRIM | 7.2% | -38% | $237M |
| MA | Mastercard Inc - A | ADD | 7.9% | +31% | $258M |
| UNH | Unitedhealth Group Inc | TRIM | 0.9% | -93% | $28M |
| GOOG | Alphabet Inc-cl C | TRIM | 5.8% | -20% | $191M |
| V | Visa Inc-class A Shares | TRIM | 4.8% | -28% | $159M |
| MEDP | Medpace Holdings Inc | TRIM | 2.3% | -30% | $75M |
| KMX | Carmax Inc | TRIM | 1.5% | -59% | $48M |
| ELV | Elevance Health Inc | TRIM | 1.8% | -47% | $60M |
| LFUS | Littelfuse Inc | TRIM | 0.2% | -78% | $8M |
| G3922B107 | Genpact Limited | TRIM | 0.4% | -27% | $14M |
| ABM | Abm Industries Inc | TRIM | 0.6% | -29% | $20M |
| ITRN | Ituran Location And Control | TRIM | 0.2% | -75% | $8M |
| QRVO | Qorvo Inc | TRIM | 0.5% | -33% | $17M |
| MLKN | Millerknoll Inc | TRIM | 0.5% | -37% | $17M |
| SARO | Standardaero Inc | TRIM | 0.4% | -37% | $13M |
| EFX | Equifax Inc | NEW | 0.4% | +100% | $14M |
| PRG | Prog Holdings Inc | TRIM | 0.4% | -50% | $13M |
| FBIN | Fortune Brands Innovations I | TRIM | 0.4% | -37% | $12M |
| PK | Park Hotels & Resorts Inc | EXIT | 0.3% | -100% | $0 |
| BMI | Badger Meter Inc | NEW | 0.3% | +100% | $10M |
| VEEV | Veeva Systems Inc-class A | NEW | 0.1% | +100% | $4M |
| IWD | Ishares Russell 1000 Value E | NEW | 0.1% | +100% | $2M |
- TRIMEG11.3%Everest Group LtdΔ -24%·$370M
- TRIMAMZN7.2%Amazon.com IncΔ -38%·$237M
- ADDMA7.9%Mastercard Inc - AΔ +31%·$258M
- TRIMUNH0.9%Unitedhealth Group IncΔ -93%·$28M
- TRIMGOOG5.8%Alphabet Inc-cl CΔ -20%·$191M
- TRIMV4.8%Visa Inc-class A SharesΔ -28%·$159M
- TRIMMEDP2.3%Medpace Holdings IncΔ -30%·$75M
- TRIMKMX1.5%Carmax IncΔ -59%·$48M
- TRIMELV1.8%Elevance Health IncΔ -47%·$60M
- TRIMLFUS0.2%Littelfuse IncΔ -78%·$8M
- TRIMG3922B1070.4%Genpact LimitedΔ -27%·$14M
- TRIMABM0.6%Abm Industries IncΔ -29%·$20M
- TRIMITRN0.2%Ituran Location And ControlΔ -75%·$8M
- TRIMQRVO0.5%Qorvo IncΔ -33%·$17M
- TRIMMLKN0.5%Millerknoll IncΔ -37%·$17M
- TRIMSARO0.4%Standardaero IncΔ -37%·$13M
- NEWEFX0.4%Equifax IncΔ +100%·$14M
- TRIMPRG0.4%Prog Holdings IncΔ -50%·$13M
- TRIMFBIN0.4%Fortune Brands Innovations IΔ -37%·$12M
- EXITPK0.3%Park Hotels & Resorts IncΔ -100%·$0
- NEWBMI0.3%Badger Meter IncΔ +100%·$10M
- NEWVEEV0.1%Veeva Systems Inc-class AΔ +100%·$4M
- NEWIWD0.1%Ishares Russell 1000 Value EΔ +100%·$2M
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.
2026Q2 brief
Vulcan Value Partners ($3.29B AUM, 36 positions) made a clear statement in Q2 2026: rotate toward sticky, fee-based financials and trim Big Tech. The firm's most aggressive move was a 31% add to MA, lifting it to a 7.9% position — alongside existing stakes in ARES (6.4%) and RYAN (9.1%), this cements a distinct tilt toward durable-moat financial platforms. Simultaneously, the firm cut AMZN by 38% (now 7.2%), V by 28% (4.8%), EG by 24% (still the top holding at 11.3%), ELV nearly in half to 1.8%, and GOOG by 20% — a broad, coordinated reduction in positions that had likely appreciated meaningfully. New starter positions in EFX (0.4%), BMI (0.3%), and VEEV (0.1%) hint at early-stage interest in data infrastructure and vertical SaaS, though at sub-half-percent weights these remain watching briefs, not convictions. The portfolio's top-5 concentration at 46.6% remains high. Watch whether EFX and VEEV get scaled toward full positions in Q3 — if Vulcan's pattern holds, that would confirm a deliberate pivot from mega-cap tech toward mid-cap data and financial services compounders.
AI-generated. Not investment advice.
Filing history
Vulcan Value Partners's disclosed 13F portfolio value and position count by quarter — the trajectory across every SEC filing.
| Quarter | Positions | Portfolio value |
|---|---|---|
| Q2 2026 — what changed → | 36 | $3.29B |
| Q1 2026 — what changed → | 33 | $3.77B |
| Q4 2025 — what changed → | 41 | $5.54B |
| Q3 2025 — what changed → | 40 | $5.52B |
| Q2 2025 — what changed → | 38 | $5.67B |
| Q1 2025 — what changed → | 39 | $5.32B |
| Q4 2024 holdings | 49 | $5.98B |
| Q3 2024 holdings | 43 | $5.97B |
| Q2 2024 holdings | 45 | $7.05B |
| Q1 2024 holdings | 46 | $6.89B |
| Q4 2023 holdings | 46 | $6.81B |
| Q3 2023 holdings | 45 | $6.57B |
Values as disclosed at each quarter end. Older filings on EDGAR.
Multibaggers Vulcan Value Partners held
Stocks up 5x or more since Vulcan Value Partners first held them at conviction size — the holding record behind the returns. Longest unbroken run and largest book weight are shown for each.
- NVDA488xNVIDIA CORP6q straight · peak 5.92%
- AMAT30.6xAPPLIED MATERIALS INC11q straight · peak 4.2%
- FICO22.4xFAIR ISAAC CORP3q straight · peak 0.82%
- AAPL19.9xAPPLE INC9q straight · peak 5.04%
- AVGO19.5xBROADCOM INC3q straight · peak 2.44%
- TER19.1xTERADYNE INC6q straight · peak 3.58%
Six biggest of 29. Price multiple since the first quarter we observed a conviction holding (2014Q1 at the earliest), not Vulcan Value Partners's realized return — entry price and trades between filings aren't disclosed. Peak weight is share of disclosed US 13F book. All 129 multibaggers the cohort held →
Frequently asked questions
- What stocks does Vulcan Value Partners own?
- As of 2026Q2, Vulcan Value Partners's 13F discloses 36 positions worth $3.29B. The top five holdings: EG (11.3%), MSFT (11.2%), RYAN (9.1%), MA (7.9%), AMZN (7.2%). 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 2026Q2, the filing shows 4 new positions and 1 addition to existing holdings. The largest positions touched by buying: MA, EFX, BMI, VEEV, IWD.
- How big is Vulcan Value Partners's portfolio?
- $3.29B across 36 positions per the latest 13F (filed Aug 10, 2026). The top five holdings account for 47% of the disclosed book.
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Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001556785). Not investment advice.