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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
Vulcan Value Partners delivered 9.0% net returns in Q2 2026 for their All Cap strategy, though the portfolio remains down 5.7% year-to-date. Despite attractive absolute returns, price-to-value ratios remained virtually unchanged as portfolio companies reported solid results, generated strong free cash flow, and repurchased discounted shares, causing values to compound nicely. The manager reallocated capital from companies whose stock prices increased more than intrinsic values into those trading at larger discounts. Key purchases included Veeva Systems, Equifax, and ServiceNow, all acquired at significant discounts due to perceived AI disruption risks that the manager believes are unfounded. These software businesses possess proprietary data, mission-critical platforms, and embedded customer relationships that make them resilient to AI disruption. UnitedHealth was sold after recovering from earlier lows, with capital redeployed to more discounted opportunities. The manager emphasizes that portfolio companies remain deeply out of favor but significantly more undervalued than what is currently working in the market, creating what they view as a fantastic opportunity for long-term investors. The CIO personally added capital at quarter-end.
Vulcan owns a collection of some of the finest businesses in the world at roughly 50 cents on the dollar, with companies that remain deeply out of favor but whose values continue to rise steadily, creating a fantastic opportunity for serious long-term investors.
The manager believes the portfolios own exceptional businesses at roughly 50 cents on the dollar with steady value growth and substantial margins of safety. They view current market conditions as an excellent time to add capital, as the manager personally did at the end of the first quarter. The combination of steady value growth and substantial margin of safety is expected to lead to outsized returns over longer periods of time.
As of Jul 23, 2026
The Small Cap Fund typically holds 20-40 positions in businesses up to the largest market capitalization in the Russell 2000 Index. Core positions are generally 5% of portfolio with position sizes being valuation-driven. Portfolio includes 24-26 stocks with weighted average market cap of $4.7 billion and median market cap of $3.5 billion. The fund maintains low turnover of 21.7-29% consistent with long-term investment approach and focuses on companies in Real Estate Services, Professional Business Support Services, and Electrical Components sectors.
Lead Portfolio Manager & CIO
High Conviction Bullish
Market Conviction
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Top Conviction Themes
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