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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
Vulcan Value Partners Focus Composite returned 10.4% net in Q2 2026, bringing YTD performance to -10.7% net. The manager emphasizes that despite attractive absolute returns, price to value ratios remained virtually unchanged as portfolio companies reported solid results and generated strong free cash flow while most repurchased discounted shares. The manager reallocated capital from companies whose prices increased more than intrinsic values into those trading at larger discounts. The portfolio sold UnitedHealth Group after a 35% gain to redeploy into more discounted names. Material contributors included Amazon, which reported accelerating AWS growth to 28% and strong retail momentum, and Alphabet, where Google Cloud accelerated to 63% growth with expanding margins. Ryan Specialty and TransDigm experienced stock price volatility while values grew, prompting additions. Everest Group is generating double-digit value growth per share by repurchasing stock below tangible book value in a soft insurance market. The manager believes the portfolio owns exceptional businesses at roughly 50 cents on the dollar and personally added capital, encouraging long-term investors to do the same.
Vulcan owns a concentrated portfolio of 7-14 exceptional businesses with sustainable competitive advantages trading at approximately 50 cents on the dollar, providing a substantial margin of safety while intrinsic values compound at attractive double-digit rates.
The manager believes they own a collection of some of the finest businesses in the world at roughly $.50 on the dollar. The combination of steady value growth and a substantial margin of safety reduces risk and historically has led to outsized returns over longer periods. The manager personally added capital at the end of the first quarter and encourages long-term investors to follow their lead.
As of Jul 23, 2026
C.T. Fitzpatrick founded Vulcan Value Partners, LLC in 2007 and serves as Chairman and Chief Investment Officer. The firm has grown to approximately 45 employees, including 16 investment advisory professionals, with employee ownership expanding from 8 owners in 2021 to 21 in 2025, creating a majority employee-owned structure where staff invests alongside client partners. Jeff St. Denis assumed the CEO role in 2023 while Fitzpatrick retained his Chairman, CIO, and portfolio manager positions. The firm has been consistently recognized for its workplace culture, being named to Pensions & Investments Best Places to Work in Money Management for asset managers with 50-99 employees for the 2017-2021 award periods. Vulcan maintains comprehensive regulatory compliance across multiple jurisdictions beyond SEC registration, including Australia, Canada, Ireland, and Luxembourg.
Vulcan Value Partners employs a fundamental value investing philosophy centered on purchasing publicly traded companies that are competitively entrenched at significant discounts to their estimation of intrinsic worth. The firm limits their search for qualifying investments to enduring businesses with identifiable, sustainable competitive advantages which have the ability to consistently produce free cash flow. Their approach emphasizes two components to the concept of margin of safety: value stability and the discount at which they can purchase the company. The Focus strategy represents a concentrated approach, typically holding between 7 to 14 companies with core positions ranging from 6% to 10%, weighted by valuation discounts. The firm believes that by concentrating on not losing money, making money should take care of itself, with a primary objective to minimize the risk of permanently losing capital over their long-term time horizon of five years.
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