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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
Vulcan Value Partners seeks to compound capital at superior rates with minimal risk by investing in exceptional, deeply undervalued businesses with strong margins of safety that trade at a significant discount to their intrinsic value. During the second quarter of 2026, the fund generated strong absolute performance while keeping its price-to-value ratio constant. This stability was driven by robust fundamental execution, steady free cash flow, and wise capital allocation from portfolio companies. Furthermore, the fund actively reallocated capital from appreciated stocks into deeply discounted holdings. Key risks discussed include geopolitical headwinds from the Iranian War, soft insurance market dynamics, post-pandemic margin pressures, and systemic market overvaluation. Vulcan is aggressively positioned in high-moat businesses whose stocks have been unfairly depressed by fears of AI disruption, particularly within vertical software and specialized IT services. The manager added several new positions including Equifax, Veeva Systems, and ServiceNow during the quarter.
Vulcan Value Partners seeks to compound capital at superior rates with minimal risk by investing in exceptional, deeply undervalued businesses with strong margins of safety.
The manager maintains a highly constructive forward outlook on their custom portfolio of deeply discounted holdings, noting that they believe it is an excellent time to add capital to these portfolios despite a broader market environment that is arguably overvalued.
As of Jun 30, 2026
C.T. Fitzpatrick founded Vulcan Value Partners in 2007 after a 17-year career at Southeastern Asset Management, where he worked as a principal and portfolio manager. He holds an MBA in Finance from Vanderbilt University's Owen Graduate School of Management and a BS in Corporate Finance with a minor in English from the University of Alabama, and is a CFA Charterholder. Jeff St. Denis was appointed President and CEO in 2023, having joined the firm in 2016 where he previously managed institutional relationships. The firm employs 45 individuals as of July 2025, with 36% involved in investment roles. Employee ownership has expanded from eight owners in 2021 to 21 in March 2025, demonstrating significant alignment between management and staff.
We are value investors - business analysts with a long-term time horizon focused on purchasing publicly traded companies that are competitively entrenched at significant discounts to our estimate of intrinsic worth. Our goal is to compound capital at real rates of return significantly in excess of inflation over our five-year time horizon. The Focus Plus strategy targets securities with sustainable competitive advantages that produce consistent free cash flow, typically holding 7 to 14 companies with average market capitalization of $594.5 billion and a free cash flow yield of 3.3%. We do not employ any leverage. Instead, we use options to sell volatility when it is expensive and buy volatility when it is cheap. Our primary objective is to minimize the risk of permanently losing capital over our long-term time horizon, which is five years.
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High Conviction Bullish
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