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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 21, 2026
During the third quarter of 2026, the Vulcan Value Partners Focus Plus strategy generated a net return of 8.8% net of fees, outpacing both the Russell 1000 Value Index return of 2.6% and the S&P 500 Index return of 2.3%. On a year-to-date basis, the strategy returned -2.7% net of fees, compared to 19.3% for the Russell 1000 Value Index and 12.7% for the S&P 500. The strategy maintains a highly concentrated posture of seven to fourteen positions, employing an unleveraged options overlay designed to harvest volatility premiums and reduce purchase prices without employing portfolio leverage. No new equity positions were initiated or fully liquidated during the period, nor were any option contracts written. From a macroeconomic perspective, the manager observes that capital-weighted market indices remain expensive, trading at or above fair value amidst rapidly rising interest rates. In contrast, the strategy's underlying holdings have experienced stable intrinsic value growth while price-to-value ratios stand at historically low levels reminiscent of past broad market dislocations such as the Global Financial Crisis and COVID-19 pandemic. The investment team emphasizes owning businesses with formidable competitive moats and secular tailwinds in enterprise software and mission-critical aerospace infrastructure. Portfolio performance was driven by material contributions from enterprise technology compounders Microsoft and SAP SE, both benefiting from rapid cloud acceleration and mission-critical workflow lock-in. Conversely, aerospace component supplier TransDigm Group was the sole material detractor over the quarter due to share price weakness, which the manager utilized as an opportunity to add to the holding at an expanded discount to intrinsic value.
Vulcan Value Partners seeks to achieve superior long-term capital appreciation by investing in competitively entrenched, high-quality businesses purchased at substantial discounts to conservative estimates of intrinsic value, utilizing an options overlay to enhance the margin of safety.
The manager anticipates that portfolio businesses will continue compounding intrinsic value at attractive rates, providing compelling risk-adjusted prospective returns given historically low price-to-value ratios amidst fully valued general market benchmarks.
High Conviction Bullish
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