| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 11.9% | -19.1% | -19.1% |
Vulcan Value Partners experienced significant underperformance in Q1 2026 as AI disruption fears created market hysteria, leading to indiscriminate selling of quality businesses. The manager views this as a once-in-a-decade opportunity similar to the financial crisis, where the market fails to differentiate between companies that will be disrupted by AI versus those that will benefit. The firm has been actively selling fully valued companies to purchase deeply discounted quality businesses at approximately $0.50 on the dollar. Key positions include enterprise software companies like SAP and ServiceNow, which the manager believes will benefit from AI integration rather than be disrupted, and alternative asset managers like Ares Management where AI fears are viewed as overblown. The portfolio's weighted average price-to-value ratios have improved dramatically to the upper 40s across all strategies, reducing risk while improving prospective long-term returns. Despite short-term volatility, the manager remains confident in the stable values of portfolio companies and their competitive entrenchment.
AI disruption fears have created indiscriminate selling that fails to differentiate between companies that will be disrupted versus those that will benefit from AI, creating exceptional buying opportunities in quality businesses at financial crisis-era discounts.
Manager expects the current AI disruption hysteria to create a once-in-a-decade opportunity similar to the financial crisis. Believes the deeply discounted companies being purchased are more competitively entrenched than those being sold. Confident that limiting investments to companies with stable values and meaningful margins of safety will generate superior long-term returns despite short-term volatility.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 21 2026 | 2026 Q1 | AMZN, ARES, CRM, MSFT, RYAN, SAP, TRU, UNH | AI, Concentration, disruption, Enterprise, Quality, software, Value Investing |
SAP ARES RYAN |
AI disruption hysteria created indiscriminate selling, allowing Vulcan to buy quality businesses at $0.50 on the dollar. The firm believes enterprise software companies like SAP will benefit from AI rather than be disrupted. Portfolio price-to-value ratios improved to upper 40s, creating exceptional long-term return potential despite short-term underperformance. |
| Apr 21 2026 | 2026 Q1 | AMZN, ARES, CRM, MSFT, RYAN, SAP, TRU, UNH | AI, Discounts, disruption, Enterprise, Quality, software, value |
SAP ARES RYAN |
AI hysteria has created once-in-a-decade opportunity to buy quality businesses at $0.50 on the dollar. Manager actively repositioning portfolios, selling fully valued names to buy discounted enterprise software, asset managers, and specialty insurers. Believes incumbent platforms will benefit from AI rather than be disrupted. Short-term pain for long-term gain strategy. |
| Jan 18 2026 | 2025 Q4 | CBRE, CRM, CSGP, FI, GOOGL, ITRN, KMX, MC.PA, MEDP, MSFT, QRVO, RE, RI.PA, RYAN, SSNC, SW.PA, SWKS, TRU, UNH | AI, healthcare, insurance, Quality, small caps, technology, value | - | Vulcan improved price-to-value ratios across all strategies while delivering positive returns in 2025. Drawing parallels to late 1990s, manager sees current AI-driven market as overvalued but maintains discipline focusing on quality companies at deep discounts. Small Cap portfolio trades at mid-50s price-to-value ratio, positioning for long-term outperformance as unloved segment recovers. |
| Oct 14 2025 | 2025 Q3 | CBRE, CRM, FISV, GOOGL, JLL, KMX, MEDP, SEE, UNH | Buybacks, consumer discretionary, financials, healthcare, technology, value |
GOOGL US UNH US Salesforce Inc |
Vulcan Value Partners delivered positive absolute returns across all strategies while improving price-to-value ratios through disciplined capital reallocation. Despite market volatility from tariff concerns, the firm successfully moved capital from higher-priced positions to more discounted opportunities. Strong performance from Medpace and Alphabet offset weakness in CarMax, while maintaining fully invested portfolios with substantial margins of safety. |
| Jun 30 2025 | 2025 Q2 | AMZN, ARES, CG, DNB, FORT.L, GOOGL, IBST.L, IQV, ISS.CO, LFUS, MC.PA, MEDP, MSFT, PGHN.SW, UNH | AI, Alternative Assets, healthcare, tariffs, technology, value, volatility |
UNH UNH IQV MSFT ARES ISS.CO LFUS AMZN GOOGL FORT.L |
Vulcan Value Partners capitalized on tariff-driven market volatility to execute disciplined value investing, reallocating capital from higher-priced to more discounted companies. Key moves included adding UnitedHealth Group after 50% decline and IQVIA Holdings at attractive valuations. Microsoft and Ares Management drove performance through AI and alternative asset tailwinds. The quarter demonstrated how volatility creates opportunities for patient value investors. |
| Apr 9 2025 | 2025 Q1 | ABT, AM, AMZN, CRM, CWK, ENS, FI, GOOGL, ISS.CO, ITRN, JLL, LYV, MAR, MEDP, MSFT, PGHN.SW, PRG, SW.PA, SWK, SWKS, TPG | Cloud, concentrated, large cap, technology, value, volatility |
MEDP SWK TPG JLL ISS ITRN PRG SWKS SODEXO.PA |
Vulcan Value Partners' Focus Plus strategy declined 6.0% in Q1 2025 as market volatility returned amid tariff uncertainty. Cloud computing holdings including Microsoft, Amazon, and Salesforce were key detractors despite strong fundamentals. The firm welcomed volatility as an opportunity to improve price-to-value ratios and add to discounted positions, maintaining confidence in their stable-value investment approach. |
| Dec 31 2024 | 2024 Q4 | AMZN, CCK, CG, CRM, ELV, FBHS, GOOGL, HEIA.AS, KKR, LYV, MIDD, PBH.TO, PGHN.SW, QRVO, RE, RI.PA, RTO.L, SDIP.ST, SW.PA, UNH | Alternative Asset Managers, Cloud, Concentration, Discipline, insurance, large cap, value | - | Vulcan's Focus Plus strategy delivered 27.5% net returns in 2024 through disciplined value investing, reallocating from appreciated to discounted companies while maintaining attractive price-to-value ratios. The firm increased diversification and international exposure, added quality alternative asset managers, and benefited from strong performance in cloud leaders Amazon and Salesforce. |
| Oct 9 2024 | 2024 Q3 | CBRE, CIGI, CWK, DNB, EG, IBST.L, JLL, KKR, LYV, MC.PA, PGHN.SW, PLNT, PRG, SBUX, UNH | Alternative Assets, Commercial real estate, Concentration, interest rates, Luxury, Reinsurance, value | - | Vulcan Value Partners delivered strong Q3 returns while maintaining disciplined value investing approach. Added quality names like Everest Group, Partners Group, and LVMH at attractive valuations. Commercial real estate holdings positioned to benefit from falling interest rates. Sold positions trading near fair value to redeploy into more discounted opportunities. Focus remains on long-term value compounding through concentrated, high-conviction positions. |
| Jul 12 2024 | 2024 Q2 | BLL, CSGP, GOOGL, ISS.CO, KMX, NICE, PK, PLNT, QRVO, SDIP.ST | AI, Cloud, concentrated, Discipline, Enterprise Software, large cap, technology, value |
NICE PLNT QRVO KMX SDIP.ST GOOGL CSGP ISS.CO |
Vulcan Value Partners posted mixed Q2 results but maintained disciplined value investing approach, adding to discounted positions including enterprise software leaders NICE and CoStar Group. The firm views AI as accelerating cloud adoption rather than disrupting their technology holdings. Strong year-to-date performance of 12% reflects their concentrated strategy of owning high-quality businesses at attractive valuations. |
| Apr 25 2024 | 2024 Q1 | AMAT, AMZN, CCK, CNM, CRM, GE, KKR, KMX, LYV, MEDP, MSFT, NICE, SBUX, TDG, TXN | aerospace, Cloud, Entertainment, large cap, software, technology, value |
LYV KMX SBUX CCK |
Vulcan delivered strong Q1 returns through disciplined value investing, adding Live Nation, CarMax, and Starbucks while exiting General Electric after appreciation. Technology holdings including Microsoft, Amazon, and Salesforce drove performance on cloud and AI tailwinds. The concentrated portfolio benefits from secular growth in entertainment, aerospace recovery, and digital transformation while maintaining focus on quality businesses with sustainable competitive advantages. |
| Jan 17 2024 | 2023 Q4 | AMZN, CBRE, CG, CIGI, CRM, CWK, DEO, FORT.L, GOOGL, IBST.L, ISS.CO, KKR, LFUS, MEDP, MSFT, PK, SDIP.ST, TDG, V, VRTS | AI, Alternative Assets, Cloud, Concentration, large cap, real estate, technology, Value Investing | DEO | Vulcan's Focus Plus strategy delivered 56.5% returns in 2023, driven by technology leaders benefiting from AI investments and commercial real estate recovery on improving rate outlook. The firm maintains its disciplined value approach, staying fully invested in concentrated positions while reallocating capital to maintain margins of safety. Management sees encouraging signs for 2024 as macroeconomic headwinds may subside. |
| Oct 10 2023 | 2023 Q3 | AMAT, DEO, FWRD, ISS.CO, ITRN, LRCX, MAR, MLKN, SEE, SMRT, TXN, UNH | healthcare, Hospitality, large cap, Quality, semiconductors, Spirits, value |
DEO AMAR TXN AAPL|MSFT|NFLX|NVDA|UNH DEEPSEEK |
Vulcan Value Partners delivered negative Q3 returns but strong YTD performance, adding four quality large-cap positions including Diageo, Marriott, Texas Instruments, and UnitedHealth Group at attractive valuations. The firm maintains disciplined value investing approach, recently reopening Small Cap and All Cap strategies due to compelling price-to-value opportunities across their concentrated portfolios. |
| Jul 31 2023 | 2023 Q2 | CAH, CBRE, CCL, CG, Gold, LESL, MOS, MSGE, NCLH, NTRS, ORCL, PARA, RCL, SNA, SPHR, ZIMV | contrarian, Cruises, mid cap, real estate, small cap, value | - | Ariel Fund's contrarian approach paid off in Q2 2023 with cruise lines and Oracle driving strong performance after being scorned during Covid. The fund's emphasis on low PE value stocks positions them well as the Fed tightening cycle nears an end, with opportunities emerging in beaten-down real estate sectors. |
| Mar 31 2023 | 2023 Q1 | AMZN, CRM, GE, GOOGL, KKR, MSFT, SWKS, TDG | aerospace, Alternative Assets, Concentration, long-term, Margin Safety, Quality, technology, value |
IHG UPS ACWI AYI CNM DEEPSEEK ARES |
Vulcan's concentrated Focus Plus strategy delivered exceptional 20.4% Q1 returns through eight material contributors and zero detractors. Strong performance from technology holdings like Microsoft and Salesforce, plus successful GE HealthCare spin-off execution. Despite macro headwinds and recession risks, the team maintains conviction in competitively entrenched businesses trading below intrinsic value with sustainable advantages. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIManager views AI disruption fears as creating hysteria in markets, leading to significant discounts in quality businesses. Believes some companies will be disrupted while others will benefit, but market is not differentiating. Actively researching AI risks and positioning in companies with low disruption risk or those that will benefit from AI adoption. |
Artificial Intelligence Disruption Enterprise Software Automation Technology |
Enterprise SoftwareFocused on mission-critical enterprise software companies like SAP and ServiceNow that have deep customer entrenchment and network effects. Believes these platforms will benefit from AI integration rather than be disrupted, as they serve as the foundation for AI implementations. |
ERP SaaS CRM Workflow Automation Business Software | |
Alternative Asset ManagersOwns Ares Management and TPG, viewing AI-related fears about their software exposure as overblown. Believes these managers have strong track records, selective investment approaches, and structural advantages that will enable them to navigate AI disruption successfully. |
Private Credit Asset Management Software Investments Institutional Capital | |
ValueExecuting disciplined value investing approach by selling fully valued companies to buy deeply discounted quality businesses. Portfolio price-to-value ratios approaching $0.50 on the dollar, similar to financial crisis levels, creating exceptional long-term return potential. |
Price to Value Margin of Safety Intrinsic Value Discount Quality | |
| 2026 Q1 |
AIManager views AI disruption fears as creating hysteria in markets, leading to significant discounts in quality businesses. Believes AI will benefit incumbent platforms like SAP, Microsoft, and Salesforce rather than disrupt them. Sees three categories of AI disruption risk: software, alternative asset managers, and indirectly impacted businesses. |
Disruption Software Enterprise Automation Agents |
SoftwareFocused on enterprise software companies with competitive moats, particularly ERP systems like SAP. Believes these systems are too embedded and complex to be easily disrupted by AI. Views current AI fears as creating buying opportunities in high-quality software businesses. |
ERP Enterprise SaaS Platforms Incumbents | |
ValueEmphasizes buying quality businesses at significant discounts, with portfolio price-to-value ratios approaching $0.50 on the dollar. Compares current opportunity to financial crisis era discounts, actively selling fully valued companies to buy more discounted ones. |
Discounts Margin of Safety Intrinsic Value Opportunistic | |
Alternative Asset ManagersOwns Ares Management and TPG, viewing AI-related fears about their software exposure as overblown. Believes these managers have strong track records, selective investment approaches, and structural advantages that will allow them to navigate AI disruption successfully. |
Private Credit Asset Management Institutional Track Record | |
| 2025 Q4 |
GoldGold prices rose 65% in 2025, driving strong performance across gold miners and non-producing companies. The fund significantly trimmed gold positions from 15% to 9% of the portfolio due to strong performance, while maintaining exposure to companies with substantial optionality to rising gold prices. |
Gold Miners Precious Metals Barrick Northern Dynasty |
Platinum Group MetalsPlatinum rose 127% and palladium 78% in 2025, with PGM producers being among the largest contributors for the second consecutive quarter. The fund views these companies as having substantial upside potential relative to risk-adjusted intrinsic value estimates, as they were materially mispriced at the end of 2024. |
Platinum Palladium Valterra Impala | |
ValueAfter over a decade of underperformance, the market may be beginning to recognize value, with value stocks having a strong fourth quarter. The fund emphasizes buying good companies for less than they are worth, which has historically portended strong returns over the long term, especially following periods of underperformance. |
Value Investing Undervalued Fundamentals | |
Industrial MetalsThe fund rolled gains from gold into industrial metals producers, finding significantly more upside to risk-adjusted intrinsic value estimates than in gold companies. Companies like Vale, Glencore, and SQM performed well during the quarter, with the fund actively managing positions based on valuations. |
Iron Ore Lithium Copper Vale | |
| 2025 Q3 |
ValueManager emphasizes owning outstanding businesses with substantial margins of safety at attractive price-to-value ratios. Despite positive returns, they improved price-to-value ratios across all portfolios by reallocating capital from higher-priced stocks to more discounted companies. Focus and Focus Plus portfolios have price-to-value ratios in the upper 60s, while Small Cap remains most discounted in the mid 50s. |
Margin of Safety Price to Value Discounted Undervalued Intrinsic Value |
BuybacksMultiple portfolio companies are repurchasing shares that both the manager and companies believe are undervalued, which is additive to value per share growth. Medpace repurchased nearly 6% of outstanding shares, Fiserv is using free cash flow to repurchase discounted shares, and CarMax is currently buying back shares. |
Share Repurchases Value Per Share Capital Allocation Free Cash Flow Undervalued Shares | |
| 2025 Q2 |
HealthcareSignificant focus on healthcare investments including UnitedHealth Group despite operational challenges and IQVIA Holdings as the largest CRO globally. Healthcare represents both value opportunities and operational turnaround situations with stable underlying business models. |
Managed Care CRO & CDMO Healthcare IT Medicare Optum |
AIMicrosoft positioned as key beneficiary of AI growth with Azure acceleration driven by AI contributions. AI represents a significant growth tailwind for cloud computing and enterprise software businesses. |
Cloud Azure Enterprise Software Hyperscale Infrastructure | |
Alternative Asset ManagersAres Management highlighted as high-quality alternative asset manager with leading private credit franchise. The firm benefits from secular growth tailwinds and locked-up capital creating annuity-like fee streams. |
Private Credit Asset Managers Fee Streams Capital Markets Credit | |
VolatilityMarket volatility from tariff concerns created opportunities to execute investment philosophy by reallocating capital from higher-priced to lower-priced companies. Volatility enables increased margin of safety for disciplined value investors. |
Tariffs Margin of Safety Price Discovery Risk Management Opportunity | |
| 2025 Q1 |
VolatilityMarket volatility returned during the first quarter, creating opportunities to execute dual investment discipline by purchasing stable value businesses at lower prices with larger margins of safety. The firm welcomes volatility as it provides opportunities to improve price-to-value ratios across all strategies. |
Market volatility Price discovery Margin of safety Risk management Opportunity |
ValueThe firm focuses on companies with stable values that are more stable than their stock prices. They seek to limit investments to companies with stable values and use increased market volatility to purchase these businesses at lower prices with correspondingly larger margins of safety. |
Intrinsic value Price to value Stable value Margin of safety Value investing | |
CloudCloud computing ecosystem companies including Amazon, Microsoft, and Alphabet sold off during the first quarter. Microsoft's Azure cloud computing business continues to grow at double-digit rates, and Amazon benefits from secular tailwinds in cloud transition. |
Cloud computing Azure AWS Digital transformation SaaS | |
| 2024 Q4 |
ValueVulcan follows a disciplined value approach, reallocating capital from companies whose prices rose faster than values into companies whose prices did not keep up with values. They maintain attractive price to value ratios despite double-digit returns and focus on companies with stable values and margins of safety. |
Value Margin of Safety Price to Value Intrinsic Value Discipline |
Alternative Asset ManagersThe firm has significant exposure to alternative asset managers including Carlyle Group, Partners Group, and KKR. They view the industry favorably due to long-term capital providing annuity-like fee streams and increasing capital flows into private markets. |
Alternative Asset Managers Private Markets Fee Streams Capital Flows | |
InsuranceVulcan added Everest Group, a global reinsurance and insurance business known for disciplined underwriting. They focus on companies that emphasize growing intrinsic value per share over managing short-term earnings through market cycles. |
Insurance Reinsurance Underwriting Book Value Cyclical | |
CloudThe portfolio includes cloud-focused companies like Amazon and Salesforce. Amazon benefits from cloud transition tailwinds while Salesforce is the leading SaaS vendor for CRM with high retention and recurring revenue. |
Cloud SaaS CRM Recurring Revenue Digital Transformation | |
| 2024 Q3 |
Commercial Real EstateMultiple commercial real estate service providers benefited from falling interest rates and improving transaction volumes. Companies like CBRE, Colliers, and Cushman & Wakefield are positioned to benefit from the recovery in real estate markets as rates decline. |
Real Estate Services Interest Rates Transaction Volumes Property Management Recovery |
LuxuryLVMH represents exposure to the luxury goods sector with its portfolio of 75 luxury brands. After years of above-trend growth, sales growth has slowed and profits are expected to decline marginally, but the company can compound value at low double-digit rates over the long term. |
Luxury Goods Brand Equity Global Portfolio Long-term Growth Premium Brands | |
Alternative Asset ManagersPartners Group and KKR provide exposure to the growing alternative asset management space. Partners Group benefits from annuity-like fee streams and increasing capital flows into private markets, while KKR continues to execute well across multiple alternative asset classes. |
Private Markets Fee Streams Capital Flows Asset Management Alternative Investments | |
ReinsuranceEverest Group represents disciplined reinsurance underwriting with focus on growing tangible book value per share. The company underwrites aggressively in hard markets and builds capacity during soft markets, emphasizing long-term intrinsic value growth over short-term earnings management. |
Insurance Cycles Underwriting Discipline Book Value Growth Hard Markets Cyclical Business | |
| 2024 Q2 |
AIGenerative AI continues to drive cloud adoption and presents opportunities rather than threats to enterprise software companies. AI is accelerating cloud penetration and driving higher revenue per customer through specific product adoption. |
Cloud Enterprise Software Automation Revenue Growth |
CloudCloud revenue growth remains strong and in line with expectations. Cloud penetration is still in the low 20% range with significant room for expansion, particularly as AI accelerates adoption. |
SaaS Enterprise Software Migration Penetration | |
ValueThe firm follows disciplined value investing by adding to positions when price-to-value ratios improve and reallocating capital to more discounted companies when opportunities arise. |
Discount Price to Value Margin of Safety Discipline | |
| 2024 Q1 |
CloudCloud revenue growth continues to meet expectations at NICE, with generative AI driving cloud adoption. Amazon's cloud transition remains a powerful secular tailwind. Microsoft's Azure cloud computing continues to execute well. |
SaaS Enterprise Software Cloud Infrastructure AI Digital Transformation |
AIGenerative AI is viewed as an opportunity rather than a threat to NICE's business, driving cloud adoption. Salesforce highlighted artificial intelligence as having potential to accelerate future growth. |
Generative AI Machine Learning Enterprise Software Automation Cloud | |
TravelLive entertainment industry has grown in high single-digits over two decades with demand exceeding supply. Air travel continues to rebound from the pandemic, benefiting TransDigm's aerospace business with double-digit organic revenue growth. |
Entertainment Airlines Aerospace Tourism Recovery | |
E-commerceAmazon's ecommerce penetration remains a powerful secular tailwind. The company reduced cost to serve on a per unit basis for the first time since 2018 as regionalization efforts bear fruit. |
Digital Commerce Logistics Marketplaces Consumer Technology | |
| 2023 Q4 |
AIMicrosoft is benefiting from its investments in artificial intelligence. The company is well positioned from an AI standpoint which should further underpin sustainable cloud penetration and growth. Salesforce is constantly innovating with new products, features, and artificial intelligence to deepen customer relationships and grow the business. |
Artificial Intelligence Cloud Computing Innovation Technology |
Commercial Real Estate2022 and 2023 have been very challenging years for commercial real estate, driven by a severe decline in property sales and leasing transactions. During the last two months of 2023, we saw significant appreciation in commercial real estate stocks, most likely due to an improving interest rate outlook, which should spur commercial real estate owners and investors to begin transacting again. |
Interest Rates Property Sales Leasing Real Estate Services | |
Capital MarketsThe rise in interest rates over the past year has put pressure on both private market transaction activity and fundraising for alternative asset managers. Better than expected inflation news during the quarter has created the expectation that the Fed could begin lower rates in 2024 which could result in normalization in business activity. |
Alternative Assets Private Equity Interest Rates Fundraising | |
CloudCustomer absorption of previous technology spend is occurring faster than expected which has stabilized cloud growth. Microsoft is benefiting from growth tailwinds such as cloud computing and artificial intelligence. The company is well positioned from an AI standpoint which should further underpin sustainable cloud penetration and growth. |
Cloud Computing Technology Spend Digital Transformation Growth | |
| 2023 Q3 |
ValueThe firm focuses on purchasing high-quality businesses trading at substantial discounts to intrinsic value with sustainable competitive advantages. They target companies with pricing power, strong margins, and high returns on invested capital across multiple strategies. |
Discount Intrinsic Value Competitive Advantage Quality Margin of Safety |
HealthcareUnitedHealth Group represents the largest health insurer with growing healthcare services through Optum. The company benefits from demographic trends and network effects, with Optum generating roughly half of 2022 EBIT and serving over 100 health payer partners. |
Health Insurance Demographics Network Effects Healthcare Services | |
SemiconductorsTexas Instruments operates as the world's largest analog semiconductor designer and manufacturer. The company benefits from mission-critical products, low cost as percentage of total system cost, stable market positions, and high barriers to entry with long-term strategic thinking. |
Analog Mission Critical Barriers to Entry Strategic Thinking | |
| 2023 Q2 |
CruisesCruise lines were among the most contrarian holdings that drove the fund's biggest wins. Royal Caribbean surged 109.9% and Norwegian up 77.9% through June 30th as the vacation and leisure spaces are booming in response to isolating Covid lockdowns. The fund doubled down on these scorned holdings during the pandemic when they were trading at historic lows. |
Travel Leisure Recovery Contrarian Covid |
Real EstateWidespread disdain for real estate and real estate related companies in a higher interest rate environment is today's bad neighborhood offering a bevy of investment opportunities. The managers get excited when whole areas of the market are written off because there are often good stocks in bad neighborhoods. |
Interest Rates Contrarian Opportunity Valuation | |
ValueThe fund's emphasis on low PE stocks trading at low multiples of expected earnings has been a near-term performance headwind but positions them well for a market nearing the end of Fed tightening. They believe they are well-positioned as the market begins to look past Federal Reserve tightening. |
Multiples Fed Positioning Opportunity | |
FertilizersInvestment in Mosaic is based on long-term trends supporting increasing demand for agricultural fertilizers including global population growth, improving protein-based diets, and climate change reducing arable land. However, the company's stock price is highly volatile and subject to commodity price vagaries. |
Agriculture Population Commodities Volatility | |
| 2023 Q1 |
CloudMicrosoft's Azure growth decelerated during the quarter with further deceleration expected next quarter. The company is managing expenses to preserve margins while benefiting from bundling advantages during economic stress. Microsoft's partnership with OpenAI represents a complex and rapidly developing opportunity. |
Azure Microsoft OpenAI ChatGPT Bundling |
AIMicrosoft's announcements around ChatGPT and OpenAI, including their partnership and investment in OpenAI, represent a complex and rapidly developing opportunity. This demonstrates Microsoft's competitive advantages and optionality from future AI opportunities. |
ChatGPT OpenAI Microsoft Partnership Investment | |
E-commerceAmazon experienced revenue growth across all three segments: AWS, Advertising, and Retail despite slowing growth and macro headwinds. The company is addressing its cost structure to better align with slower growth rates while maintaining its dominant position. |
Amazon AWS Advertising Retail Cost Structure | |
BuybacksSalesforce expanded its stock buyback plan from $10 billion to $20 billion as part of its focus on improving margins and deemphasizing acquisitions. The company is taking steps to increase profitability more quickly than expected. |
Salesforce Stock Buyback Margins Profitability Capital Allocation | |
Energy TransitionGE Vernova helps generate 30% of the world's electricity and has a meaningful role to play in the energy transition. The company's service activities represent approximately 60% of revenue and 85% of its backlog. |
GE Vernova Electricity Energy Transition Service Activities Backlog | |
Private CreditAres Management has a leading market share in credit products among alternative asset managers. These credit products generate fee-related revenue and translate to stable earnings power, benefiting from increasing investor demand for private credit assets. |
Ares Management Credit Products Fee Revenue Private Credit Alternative Assets |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 21, 2026 | Fund Letters | Vulcan Value Partners - Focus Plus | SAP | SAP SE | Software - Application | Systems Software | Bull | New York Stock Exchange | AI Beneficiary, Enterprise software, ERP, Germany, Mission-Critical, network effects, switching costs, Systems Software | Login |
| Apr 21, 2026 | Fund Letters | Vulcan Value Partners - Focus | RYAN | Ryan Specialty Holdings | Insurance - Specialty | Insurance Brokers | Bull | New York Stock Exchange | Complex Risks, Cyclical Recovery, Excess & Surplus, insurance brokerage, market share gains, Relationship-Driven, Specialized Insurance | Login |
| Apr 21, 2026 | Fund Letters | Vulcan Value Partners - Focus Plus | ARES | Ares Management Corporation | Asset Management | Asset Management & Custody Banks | Bull | New York Stock Exchange | Alternative Asset Manager, asset management, Credit Losses, institutional capital, Low Default Rates, Private Credit, Senior Credit | Login |
| Apr 21, 2026 | Fund Letters | Vulcan Value Partners - Focus Plus | RYAN | Ryan Specialty Holdings | Insurance - Specialty | Insurance Brokers | Bull | New York Stock Exchange | AI Beneficiary, Complex Risks, cyclical market, E&S Insurance, Insurance Broker, market share gains, specialty insurance | Login |
| Apr 21, 2026 | Fund Letters | Vulcan Value Partners - Focus | SAP | SAP SE | Software - Application | Systems Software | Bull | New York Stock Exchange | AI integration, Enterprise software, ERP software, Global Enterprise, Mission-Critical, network effects, switching costs | Login |
| Apr 21, 2026 | Fund Letters | Vulcan Value Partners - Focus | ARES | Ares Management Corporation | Asset Management | Asset Management & Custody Banks | Bull | New York Stock Exchange | Alternative Asset Manager, asset management, Credit Discipline, fee income, institutional capital, Private Credit, Senior Debt | Login |
| Oct 14, 2025 | Fund Letters | C.T. Fitzpatrick | UNH US | UnitedHealth Group Inc | Health Care | Managed Health Care | Bull | NYSE | cash flow, growth, healthcare, Insurance, managed care, Optum, valuation | Login |
| Oct 14, 2025 | Fund Letters | C.T. Fitzpatrick | Salesforce Inc | NASDAQ | Information Technology | Application Software | Bull | - | AI, cloud, CRM, enterprise, Margins, SaaS, Software | Login |
| Oct 14, 2025 | Fund Letters | C.T. Fitzpatrick | GOOGL US | Alphabet Inc | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI, cloud, profitability, Regulation, Search | Login |
| Jun 30, 2025 | Fund Letters | Vulcan Value Partners - Focus Plus | LFUS | Littelfuse Inc. | Information Technology | Electronic Components | Bull | NASDAQ | automotive, Circuit Protection, Cyclical, Electric Vehicles, Electronic Components, Industrial automation, industrial manufacturing, Niche markets, renewable energy | Login |
| Jun 30, 2025 | Fund Letters | Vulcan Value Partners - Focus Plus | IQV | IQVIA Holdings Inc. | Health Care | Life Sciences Tools & Services | Bull | NYSE | Biotech, Clinical trials, contract research organization, Cro, drug development, Healthcare Data, life sciences, Pharmaceutical Services, Value | Login |
| Jun 30, 2025 | Fund Letters | Vulcan Value Partners - Focus Plus | AMZN | Amazon.com Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | AWS, Cloud computing, digital advertising, e-commerce, growth, retail, technology platform | Login |
| Jun 30, 2025 | Fund Letters | Vulcan Value Partners - Focus Plus | GOOGL | Alphabet Inc. | Communication Services | Interactive Media & Services | Neutral | NASDAQ | AI, antitrust, Artificial Intelligence, digital advertising, Google, Regulatory risk, Search, Technology Disruption | Login |
| Jun 30, 2025 | Fund Letters | C.T. Fitzpatrick | UNH | UnitedHealth Group, Inc. | Health Care | Managed Health Care | Bull | New York Stock Exchange | Margins, Medicare, Regulation, Repricing, Scrutiny, turnaround, Utilization | Login |
| Jun 30, 2025 | Fund Letters | Vulcan Value Partners - Focus Plus | FORT.L | Forterra plc | Materials | Construction Materials | Bull | London Stock Exchange | Bricks, construction materials, Cyclical, Import Protection, oligopoly, Structural Undersupply, UK housing, Value | Login |
| Jun 30, 2025 | Fund Letters | Vulcan Value Partners - Focus Plus | MSFT | Microsoft Corp. | Information Technology | Systems Software | Bull | NASDAQ | AI, Artificial Intelligence, Azure, Bundling, Cloud computing, Gaming, growth, Linkedin, productivity software, Software | Login |
| Jun 30, 2025 | Fund Letters | Vulcan Value Partners - Focus Plus | ARES | Ares Management Corp. | Financials | Asset Management & Custody Banks | Bull | NYSE | alternative asset management, Annuity-like Fees, Asset Manager, Counter-cyclical, Credit, defensive, Private Credit, Value | Login |
| Jun 30, 2025 | Fund Letters | Vulcan Value Partners - Focus Plus | ISS.CO | ISS A/S | Industrials | Commercial Services & Supplies | Bull | Copenhagen Stock Exchange | Commercial Services, defensive, Denmark, Facilities Management, Free Cash Flow, global scale, Outsourcing, recurring revenue | Login |
| Jun 30, 2025 | Fund Letters | Vulcan Value Partners - Focus Plus | UNH | UnitedHealth Group Inc. | Health Care | Health Care Plans | Bull | NYSE | Government Policy Risk, health insurance, Healthcare services, Leadership Change, managed care, Medicare Advantage, turnaround, Value | Login |
| Mar 31, 2025 | Fund Letters | Vulcan Value Partners - Focus Plus | PRG | PROG Holdings Inc. | Financials | Consumer Finance | Bull | NYSE | consumer finance, Lease-to-Own, Non-Prime, Retail Partners, turnaround, Value | Login |
| Mar 31, 2025 | Fund Letters | Vulcan Value Partners - Focus Plus | SWKS | Skyworks Solutions Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bear | NASDAQ | competitive moat, Cyclical, Market Share Loss, Mobile, Rf Semiconductors, Wireless Infrastructure | Login |
| Mar 31, 2025 | Fund Letters | Vulcan Value Partners - Focus Plus | ITRN | Ituran Location and Control Ltd. | Technology | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | Brazil, Insurance, Israel, recurring revenue, RF Technology, Subscription, Vehicle Recovery | Login |
| Mar 31, 2025 | Fund Letters | Vulcan Value Partners - Focus Plus | SWK | Stanley Black & Decker | Industrials | Machinery | Bull | NYSE | Cyclical, Housing, Industrial, manufacturing, restructuring, Tools, Value | Login |
| Mar 31, 2025 | Fund Letters | Vulcan Value Partners - Focus Plus | TPG | TPG Inc. | Financials | Capital Markets | Bull | NASDAQ | alternative assets, asset management, fee income, Fundraising, growth, private equity | Login |
| Mar 31, 2025 | Fund Letters | Vulcan Value Partners - Focus Plus | JLL | Jones Lang LaSalle Inc. | Real Estate | Real Estate Management & Development | Bull | NYSE | commercial real estate, consolidation, Diversified, Free Cash Flow, services, Variable Costs | Login |
| Mar 31, 2025 | Fund Letters | Vulcan Value Partners - Focus Plus | MEDP | Medpace Holdings Inc. | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Biotechnology Services, Cro, drug development, Free Cash Flow, growth, healthcare | Login |
| Mar 31, 2025 | Fund Letters | Vulcan Value Partners - Focus Plus | ISS | ISS A/S | Industrials | Commercial Services & Supplies | Bull | Copenhagen Stock Exchange | Cost Pass-through, Denmark, Facilities Management, global scale, Outsourcing, shareholder returns | Login |
| Mar 31, 2025 | Fund Letters | Vulcan Value Partners - Focus Plus | SODEXO.PA | Sodexo SA | Consumer Discretionary | Hotels, Restaurants & Leisure | Bull | Euronext Paris | customer retention, defensive, Facilities Management, family ownership, Food Services, france, Outsourcing | Login |
| Jun 30, 2024 | Fund Letters | Vulcan Value Partners - Focus Plus | CSGP | CoStar Group Inc. | Real Estate | Real Estate Services | Bull | NASDAQ | Data Analytics, founder-led, information services, market leader, Mission Critical Data, Real Estate Services, recurring revenue, subscription revenue | Login |
| Jun 30, 2024 | Fund Letters | Vulcan Value Partners - Focus Plus | QRVO | Qorvo Inc. | Information Technology | Semiconductors | Bull | NASDAQ | barriers to entry, Cyclical Recovery, Internet of Things, Mobile Devices, oligopoly, Radio-Frequency, semiconductors, telecommunications | Login |
| Jun 30, 2024 | Fund Letters | Vulcan Value Partners - Focus Plus | SDIP.ST | Sdiptech AB | Industrials | Industrial Conglomerates | Bull | Stockholm Stock Exchange | acquisition strategy, Competitive Moats, infrastructure, Long-term Management, Niche markets, Portfolio company, Sustainability, value investing | Login |
| Jun 30, 2024 | Fund Letters | Vulcan Value Partners - Focus Plus | KMX | CarMax Inc. | Consumer Discretionary | Specialty Retail | Bull | NYSE | Captive Finance, cost structure, digital infrastructure, Fragmented Market, market share gains, Omnichannel, operational efficiency, used car retail | Login |
| Jun 30, 2024 | Fund Letters | Vulcan Value Partners - Focus Plus | PLNT | Planet Fitness Inc. | Consumer Discretionary | Leisure Facilities | Bull | NYSE | Consumer Discretionary, expansion, Fitness Centers, franchise model, Low Price Strategy, market share growth, recurring revenue, subscription revenue | Login |
| Jun 30, 2024 | Fund Letters | Vulcan Value Partners - Focus Plus | NICE | NICE Ltd. | Information Technology | Application Software | Bull | NASDAQ | Artificial Intelligence, Cloud computing, Contact center, Enterprise software, Mission-Critical, recurring revenue, SaaS, technology | Login |
| Jun 30, 2024 | Fund Letters | Vulcan Value Partners - Focus Plus | ISS.CO | ISS A/S | Industrials | Commercial Services & Supplies | Bull | Copenhagen Stock Exchange | defensive business, Facility Management, global scale, Margin Improvement, Non-core Services, Normalized Environment, Outsourcing Trend, Sticky Relationships | Login |
| Jun 30, 2024 | Fund Letters | Vulcan Value Partners - Focus Plus | GOOGL | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | Algorithm Efficiency, Artificial Intelligence, innovation, margin expansion, Revenue Growth, search engine, Technical Prowess, technology platform | Login |
| Mar 31, 2024 | Fund Letters | Vulcan Value Partners - Focus Plus | KMX | CarMax Inc. | Consumer Discretionary | Specialty Retail | Bull | NYSE | Auto finance, cost structure, digital infrastructure, Fragmented Market, market share gains, Omnichannel, turnaround, used car retail, Wholesale | Login |
| Mar 31, 2024 | Fund Letters | Vulcan Value Partners - Focus Plus | CCK | Crown Holdings Inc. | Materials | Metal & Glass Containers | Bull | NYSE | Aluminum cans, barriers to entry, Beverage Packaging, Consolidated Industry, Free Cash Flow, Inflationary Pass-Through, market share gains, materials, Sustainability | Login |
| Mar 31, 2024 | Fund Letters | Vulcan Value Partners - Focus Plus | SBUX | Starbucks Corp. | Consumer Discretionary | Restaurants | Bull | NASDAQ | Coffee Retail, Consumer Discretionary, Customer loyalty, Free Cash Flow, Global Brand, management changes, Real Estate, store expansion, Value | Login |
| Mar 31, 2024 | Fund Letters | Vulcan Value Partners - Focus Plus | LYV | Live Nation Entertainment Inc. | Communication Services | Entertainment | Bull | NYSE | Artist Management, Concert Promotion, Entertainment Services, growth, Live entertainment, market leader, Ticketing, Touring, Venue Operations | Login |
| Sep 30, 2023 | Fund Letters | Vulcan Value Partners - Focus Plus | AAPL|MSFT|NFLX|NVDA|UNH | UnitedHealth Group Inc. | Health Care | Managed Health Care | Bull | NYSE | Demographics, Dual Engine Growth, health insurance, Healthcare services, market leadership, network effects, Optum, Scale Advantages | Login |
| Sep 30, 2023 | Fund Letters | Vulcan Value Partners - Focus Plus | DEO | Diageo plc | Consumer Staples | Distillers & Vintners | Bull | LSE | brand portfolio, consumer staples, Global, premium brands, premiumization, Pricing power, Recession-resistant, Spirits | Login |
| Sep 30, 2023 | Fund Letters | Vulcan Value Partners - Focus Plus | DEEPSEEK | Sealed Air Corp. | Materials | Paper Packaging | Bull | NYSE | Brand Leadership, Cryovac, e-commerce, Food Safety, Mission-Critical, Packaging, Sticky Relationships, switching costs | Login |
| Sep 30, 2023 | Fund Letters | Vulcan Value Partners - Focus Plus | AMAR | Marriott International Inc. | Consumer Discretionary | Hotels, Resorts & Cruise Lines | Bull | NASDAQ | asset-light, brand portfolio, Conversion Growth, Franchising, Free Cash Flow, Hotels, network effects, Travel Recovery | Login |
| Sep 30, 2023 | Fund Letters | Vulcan Value Partners - Focus Plus | TXN | Texas Instruments Inc. | Information Technology | Semiconductors | Bull | NASDAQ | Analog, Free Cash Flow, High Barriers, long-term strategy, market leadership, Mission-Critical, Power management, semiconductors | Login |
| Mar 31, 2023 | Fund Letters | Vulcan Value Partners - Focus Plus | IHG | InterContinental Hotels Group plc | Consumer Discretionary | Hotels, Resorts & Cruise Lines | Bull | London Stock Exchange | asset-light, brand recognition, Franchising, Global, hospitality, Hotels, loyalty program, pipeline development, RevPAR, Travel | Login |
| Mar 31, 2023 | Fund Letters | Vulcan Value Partners - Focus Plus | UPS | United Parcel Service Inc. | Industrials | Air Freight & Logistics | Bull | New York Stock Exchange | barriers to entry, Free Cash Flow, Integrated Network, Labor Relations, Logistics, Margin Improvement, oligopoly, parcel delivery, Returns on Capital | Login |
| Mar 31, 2023 | Fund Letters | Vulcan Value Partners - Focus Plus | ACWI | Curtiss-Wright Corp. | Industrials | Aerospace & Defense | Bull | New York Stock Exchange | Aerospace, Aircraft Carriers, Defense, Defense spending, geopolitical risk, Mission-Critical, Niche markets, Nuclear Submarines, Sole Source, Technical Expertise | Login |
| Mar 31, 2023 | Fund Letters | Vulcan Value Partners - Focus Plus | AYI | Acuity Brands Inc. | Industrials | Electrical Equipment | Bull | New York Stock Exchange | Building Management, capital allocation, Free Cash Flow, LED Technology, Lighting, market leader, North America, Pricing power, share repurchases, Smart Buildings | Login |
| Mar 31, 2023 | Fund Letters | Vulcan Value Partners - Focus Plus | CNM | Core & Main Inc. | Industrials | Trading Companies & Distributors | Bull | New York Stock Exchange | Aging Infrastructure, Buying Power, consolidation, Distribution, Fragmented Market, infrastructure spending, market share gains, Municipal Customers, National Scale, Water infrastructure | Login |
| Mar 31, 2023 | Fund Letters | Vulcan Value Partners - Focus Plus | DEEPSEEK | Sealed Air Corp. | Materials | Paper & Plastic Packaging Products & Materials | Bull | New York Stock Exchange | brand recognition, Bubble Wrap, Consumables, Cryovac, e-commerce, Equipment Sales, Food Safety, global scale, Protective Packaging, switching costs | Login |
| Mar 31, 2023 | Fund Letters | Vulcan Value Partners - Focus Plus | ARES | Ares Management Corp. | Financials | Asset Management & Custody Banks | Bull | New York Stock Exchange | alternative asset management, AUM growth, Credit Market Share, Fee-Related Revenue, Institutional Investors, Private Credit, Private Equity Sponsors, Relationship-Driven, Scale Advantages | Login |
| Dec 31, 2023 | Fund Letters | Vulcan Value Partners - Focus Plus | DEO | Diageo plc | Consumer Staples | Distillers & Vintners | Bull | LSE | consumer staples, Free Cash Flow, Global distribution, premium brands, Pricing power, Regulated Industry, Spirits, Value | Login |
| Dec 31, 2023 | Fund Letters | Vulcan Value Partners - Focus Plus | - | Bureau Veritas SA | Industrials | Research & Consulting Services | Bull | Euronext Paris | Certification, defensive, global diversification, Inspection, Mission-Critical, regulatory compliance, secular growth, Testing Services | Login |
| TICKER | COMMENTARY |
|---|---|
| SAP | SAP SE is the global leader in enterprise resource planning (ERP) software, which serves as the operating system for many of the world's largest companies. We believe SAP is one of the best businesses in the world. They have over 425,000 customers, including 98 of the 100 largest companies globally. SAP's ERP solutions often have decades of embedded data, business processes, and software customizations. It is extremely rare for companies to switch ERP vendors due to the cost, time, and disruption risk that switching creates. SAP's stock price is down significantly due to concerns about AI disruption. We believe that SAP will ultimately be an AI beneficiary, helping to make themselves more efficient internally while also creating more value for their customers. |
| TRU | TransUnion is one of the three leading credit bureaus in the US. Over 95,000 lending institutions self-report their consumer lending and payment data to TransUnion. We believe that TransUnion will benefit from AI and that AI disruption fears are misplaced. TransUnion's non-public consumer data is proprietary, regulated, and highly sensitive. Therefore, it is impossible for a new entrant, using AI or any other method, to replicate. We have followed this business for many years and are happy to own it with a substantial margin of safety. |
| ARES | Ares Management Corporation is an alternative asset manager widely considered to be the leading private credit provider globally. Its stock price declined 6.2% last year and 31.6% during the first quarter on AI related fears. ARES exposure to software is a relatively small proportion of its portfolio. Second, its exposure is in credit, so ARES has the most senior position if the companies begin to struggle. We believe that fears expressed by the bears are not supported by facts so that ARES' value is stable and that its stock price decline represents a compelling buying opportunity. |
| RYAN | Ryan Specialty Holdings was founded by Pat Ryan, who also founded AON and turned it into the second largest insurance broker in the world. RYAN is one of three Excess and Surplus or E&S brokers that dominate the U.S. market. More recently, RYAN's stock price has declined meaningfully again on AI related fears. RYAN does not sell any consumer auto insurance. RYAN mostly sells very complex E&S insurance for its clients, who include very large insurance companies. We believe that RYAN will benefit from AI as opposed to being harmed by it. |
| MSFT | Microsoft Corporation is the world's largest software company with a broad range of offerings including Microsoft office, gaming, Azure cloud computing, LinkedIn, and more. Microsoft delivered another strong quarter, with revenues up +15% and operating profits up +19% on a constant currency basis. We believe the company is trading at a remarkably attractive valuation. We think we own Microsoft with a substantial margin of safety. |
| CRM | Salesforce is the world's leading SaaS vendor for customer relationship management (CRM) and salesforce automation (SFA) software, including AI agents. Salesforce's stock price has been negatively impacted by AI disruption fears. We believe that AI will enhance incumbent platforms such as Salesforce. We also believe that Salesforce will be a net beneficiary if seats do decline as clients adopt its agentic AI solution, Agentforce. |
| UNH | The evening before UnitedHealth Group reported fourth quarter earnings, which were in line with our expectations, the Centers for Medicare and Medicaid Services (CMS) released its 2027 Medicare Advantage Advance Rate Notice. We believe that UnitedHealth Group serves a critical function in the healthcare system in the U.S. and that its role is entrenched despite short-term volatility associated with Medicare Advantage funding headwinds. |
| AMZN | Amazon reported strong results for its fiscal year and fourth quarter. During the fourth quarter, AWS's revenue increased 24% and highly profitable advertising revenue grew 22%. Amazon's capital spending is forecast to increase over 50% in 2026 to approximately $200 billion. Our view is that it is a darn good problem to have and that Amazon will become even more competitively entrenched as the leading cloud services provider in the world. |
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