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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 21, 2026
Vulcan Value Partners Large Cap Composite delivered a net return of 7.4% for the third quarter of 2026, bringing year-to-date net performance to 1.0%. The strategy outperformed both the Russell 1000 Value Index, which gained 2.6% for the quarter and 19.3% year to date, and the S&P 500 Index, which rose 2.3% in the quarter and 12.7% year to date. Portfolio managers emphasize that their price-to-value ratios improved across the board, reflecting widening margins of safety even as equity markets generated positive absolute gains. In line with composite rules, core holdings target roughly 5% allocations across roughly 20 names, with position sizes adjusted down toward 1% when price-to-value ratios rise. The investment team framed the macroeconomic backdrop around rapidly rising interest rates and rich aggregate equity valuations. The manager observed that broad capitalization-weighted indices appear at best not cheap, while certain segments of the global stock market remain markedly overvalued. Despite this macro headwind, the portfolio maintained price-to-value discounts comparable to historic market-wide stress periods like the Great Financial Crisis and the pandemic, creating what the CIO characterizes as an exceptional setting to compound capital in market-leading franchises. Portfolio turnover during the quarter was deliberate and disciplined. The fund initiated no new positions in the Large Cap strategy but fully exited two holdings, IQVIA Holdings and CarMax, as both approached appraised intrinsic values following substantial rallies. Realized proceeds were redeployed into more deeply discounted existing holdings. Material performance contributors included Microsoft Corporation, SAP SE, ServiceNow, and IQVIA Holdings, with no individual holding registering as a material detractor.
Vulcan Value Partners seeks long-term capital appreciation by investing in competitively entrenched, high-quality businesses with strong balance sheets and consistent free cash flow generation when they trade at significant discounts to intrinsic value.
Vulcan believes its portfolios offer a rare opportunity to own high-quality compounding businesses at significant discounts to intrinsic value while broad equity market indices trade at or above fair value.
High Conviction Bullish
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