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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 21, 2026
Vulcan Value Partners' Small Cap strategy posted a net return of -1.2% in the third quarter of 2026, bringing its year-to-date net return to 4.3%. The strategy outperformed both the Russell 2000 Value Index (-4.9%) and the broad Russell 2000 Index (-7.2%) during the period. The fund adheres to a disciplined concentration framework targeting approximately 20 core holdings at roughly 5% each (scaled between 1% and 5% depending on price-to-value ratios) with zero leverage deployed, preserving capital flexibility. The investment team maintains a cautious view on broader macroeconomic asset classes, highlighting that capitalization-weighted indices appear overvalued or 'not cheap' against the backdrop of rising interest rates. In contrast, the fund's internal price-to-value metrics remain near historic lows, creating valuation dispersion reminiscent of prior systemic dislocations like the 2008 financial crisis and the 2020 pandemic. This dynamic provides a substantial qualitative and quantitative margin of safety across select durable franchises. Portfolio turnover during the quarter reflected proactive capital reallocation. The team initiated three new long positions in Tyler Technologies, NICE Ltd., and Skyworks Solutions, taking advantage of industry-wide software sentiment headwinds and semiconductor acquisition dynamics. These entries were funded by the complete exits of Qorvo, ISS A/S, and CarMax following valuation convergence. The fund also expanded stakes in core detractors, including Fortune Brands Innovations, PROG Holdings, and StandardAero, viewing their near-term price pressures as compelling buying opportunities.
Invest with a long-term horizon in competitively entrenched, high-quality businesses with durable economic moats and robust free cash flow generation when they trade at significant discounts to intrinsic value.
The investment team anticipates continued value compounding across portfolio businesses, viewing historically low price-to-value ratios as an exceptional setup for prospective long-term returns despite macro interest rate pressures.
High Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
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Top Conviction Themes
Key Catalysts
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