| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 6.9% | -6.8% | -6.8% |
Vulcan Value Partners' Small Cap strategy declined 6.8% net in Q1 2026, underperforming benchmarks as AI disruption fears created market hysteria. The manager views this as a once-in-a-decade opportunity to acquire quality businesses at steep discounts, with portfolio price-to-value ratios approaching $0.50 on the dollar. The strategy added four new positions including Ryan Specialty Holdings, TransUnion, StandardAero, and CTS Eventim while selling five positions to reallocate capital. Key holdings like Ryan Specialty Holdings and TransUnion are positioned to benefit from AI rather than be disrupted, given their proprietary data and embedded customer workflows. The manager believes many companies will enhance their competitive positions through AI adoption rather than face disruption. Portfolio companies demonstrate strong fundamentals with robust free cash flow generation and competitive moats. The strategy maintains focus on businesses with stable intrinsic values that can withstand short-term volatility while providing superior long-term returns for patient investors.
AI disruption fears are creating once-in-a-decade opportunities to buy competitively entrenched businesses at financial crisis-era discounts, with many companies positioned to benefit from rather than be disrupted by AI technology.
Manager expects continued opportunities to buy quality businesses at significant discounts as AI disruption fears persist. Believes current price-to-value ratios approaching $0.50 on the dollar create compelling long-term opportunities for patient investors.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 21 2026 | 2026 Q1 | IBST.L, LFUS, MLKN, PBH.TO, RYAN, SARO, TRU | AI, Data, disruption, insurance, small cap, software, value | - | Small Cap strategy down 6.8% as AI fears create buying opportunities at $0.50 on the dollar valuations. Added Ryan Specialty Holdings, TransUnion, StandardAero, and CTS Eventim while trimming five positions. Manager believes AI will enhance rather than disrupt holdings with proprietary data and embedded workflows. Views current environment as once-in-a-decade opportunity for long-term investors. |
| Jan 18 2026 | 2025 Q4 | CBRE, CRM, CSGP, FISV, GOOGL, ITRN, KMX, MC.PA, MEDP, MSFT, QRVO, RE, RI.PA, RYAN, SSNC, STLA, SW.PA, SWKS, TRU, UNH | AI, discount, insurance, Quality, small cap, value |
EG ITRN |
Vulcan Value Partners improved portfolio valuations while delivering positive returns, with Small Cap trading at mid-50s price to value ratio. Manager sees parallels to late 1990s AI bubble but finds exceptional opportunities in overlooked segments. Portfolio emphasizes quality insurance and healthcare businesses like Medpace and Everest Group trading at substantial discounts to intrinsic value. |
| Oct 14 2025 | 2025 Q3 | CBRE, CRM, FISV, GOOGL, JLL, KMX, MEDP, SEE, UNH | Buybacks, consumer discretionary, financials, healthcare, technology, value | - | Vulcan delivered positive absolute returns across all strategies while improving price-to-value ratios through disciplined reallocation from higher-priced to more discounted holdings. Key moves included repurchasing Fiserv at attractive levels and selling CBRE after strong performance. Portfolio companies like Medpace are executing well and repurchasing shares, while all strategies maintain substantial margins of safety with fully invested portfolios. |
| 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, private credit, tariffs, technology, value, volatility |
IQV MSFT ISS DC |
Vulcan Value Partners capitalized on tariff-driven volatility to execute disciplined value investing, selling overvalued positions to buy discounted quality companies. Major moves included adding UnitedHealth Group after 50% decline and IQVIA Holdings. Microsoft and Ares Management drove performance through AI growth and alternative asset tailwinds. The firm's dual discipline approach of stable value companies at attractive prices proved effective during market dislocations. |
| Apr 9 2025 | 2025 Q1 | ABT, AMZN, ARES, CRM, CWK, ENS, FI, GOOGL, ISS.CO, ITRN, JLL, LYV, MAR, MEDP, MSFT, PRG, SW.PA, SWK, SWKS, TPG | Facilities Management, real estate, small cap, tariffs, value, volatility |
MEDP SWK TPG SWKS JLL ISS ITRN PRG CRM AMZN MSFT GOOGL SODEXO.PA |
Vulcan's Small Cap strategy outperformed benchmarks despite a 4.5% decline in Q1 2025. The firm capitalized on returning market volatility to improve price-to-value ratios, adding commercial real estate services exposure through Jones Lang LaSalle while benefiting from strong performance in facilities management via ISS A/S. Management welcomes continued volatility as an opportunity to deploy capital at attractive valuations. |
| Dec 31 2024 | 2024 Q4 | AMZN, CCK, CG, CRM, EG, ELV, FBHS, GOOGL, HEIA.AS, LYV, MEDP, MIDD, PBH.TO, PGHN.SW, QRVO, RI.PA, RTO.L, SDIP.ST, SW.PA, UNH | Building Products, discount, Europe, Foodservice, Margin Of Safety, small caps, value | - | Small Cap posted disappointing Q4 returns but represents Vulcan's most discounted portfolio with highest margin of safety. Added Fortune Brands and Middleby while maintaining discipline of buying quality companies with temporary headwinds at attractive valuations. Manager confident that patient approach will be rewarded as market overly focuses on short-term results versus long-term prospects. |
| Oct 9 2024 | 2024 Q3 | CBRE, CIGI, CWK, DNB, IBST.L, JLL, KKR, LYV, MC.PA, PGHN.SW, PLNT, PRG, RE, SBUX, UNH | Commercial real estate, interest rates, real estate, small cap, United Kingdom, value | - | Small cap portfolio delivered strong Q3 returns driven by commercial real estate services companies positioned to benefit from falling interest rates. Key holdings include Ibstock (UK brick manufacturer), Colliers, and Cushman & Wakefield. Manager sold Planet Fitness when margin of safety closed, reallocating to more discounted opportunities while maintaining disciplined value approach. |
| Jul 12 2024 | 2024 Q2 | BLL, CSGP, GOOGL, KMX, NICE, PK, PLNT, QRVO | Concentration, Fitness, infrastructure, semiconductors, small cap, Used Autos, value |
PLNT QRVO KMX SDIP.ST ISS.CO |
Vulcan's Small Cap strategy added three new positions in Q2 2024: Planet Fitness (dominant gym operator), Qorvo (RF semiconductor leader), and CarMax (largest used car retailer). The disciplined value approach focuses on high-quality businesses trading below intrinsic value, with Sdiptech contributing positively after trading at substantial discounts to fair value estimates. |
| Apr 25 2024 | 2024 Q1 | CCK, CNM, MEDP | Biotechnology, healthcare, packaging, small cap, value |
LYV KMX SBUX CCK |
Vulcan's Small Cap strategy returned 0.2% in Q1 2024, adding Crown Holdings aluminum packaging and selling Core & Main after price appreciation. Medpace biotechnology services drove performance with strong fundamentals. The disciplined value approach continues focusing on quality businesses below fair value, emphasizing long-term compounding over short-term results. |
| Jan 17 2024 | 2023 Q4 | CIGI, CWK, DEO, FORT.L, IBST.L, ISS.CO, LFUS, MEDP, PK, SDIP.ST, VIC.L, VRTS | Commercial real estate, Concentration, infrastructure, interest rates, Margin Of Safety, small cap, value |
DEO IBTX.L FORT.L LFUS |
Vulcan's Small Cap strategy posted 20.2% returns in 2023, outperforming benchmarks through disciplined value investing. The portfolio trades at significantly lower valuations than Large Cap, enabling higher concentration. Commercial real estate holdings drove Q4 performance on improving rate outlook. The manager sees encouraging signs for 2024 as rate-sensitive businesses stabilize and Fed cuts approach. |
| Oct 10 2023 | 2023 Q3 | AMAT, DEO, FWRD, ISS.CO, ITRN, LRCX, MAR, MLKN, SEE, SMRT, TXN, UNH | concentrated, discount, large cap, Quality, small cap, value |
DEO AMAR TXN AAPL|MSFT|NFLX|NVDA|UNH MLKN ITRN EDELWEISS SMRT DEEPSEEK |
Vulcan Value Partners posted negative Q3 returns but maintains disciplined value approach, adding quality names like Diageo and Marriott at attractive valuations. The firm reopened Small Cap and All Cap strategies due to compelling price-to-value opportunities. Focus remains on long-term compounding through concentrated positions in businesses with sustainable competitive advantages trading below intrinsic value. |
| Jul 31 2023 | 2023 Q2 | AMZN, CRNC, CSGP, CW, CWK, DNB, ELV, ENS, FI, G, GE, GOOGL, MEDP, MLKN, MSFT, PRG, SMRT, SSNC, TDG, UPS | AI, Cloud, free cash flow, healthcare, payments, small cap, technology, value | - | Vulcan's Small Cap strategy outperformed in Q2 with strong contributions from SmartRent and Medpace. New positions in Genpact and Dun & Bradstreet add high-quality recurring revenue businesses. Despite economic headwinds, the team remains fully invested in companies with sustainable competitive advantages trading at attractive discounts to intrinsic value. |
| Mar 31 2023 | 2023 Q1 | AYI, CNM, CW, LFUS, SEE | defense, Industrial, infrastructure, small cap, value |
IHG UPS ACWI AYI CNM DEEPSEEK ARES |
Vulcan Small Cap outperformed significantly in Q1 2023 with 8.1% returns versus -0.7% for the benchmark. New positions in Curtiss-Wright, Acuity Brands, Core & Main, and Sealed Air capitalize on defense spending, infrastructure needs, and packaging demand. Despite macro headwinds and recession risks, the manager maintains conviction in competitively entrenched businesses purchased at attractive valuations. |
| Sep 2 2023 | 2022 Q4 | ENS, FWRD, ISS DC, MEDP, VIP GR | - | - | |
| Sep 11 2022 | 2022 Q3 | CWK, LFUS, MLKN, PRCH, SMRT, TKR | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIManager views AI disruption fears as creating opportunities to buy quality businesses at steep discounts. Believes many companies will benefit from AI rather than be disrupted, particularly those with proprietary data and embedded workflows like TransUnion and Ryan Specialty Holdings. |
Disruption Software Enterprise Automation Data |
InsuranceFocus on Excess and Surplus insurance brokers like Ryan Specialty Holdings, which dominate complex commercial insurance markets. Manager believes AI will enhance rather than replace these specialized brokers for large, complex risks. |
Brokers Commercial Specialty Risk | |
DataInvestment in TransUnion based on proprietary consumer credit data that cannot be replicated by AI or new entrants. The data is regulated, highly sensitive, and embedded in lender workflows. |
Credit Proprietary Analytics Bureaus | |
| 2025 Q4 |
ValueManager focuses on undervalued securities trading below intrinsic value, with portfolio positioned as well as any point in fund history. Describes portfolio as 'cranking a spring' with tension rising, rotating capital from winners to laggards where value is not reflected in share prices. |
Undervalued Intrinsic Value Mispriced Fair Value Discount |
HealthcareSignificant exposure through SHC (sterilization services) and MDRX (healthcare software). SHC benefits from hospital inventory destocking ending and tax law changes. MDRX represents sticky healthcare software with regulatory complexity that should be less affected by AI disruption. |
Sterilization Healthcare Software Medical Devices EHR Healthcare IT | |
Real EstateExposure through STHO (liquidating real estate assets) and SEG (Seaport entertainment district). STHO making progress on asset sales with anticipated capital returns in 2026. SEG signed Meow Wolf as anchor tenant, expected to transform the Seaport location. |
Real Estate Development Asset Sales Entertainment Real Estate Manhattan Liquidation | |
BuybacksSTHO actively returning capital via share repurchases, buying back approximately 9% of shares outstanding in 2025. Manager views this as evidence of management commitment to returning capital to shareholders. |
Share Repurchases Capital Returns Management Commitment | |
| 2025 Q3 |
ValueVulcan emphasizes owning outstanding businesses with substantial margins of safety at attractive price to value ratios. They improved price to value ratios across all portfolios despite positive returns, with Focus and Focus Plus portfolios having price to value ratios in the upper 60s and Small Cap in the mid 50s. |
Margin of Safety Price to Value Undervalued Discount Intrinsic Value |
BuybacksMultiple portfolio companies are repurchasing shares that both Vulcan and the companies believe are undervalued, which is additive to value per share growth. Medpace repurchased nearly 6% of outstanding shares, and Fiserv is using free cash flow to repurchase discounted shares. |
Share Repurchases Value Per Share Capital Allocation Free Cash Flow Undervalued Shares | |
| 2025 Q2 |
Trade PolicyMarket volatility related to tariffs increased markedly during the second quarter, creating opportunities to execute investment philosophy. The tariff tantrum and Liberation Day created meaningful stock price declines, followed by moderation of tariff policies that led to rallies in previously discounted companies. |
Tariffs Liberation Day Policy Volatility Trump |
HealthcareSignificant focus on healthcare investments including UnitedHealth Group facing operational challenges and CEO resignation, and IQVIA Holdings as a leading contract research organization. Healthcare represents a major portion of portfolio activity with both challenges and opportunities in the sector. |
Medicare Insurance CRO Pharmaceuticals Biotech | |
AIMicrosoft is highlighted as a key beneficiary in the growth of AI and hyperscale cloud infrastructure. Azure growth is accelerating driven by AI contributions, and the company benefits from AI-related growth tailwinds alongside cloud computing. |
Azure Cloud Infrastructure Microsoft Technology | |
Alternative Asset ManagersAres Management featured prominently as a global diversified alternative asset manager with leading private credit franchise. The firm is unique in growing more quickly during times of dislocation and benefits from long-term secular growth tailwinds and locked-up capital creating annuity-like fee streams. |
Private Credit Dislocation Fee Streams Capital Growth | |
| 2025 Q1 |
VolatilityMarket volatility returned during the first quarter, creating opportunities for the firm to execute their dual investment discipline. The firm welcomes volatility as it provides opportunities to purchase stable value businesses at lower prices with larger margins of safety. Price to value ratios improved across all strategies during the quarter. |
Market volatility Price discovery Margin of safety Value investing Market timing |
Commercial Real EstateThe firm made significant investments in commercial real estate services through Jones Lang LaSalle, one of the largest providers globally. The company serves both investors and corporate occupiers, providing leasing, M&A advisory, and property management services. The sector is consolidating with secular growth opportunities. |
Real estate services Property management Commercial leasing Investment advisory Consolidation | |
Facilities ManagementStrong performance from ISS A/S, a Denmark-based facilities management company specializing in non-core services like cleaning, food management, and security. The company grew operating profits 24% and announced significant shareholder returns. The trend of outsourcing non-core functions provides long-term growth opportunities. |
Outsourcing Service providers Operating leverage Shareholder returns Global scale | |
| 2024 Q4 |
ValueSmall Cap is the most discounted portfolio in terms of price compared to intrinsic value estimates, providing the highest margin of safety. The manager believes the market is overly focused on short-term results and not properly recognizing long-term prospects of quality companies trading at discounts. |
Discount Margin of Safety Intrinsic Value Price to Value Undervalued |
Building ProductsFortune Brands Innovations manufactures home and security products including faucets, plumbing products, security doors, and composite decking with iconic brands like Moen. The company has experienced weak remodeling and home sales activity but maintains profitability and strong free cash flow generation. |
Home Products Plumbing Moen Remodeling Construction | |
FoodserviceMiddleby provides high-performance foodservice equipment globally with over 120 brands serving commercial, residential, and food processing sectors. The company benefits from pent-up demand as restaurant chains previously focused on front-of-house investments during Covid. |
Restaurant Equipment Commercial Kitchen Food Processing Replacement Cycles Capital Equipment | |
| 2024 Q3 |
Commercial Real EstateMultiple holdings in commercial real estate services including Colliers International, Cushman & Wakefield, and Jones Lang LaSalle. These companies are benefiting from falling interest rates and should see improved transaction volumes as the sector recovers from recent downturns. |
Real Estate Services Transaction Volumes Interest Rates Property Management Leasing |
RatesInterest rate environment is a key driver across multiple portfolio companies. Falling rates are expected to benefit real estate services companies and housing-related businesses like Ibstock through improved transaction activity and economic conditions. |
Interest Rates Bank of England Economic Recovery Transaction Activity | |
United KingdomSignificant exposure to UK market through Ibstock, the largest clay brick manufacturer in the UK. The company benefits from housing shortage, new government pledges to address housing needs, and improving economic conditions with falling interest rates. |
Housing Shortage Government Policy Economic Recovery Construction | |
| 2024 Q2 |
FitnessPlanet Fitness pioneered the high value, low price gym model with over 2,500 gyms globally and 18.7 million members. The company captured roughly 90% of U.S. gym membership growth from 2011-2019 and plans to double its number of U.S. locations. |
Gyms Membership Growth Scale |
SemiconductorsQorvo is a leader in radio frequency systems and power management solutions for mobile devices and wireless infrastructure. The company operates in an oligopoly with only a small number of companies capable of producing increasingly complex chipsets at scale. |
RF Mobile Chipsets Oligopoly | |
Used AutosCarMax is the largest used car retailer in the United States with an omnichannel approach that enables market share gains in a highly fragmented market. Management has focused on de-leveraging and right-sizing the firm over the last two years. |
Retail Omnichannel Market Share Fragmented | |
InfrastructureSdiptech acquires and develops niche infrastructure companies that contribute to more sustainable, efficient, and safe societies. The company is a collection of approximately 40 operating businesses positioned well to compete and grow their competitive moats. |
Acquisition Sustainability Moats Niche | |
| 2024 Q1 |
PackagingCrown Holdings is the second largest manufacturer of aluminum beverage cans globally with high barriers to entry and stable margins. The industry structure, scale, and long-term contracts with inflationary pass-throughs result in solid returns and robust free cash flow. Aluminum cans are taking share from plastic as a more sustainable product. |
Aluminum Beverages Sustainability Packaging Containers |
BiotechnologyMedpace Holdings is a full service clinical contract research organization providing outsourced drug development services to small and mid-sized biotechnology firms. The company reported strong metrics around new business, revenue, earnings, and free cash flow with a healthy balance sheet and no debt. |
CRO & CDMO Drug Development Clinical Trials Biotechnology Healthcare | |
| 2023 Q4 |
Commercial Real EstateMultiple small cap holdings are exposed to commercial real estate services and REITs. Interest rate declines in Q4 2023 drove outperformance across real estate-oriented companies. The sector faces challenges from higher rates and weak economic conditions but should benefit from Fed rate cuts expected in 2024. |
Interest Rates REITs Property Management Real Estate Services Rate Cuts |
ValueThe manager follows a disciplined value approach, seeking companies trading at discounts to intrinsic value with margins of safety. Small cap price-to-value ratios are approximately 15 points lower than large cap, resulting in higher concentration and better risk-adjusted positioning. |
Margin of Safety Intrinsic Value Price to Value Discount Concentration | |
InfrastructureHoldings include companies providing mission-critical infrastructure solutions and services. Sdiptech provides technology solutions for advanced infrastructures in niche markets without significant competition, while ISS provides facilities management services that benefit from outsourcing trends. |
Mission Critical Outsourcing Technology Solutions Facilities Management Niche Markets | |
| 2023 Q3 |
ValueVulcan focuses on purchasing high-quality businesses at substantial discounts to intrinsic value with sustainable competitive advantages. The firm emphasizes price-to-value ratios and margin of safety as key investment criteria. They recently reopened Small Cap and All Cap strategies due to historically attractive price-to-value ratios. |
Discount Intrinsic Value Margin of Safety Quality Competitive Advantage |
QualityThe firm targets businesses with sustainable competitive advantages, strong margins, high returns on invested capital, and the ability to consistently produce free cash flow. Examples include Diageo's pricing power and brand strength, Marriott's asset-light model, and Texas Instruments' mission-critical products. |
Competitive Advantage Free Cash Flow Returns on Capital Brand Strength Pricing Power | |
| 2023 Q2 |
CloudAWS growth continues to slow but significant technology workloads remain on-premise with strong new customer pipeline. Microsoft driving digital cloud growth and benefiting from AI wave while generating operating leverage. |
AWS Digital Infrastructure Migration Enterprise |
AIMicrosoft benefiting from recent AI wave with competitive strengths including deep integration across enterprise technology stack and embedded optionality on future machine learning capabilities. Alphabet expected to benefit from recent advances in generative AI. |
Machine Learning Generative Enterprise Technology Integration | |
PaymentsFiserv provides global payments solutions and financial services with high switching costs that aid customer retention. The company generates over $3 billion of free cash flow annually for reinvestment and shareholder returns. |
Financial Services Processing Switching Costs Cash Flow Retention | |
Healthcare ITMedpace exceeding expectations with strong new business awards, revenue growth, earnings growth, and free cash flow production despite challenges in biotech funding environment. |
Biotech Clinical Revenue Growth Cash Flow Awards | |
| 2023 Q1 |
DefenseCurtiss-Wright benefits from elevated geopolitical risk driving urgency for global defense spending and strong shipbuilding activity. Two-thirds of its end market exposure is in aerospace and defense, with over 50% of defense revenue from sole source positions on key U.S. platforms. |
Defense Spending Aerospace Geopolitical Risk Shipbuilding Defense Electronics |
InfrastructureCore & Main is positioned to benefit from America's aging water infrastructure requiring $2.2 trillion in upgrades over the next 20 years. The country's average pipe age has increased from 25 years in 1970 to 45 years currently. |
Water Infrastructure Spending Municipal Distribution | |
E-commerceSealed Air operates in e-commerce markets with brands like Bubble Wrap and Instapax. The company benefits from high switching costs and sticky customer relationships in protective packaging for the growing e-commerce sector. |
E-commerce Packaging Logistics Consumer Electronics |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 18, 2026 | Fund Letters | C.T. Fitzpatrick | EG | Everest Group, Ltd. | Financials | Reinsurance | Bull | New York Stock Exchange | Float, margin of safety, Reinsurance, Share Buybacks, Underwriting Profit | Login |
| Jan 18, 2026 | Fund Letters | C.T. Fitzpatrick | ITRN | Ituran Location and Control Ltd. | Information Technology | Application Software | Bull | NASDAQ | Oem Partnerships, Recurring Cash Flow, subscription revenue, Telematics, Vehicle Recovery | Login |
| Jun 30, 2025 | Fund Letters | C.T. Fitzpatrick | IQV | IQVIA Holdings, Inc. | Health Care | Life Sciences Tools & Services | Bull | New York Stock Exchange | analytics, backlog, biopharma, Margins, Outsourcing, Subscriptions, Trials | Login |
| Jun 30, 2025 | Fund Letters | C.T. Fitzpatrick | MSFT | Microsoft Corporation | Information Technology | Systems Software | Bull | NASDAQ | Adoption, Automation, CapEx, cloud, Margins, Partnerships, productivity, Stickiness | Login |
| Jun 30, 2025 | Fund Letters | C.T. Fitzpatrick | ISS DC | ISS A/S | Industrials | Diversified Support Services | Bull | NASDAQ | cashflow, Contracts, deleveraging, efficiency, Outsourcing, turnaround, Wages | Login |
| Mar 31, 2025 | Fund Letters | Vulcan Value Partners - Small Cap | SWK | Stanley Black & Decker | Industrials | Machinery | Bull | NYSE | brands, Consumer Discretionary, Cyclical, Housing, manufacturing, restructuring, Tools | Login |
| Mar 31, 2025 | Fund Letters | Vulcan Value Partners - Small Cap | ISS | ISS A/S | Industrials | Commercial Services & Supplies | Bull | Copenhagen Stock Exchange | Cost Pass-through, Denmark, Facilities Management, global scale, Outsourcing, share repurchase | Login |
| Mar 31, 2025 | Fund Letters | Vulcan Value Partners - Small Cap | TPG | TPG Inc. | Financials | Capital Markets | Bull | NASDAQ | alternative assets, asset management, capital returns, fee income, Fundraising, private equity | Login |
| Mar 31, 2025 | Fund Letters | Vulcan Value Partners - Small Cap | ITRN | Ituran Location and Control Ltd. | Information Technology | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | Brazil, Insurance Discount, Israel, RF Technology, Subscription, Vehicle Tracking | Login |
| Mar 31, 2025 | Fund Letters | Vulcan Value Partners - Small Cap | SWKS | Skyworks Solutions Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bear | NASDAQ | competitive moat, Market Share Loss, Mobile, RF Systems, semiconductors, Wireless Infrastructure | Login |
| Mar 31, 2025 | Fund Letters | Vulcan Value Partners - Small Cap | PRG | PROG Holdings Inc. | Financials | Consumer Finance | Bull | NYSE | Big Lots, consumer finance, Lease-to-Own, market share, Non-Prime, Retail Partners | Login |
| Mar 31, 2025 | Fund Letters | Vulcan Value Partners - Small Cap | CRM | Salesforce Inc. | Information Technology | Software | Bull | NYSE | Agentforce, AI, CRM, Enterprise software, SaaS, Sales Automation | Login |
| Mar 31, 2025 | Fund Letters | Vulcan Value Partners - Small Cap | AMZN | Amazon.com Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | AWS, Cloud computing, digital advertising, Dominant, e-commerce, secular tailwinds | Login |
| Mar 31, 2025 | Fund Letters | Vulcan Value Partners - Small Cap | GOOGL | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI, antitrust, Cloud computing, generative AI, Google, Search | Login |
| Mar 31, 2025 | Fund Letters | Vulcan Value Partners - Small Cap | MSFT | Microsoft Corp. | Information Technology | Software | Bull | NASDAQ | Azure, Cloud computing, double-digit growth, Gaming, Linkedin, Office, Software | Login |
| Mar 31, 2025 | Fund Letters | Vulcan Value Partners - Small Cap | MEDP | Medpace Holdings Inc. | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | biotechnology, Cro, drug development, Free Cash Flow, growth, Healthcare services | Login |
| Mar 31, 2025 | Fund Letters | Vulcan Value Partners - Small Cap | JLL | Jones Lang LaSalle Inc. | Real Estate | Real Estate Management & Development | Bull | NYSE | Brokerage, commercial real estate, investment management, property management, secular growth, Variable Cost Structure | Login |
| Mar 31, 2025 | Fund Letters | Vulcan Value Partners - Small Cap | SODEXO.PA | Sodexo SA | Consumer Discretionary | Hotels, Restaurants & Leisure | Bull | Euronext Paris | customer retention, defensive, Facilities Management, Food Services, france, Outsourcing | Login |
| Jun 30, 2024 | Fund Letters | Vulcan Value Partners - Small Cap | QRVO | Qorvo Inc. | Information Technology | Semiconductors | Bull | NASDAQ | Aerospace & Defense, Cyclical Recovery, Internet of Things, margin expansion, Mobile Devices, oligopoly, Rf Semiconductors, Wireless Infrastructure | Login |
| Jun 30, 2024 | Fund Letters | Vulcan Value Partners - Small Cap | PLNT | Planet Fitness Inc. | Consumer Discretionary | Leisure Facilities | Bull | NYSE | Consumer Discretionary, expansion strategy, Fitness Centers, franchise model, Free Cash Flow, market share growth, same-store sales, Subscription Business | Login |
| Jun 30, 2024 | Fund Letters | Vulcan Value Partners - Small Cap | ISS.CO | ISS A/S | Industrials | Commercial Services & Supplies | Bull | Copenhagen Stock Exchange | defensive business, Facility Management, Free Cash Flow, Geographic Diversification, Margin Improvement, Non-core Services, Outsourcing Trend, Sticky Customers | Login |
| Jun 30, 2024 | Fund Letters | Vulcan Value Partners - Small Cap | SDIP.ST | Sdiptech AB | Industrials | Commercial Services & Supplies | Bull | Stockholm Stock Exchange | Competitive Moats, Infrastructure Technology, Long-term Management, Niche businesses, Operating Performance, Portfolio company, Sustainability Solutions, valuation discount | Login |
| Jun 30, 2024 | Fund Letters | Vulcan Value Partners - Small Cap | KMX | CarMax Inc. | Consumer Discretionary | Specialty Retail | Bull | NYSE | Balance Sheet Deleveraging, Captive Finance, digital infrastructure, Fragmented Market, market share gains, Omnichannel Strategy, Returns on Capital, used car retail | Login |
| Dec 31, 2023 | Fund Letters | Vulcan Value Partners - Small Cap | FORT.L | Forterra plc | Materials | Building Products | Bull | London Stock Exchange | Building materials, construction, Cyclical, materials, Pricing power, Supply Shortage, UK housing, Value | Login |
| Dec 31, 2023 | Fund Letters | Vulcan Value Partners - Small Cap | LFUS | Littelfuse Inc | Information Technology | Electronic Components | Bull | NASDAQ | automotive, Circuit Protection, Cyclical Recovery, Electrification, Electronic Components, Industrial, technology, Value | Login |
| Dec 31, 2023 | Fund Letters | Vulcan Value Partners - Small Cap | DEO | Diageo plc | Consumer Staples | Distillers & Vintners | Bull | London Stock Exchange | consumer staples, Cyclical Recovery, Free Cash Flow, Global distribution, premium brands, Pricing power, Spirits, Value | Login |
| Dec 31, 2023 | Fund Letters | Vulcan Value Partners - Small Cap | IBTX.L | Ibstock plc | Materials | Building Products | Bull | London Stock Exchange | Building materials, construction, Cyclical, materials, Pricing power, Supply Shortage, UK housing, Value | Login |
| Sep 30, 2023 | Fund Letters | Vulcan Value Partners - Small Cap | MLKN | MillerKnoll Inc. | Consumer Discretionary | Home Furnishings | Bull | NASDAQ | Cost management, Design, furniture, Home, Multi-channel, Office, premium brands, turnaround | Login |
| Sep 30, 2023 | Fund Letters | Vulcan Value Partners - Small Cap | DEO | Diageo plc | Consumer Staples | Distillers & Vintners | Bull | NYSE | brand portfolio, consumer staples, Global, premium brands, premiumization, Pricing power, Recession-resistant, Spirits | Login |
| Sep 30, 2023 | Fund Letters | Vulcan Value Partners - Small Cap | ITRN | Ituran Location and Control Ltd. | Information Technology | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | growth initiatives, Insurance Technology, Israel, recurring revenue, Technology Services, Telematics, Value Compounding, Vehicle Recovery | Login |
| Sep 30, 2023 | Fund Letters | Vulcan Value Partners - Small Cap | AMAR | Marriott International Inc. | Consumer Discretionary | Hotels, Resorts & Cruise Lines | Bull | NASDAQ | asset-light, brand portfolio, capital efficiency, Franchising, Free Cash Flow, Hotels, network effects, Travel Recovery | Login |
| Sep 30, 2023 | Fund Letters | Vulcan Value Partners - Small Cap | EDELWEISS | ISS A/S | Industrials | Commercial Services & Supplies | Bull | Copenhagen Stock Exchange | Cost Pass-through, Denmark, Facilities Management, global scale, Margin stability, Multinational Clients, Non-core Services, Outsourcing | Login |
| Sep 30, 2023 | Fund Letters | Vulcan Value Partners - Small Cap | TXN | Texas Instruments Inc. | Information Technology | Semiconductors | Bull | NASDAQ | Analog, Free Cash Flow, High Barriers, Long-term Focus, market leader, Mission-Critical, semiconductors, technology | Login |
| Sep 30, 2023 | Fund Letters | Vulcan Value Partners - Small Cap | SMRT | SmartRent Inc. | Information Technology | Software | Bull | NYSE | Apartment Technology, digital services, growth opportunity, Hardware, proptech, Rental Management, Smart home, Software | Login |
| Sep 30, 2023 | Fund Letters | Vulcan Value Partners - Small Cap | AAPL|MSFT|NFLX|NVDA|UNH | UnitedHealth Group Inc. | Health Care | Managed Health Care | Bull | NYSE | Demographics, healthcare, Healthcare services, Insurance, Integrated Model, network effects, Optum, Scale Advantages | Login |
| Sep 30, 2023 | Fund Letters | Vulcan Value Partners - Small Cap | DEEPSEEK | Sealed Air Corp. | Materials | Paper & Plastic Packaging Products & Materials | Bull | NYSE | Brand Leadership, Bubble Wrap, Consumables, Cryovac, e-commerce, Food Safety, Packaging, switching costs | Login |
| Mar 31, 2023 | Fund Letters | Vulcan Value Partners - Small Cap | 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 - Small Cap | 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 expansion, oligopoly, parcel delivery, Returns on Capital | Login |
| Mar 31, 2023 | Fund Letters | Vulcan Value Partners - Small Cap | 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 - Small Cap | AYI | Acuity Brands Inc. | Industrials | Electrical Equipment | Bull | New York Stock Exchange | Building Management, capital allocation, Distribution, Free Cash Flow, Lighting, Manufacturing Scale, North America, Pricing power, product innovation, share repurchases | Login |
| Mar 31, 2023 | Fund Letters | Vulcan Value Partners - Small Cap | CNM | Core & Main Inc. | Industrials | Trading Companies & Distributors | Bull | New York Stock Exchange | Aging Infrastructure, Buying Power, Distribution, Fire Protection, Fragmented Market, Municipal, National Scale, Storm Drainage, Wastewater, Water infrastructure | Login |
| Mar 31, 2023 | Fund Letters | Vulcan Value Partners - Small Cap | DEEPSEEK | Sealed Air Corp. | Materials | Paper & Plastic Packaging Products & Materials | Bull | New York Stock Exchange | brand recognition, Bubble Wrap, Consumables, Cryovac, e-commerce, Equipment, Food Safety, Protective Packaging, Sticky Relationships, switching costs | Login |
| Mar 31, 2023 | Fund Letters | Vulcan Value Partners - Small Cap | ARES | Ares Management Corp. | Financials | Asset Management & Custody Banks | Bull | New York Stock Exchange | alternative asset management, AUM growth, Fee-Related Revenue, Institutional Investors, market share gains, Private Credit, Private Equity Sponsors, Relationships, scale, Stable Earnings | Login |
| - | Fund Letters | Vulcan Value Partners - Small Cap | 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, Sustainability | Login |
| - | Fund Letters | Vulcan Value Partners - Small Cap | KMX | CarMax Inc. | Consumer Discretionary | Specialty Retail | Bull | NYSE | Captive Finance, cost structure, digital infrastructure, Fragmented Market, market share, Omnichannel, used car retail, Wholesale | Login |
| - | Fund Letters | Vulcan Value Partners - Small Cap | LYV | Live Nation Entertainment Inc. | Communication Services | Entertainment | Bull | NYSE | Artist Management, Concert Promotion, Entertainment Services, Live entertainment, market leader, Ticketing, Touring, Venues | Login |
| - | Fund Letters | Vulcan Value Partners - Small Cap | SBUX | Starbucks Corp. | Consumer Discretionary | Restaurants | Bull | NASDAQ | brand recognition, Coffee Retail, Consumer Discretionary, Free Cash Flow, Global distribution, management changes, Real Estate, store expansion | Login |
| TICKER | COMMENTARY |
|---|---|
| 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. E&S is more complicated, specialized insurance that is sold to manage risks not adequately covered by the highly regulated admitted or standard insurance market. The E&S market is growing much faster than the admitted market and RYAN is gaining market share, so it has been growing at a solid double digit rate for many years. More recently, RYAN's stock price has declined meaningfully again on AI related fears. During the first quarter OpenAI announced a partnership with Insurify, a privately held company using an app to sell auto insurance to consumers. They are adding AI functionality to the app. Most auto insurance is sold through the admitted market. 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. They trust RYAN to help them manage risks that can be as much as several hundred million dollars. We asked the CEO of one of these large insurance companies if they would consider using AI instead of an E&S broker such as RYAN to place these large, complex risks. The answer was an emphatic, 'No.' On the other hand, RYAN is using AI to lower costs and provide faster, better risk assessment by making its brokers more efficient. We believe that RYAN will benefit from AI as opposed to being harmed by it. We are thrilled to own this outstanding business with a substantial margin of safety. |
| 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. That data is then aggregated as a credit report and credit score and sold back to lenders to evaluate the creditworthiness of borrowers. The combined revenue that the three credit bureaus generate from selling mission critical proprietary credit data accounts for just three basis points of total US household debt of $19 trillion. TransUnion has also used its existing data on consumers to expand into new verticals, including marketing, fraud, identity verification, insurance and tenant screening. The company has evolved from being solely a credit bureau to being a global data and analytics company. Depressed volumes in mortgage lending, as well as investor concerns over AI disruption, have weighed on the stock price, giving us an opportunity to own its shares. 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. TransUnion's data and decisioning solutions are also embedded in lenders' workflows, making it costly for customers to switch. |
| SARO | StandardAero provides maintenance, repair, and overhaul (MRO) services for aircraft engines. 60% of revenue is generated from commercial markets, 20% from business aviation, and 20% from the military. 80% of profit is generated from core MRO activities and 20% from Component Repair Services which provide engine piece part and accessory repair. StandardAero generates 77% of its revenue from long-term agreements and serves approximately 5,000 customers, including airlines, fleet operators, engine OEMs, and the U.S. military. 80% of revenue is generated from platforms where StandardAero has the #1 or #2 market position. The company maintains a network of 55 test cells, the largest among independent MROs, which serves as a significant barrier to entry. Its relationships with OEMs span 20-60 years. Engine MRO is highly regulated and non-discretionary. Engine maintenance is highly regulated at prescribed intervals or following specific operational events. StandardAero's revenues are primarily driven by Global Commercial Air Traffic which has grown at a resilient 5.6% annually for the past 40 years. In addition, the company enjoys strong pricing power. We are thrilled to own this outstanding business with a substantial margin of safety. |
| LFUS | Littelfuse is an industrial manufacturing company focused on developing circuit protection, sensing, and power control products used to safeguard electrical systems in automotive, industrial, and electronics end markets. Its portfolio includes fuses, power semiconductors, relays, sensors, and surge protection devices that help prevent electrical damage and enhance reliability. The company reported strong results for the quarter with revenues rising 12% and margins improving by over 500 basis points. In addition, their data center business is growing very strongly and is now up to a double-digit percentage of revenue. Data center design wins doubled in 2025 and next generation data centers use significantly more of Littelfuse's content, often double or more. We expect the data center opportunity to contribute meaningfully to growth and continued margin expansion going forward. |
| MLKN | MillerKnoll is a global leader in providing premium grade commercial and residential furnishings. MillerKnoll's results are being negatively impacted by the Iran War. Despite this short-term dynamic, the company's fundamentals remain strong. Order trends continue to be healthy, gross margins continue to expand, and the company continues to generate strong free cash flow. We believe that MillerKnoll's premium brands, multi-channel distribution model, and global reach reinforce the value stability of the company. We also believe that depressed volume trends in both its commercial and residential end markets are holding back the company's normal earnings power, which is materially higher than today's earnings. In the meantime, we own an iconic company supported by a strong balance sheet and a tenured management team with a substantial margin of safety. |
| PBH.TO | Premium Brands is a high-quality, diversified specialty food business focused on protein-based foods. The stock price declined in the quarter, despite very strong results. Organic revenue grew 12% and EBITDA grew 21% in the quarter. The company has added significant capacity over the past few years to meet rising demand for its products and is now benefiting from those investments. As we expected, volume growth accelerated meaningfully in 2025, driving margins and returns on capital higher. We expect another strong year of growth in 2026 with robust free cash flow production. We are pleased to be long-term shareholders in this wonderful business. |
| IBST.L | Ibstock is the largest manufacturer of clay bricks and concrete products in the United Kingdom. There is a structural supply and demand imbalance in UK housing. Demand for housing exceeds supply. In addition, the UK brick market is also structurally undersupplied. There is not enough domestic capacity to meet demand and the gap is made up by imports, which are more costly to ship and not very profitable. This structural imbalance gives Ibstock a cost advantage over imports. There are very high barriers to entry to adding new brick capacity in the United Kingdom. The company is currently underearning due to a housing downturn in the UK caused by higher interest rates and a weak economy. We remain confident in the company's long-term outlook and the fundamentals of the British brick market. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||
