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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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Buyside Digest is not affiliated with, and does not endorse, Vulcan Value Partners - All Cap. This analysis is provided for institutional research purposes only and is not investment advice.
"Vulcan owns exceptional businesses at 50 cents on the dollar that remain deeply out of favor while values compound steadily. The manager added three high-quality software businesses—Veeva, ServiceNow, and Equifax—at significant discounts driven by misunderstood AI disruption fears."
Vulcan Value Partners delivered 9.0% net returns in Q2 2026 for their All Cap strategy, though the portfolio remains down 5.7% year-to-date. Despite attractive absolute returns, price-to-value ratios remained virtually unchanged as portfolio companies reported solid results, generated strong free cash flow, and repurchased discounted shares, causing values to compound nicely. The manager reallocated capital from companies whose stock prices increased more than intrinsic values into those trading at larger discounts. Key purchases included Veeva Systems, Equifax, and ServiceNow, all acquired at significant discounts due to perceived AI disruption risks that the manager believes are unfounded. These software businesses possess proprietary data, mission-critical platforms, and embedded customer relationships that make them resilient to AI disruption. UnitedHealth was sold after recovering from earlier lows, with capital redeployed to more discounted opportunities. The manager emphasizes that portfolio companies remain deeply out of favor but significantly more undervalued than what is currently working in the market, creating what they view as a fantastic opportunity for long-term investors. The CIO personally added capital at quarter-end.
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