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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 - Focus. This analysis is provided for institutional research purposes only and is not investment advice.
"Vulcan's Focus portfolio returned 10.4% in Q2 but remains down 10.7% YTD as deeply discounted quality businesses compound values while out of favor. The manager sold UnitedHealth after strong recovery to redeploy into more discounted names."
Vulcan Value Partners Focus Composite returned 10.4% net in Q2 2026, bringing YTD performance to -10.7% net. The manager emphasizes that despite attractive absolute returns, price to value ratios remained virtually unchanged as portfolio companies reported solid results and generated strong free cash flow while most repurchased discounted shares. The manager reallocated capital from companies whose prices increased more than intrinsic values into those trading at larger discounts. The portfolio sold UnitedHealth Group after a 35% gain to redeploy into more discounted names. Material contributors included Amazon, which reported accelerating AWS growth to 28% and strong retail momentum, and Alphabet, where Google Cloud accelerated to 63% growth with expanding margins. Ryan Specialty and TransDigm experienced stock price volatility while values grew, prompting additions. Everest Group is generating double-digit value growth per share by repurchasing stock below tangible book value in a soft insurance market. The manager believes the portfolio owns exceptional businesses at roughly 50 cents on the dollar and personally added capital, encouraging long-term investors to do the same.
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