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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 Plus. This analysis is provided for institutional research purposes only and is not investment advice.
"Vulcan's Focus Plus portfolio owns world-class businesses at 50% discounts despite Q2 outperformance. Amazon and Alphabet drove returns with accelerating cloud growth and AI adoption."
Vulcan Value Partners Focus Plus Composite returned 10.5% net in Q2 2026 but remains down 10.6% year-to-date. The manager maintains that the portfolio owns exceptional businesses at roughly 50 cents on the dollar despite being deeply out of favor. During the quarter, UnitedHealth Group was sold after recovering more than 35% to reallocate capital into more discounted names. Key contributors included Amazon, which reported accelerating AWS growth of 28% and Google Cloud growth of 63%, with AI driving expansion across both platforms. Alphabet's Google Cloud is now 40% of the company's value, up from negative EBIT margins in 2022. Everest Group continues disciplined underwriting in a soft insurance market, using 100% of free cash flow to repurchase stock below 50% of fair value. TransDigm and SAP were added to during volatility. The manager emphasizes that companies reported solid fundamentals with strong free cash flow generation and share repurchases, while values compounded at double-digit rates. Portfolio price-to-value ratios remained stable as capital was reallocated from appreciated positions into deeper discounts. The manager personally added capital and encourages long-term investors to do the same.
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