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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 - Large 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 with values compounding steadily despite near-term underperformance. Healthcare insurers UnitedHealth and Elevance are recovering from post-Covid pressure."
Vulcan Value Partners delivered 9.5% net returns in Q2 2026 but remains down 5.9% year-to-date as the portfolio's deeply discounted, out-of-favor businesses lagged the broader market. Despite solid absolute returns, price-to-value ratios remained unchanged as portfolio companies reported strong results and generated robust free cash flow while the manager reallocated capital from names approaching fair value into more discounted opportunities. The portfolio added Equifax, a dominant credit bureau and workforce data provider trading at a discount despite strong fundamentals and no meaningful AI threat. Healthcare holdings UnitedHealth and Elevance were material contributors as the market began recognizing their recovery from post-Covid margin pressure. The manager emphasizes owning exceptional businesses at roughly 50 cents on the dollar with values compounding steadily. With companies significantly more undervalued than what is working in the market, the manager views this as a fantastic opportunity for long-term investors and personally added capital in Q1. The combination of steady value growth and substantial margins of safety historically leads to outsized returns over time.
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