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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 - Small Cap. This analysis is provided for institutional research purposes only and is not investment advice.
"Vulcan Small Cap returned 13.3% net in Q2 2026 despite price to value ratios remaining flat. The strategy added Badger Meter and TPG at significant discounts driven by market overreactions."
Vulcan Value Partners Small Cap strategy returned 13.3% net in Q2 2026, bringing YTD returns to 5.6% net. The portfolio added two new positions: Badger Meter, the dominant North American water meter manufacturer with 85% replacement demand and strong infrastructure tailwinds, and TPG, an alternative asset manager growing fee earning AUM 23% despite a 35% stock decline driven by AI disruption fears the manager views as overreaction. Park Hotels was sold to reallocate capital. Material contributors included PROG Holdings, MillerKnoll, Fortune Brands Innovations, Ituran, and Littelfuse. MillerKnoll rebounded strongly with North American Contract segment exceeding expectations while remaining one of the most discounted holdings. Fortune Brands announced respected new CEO Jesse Singh and initiated strategic review of composite decking. Genpact was the sole detractor, discarded by the market as an AI disruption candidate, though the manager believes AI adoption complexity strengthens rather than diminishes Genpact's value proposition. Price to value ratios remained virtually unchanged as strong business performance and disciplined capital reallocation offset market gains. The manager personally added capital and encourages long-term investors to do the same.
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