DNB

DNB

DNB

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 17, 2025	Ariel Small Cap Value Strategy	7.6%	-	CLB, DNB, FAF, LIND, OSW, REZI, WEX, ZBRA	AI, Oil Services, small cap, tariffs, technology, Trade Policy, Travel, value	OneSpaWorld Holdings showed strong demand for spa services and medi-spa treatments despite consumer sentiment concerns. Lindblad Expeditions delivered robust results with improved occupancy and net yield growth, expanding into European river cruises through a new partnership.	ZBRA WEX FAF CLB REZI LIND OSW ZBRA FAF CLB	View
2025 Q2	Jun 30, 2025	Vulcan Value Partners – Small Cap	8.1%	3.6%	AMZN, ARES, CG, DNB, FORT.L, GOOGL, IBST.L, IQV, ISS.CO, LFUS, MC.PA, MEDP, MSFT, PGHN.SW, UNH	AI, Alternative Assets, healthcare, tariffs, technology, value, volatility	Significant focus on healthcare investments including UnitedHealth Group despite operational challenges and CEO transition. IQVIA Holdings added as largest CRO globally with strong positioning despite industry headwinds. Healthcare represents core value opportunity during market volatility.		View
2025 Q2	Jun 30, 2025	Vulcan Value Partners – Focus Plus	9.5%	3.2%	AMZN, ARES, CG, DNB, FORT.L, GOOGL, IBST.L, IQV, ISS.CO, LFUS, MC.PA, MEDP, MSFT, PGHN.SW, UNH	AI, Alternative Assets, healthcare, tariffs, technology, value, volatility	Significant focus on healthcare investments including UnitedHealth Group despite operational challenges and IQVIA Holdings as the largest CRO globally. Healthcare represents both opportunity and risk with government policy exposure but stable underlying business models.		View
2025 Q2	Jun 30, 2025	Vulcan Value Partners – Focus Plus	8.8%	2.3%	AMZN, ARES, CG, DNB, FORT.L, GOOGL, IBST.L, IQV, ISS.CO, LFUS, MC.PA, MEDP, MSFT, PGHN.SW, UNH	AI, Alternative Assets, healthcare, tariffs, technology, value, volatility	Significant focus on healthcare investments including UnitedHealth Group despite operational challenges and IQVIA Holdings as the largest CRO globally. Healthcare represents both value opportunities and operational turnaround situations with stable underlying business models.	FORT.L GOOGL AMZN LFUS ISS.CO ARES MSFT IQV UNH UNH	View
2025 Q2	Jun 30, 2025	Vulcan Value Partners – Large Cap	7.0%	4.7%	AMZN, ARES, CG, DNB, FORT.L, GOOGL, IBST.L, IQV, ISS.CO, LFUS, MC.PA, MEDP, MSFT, PGHN.SW, UNH	AI, Alternative Assets, healthcare, tariffs, technology, value, volatility	Significant focus on healthcare investments including UnitedHealth Group despite operational challenges and IQVIA Holdings as the largest CRO globally. Healthcare represents both value opportunities and operational turnaround situations with stable underlying business models.	FORA.L GOOGL AMZN LFUS ISS.CO ARES MSFT IQV UNH	View
2025 Q2	Jun 30, 2025	Vulcan Value Partners – Small Cap	6.7%	1.9%	AMZN, ARES, CG, DNB, FORT.L, GOOGL, IBST.L, IQV, ISS.CO, LFUS, MC.PA, MEDP, MSFT, PGHN.SW, UNH	AI, Alternative Assets, healthcare, private credit, tariffs, technology, value, volatility	Market volatility related to tariffs increased markedly during the second quarter, creating opportunities to execute investment philosophy. The tariff tantrum and Liberation Day created meaningful stock price declines, followed by moderation of tariff policies that led to rallies in previously discounted companies.	ISS DC MSFT IQV	View
2025 Q1	May 17, 2025	VH Standard Asset Management	-	-	ALTM, ALTR, APO, AZPN, BECN, BRDG, COF, DFS, DNB, EDR, ESGR, HCP, HEES, HHH, HRI, JNPR, JWN, K, PDCO, PLYA, RDFN, RDUS, SWTX, TURN, WBA	Capital markets, M&A, Merger Arbitrage, risk management, volatility	The manager expects M&A activity to pick up significantly, leading to increased overbids and excess returns. Current environment shows minimal overbids, quiet go-shops, and subdued optimism, but historical patterns suggest this will revert to more competitive conditions similar to the 1980s merger boom.		View
2024 Q1	Apr 15, 2024	Ariel Small Cap Value Strategy	10.1%	0.0%	CG, DNB, LAZ, LIND, MGPI, NVT, OSW, SPHR	AI, Electrical, Entertainment, small cap, Spirits, Travel, value	Investor enthusiasm around artificial intelligence drove broad-based market rally in Q1. AI-themed mega-cap stocks dominated performance, though their concentration and elevated valuations remain influential on overall market performance.	MGPI DNB OSW LIND NVT LAZ SPHR	View
2024 Q3	Oct 9, 2024	Vulcan Value Partners – Small Cap	9.1%	9.4%	CBRE, CIGI, CWK, DNB, IBST.L, JLL, KKR, LYV, MC.PA, PGHN.SW, PLNT, PRG, RE, SBUX, UNH	Commercial real estate, interest rates, real estate, small cap, United Kingdom, value	Multiple holdings in commercial real estate services including Colliers International, Cushman & Wakefield, and Jones Lang LaSalle. These companies are benefiting from falling interest rates and should see improved transaction volumes as the sector recovers from recent downturns.		View
2024 Q3	Oct 9, 2024	Vulcan Value Partners – Large Cap	8.2%	17.6%	CBRE, CIGI, CWK, DNB, EG, IBST.L, JLL, KKR, LYV, MC.PA, PGHN.SW, PLNT, PRG, SBUX, UNH	Alternative Asset Managers, Commercial real estate, interest rates, Luxury, Margin Of Safety, Reinsurance, value	Multiple commercial real estate service providers benefited from falling interest rates and improving transaction volumes. Companies like Jones Lang LaSalle, CBRE, Colliers International, and Cushman & Wakefield are positioned to benefit as interest rates decline and real estate markets recover from recent downturns.		View
2024 Q3	Oct 9, 2024	Vulcan Value Partners – Small Cap	8.1%	16.5%	CBRE, CIGI, CWK, DNB, EG, IBST.L, JLL, KKR, LYV, MC.PA, PGHN.SW, PLNT, PRG, SBUX, UNH	Alternative Assets, Commercial real estate, interest rates, Luxury, Margin Of Safety, Reinsurance, value	Multiple portfolio companies are commercial real estate service providers benefiting from falling interest rates and recovering transaction volumes. Companies like CBRE, Colliers, and Cushman & Wakefield are positioned for recovery as the industry emerges from a downturn.		View
2024 Q3	Oct 9, 2024	Vulcan Value Partners – Focus Plus	5.6%	18.6%	CBRE, CIGI, CWK, DNB, EG, IBST.L, JLL, KKR, LYV, MC.PA, PGHN.SW, PLNT, PRG, SBUX, UNH	Alternative Asset Managers, Commercial real estate, interest rates, Luxury, Margin Of Safety, value	Multiple holdings in commercial real estate services including CBRE, Jones Lang LaSalle, Colliers International, and Cushman & Wakefield. These companies are positioned to benefit from falling interest rates and recovery in transaction volumes after weathering an industry downturn. The managers see these businesses as having diversified earnings streams and asset-light models.		View
2024 Q3	Oct 9, 2024	Vulcan Value Partners – Focus Plus	5.9%	18.7%	CBRE, CIGI, CWK, DNB, EG, IBST.L, JLL, KKR, LYV, MC.PA, PGHN.SW, PLNT, PRG, SBUX, UNH	Alternative Assets, Commercial real estate, Concentration, interest rates, Luxury, Reinsurance, value	Multiple commercial real estate service providers benefited from falling interest rates and improving transaction volumes. Companies like CBRE, Colliers, and Cushman & Wakefield are positioned to benefit from the recovery in real estate markets as rates decline.		View
2023 Q4	Jan 17, 2024	Vulcan Value Partners – Focus Plus	5.6%	18.6%	AMZN, BVS.PA, CBRE, CG, CIGI, CRM, CWK, DEO, DNB, FORT.L, IBTX.L, ISS.CO, JLL, KKR, LFUS, MEDP, MSFT, PK, SDIP.ST, TDG, V, VCP.L, VRTS	AI, Alternative Assets, Cloud, Commercial real estate, Concentration, large cap, value	Vulcan follows a disciplined value approach, investing in companies trading at discounts to intrinsic value with margins of safety. They reallocated capital from companies whose prices rose more rapidly than intrinsic value estimates into companies with larger margins of safety.	DNB LFUS FORT.L IBTX.L DEO	View
2023 Q2	Jul 31, 2023	Vulcan Value Partners – Large Cap	8.2%	17.6%	AMZN, CSGP, CWK, DNB, ELV, ENS, FI, G, GE, GOOGL, MEDP, MLKN, MSFT, PRG, SMRT, SSNC, TDG, UPS	AI, Cloud, free cash flow, large cap, payments, technology, value	Amazon's AWS continues to show strong customer pipeline despite growth deceleration, with significant technology workloads remaining on-premise. Microsoft drives digital cloud growth and benefits from AI wave while generating operating leverage. The managers remain confident in long-term cloud assumptions.	CHKP. ELV ENS PRG MEDP SFR DNB ^GSPC SSNC FISV	View
2023 Q2	Jul 31, 2023	Vulcan Value Partners – Small Cap	9.1%	9.4%	AMZN, CRNC, CSGP, CW, CWK, DNB, ELV, ENS, FI, G, GE, GOOGL, MEDP, MLKN, MSFT, PRG, SMRT, SSNC, TDG, UPS	AI, Cloud, free cash flow, healthcare, payments, small cap, technology, value	AWS growth continues to slow but significant technology workloads remain on-premise with strong new customer pipeline. Microsoft driving digital cloud growth and benefiting from AI wave while generating operating leverage.		View
2023 Q4	Jan 17, 2024	Vulcan Value Partners – Small Cap	8.1%	16.5%	AMZN, CG, CRM, CWK, DNB, GOOGL, KKR, MSFT, TDG	AI, Alternative Assets, Cloud, Concentration, real estate, technology, value	Vulcan follows a disciplined value approach, investing in companies trading at discounts to intrinsic value estimates. They reallocated capital from companies whose prices rose more rapidly than intrinsic value estimates into companies with larger margins of safety. The firm maintains an MVP list of approximately 400 qualifying businesses with sustainable competitive advantages.	DNB LFUS FORT.L IBTX.L DEO	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Vulcan Value Partners - All Cap	Dun & Bradstreet Holdings Inc	Industrials	Research & Consulting Services	Bull	NYSE	asset-light, Business Data, Credit assessment, Data Analytics, Free Cash Flow, High retention, risk management	View Pitch
Apr 28, 2026	Fund Letters	Vulcan Value Partners - Focus	Dun & Bradstreet Holdings Inc	Industrials	Research & Consulting Services	Bull	NYSE	asset-light, Business Data, Credit risk, Equity, Free Cash Flow, High retention, proprietary database, SaaS	View Pitch
Apr 28, 2026	Fund Letters	Vulcan Value Partners - Large Cap	Dun & Bradstreet Holdings Inc.	Industrials	Research & Consulting Services	Bull	NYSE	asset-light, business intelligence, Data Analytics, high switching costs, proprietary database, recurring revenue	View Pitch
Apr 13, 2026	Fund Letters	Ariel Small Cap Value Strategy	Dun & Bradstreet Corporation	Industrials	Research & Consulting Services	Bull	NYSE	analytics, Artificial Intelligence, Commercial Data, Free Cash Flow, Master Data Management, risk management, supply chain, Wide Moat	View Pitch

BSD Shareholders of DNB

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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