FORT-L

FORT-L

FORT-L

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
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
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 Q4	Jan 17, 2024	Vulcan Value Partners – Small Cap	9.1%	9.4%	CIGI, CWK, DEO, FORT.L, IBST.L, ISS.CO, LFUS, MEDP, PK, SDIP.ST, VIC.L, VRTS	Commercial real estate, Concentration, infrastructure, interest rates, Margin Of Safety, small cap, value	Multiple small cap holdings are exposed to commercial real estate services and REITs. Interest rate declines in Q4 2023 drove outperformance across real estate-oriented companies. The sector faces challenges from higher rates and weak economic conditions but should benefit from Fed rate cuts expected in 2024.	LFUS FORT.L IBTX.L DEO	View
2023 Q4	Jan 17, 2024	Vulcan Value Partners – Large Cap	8.2%	17.6%	AMZN, BVS.PA, CG, CIGI, CRM, CWK, DEO, FORT.L, GOOGL, IBST.L, ISS.CO, JLL, KKR, LFUS, MEDP, MSFT, PK, SDIP.ST, TDG, VRTS	Alternative Assets, Concentration, large cap, Margin Of Safety, real estate, technology, value	Manager follows disciplined value approach, reallocating capital from companies whose prices rose more rapidly than intrinsic value estimates into companies with larger margins of safety. Focus on businesses trading at discount to estimated intrinsic value with inherently stable values and competitive advantages.	LFUS FORT.L IBTX.L DEO	View
2023 Q4	Jan 17, 2024	Vulcan Value Partners – Focus Plus	5.9%	18.7%	AMZN, CBRE, CG, CIGI, CRM, CWK, DEO, FORT.L, GOOGL, IBST.L, ISS.CO, KKR, LFUS, MEDP, MSFT, PK, SDIP.ST, TDG, V, VRTS	AI, Alternative Assets, Cloud, Concentration, large cap, real estate, technology, Value Investing	Microsoft is benefiting from its investments in artificial intelligence. The company is well positioned from an AI standpoint which should further underpin sustainable cloud penetration and growth. Salesforce is constantly innovating with new products, features, and artificial intelligence to deepen customer relationships and grow the business.	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 - Small Cap	Forterra plc	Materials	Building Products	Bull	London Stock Exchange	Building materials, construction, Cyclical, materials, Pricing power, Supply Shortage, UK housing, Value	View Pitch
Apr 28, 2026	Fund Letters	Vulcan Value Partners - Large Cap	Forterra plc	Materials	Building Products	Bull	London Stock Exchange	Building materials, construction, Cyclical, Housing shortage, oligopoly, Pricing power, UK, Value	View Pitch
Apr 28, 2026	Fund Letters	Vulcan Value Partners - All Cap	Forterra plc	Materials	Building Products	Bull	London Stock Exchange	Building materials, construction, duopoly, Pricing power, small-cap, UK housing, Value	View Pitch
Apr 28, 2026	Fund Letters	Vulcan Value Partners - Focus	Forterra plc	Materials	Building Products	Bull	London Stock Exchange	Building materials, Cyclical, duopoly, Equity, Pricing power, small-cap, UK housing, Value	View Pitch
Apr 13, 2026	Fund Letters	Vulcan Value Partners - Focus Plus	Forterra plc	Materials	Construction Materials	Bull	London Stock Exchange	Bricks, construction materials, Cyclical, Import Protection, oligopoly, Structural Undersupply, UK housing, Value	View Pitch

BSD Shareholders of FORT-L

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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