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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Jul 12, 2024 | Vulcan Value Partners – Focus Plus | 5.6% | 18.6% | BLL, CSGP, GOOGL, ISS.CO, KMX, NICE, PK, PLNT, QRVO, SDIP.ST | AI, Cloud, concentrated, Discipline, large cap, real estate, value | Generative AI continues to drive cloud adoption and presents opportunities rather than threats to businesses like NICE. AI is accelerating cloud penetration and driving higher revenue per customer through AI-specific product adoption. | ISS.CO CSGP GOOGL SDIP.ST KMX QRVO PLNT NICE |
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| 2024 Q2 | Jul 12, 2024 | Vulcan Value Partners – Focus Plus | 5.9% | 18.7% | BLL, CSGP, GOOGL, ISS.CO, KMX, NICE, PK, PLNT, QRVO, SDIP.ST | AI, Cloud, concentrated, Discipline, Enterprise Software, large cap, technology, value | Generative AI continues to drive cloud adoption and presents opportunities rather than threats to enterprise software companies. AI is accelerating cloud penetration and driving higher revenue per customer through specific product adoption. | ISS.CO CSGP GOOGL SDIP.ST KMX QRVO PLNT NICE |
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| 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 |
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| 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. | GOOGL AMZN LFUS ISS.CO ARES MSFT IQV UNH |
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| 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 |
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| 2025 Q2 | Jun 30, 2025 | Centerstone Investors Fund | - | - | AI.PA, ERF.PA, ISS.CO, LOOM-B.ST | Cash, Currency, Europe, Foreign, gold, uncertainty, value | Gold serves as a hedge against uncertainty in the portfolio. The manager notes that uncertainty manifests in various forms including inflation, deflation, and currency devaluations, and while the specific reasons for gold's movements are only clear in hindsight, uncertainty will always persist making gold a permanent portfolio component. | AI FP ISS DC |
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| 2025 Q1 | Apr 9, 2025 | Vulcan Value Partners – Small Cap | -4.5% | -4.5% | ABT, AMZN, ARES, CRM, CWK, ENS, FI, GOOGL, ISS.CO, ITRN, JLL, LYV, MAR, MEDP, MSFT, PRG, SW.PA, SWK, SWKS, TPG | Facilities Management, real estate, small cap, tariffs, value, volatility | Market volatility returned during the first quarter, creating opportunities for the firm to execute their dual investment discipline. The firm welcomes volatility as it provides opportunities to purchase stable value businesses at lower prices with larger margins of safety. Price to value ratios improved across all strategies during the quarter. | GOOGL MSFT AMZN CRM PRG ITRN EDELWEISS JLL SWKS TPG SWK MEDP |
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| 2025 Q1 | Apr 9, 2025 | Vulcan Value Partners – Large Cap | -2.1% | -2.1% | ABT, AMZN, ARES, CRM, CWK, ENS, FI, GOOGL, ISS.CO, ITRN, JLL, LYV, MAR, MEDP, MSFT, PRG, SW.PA, SWK, SWKS, TPG | healthcare, large cap, real estate, technology, value, volatility | Market volatility returned during the first quarter, creating opportunities to execute dual investment discipline by purchasing stable value businesses at lower prices with larger margins of safety. The firm welcomes volatility as it provides opportunities to improve price to value ratios across all strategies. | GOOGL MSFT AMZN CRM PRG ITRN EDELWEISS JLL SWKS TPG SWK MEDP |
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| 2025 Q1 | Apr 9, 2025 | Vulcan Value Partners – Small Cap | -4.1% | -4.1% | ABT, AMZN, ARES, CRM, CWK, ENS, FI, GOOGL, ISS.CO, ITRN, JLL, LYV, MAR, MEDP, MSFT, PGHN.SW, PRG, SW.PA, SWK, SWKS, TPG | Asset Management, real estate, tariffs, technology, value, volatility | Market volatility returned during the first quarter, creating opportunities for the firm to execute their dual investment discipline. The manager welcomes volatility as it provides opportunities to purchase stable value businesses at lower prices with larger margins of safety. Price to value ratios improved across all strategies during the quarter. | 8GC SW PRG ITRN EDELWEISS JLL SWKS TPG SWK MEDP |
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| 2025 Q1 | Apr 9, 2025 | Vulcan Value Partners – Focus Plus | -5.8% | -5.8% | AMZN, CRM, GOOGL, ISS.CO, ITRN, JLL, MEDP, MSFT, PRG, SW.PA, SWK, SWKS, TPG | AI, Capital Allocation, Cloud, tariffs, technology, value, volatility | Market volatility returned during the first quarter, creating opportunities to execute dual investment discipline and purchase stable value businesses at lower prices with larger margins of safety. The firm welcomes volatility as it provides opportunities to reallocate capital and improve price to value ratios across all strategies. | SWKS ITRN EDELWEISS JLL TPG SWK MEDP |
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| 2025 Q1 | Apr 9, 2025 | Vulcan Value Partners – Focus Plus | -6.0% | -6.0% | ABT, AM, AMZN, CRM, CWK, ENS, FI, GOOGL, ISS.CO, ITRN, JLL, LYV, MAR, MEDP, MSFT, PGHN.SW, PRG, SW.PA, SWK, SWKS, TPG | Cloud, concentrated, large cap, technology, value, volatility | Market volatility returned during the first quarter, creating opportunities to execute dual investment discipline by purchasing stable value businesses at lower prices with larger margins of safety. The firm welcomes volatility as it provides opportunities to improve price-to-value ratios across all strategies. | SWKS PRG ITRN EDELWEISS JLL TPG SWK MEDP |
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| 2025 Q1 | Mar 31, 2025 | Oakmark Fund- International Small Cap | 8.2% | 8.2% | ATE.L, DMET.ST, GXI.DE, IOS.DE, ISS.CO, LOOM.ST, LXS.DE, SMDS.L, SUN.SW, SWON.SW, TPK.L, ZGN.MI | consumer, Europe, industrials, international, small cap, value | The fund initiated a position in Ermenegildo Zegna, a global luxury fashion house and the world's largest luxury menswear specialist. Despite recent challenges from slowing Chinese demand affecting brands like Thom Browne, management is establishing Zegna as an absolute luxury brand and addressing operational issues. The current valuation does not reflect the long-term growth and normalized earnings profile. | IOS.DE GXI.DE |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Vulcan Value Partners - Focus Plus | ISS A/S | Industrials | Commercial Services & Supplies | Bull | Copenhagen Stock Exchange | Commercial Services, defensive, Denmark, Facilities Management, Free Cash Flow, global scale, Outsourcing, recurring revenue | View Pitch |
| Apr 13, 2026 | Fund Letters | Vulcan Value Partners - Large Cap | ISS A/S | Industrials | Commercial Services & Supplies | Bull | Copenhagen Stock Exchange | Cost Pass-through, defensive, Denmark, Facilities Management, Free Cash Flow, global scale, Outsourcing, Share Buybacks | View Pitch |
| Apr 13, 2026 | Fund Letters | Vulcan Value Partners - Small Cap | ISS A/S | Industrials | Commercial Services & Supplies | Bull | Copenhagen Stock Exchange | defensive business, Facility Management, Free Cash Flow, Geographic Diversification, Margin Improvement, Non-core Services, Outsourcing Trend, Sticky Customers | View Pitch |
| Apr 13, 2026 | Fund Letters | Vulcan Value Partners - Large Cap | ISS A/S | Industrials | Commercial Services & Supplies | Bull | Copenhagen Stock Exchange | defensive business, European Equity, Facility Management, global scale, Non-core Services, Outsourcing Trend, Sticky Relationships | View Pitch |
| Apr 13, 2026 | Fund Letters | Vulcan Value Partners - All Cap | ISS A/S | Industrials | Commercial Services & Supplies | Bull | Copenhagen Stock Exchange | Commercial Services, Danish Equities, Facility Management, global scale, Margin Improvement, Non-core Services, Outsourcing Trend, Sticky Relationships | View Pitch |
| Apr 13, 2026 | Fund Letters | Vulcan Value Partners - Focus | ISS A/S | Commercial & Professional Services | Commercial Services & Supplies | Bull | Copenhagen Stock Exchange | European markets, Facility Management, global scale, Margin Improvement, Non-core Services, Outsourcing Trend, Service Provider, Sticky Customers | View Pitch |
| Apr 13, 2026 | Fund Letters | Vulcan Value Partners - Focus Plus | ISS A/S | Industrials | Commercial Services & Supplies | Bull | Copenhagen Stock Exchange | defensive business, Facility Management, global scale, Margin Improvement, Non-core Services, Normalized Environment, Outsourcing Trend, Sticky Relationships | View Pitch |
| 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. | ||||||||