WhaleCreep

Vulcan Value Partners 13F holdings, Q4 2016

Long-only investorSEC filingsCompare with another fundHoldings as of 2016-12-31, filed 2017-02-14

Vulcan Value Partners disclosed 54 US equity positions worth $11.2bn in its Q4 2016 13F filing. Its largest position is ORCL at 7.8% of the reported book, followed by NOVEUR and AXIS CAP HLDGS LTD. Versus Q3 2016 it opened 9 new positions, added to 14, reduced 29 and exited 13.

$11.2bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
54
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
7.8%
Largest position
The largest single position as a share of the reported equity book.
44.4%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
31
Effective positions
1 / HHI of portfolio weights: the number of equal-weight positions the book behaves like.
63
Quarters on file since Q4 2010
Quarters for which this manager's 13F holdings are on record.

Holdings

Against Q3 2016: 9 new, 14 added, 29 reduced, 13 exited

50 of 54
ORCL ORACLE CORPTechnology7.8%$870m22.63m+1.3%added
NOVEUR NATIONAL OILWELL VARCO INC–5.4%$610m16.30m−11%reduced
AXIS CAP HLDGS LTD no ticker–4.6%$518m7.94m−4.9%reduced
MCK MCKESSON CORPHealthcare4.3%$486m3.46m+105%added
ELV ELEVANCE HEALTH INCHealthcare3.9%$439m3.05m−3.5%reduced
EG EVEREST GROUP LTDFinancial Services3.8%$429m1.98m−4.3%reduced
COR CENCORA INCHealthcare3.8%$425m5.44m+251%added
CVS CVS HEALTH CORPHealthcare3.7%$421m5.33m–new
MA MASTERCARD INCFinancial Services3.5%$395m3.82m−2.4%reduced
DISCKUSD DISCOVERY INC–3.4%$386m14.41m−2.6%reduced
STT STATE STR CORPFinancial Services3.4%$378m4.87m−6.5%reduced
V VISA INCFinancial Services3.4%$378m4.84m+1.7%added
HLT HILTON WORLDWIDE HLDGS INCConsumer Cyclical3.2%$363m13.35m−3.6%reduced
CAH CARDINAL HEALTH INCHealthcare2.8%$312m4.33m–new
QRVO QORVO INCTechnology2.7%$306m5.80m+21%added
SWKS SKYWORKS SOLUTIONS INCTechnology2.6%$297m3.97m−21%reduced
FOSL FOSSIL GROUP INCConsumer Cyclical2.6%$294m11.37m−1.0%reduced
BA BOEING COIndustrials2.6%$290m1.86m−35%reduced
BNY BANK OF NY MELLON CORPFinancial Services2.5%$280m5.91m−34%reduced
CBRE CBRE GROUP INCReal Estate2.1%$236m7.51m–new
DIS DISNEY WALT COCommunication Services2.0%$227m2.18m−1.5%reduced
BEN FRANKLIN RESOURCES INCFinancial Services1.9%$214m5.40m−62%reduced
INTERCONTINENTAL HOTELS GROU no ticker–1.8%$199m4.50m–new
CSCO CISCO SYS INCTechnology1.6%$177m5.87m−11%reduced
AETNA INC NEW no ticker–1.5%$173m1.39m−5.3%reduced
SABR SABRE CORPTechnology1.5%$166m6.67m+3.1%added
ACIW ACI WORLDWIDE INCTechnology1.5%$166m9.15m+1.2%added
PH PARKER-HANNIFIN CORPIndustrials1.4%$158m1.13m−63%reduced
ASPEN INSURANCE HOLDINGS LTD no ticker–1.3%$150m2.72m+0.1%held
TWXCHF TIME WARNER INC–1.3%$144m1.50m−33%reduced
SELECT COMFORT CORP no ticker–1.2%$136m6.03m+78%added
JLL JONES LANG LASALLE INCReal Estate1.1%$125m1.23m+123%added
VRTS VIRTUS INVT PARTNERS INCFinancial Services1.1%$121m1.02m+0.3%held
UNH UNITEDHEALTH GROUP INCHealthcare0.9%$95.6m597,494−36%reduced
NAVIGATORS GROUP INC no ticker–0.8%$94.6m803,053−1.9%reduced
ITRN ITURAN LOCATION AND CONTROLTechnology0.8%$91.4m3.45m−3.2%reduced
LA QUINTA HLDGS INC no ticker–0.7%$80.2m5.64m−27%reduced
BID1EUR SOTHEBYS–0.7%$79.9m2.01m+0.6%added
SBH SALLY BEAUTY HLDGS INCConsumer Cyclical0.6%$61.9m2.34m+87%added
FWRD FORWARD AIR CORPIndustrials0.4%$50.1m1.06m+1.3%added
ENS ENERSYSIndustrials0.4%$43.8m560,445−39%reduced
LNN LINDSAY CORPIndustrials0.4%$43.4m581,585−43%reduced
ATUEUR ACTUANT CORP–0.4%$40.5m1.56m−28%reduced
NCI1EUR NAVIGANT CONSULTING INC–0.3%$38.3m1.46m−23%reduced
CEB INC no ticker–0.3%$33.8m557,940–new
CHH CHOICE HOTELS INTL INCConsumer Cyclical0.3%$33.2m591,473–new
MLKN MILLERKNOLL INCConsumer Cyclical0.3%$32.5m949,701+17%added
TUP TUPPERWARE BRANDS CORP–0.3%$31.3m594,451+1.3%added
8TG THERMON GROUP HLDGS INC–0.3%$29.3m1.54m−13%reduced
WWD WOODWARD INCIndustrials0.2%$26.5m383,721−70%reduced

Exited since Q3 2016

13 rows
TROW PRICE T ROWE GROUP INC1.5%$161m
UTXZ UNITED TECHNOLOGIES CORP1.4%$147m
QCOM QUALCOMM INC1.3%$146m
MAR MARRIOTT INTL INC NEW0.9%$103m
TKR TIMKEN CO0.5%$54.4m
EVEUR EATON VANCE CORP0.4%$43.0m
WCC WESCO INTL INC0.3%$34.7m
MSM MSC INDL DIRECT INC0.3%$28.3m
SAFT SAFETY INS GROUP INC0.2%$24.9m
DCI DONALDSON INC0.2%$23.7m
CHE CHEMED CORP NEW0.09%$10.2m
META META PLATFORMS INC0.02%$2.2m
GOOG ALPHABET INC0.0%$242k

Sector mix

  • Unclassified24.5%
  • Financial Services19.5%
  • Healthcare19.4%
  • Technology18.5%
  • Consumer Cyclical7.0%
  • Industrials5.6%
  • Real Estate3.4%
  • Communication Services2.0%

Book over time

Every quarter on file (63)
QuarterPositionsEquity book
Q2 202636$3.3bn
Q1 202633$3.8bn
Q4 202541$5.5bn
Q3 202540$5.5bn
Q2 202538$5.7bn
Q1 202539$5.3bn
Q4 202449$6.0bn
Q3 202443$6.0bn
Q2 202445$7.1bn
Q1 202446$6.9bn
Q4 202346$6.8bn
Q3 202345$6.6bn
Q2 202344$8.0bn
Q1 202343$7.9bn
Q4 202241$7.4bn
Q3 202237$8.5bn
Q2 202239$10.2bn
Q1 202235$16.3bn
Q4 202139$19.6bn
Q3 202140$18.6bn
Q2 202138$18.4bn
Q1 202140$16.9bn
Q4 202038$15.5bn
Q3 202040$12.9bn
Q2 202042$12.7bn
Q1 202040$9.6bn
Q4 201954$13.0bn
Q3 201950$11.8bn
Q2 201958$11.2bn
Q1 201954$11.6bn
Q4 201855$10.8bn
Q3 201855$13.7bn
Q2 201857$12.9bn
Q1 201852$12.4bn
Q4 201757$12.2bn
Q3 201752$11.7bn
Q2 201751$11.2bn
Q1 201755$11.6bn
Q4 201654$11.2bn
Q3 201658$10.9bn
Q2 201655$10.2bn
Q1 201655$11.1bn
Q4 201570$10.8bn
Q3 201555$10.3bn
Q2 201561$10.6bn
Q1 201563$10.0bn
Q4 201466$8.8bn
Q3 201475$7.0bn
Q2 2014102$6.8bn
Q1 201461$5.7bn
Q4 201352$4.8bn
Q3 201353$3.3bn
Q2 201354$2.3bn
Q1 201341$1.4bn
Q4 201237$916m
Q3 201247$619m
Q2 201235$355m
Q1 201231$251m
Q4 201132$196m
Q3 201134$205m
Q2 201132$147m
Q1 201133$105m
Q4 201033$81.9m

Where Vulcan Value Partners was early

65 rows
DOV DOVER CORPQ1 20111 of 1331.7%7.8%22Exited by Q3 2016+27%
ITRN ITURAN LOCATION AND CONTROLQ2 20112 of 461.8%1.8%61Held at last filing, Q2 2026+333%
AAPL APPLE INCQ2 201121 of 2752.0%9.3%20Exited by Q2 2016+127%
NDSN NORDSON CORPQ3 20111 of 1121.3%1.3%10Exited by Q1 2016+61%
PH Parker-Hannifin CorpQ3 20113 of 1523.8%7.3%34Exited by Q1 2020+226%
UTXZ UNITED TECHNOLOGIES CORPQ3 20115 of 1145.1%5.9%19Exited by Q2 2018+79%
BNY BANK NEW YORK MELLON CORPQ3 20118 of 1543.4%7.7%32Exited by Q3 2019+137%
V VISA INCQ3 201121 of 2846.7%6.7%60Held at last filing, Q2 2026+1501%
TUP TUPPERWARE BRANDS CORPQ2 20121 of 700.7%1.1%25Exited by Q3 2018−25%
CME CME GROUP INCQ2 20125 of 1616.3%6.3%9Exited by Q1 2015+65%
ORCL ORACLE CORPQ2 201213 of 2566.1%9.8%34Exited by Q4 2020+101%
TROW PRICE T ROWE GROUP INCQ3 20128 of 1200.02%2.1%9Exited by Q4 2016+5.1%
CW CURTISS WRIGHT CORPQ4 20121 of 1360.8%1.0%22Exited by Q2 2023+437%
WLY JOHN WILEY & SONS INCQ1 20131 of 830.8%1.2%4Exited by Q1 2014+42%
RVTY PERKIN-ELMER INCQ1 20136 of 1130.7%1.6%4Exited by Q1 2014+23%
ACIW ACI WORLDWIDE INCQ2 20131 of 1051.7%2.5%30Exited by Q4 2020+69%
CHE CHEMED CORP NEWQ2 20131 of 1111.4%2.1%10Exited by Q4 2016+95%
UTI UNIVERSAL TECHNICAL INST INCQ2 20131 of 951.2%1.2%7Exited by Q1 2015−4.7%
LYV LIVE NATION ENTERTAINMENT INQ2 20137 of 2161.2%4.5%10Exited by Q1 2025+735%
BEN FRANKLIN RES INCQ2 20139 of 1173.0%5.0%15Exited by Q1 2017−13%
QCOM QUALCOMM INCQ2 201318 of 2462.9%3.9%14Exited by Q4 2016+12%
LNN LINDSAY CORPQ3 20131 of 770.6%1.7%19Exited by Q2 2018+12%
NSP INSPERITY INCQ3 20131 of 1000.4%1.2%6Exited by Q1 2015−9.9%
MAR MARRIOTT INTL INC NEWQ4 20134 of 1823.0%3.6%18Exited by Q1 2025+465%
EBAY EBAY INCQ4 201319 of 1863.6%4.0%6Exited by Q1 2016+19%
VRTS VIRTUS INVT PARTNERS INCQ1 20141 of 720.8%1.1%48Exited by Q1 2026−5.8%
ENS ENERSYSQ1 20142 of 1020.6%1.0%35Exited by Q1 2025+33%
NUS NU SKIN ENTERPRISES INCQ1 20145 of 951.1%2.3%10Exited by Q3 2016−44%
VZ VERIZON COMMUNICATIONS INCQ1 201412 of 1801.6%2.5%8Exited by Q1 2016−2.8%
SABR Sabre CorpQ2 20142 of 1581.5%3.3%20Exited by Q1 2020+12%
FFIV F5 NETWORKS INCQ2 20147 of 1410.0%2.7%3Exited by Q4 2015+3.9%
STT STATE STR CORPQ2 201412 of 1391.9%4.7%21Exited by Q3 2019−17%
FOSL FOSSIL GROUP INCQ3 20143 of 871.8%4.7%11Exited by Q2 2017−81%
CL COLGATE PALMOLIVE COQ3 20145 of 1311.0%1.1%4Exited by Q3 2015+0.3%
BA BOEING COQ3 201412 of 2212.5%4.4%12Exited by Q3 2017+55%
MSM MSC Industrial Direct Co IncQ4 20144 of 1141.5%2.7%18Exited by Q1 2020−3.4%
ELV ELEVANCE HEALTH INC FORMERLYQ4 20145 of 2271.7%4.3%44Held at last filing, Q2 2026+208%
HLT HILTON WORLDWIDE HLDGS INCQ1 201622 of 2252.3%6.8%21Exited by Q2 2021+162%
JLL JONES LANG LASALLE INCQ2 20167 of 1330.5%4.7%40Held at last filing, Q2 2026+218%
COR AmerisourceBergen CorpQ2 201614 of 1580.3%5.7%15Exited by Q1 2020+7.2%
SWKS SKYWORKS SOLUTIONS INCQ3 20167 of 1543.5%8.0%37Exited by Q4 2025+1.1%
QRVO QORVO INCQ3 20168 of 1732.5%8.2%40Held at last filing, Q2 2026+67%
UNH UNITEDHEALTH GROUP INCQ3 201623 of 2991.2%7.5%16Held at last filing, Q2 2026+197%
CAH CARDINAL HEALTH INCQ4 20169 of 1262.8%3.0%11Exited by Q3 2019−35%
CBRE CBRE GROUP INCQ4 201615 of 1582.1%4.5%24Exited by Q3 2025+345%
NTRS NORTHERN TR CORPQ1 20179 of 1171.3%2.0%10Exited by Q3 2019+4.0%
MCO MOODYS CORPQ1 201717 of 1761.6%1.8%10Exited by Q3 2019+74%
SPGI S&P Global IncQ1 201719 of 2471.4%3.3%12Exited by Q1 2020+109%
CACC CREDIT ACCEP CORP MICHQ2 201711 of 1020.5%4.2%10Exited by Q4 2020+32%
SNBRQ SLEEP NUMBER CORPQ4 20171 of 951.3%1.3%12Exited by Q1 2023−31%

Concentration and tenure

7.5%
Median largest position, all quarters
The largest single position as a share of the reported equity book.
54.2%
Median top 10 weight, all quarters
The ten largest positions together, as a share of the reported equity book.
Concentrated
Style, by median largest position
3
Median completed holding, quarters