WhaleCreep

Vulcan Value Partners 13F holdings, Q1 2018

Long-only investorSEC filingsCompare with another fundHoldings as of 2018-03-31, filed 2018-05-15

Vulcan Value Partners disclosed 52 US equity positions worth $12.4bn in its Q1 2018 13F filing. Its largest position is ORCL at 8.9% of the reported book, followed by NOVEUR and CVS. Versus Q4 2017 it opened 3 new positions, added to 22, reduced 24 and exited 8.

$12.4bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
52
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
8.9%
Largest position
The largest single position as a share of the reported equity book.
48.7%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
27
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 Q4 2017: 3 new, 22 added, 24 reduced, 8 exited

50 of 52
ORCL ORACLE CORPTechnology8.9%$1.1bn24.10m+4.8%added
NOVEUR NATIONAL OILWELL VARCO INC–6.4%$796m21.63m−0.1%held
CVS CVS HEALTH CORPHealthcare4.7%$579m9.31m+5.3%added
MA MASTERCARD INCFinancial Services4.5%$557m3.18m−8.7%reduced
SWKS SKYWORKS SOLUTIONS INCTechnology4.4%$542m5.40m+28%added
V VISA INCFinancial Services4.3%$532m4.45m−6.8%reduced
GOOG ALPHABET INCCommunication Services4.1%$503m487,423−4.2%reduced
MCK MCKESSON CORPHealthcare4.0%$492m3.50m−3.2%reduced
STT STATE STR CORPFinancial Services3.8%$473m4.75m+8.2%added
QRVO QORVO INCTechnology3.8%$473m6.71m+2.3%added
AXIS CAP HLDGS LTD no ticker–3.7%$462m8.03m+5.0%added
COR CENCORA INCHealthcare3.4%$423m4.91m−35%reduced
EG EVEREST GROUP LTDFinancial Services3.0%$377m1.47m+1.6%added
AETNA INC NEW no ticker–3.0%$375m2.22m+119%added
HLT HILTON WORLDWIDE HLDGS INCConsumer Cyclical3.0%$375m4.76m+80%added
BNY BANK OF NY MELLON CORPFinancial Services2.9%$358m6.95m+17%added
CAH CARDINAL HEALTH INCHealthcare2.5%$310m4.95m+3.5%added
ELV ELEVANCE HEALTH INCHealthcare2.3%$286m1.30m−1.8%reduced
PH PARKER-HANNIFIN CORPIndustrials2.2%$275m1.61m+95%added
AZO AUTOZONE INCConsumer Cyclical2.0%$243m374,012−8.6%reduced
SPGI S&P GLOBAL INCFinancial Services1.8%$225m1.18m+26%added
ASPEN INSURANCE HOLDINGS LTD no ticker–1.7%$208m4.64m+59%added
SABR SABRE CORPTechnology1.6%$205m9.54m−26%reduced
JLL JONES LANG LASALLE INCReal Estate1.6%$200m1.15m−6.1%reduced
AXALTA COATING SYS LTD no ticker–1.4%$175m5.80m+417%added
MCO MOODYS CORPFinancial Services1.4%$174m1.08m−6.7%reduced
NTRS NORTHERN TR CORPFinancial Services1.3%$166m1.61m−2.7%reduced
ORLY OREILLY AUTOMOTIVE INCConsumer Cyclical1.3%$163m658,773−39%reduced
ACIW ACI WORLDWIDE INCTechnology1.2%$143m6.04m−5.6%reduced
CBRE CBRE GROUP INCReal Estate0.9%$114m2.42m−43%reduced
SNBRQ SLEEP NUMBER CORPConsumer Cyclical0.9%$112m3.18m−24%reduced
META META PLATFORMS INCCommunication Services0.9%$112m698,247–new
UTXZ UNITED TECHNOLOGIES CORP–0.8%$104m828,094−3.9%reduced
NAVIGATORS GROUP INC no ticker–0.7%$91.4m1.58m+40%added
BID1EUR SOTHEBYS–0.5%$67.8m1.32m+4.1%added
ITRN ITURAN LOCATION AND CONTROLTechnology0.5%$65.8m2.12m−7.1%reduced
AYI ACUITY INCIndustrials0.5%$63.5m455,955+163%added
MSM MSC INDL DIRECT INCIndustrials0.4%$54.6m594,928−8.6%reduced
DESPEGAR COM CORP no ticker–0.4%$48.2m1.54m–new
CSL CARLISLE COS INCIndustrials0.4%$47.9m458,841+23%added
OUT OUTFRONT MEDIA INCReal Estate0.4%$43.7m2.33m+162%added
WWD WOODWARD INCIndustrials0.3%$41.2m575,559+124%added
WCC WESCO INTL INCIndustrials0.3%$39.5m637,376+33%added
CACC CREDIT ACCEP CORP MICHFinancial Services0.3%$36.9m111,725−33%reduced
VRTS VIRTUS INVT PARTNERS INCFinancial Services0.3%$31.9m257,737−1.4%reduced
MLKN MILLERKNOLL INCConsumer Cyclical0.2%$29.3m915,815−1.4%reduced
CR CRANE COIndustrials0.2%$26.8m289,022−23%reduced
SGI SOMNIGROUP INTERNATIONAL INCConsumer Cyclical0.2%$26.7m590,063–new
TUP TUPPERWARE BRANDS CORP–0.2%$22.7m469,9970.0%held
FWRD FORWARD AIR CORPIndustrials0.2%$19.0m358,884−2.2%reduced

Exited since Q4 2017

8 rows
PRICELINE GRP INC no ticker1.3%$162m
SSNC SS&C TECHNOLOGIES HLDGS INC1.2%$150m
INTERCONTINENTAL HOTELS GROU no ticker1.1%$134m
WPP WPP PLC NEW0.2%$27.4m
LA QUINTA HLDGS INC no ticker0.1%$13.5m
CHH CHOICE HOTELS INTL INC0.06%$7.6m
IWM ISHARES TR0.01%$1.7m
IWD ISHARES TR0.01%$1.6m

Sector mix

  • Financial Services23.6%
  • Technology20.4%
  • Unclassified19.1%
  • Healthcare16.8%
  • Consumer Cyclical7.6%
  • Communication Services4.9%
  • Industrials4.6%
  • Real Estate2.9%

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