WhaleCreep

Vulcan Value Partners 13F holdings, Q3 2018

Long-only investorSEC filingsCompare with another fundHoldings as of 2018-09-30, filed 2018-11-14

Vulcan Value Partners disclosed 55 US equity positions worth $13.7bn in its Q3 2018 13F filing. Its largest position is ORCL at 9.2% of the reported book, followed by MCK and KKR. Versus Q2 2018 it opened 5 new positions, added to 19, reduced 27 and exited 7.

$13.7bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
55
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
9.2%
Largest position
The largest single position as a share of the reported equity book.
50.5%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
25
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 Q2 2018: 5 new, 19 added, 27 reduced, 7 exited

50 of 55
ORCL ORACLE CORPTechnology9.2%$1.3bn24.54m−1.9%reduced
MCK MCKESSON CORPHealthcare5.2%$719m5.42m+44%added
KKR KKR & CO INCFinancial Services5.1%$694m25.43m–new
STT STATE STR CORPFinancial Services4.7%$643m7.67m+55%added
NOVEUR NATIONAL OILWELL VARCO INC–4.6%$631m14.65m−28%reduced
SWKS SKYWORKS SOLUTIONS INCTechnology4.6%$627m6.92m+5.1%added
QRVO QORVO INCTechnology4.5%$619m8.05m+3.2%added
MA MASTERCARD INCFinancial Services4.3%$594m2.67m−6.5%reduced
PH PARKER-HANNIFIN CORPIndustrials4.2%$580m3.15m−0.8%reduced
HLT HILTON WORLDWIDE HLDGS INCConsumer Cyclical4.0%$554m6.86m+40%added
V VISA INCFinancial Services3.7%$512m3.41m−10%reduced
BNY BANK OF NY MELLON CORPFinancial Services3.5%$478m9.37m+19%added
COR CENCORA INCHealthcare3.4%$466m5.06m+1.3%added
CVS CVS HEALTH CORPHealthcare3.3%$457m5.81m−39%reduced
EG EVEREST GROUP LTDFinancial Services3.1%$428m1.87m+2.2%added
AETNA INC NEW no ticker–3.1%$427m2.11m−1.7%reduced
AXIS CAP HLDGS LTD no ticker–3.1%$418m7.25m−6.9%reduced
GOOG ALPHABET INCCommunication Services2.9%$400m335,315−30%reduced
UPS UNITED PARCEL SERVICE INCIndustrials2.5%$341m2.92m+0.8%added
AVGO BROADCOM INCTechnology2.4%$335m1.36m+46%added
META META PLATFORMS INCCommunication Services2.1%$286m1.74m+27%added
NTRS NORTHERN TR CORPFinancial Services2.0%$271m2.66m+5.3%added
SPGI S&P GLOBAL INCFinancial Services1.6%$225m1.15m+1.1%added
TER TERADYNE INCTechnology1.5%$208m5.62m+33%added
BLK BLACKROCK INCFinancial Services1.5%$204m433,683–new
SNBRQ SLEEP NUMBER CORPConsumer Cyclical1.1%$156m4.25m−14%reduced
CWK CUSHMAN WAKEFIELD PLCReal Estate1.0%$131m7.72m–new
ACIW ACI WORLDWIDE INCTechnology0.9%$125m4.44m−21%reduced
JLL JONES LANG LASALLE INCReal Estate0.8%$105m724,570−8.5%reduced
DESPEGAR COM CORP no ticker–0.7%$89.6m5.31m+101%added
ITRN ITURAN LOCATION AND CONTROLTechnology0.6%$87.0m2.53m−6.4%reduced
COHR COHERENT INCTechnology0.6%$84.0m487,581–new
SABR SABRE CORPTechnology0.6%$80.3m3.08m−10%reduced
AYI ACUITY INCIndustrials0.5%$70.5m448,599−50%reduced
BID1EUR SOTHEBYS–0.4%$59.3m1.21m+68%added
MSM MSC INDL DIRECT INCIndustrials0.4%$55.1m625,219+8.2%added
WCC WESCO INTL INCIndustrials0.4%$51.9m845,095−14%reduced
WWD WOODWARD INCIndustrials0.3%$37.0m457,486−18%reduced
SGI SOMNIGROUP INTERNATIONAL INCConsumer Cyclical0.2%$33.0m623,120−54%reduced
CSL CARLISLE COS INCIndustrials0.2%$32.9m270,340−40%reduced
CR CRANE COIndustrials0.2%$26.9m273,692−20%reduced
VRTS VIRTUS INVT PARTNERS INCFinancial Services0.2%$24.3m213,529−60%reduced
VSMEUR VERSUM MATLS INC–0.2%$23.3m647,420+16%added
LSTR LANDSTAR SYS INCIndustrials0.1%$19.2m157,672+330%added
CHH CHOICE HOTELS INTL INCConsumer Cyclical0.1%$16.8m202,169–new
MLKN MILLERKNOLL INCConsumer Cyclical0.04%$5.5m143,000−88%reduced
CACC CREDIT ACCEP CORP MICHFinancial Services0.03%$4.2m9,511−89%reduced
FWRD FORWARD AIR CORPIndustrials0.0%$146k2,035−99%reduced
AZO AUTOZONE INCConsumer Cyclical0.0%$114k147−1.3%reduced
ORLY OREILLY AUTOMOTIVE INCConsumer Cyclical0.0%$97.0k2780.0%held

Exited since Q2 2018

7 rows
KKR & CO L P DEL no ticker3.0%$389m
ASPEN INSURANCE HOLDINGS LTD no ticker0.6%$83.4m
NAVIGATORS GROUP INC no ticker0.4%$50.4m
TUP TUPPERWARE BRANDS CORP0.3%$40.9m
OUT OUTFRONT MEDIA INC0.2%$24.0m
DCI DONALDSON INC0.1%$19.0m
ATUEUR ACTUANT CORP0.09%$11.2m

Sector mix

  • Financial Services29.7%
  • Technology25.0%
  • Unclassified12.0%
  • Healthcare12.0%
  • Industrials8.9%
  • Consumer Cyclical5.6%
  • Communication Services5.0%
  • Real Estate1.7%

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