Vulcan Value
Portfolio value$3.3B
Positions36
QuarterQ2 2026ended 2026-06-30
Filed08/102026
Vulcan Value Partners, LLC's Q2 2026 13F, filed Aug 10, 2026, reports 36 positions worth $3.3B. The ten largest are 76.6% of the book, led by Everest Group at 11.3%, Microsoft at 11.2% and Ryan Specialty Holdings Inc at 9.1%. Against Q1 2026: 4 bought, 6 added to, 26 reduced, 1 sold; the largest moves were reduced UnitedHealth (−93%) and reduced Amazon (−38%).
Where the money is
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Holdings
| Ticker | Issuer | Weight | Value | Q-end → now | Price vs model | Change |
|---|---|---|---|---|---|---|
| EG | Everest Group LTD | 11.3% | $370.4M1.0M sh | 357.23 → +9% | 7% undervalued | reduced −24% |
| MSFT | Microsoft Corp | 11.2% | $368.1M986,905 sh | 373.02 → +42% | 10% overvalued | reduced −11% |
| RYAN | Ryan Specialty Holdings INC | 9.1% | $298.8M7.9M sh | 37.76 | — | added +20% |
| MA | Mastercard Incorporated | 7.9% | $258.3M502,961 sh | 513.60 → +20% | 15% overvalued | added +31% |
| AMZN | Amazon Com INC | 7.2% | $236.6M992,758 sh | 238.34 → +5% | 182% overvalued | reduced −38% |
| TDG | Transdigm Group INC | 6.9% | $227.0M170,429 sh | 1,332.04 → −14% | 23% undervalued | reduced −7% |
| ARES | Ares Management Corporation | 6.4% | $211.8M1.9M sh | 111.31 → +1% | 60% overvalued | added +13% |
| TRU | Transunion | 5.9% | $195.3M2.7M sh | 72.14 | — | reduced −16% |
| GOOG | Alphabet INC | 5.8% | $190.6M539,472 sh | 353.33 → −5% | 49% overvalued | reduced −20% |
| V | Visa INC | 4.8% | $158.9M463,268 sh | 343.09 → +17% | 40% overvalued | reduced −28% |
| TPG | Tpg INC | 2.9% | $95.8M2.4M sh | 40.55 | — | added +19% |
| MEDP | Medpace Hldgs INC | 2.3% | $75.1M141,743 sh | 529.59 | — | reduced −30% |
| ELV | Elevance Health INC Formerly | 1.8% | $60.3M155,873 sh | 386.73 → +11% | 20% undervalued | reduced −47% |
| NOW | Servicenow INC | 1.7% | $57.1M574,811 sh | 99.28 → +43% | 264% overvalued | added +8% |
| IQV | Iqvia Hldgs INC | 1.5% | $50.2M259,856 sh | 193.22 → +38% | 12% overvalued | added +5% |
| KMX | Carmax INC | 1.5% | $48.3M912,638 sh | 52.89 | — | reduced −59% |
| FISV | Fiserv INC | 1.3% | $43.8M893,965 sh | 49.05 → −3% | 83% undervalued | reduced −18% |
| NICE | Nice LTD | 1.3% | $43.5M478,421 sh | 90.85 | — | reduced −16% |
| HEI/A | Heico Corp New | 1.2% | $39.6M153,718 sh | 257.91 | — | reduced −14% |
| JLL | Jones Lang Lasalle INC | 0.9% | $29.8M96,258 sh | 309.95 | — | reduced −12% |
| UNH | Unitedhealth Group INC | 0.9% | $28.0M67,309 sh | 415.63 → −3% | 19% overvalued | reduced −93% |
| CRM | Salesforce INC | 0.8% | $25.7M164,013 sh | 156.66 → +54% | 37% overvalued | reduced −17% |
| CIGI | Colliers Intl Group INC | 0.6% | $19.9M211,910 sh | 93.79 | — | reduced −17% |
| ABM | Abm Inds INC | 0.6% | $19.8M448,559 sh | 44.24 | — | reduced −29% |
| MLKN | Millerknoll INC | 0.5% | $17.1M838,151 sh | 20.46 | — | reduced −37% |
| QRVO | Qorvo INC | 0.5% | $16.9M181,315 sh | 93.27 | — | reduced −33% |
| EFX | Equifax INC | 0.4% | $14.4M90,748 sh | 158.72 → +2% | 39% overvalued | bought |
| G | Genpact Limited | 0.4% | $14.3M521,587 sh | 27.50 | — | reduced −27% |
| SARO | Standardaero INC | 0.4% | $13.5M450,287 sh | 29.95 | — | reduced −37% |
| PRG | Prog Holdings INC | 0.4% | $13.1M281,066 sh | 46.61 | — | reduced −50% |
| FBIN | Fortune Brands Innovations I | 0.4% | $11.8M214,798 sh | 54.90 | — | reduced −37% |
| BMI | Badger Meter INC | 0.3% | $10.2M68,684 sh | 148.38 | — | bought |
| LFUS | Littelfuse INC | 0.2% | $7.9M17,448 sh | 455.33 | — | reduced −78% |
| ITRN | Ituran Location And Control | 0.2% | $7.6M124,028 sh | 61.01 | — | reduced −75% |
| VEEV | Veeva Sys INC | 0.1% | $3.8M21,240 sh | 177.47 → +75% | 157% overvalued | bought |
| IWD | Ishares Tr | 0.1% | $1.7M7,011 sh | 249.40 | — | bought |
Source: the manager's Form 13F-HR on SEC EDGAR, kept as immutable quarterly snapshots; changes compare two consecutive filings. A 13F is filed up to 45 days after quarter end and covers US-listed long positions only. Tickers come from a self-maintained CUSIP map; a position without one shows its CUSIP. Method notes in where the numbers come from.