Vulcan Value
Q2 2026 versus Q1 2026: 4 bought, 6 added to, 26 reduced, 1 sold. By dollars, the largest buy was Mastercard, $61.5M more at the quarter-end price; the largest sale UnitedHealth, $351.4M less. Net, $949.5M more sold than bought. What every tracked investor did in Q2 2026.
Every move, largest first
| Ticker | Issuer | Move | Shares Q1 2026 → Q2 2026 | Bought / sold | Of the portfolio | Weight now | Price vs model |
|---|---|---|---|---|---|---|---|
| UNH | Unitedhealth Group INC | reduced −93% | 912,674 → 67,309 | −$351.4M | −10.70% | 0.9% | 19% overvalued |
| AMZN | Amazon Com INC | reduced −38% | 1.6M → 992,758 | −$143.7M | −4.38% | 7.2% | 182% overvalued |
| EG | Everest Group LTD | reduced −24% | 1.4M → 1.0M | −$116.1M | −3.53% | 11.3% | 7% undervalued |
| KMX | Carmax INC | reduced −59% | 2.2M → 912,638 | −$68.3M | −2.08% | 1.5% | — |
| MA | Mastercard Incorporated | added +31% | 383,179 → 502,961 | +$61.5M | +1.87% | 7.9% | 15% overvalued |
| V | Visa INC | reduced −28% | 639,454 → 463,268 | −$60.4M | −1.84% | 4.8% | 40% overvalued |
| ELV | Elevance Health INC Formerly | reduced −47% | 296,771 → 155,873 | −$54.5M | −1.66% | 1.8% | 20% undervalued |
| RYAN | Ryan Specialty Holdings INC | added +20% | 6.6M → 7.9M | +$49.7M | +1.51% | 9.1% | — |
| GOOG | Alphabet INC | reduced −20% | 676,556 → 539,472 | −$48.4M | −1.47% | 5.8% | 49% overvalued |
| MSFT | Microsoft Corp | reduced −11% | 1.1M → 986,905 | −$45.5M | −1.39% | 11.2% | 10% overvalued |
| TRU | Transunion | reduced −16% | 3.2M → 2.7M | −$36.1M | −1.10% | 5.9% | — |
| MEDP | Medpace Hldgs INC | reduced −30% | 203,068 → 141,743 | −$32.5M | −0.99% | 2.3% | — |
| LFUS | Littelfuse INC | reduced −78% | 78,107 → 17,448 | −$27.6M | −0.84% | 0.2% | — |
| ARES | Ares Management Corporation | added +13% | 1.7M → 1.9M | +$23.5M | +0.72% | 6.4% | 60% overvalued |
| ITRN | Ituran Location And Control | reduced −75% | 493,840 → 124,028 | −$22.6M | −0.69% | 0.2% | — |
| TDG | Transdigm Group INC | reduced −7% | 184,228 → 170,429 | −$18.4M | −0.56% | 6.9% | 23% undervalued |
| TPG | Tpg INC | added +19% | 2.0M → 2.4M | +$15.2M | +0.46% | 2.9% | — |
| EFX | Equifax INC | bought | — → 90,748 | +$14.4M | +0.44% | 0.4% | 39% overvalued |
| PRG | Prog Holdings INC | reduced −50% | 566,314 → 281,066 | −$13.3M | −0.40% | 0.4% | — |
| PK | Park Hotels & Resorts INC | sold | 1.2M → 0 | −$12.6M | −0.38% | — | — |
| BMI | Badger Meter INC | bought | — → 68,684 | +$10.2M | +0.31% | 0.3% | — |
| MLKN | Millerknoll INC | reduced −37% | 1.3M → 838,151 | −$10.0M | −0.30% | 0.5% | — |
| FISV | Fiserv INC | reduced −18% | 1.1M → 893,965 | −$9.8M | −0.30% | 1.3% | 83% undervalued |
| NICE | Nice LTD | reduced −16% | 572,311 → 478,421 | −$8.5M | −0.26% | 1.3% | — |
| QRVO | Qorvo INC | reduced −33% | 268,813 → 181,315 | −$8.2M | −0.25% | 0.5% | — |
| ABM | Abm Inds INC | reduced −29% | 630,296 → 448,559 | −$8.0M | −0.24% | 0.6% | — |
| SARO | Standardaero INC | reduced −37% | 716,983 → 450,287 | −$8.0M | −0.24% | 0.4% | — |
| FBIN | Fortune Brands Innovations I | reduced −37% | 343,563 → 214,798 | −$7.1M | −0.22% | 0.4% | — |
| HEI/A | Heico Corp New | reduced −14% | 178,456 → 153,718 | −$6.4M | −0.19% | 1.2% | — |
| G | Genpact Limited | reduced −27% | 710,313 → 521,587 | −$5.2M | −0.16% | 0.4% | — |
| CRM | Salesforce INC | reduced −17% | 196,803 → 164,013 | −$5.1M | −0.16% | 0.8% | 37% overvalued |
| JLL | Jones Lang Lasalle INC | reduced −12% | 109,549 → 96,258 | −$4.1M | −0.13% | 0.9% | — |
| CIGI | Colliers Intl Group INC | reduced −17% | 255,321 → 211,910 | −$4.1M | −0.12% | 0.6% | — |
| NOW | Servicenow INC | added +8% | 533,817 → 574,811 | +$4.1M | +0.12% | 1.7% | 264% overvalued |
| VEEV | Veeva Sys INC | bought | — → 21,240 | +$3.8M | +0.11% | 0.1% | 157% overvalued |
| IQV | Iqvia Hldgs INC | added +5% | 248,101 → 259,856 | +$2.3M | +0.07% | 1.5% | 12% overvalued |
| IWD | Ishares Tr | bought | — → 7,011 | +$1.7M | +0.05% | 0.1% | — |
Bought / sold is the change in shares × the quarter's reported price (value ÷ shares in the filing); a position sold out is priced at the quarter before, since it has no price in this one. “Of the portfolio” is that amount against this quarter's reported book.
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.