Vulcan Value Partners 13F, Q3 2025
Vulcan Value Partners · quarter ending 30 September 2025 · filed 10 November 2025 · SEC CIK 1556785
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q3 2025
The 25 largest of 40 positions. Weights are against the whole filed book. Changes are in shares held, against the Q2 2025 filing.
| Company | Ticker | Value | % of book | vs Q2 2025 |
|---|---|---|---|---|
| MICROSOFT CORP | MSFT | $614.02M | 11.1% | -3% shares |
| EVEREST GROUP LTD | $496.51M | 9.0% | +14% shares | |
| UNITEDHEALTH GROUP INC | UNH | $413.88M | 7.5% | -2% shares |
| AMAZON COM INC | AMZN | $412.95M | 7.5% | -3% shares |
| SALESFORCE INC | CRM | $371.21M | 6.7% | +46% shares |
| TRANSDIGM GROUP INC | TDG | $328.98M | 6.0% | +8% shares |
| COSTAR GROUP INC | CSGP | $323.20M | 5.9% | +3% shares |
| ALPHABET INC | GOOG | $268.04M | 4.9% | -37% shares |
| MASTERCARD INCORPORATED | MA | $265.23M | 4.8% | +7% shares |
| VISA INC | V | $256.64M | 4.7% | +12% shares |
| ARES MANAGEMENT CORPORATION | ARES | $215.78M | 3.9% | +11% shares |
| ELEVANCE HEALTH INC | ELV | $135.71M | 2.5% | +43% shares |
| IQVIA HLDGS INC | IQV | $129.91M | 2.4% | unchanged |
| TPG INC | TPG | $112.34M | 2.0% | unchanged |
| QORVO INC | QRVO | $109.01M | 2.0% | -9% shares |
| NICE LTD | NICE | $108.79M | 2.0% | -10% shares |
| CARMAX INC | KMX | $104.57M | 1.9% | +135% shares |
| FISERV INC | FISV | $103.40M | 1.9% | new |
| MEDPACE HLDGS INC | MEDP | $103.24M | 1.9% | -30% shares |
| STANLEY BLACK & DECKER INC | SWK | $86.27M | 1.6% | unchanged |
| HEICO CORP NEW | HEI/A | $68.67M | 1.2% | +3% shares |
| JONES LANG LASALLE INC | JLL | $58.95M | 1.1% | -59% shares |
| LITTELFUSE INC | LFUS | $51.00M | 0.9% | -23% shares |
| CROWN HLDGS INC | CCK | $41.53M | 0.8% | unchanged |
| RYAN SPECIALTY HOLDINGS INC | RYAN | $35.60M | 0.7% | new |
What changed since Q2 2025
Against the Q2 2025 filing, Vulcan Value Partners opened 3 new positions, added to 13, trimmed 19, left 5 unchanged and exited 1. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
Other quarters
Source: SEC Form 13F-HR, accession 0001556785-25-000034, filed by Vulcan Value Partners, LLC. Values are as filed and cover US-listed positions only; a 13F does not show short positions or holdings outside the US. A 13F may be filed up to 45 days after the quarter ends, so the fund may have traded since. Educational information, not financial advice.