01

Managed Account

All Cap

Vulcan Value Partners All Cap Strategy

02

Summary

  • Invests in companies across all market capitalizations. Subject to price, any company with above average economics regardless of market capitalization would be an investment in this portfolio. A core position is 5% so that theoretically we would hold 20 names diversified across different industries. It is very rare that enough qualifying companies are sufficiently discounted to warrant this level of concentration, so concentration will vary with the price to value ratio. We will not invest in any business that is trading above our estimate of fair value.

  • Product Characteristics

    Number of Holdings
    21
    Inception Date
    4/1/2011
    Primary Benchmark
    Russell 3000 Value Index
    Active Share*
    96.6%
    Upside Capture*
    111.8
    Downside Capture*
    111.5

    as of 06/30/2022

    *Information provided is supplemental information for the Large Cap Composite. Statistics computed since strategy inception against the Russell 3000 Value Index.

Portfolio Managers

C.T. Fitzpatrick, CFA

Founder, Chief Executive Officer, Chief Investment Officer

McGavock Dunbar, CFA

Principal, Director of Research

F. Hampton McFadden Jr, CFA

Principal

Stephen Simmons, CFA

Principal

Colin Casey

Principal

Performance

 
YTD
1YR
3YR
5YR
10YR
Since
Inception
* Peer Rank
Since Inception
All Cap Composite (Gross)
-38.6%
-35.2%
0.1%
4.0%
9.8%
9.5%
51%
All Cap Composite (Net)
-38.9%
-35.8%
-0.7%
3.2%
8.9%
8.6%
Russell 3000 Value Index
-13.1%
-7.5%
6.8%
7.0%
10.4%
9.3%
Russell 3000 Index
-21.1%
-13.9%
9.8%
10.6%
12.6%
11.4%
Investment Strategy
All Cap Composite (Gross)
Year to Date
-38.6%
Annualized: 1 Year
-35.2%
Annualized: 3 Year
0.1%
Annualized: 5 Year
4.0%
Annualized: 10 Year
9.8%
Since Inception
9.5%
* Peer Rank Since Inception
51%
Investment Strategy
All Cap Composite (Net)
Year to Date
-38.9%
Annualized: 1 Year
-35.8%
Annualized: 3 Year
-0.7%
Annualized: 5 Year
3.2%
Annualized: 10 Year
8.9%
Since Inception
8.6%
* Peer Rank Since Inception
Investment Strategy
Russell 3000 Value Index
Year to Date
-13.1%
Annualized: 1 Year
-7.5%
Annualized: 3 Year
6.8%
Annualized: 5 Year
7.0%
Annualized: 10 Year
10.4%
Since Inception
9.3%
* Peer Rank Since Inception
Investment Strategy
Russell 3000 Index
Year to Date
-21.1%
Annualized: 1 Year
-13.9%
Annualized: 3 Year
9.8%
Annualized: 5 Year
10.6%
Annualized: 10 Year
12.6%
Since Inception
11.4%
* Peer Rank Since Inception

* Peer ranking information sourced from eVestment as of July 20, 2022 using Vulcan Value Partners Large Cap, Focus, and Focus Plus Composites versus peer group of US Large Cap Value Equity Universe, Vulcan Value Partners Small Cap Composite versus peer group of US Small Cap Value Equity Universe, and Vulcan Value Partners All Cap Composite versus peer group of US All Cap Value Equity Universe since inception ending June 30, 2022.

Top 10 Holdings

TransDigm Group Inc.
7.3%
Mastercard Inc.
7.0%
Cushman & Wakefield Plc
6.8%
Salesforce.com Inc.
6.1%
Amazon.com Inc.
5.7%
Applied Materials Inc.
4.9%
Alphabet Inc.
4.9%
Microsoft Corp.
4.8%
KKR & Co. Inc.
4.8%
Qorvo Inc.
4.7%

as of 06/30/2022

Portfolio Characteristics

Average Market Cap
$320.2B
Median Market Cap
$27.3B
Turnover
47.9%
Name Turnover
17.5%
Free Cash Flow Yield
5.0%
Dividend Yield
0.9%
ROE
26.6%
P/E Ratio
16.9x

as of 06/30/2022

* Information provided is supplemental information for All Cap Composite. All information is provided on a trailing 12 months basis unless otherwise indicated. Free Cash Flow Yield is free cash flow divided by market price. P/FCF is market price divided by free cash flow. Characteristics run in FactSet on July 7, 2022 as of June 30, 2022.

03

Investment Philosophy

One team. One philosophy. One process.

Evaluating opportunities is a process; one we undertake with discipline and intentionality. Our primary objective is to minimize risk. We have always believed that by concentrating on not losing money, making money will take care of itself. We also analyze a company’s competitive strengths to ensure it meets our long-term horizon of five years. Finally, we assess the human element, understanding that we’re investing in real businesses run by real people facing real issues. We’re not traders or speculators. We’re long-term owners in a collection of superior business enterprises.

Learn more about our Investment Philosophy

04

Disclosures

Vulcan Value Partners, LLC is an investment adviser registered with the Securities and Exchange Commission under the Investment Adviser Act of 1940.

Managed Accounts are available only for institutional and private clients of Vulcan Value Partners, LLC, a federally registered investment advisor. Vulcan Value Partners Funds are distributed by ALPS Distributors, Inc. Separately Managed Accounts and related investment advisory services are provided by Vulcan Value Partners, LLC, a federally regulated investment advisor. ALPS Distributors, Inc. is not affiliated with Vulcan Value Partners, LLC.

Vulcan claims compliance with the Global Investment Performance Standards (GIPS). This presentation is supplemental information to the fully compliant composite performance disclosure available here.

The composite benchmark is the Russell 3000® Index which measures the performance of the largest 3000 US companies representing approximately 98% of the investable US Equity market. The Russell 3000® Value Index measures the performance of the broad value segment of the U.S. equity value universe. It includes those Russell 3000® Index companies with lower price-to-book ratios and lower expected growth values. Index figures do not reflect deductions for any fees, expenses, or taxes. Investors cannot invest directly in an index.

Holdings are subject to change. The top holdings, as well as other data, are as of the period indicated and should not be considered a recommendation to purchase, hold, or sell any particular security. There is no assurance that any of the securities noted will remain in a portfolio at the time you receive this fact sheet. Actual holding and percentage allocation in individual client portfolios may vary and are subject to change. It should not be assumed that any of the holdings discussed were or will prove to be profitable or that the investment recommendations or decisions we make in the future will be profitable. A list of all securities held in this portfolio in the prior year is available upon request.

The performance presented is for our All Cap Composite. The composite portfolio performance figures reflect the deduction of brokerage or other commissions and the reinvestment of dividends and capital gains. Past performance is no guarantee of future results, and we may not achieve our return goal. We have presented returns gross and net of fees. Gross of fees returns are calculated gross of management and custodial fees and net of transaction costs. Net of fees returns are calculated net of management fees and transaction costs and gross of custodian fees, taken at the highest applicable fee. The performance figures do not reflect the deduction of any taxes an investor might pay on distributions or redemptions. Our standard fees are presented in Part 2 of our ADV. There may be market or economic conditions which affect our performance or that of our relevant benchmarks. Market conditions can vary widely over time and can result in a loss in portfolio value. Vulcan buys concentrated positions for our portfolios, averaging 5% in our model portfolios, which may make our performance more volatile than that of our benchmark indices, and our performance may diverge from an index, positively or negatively, as a result. Our focus is on long term capital appreciation, so our clients should consider at least a five year time horizon for an investment with Vulcan.

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