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Vulcan Value Partners Publishes Q2 Letter and Adds Data, Software and Utility Names

The firm says recent weakness in several holdings reflects short-term sector pressure and defends purchases by pointing to durable assets such as proprietary data and mission‑critical software.

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Overview

  • Vulcan released its Q2 2026 investor letter that reports strong quarterly returns for its composites and explains portfolio moves.
  • The firm said the Large Cap Composite (net) returned 9.5% and the All‑Cap Composite (net) returned 9.0% in the quarter.
  • Vulcan added Veeva Systems, Equifax, and ServiceNow to portfolios and also bought Badger Meter and TPG during Q2.
  • The letter argues Equifax’s Workforce Solutions data franchise and Veeva’s life‑sciences software are durable moats and not threatened by AI or weak mortgage volumes.
  • Vulcan highlighted recovery plays such as UnitedHealth and MillerKnoll as material positive contributors and framed its approach as long‑horizon, valuation‑driven investing.