Overview

• U.S. stocks rallied in Q3 with the S&P 500 up 8.12%, as Vulcan posted positive absolute returns across strategies including 4.6% net in Large Cap and 5.5% net in All‑Cap.
• Vulcan initiated Fiserv, citing high switching costs and expected free cash flow of more than $5 billion with buybacks, and exited CBRE after its share price outpaced the firm’s valuation.
• Medpace was a key contributor for Vulcan after strong Q2 results, a nearly 6% share repurchase and a higher full‑year outlook, leading the manager to trim as price rose faster than value.
• CarMax detracted on a 5% decline in retail volumes tied to unusual used‑car price volatility and pulled‑forward demand, prompting Vulcan to add to its position on long‑term conviction.
• Aristotle’s Value Equity Strategy returned 3.82% net, evaluated Corteva’s planned separation after a share drop, and framed the Fed’s June removal of Wells Fargo’s asset cap as a catalyst for renewed balance‑sheet growth, with additional contributors including Martin Marietta and Xcel.