2024-04-10 11:35:00 ET
Summary
- Vulcan Value Partners are value investors - business analysts with a long-term time horizon focused on purchasing publicly traded companies that are competitively entrenched at significant discounts to intrinsic worth.
- During the first quarter of 2024, all strategy composites produced positive returns, and several were ahead of their respective benchmarks.
- When we think we can improve our prospective long-term returns and lower risk, we will make those decisions without regard to their effect on short-term performance.
- Conditions are not very different today than they were when we wrote our annual letter.
PORTFOLIO REVIEW
We are generally pleased with our performance during the first quarter of 2024. All strategy composites produced positive returns, and several were ahead of their respective benchmarks. These results follow a very strong year of compounding in 2023. Each strategy's returns are detailed below. As we have often said, we place no weight on short-term results, good or bad. When we think we can improve our prospective long-term returns and lower risk, we will make those decisions without regard to their effect on short-term performance. Conditions are not very different today than they were when we wrote our annual letter. We encourage you to read it as it remains relevant.
INVESTMENT STRATEGY | QTD | YTD | Annualized Since Inception* |
Large Cap Composite (Gross) | 12.1% | 12.1% | 10.6% |
Large Cap Composite (Net) | 12.0% | 12.0% | 9.9% |
Russell 1000 Value Index | 9.0% | 9.0% | 7.2% |
S&P 500 Index | 10.6% | 10.6% | 10.2% |
Small Cap Composite (Gross) | 0.4% | 0.4% | 8.5% |
Small Cap Composite (Net) | 0.2% | 0.2% | 7.5% |
Russell 2000 Value Index | 2.9% | 2.9% | 6.3% |
Russell 2000 Index | 5.2% | 5.2% | 7.4% |
Focus Composite (Gross) | 12.8% | 12.8% | 14.7% |
Focus Composite (Net) | 12.7% | 12.7% | 13.6% |
Russell 1000 Value Index | 9.0% | 9.0% | 7.6% |
S&P 500 Index | 10.6% | 10.6% | 10.2% |
Focus Plus Composite (Gross) | 13.0% | 13.0% | 14.1% |
Focus Plus Composite (Net) | 12.9% | 12.9% | 12.9% |
Russell 1000 Value Index | 9.0% | 9.0% | 7.2% |
S&P 500 Index | 10.6% | 10.6% | 10.2% |
All Cap Composite (Gross) | 6.8% | 6.8% | 11.2% |
All Cap Composite (Net) | 6.6% | 6.6% | 10.2% |
Russell 3000 Value Index | 8.6% | 8.6% | 10.1% |
Russell 3000 Index | 10.0% | 10.0% | 12.8% |
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For further details see:
Vulcan Value Partners Q1 2024 Letter