Vulcan Value Partners Q4 2024 Letter
2025-01-16 13:40:00 ET
Summary
- Focus and Focus Plus were our best performing strategies during the fourth quarter and the year.
- U.S. equity markets were strong in 2024 with large cap stocks leading the way.
- We have had a meaningful exposure to non-U.S. companies in Small Cap for some time.
Portfolio Review
Focus and Focus Plus were our best performing strategies during the fourth quarter and the year. Small Cap was our worst performing strategy for the fourth quarter and the year. All of our strategies had positive returns for the year. These results are detailed in the table 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.
INVESTMENT STRATEGY | QTD | YTD | Annualized Since Inception* |
Large Cap Composite (Gross) | 0.1% | 18.2% | 10.5% |
Large Cap Composite (Net) | -0.1% | 17.5% | 9.7% |
Russell 1000 Value Index | -2.0% | 14.4% | 7.2% |
S&P 500 Index | 2.4% | 25.0% | 10.5% |
Small Cap Composite (Gross) | -7.2% | 2.1% | 8.2% |
Small Cap Composite (Net) | -7.3% | 1.3% | 7.2% |
Russell 2000 Value Index | -1.1% | 8.1% | 6.3% |
Russell 2000 Index | 0.3% | 11.5% | 7.4% |
Focus Composite (Gross) | 6.5% | 26.6% | 14.7% |
Focus Composite (Net) | 6.3% | 26.1% | 13.7% |
Russell 1000 Value Index | -2.0% | 14.4% | 7.5% |
S&P 500 Index | 2.4% | 25.0% | 10.6% |
Focus Plus Composite (Gross) | 7.5% | 28.3% | 14.3% |
Focus Plus Composite (Net) | 7.4% | 27.5% | 13.1% |
Russell 1000 Value Index | -2.0% | 14.4% | 7.2% |
S&P 500 Index | 2.4% | 25.0% | 10.5% |
All Cap Composite (Gross) | -2.3% | 14.5% | 11.1% |
All Cap Composite (Net) | -2.5% | 13.6% | 10.2% |
Russell 3000 Value Index | -1.9% | 14.0% | 9.9% |
Russell 3000 Index | 2.6% | 23.8% | 13.0% |
| *Inception date is 3/31/2007 for Large Cap, Small Cap, and Focus Plus Composites. Inception date is 11/30/2007 for Focus Composite. Inception date is 4/1/2011 for All Cap Composite. Past performance is no guarantee of future results. Please see important disclosures at the end of this document. |
Please reference additional performance information for each of the composites in the strategy reviews that follow and important disclosures at the end of this document....
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Vulcan Value Partners Q4 2024 Letter
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