TransUnion

• Vulcan Value Partners First Quarter 2026 ↗ Vulcan Value Partners rotated from fully valued holdings into discounted businesses it expects to withstand or benefit from AI, led by SAP, Ares Management and Ryan Specialty. The firm argues that ERP software, private credit, specialist insurance broking and proprietary-data businesses retain durable advantages despite broad AI-driven selling. First Quarter 2026 SAP $245BAMZN $2.7TARES $39B +13
• Vulcan Value Partners Annual Letter and Fourth Quarter 2025 ↗ Vulcan Value Partners reduced technology exposure and added health care, insurance and discounted SMID-cap businesses as it sought wider margins of safety amid expensive AI-led markets. The firm bought Ryan Specialty, TransUnion, Everest and CarMax, while reallocating from holdings nearer estimated fair value and adding to Fiserv after its guidance reset. Annual Letter and Fourth Quarter 2025 CBRE $38BCRM $197BCSGP $12B +11

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