Vulcan Value Partners Quarterly Letter Q3 2018

About: Acuity Brands, Inc. (Holding Company) (AYI), BLK, SNBR, ORCL, CVS, AET, MA, V, Includes: ACIW, AHL, ANTM, ATU, AVTTY, CACC, CHH, COHR, CR, CWK, DCI, EBRPF, FWRD, LSTR, MCO, NAVG, OUT, PH, TUP
by: Fund Letters

We 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.

Our goal is to compound capital at real rates of return significantly in excess of inflation over our five-year time horizon. Believing that as owners and operators of the firm, our capital should be invested alongside our client partners, Vulcan Value Partners is the exclusive investment vehicle for all of our employees’ public equity investments.

Includes detailed analysis of Vulcan Value Partners' positions in BLK, SNBR, ORCL, CVS, AET, AYI, MA, V.

All five of our investment strategies have produced exceptional long-term returns. Large Cap delivered positive returns but underperformed relative to its respective benchmarks. Small Cap, All Cap, Focus, and Focus Plus produced positive returns and outperformed their primary benchmark during the quarter. Focus and Focus Plus also outperformed their secondary benchmarks as well.