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Vulcan Value Partners Q4 2025 Letter

Portfolio Review All of our strategies had positive returns for the year. These results are detailed in the table below.

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Citi becomes latest US company to abandon diversity targets

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories

Russia asked US for Nato withdrawal from eastern Europe, says Romania

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Germany’s chance for a revival

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories

European Central Bank’s annual loss hits record €7.9bn

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories

Anglo American writes down De Beers value by $2.9bn

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories

Walmart shares slide as retail behemoth warns of slower sales growth

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories

US objects to calling out ‘Russian aggression’ in G7 statement on Ukraine

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Ukrainians rigged Russian drone goggles with explosives, officials say

Ukraine’s defence intelligence unit carried out a series of explosions involving drone pilot goggles used by Russians

Goodbye to the good guy

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European stocks outpace Wall Street since Donald Trump took office

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Andrea Orcel says Ukraine breakthrough could unlock sale of UniCredit’s Russia unit

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories

Hamas hands over remains of four Israeli hostages including infant

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories

Mercedes-Benz warns 2025 profits will be ‘significantly’ lower

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories

Airbus sets modest delivery target for 2025

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories

Markets decline on US interest rate concerns

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