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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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Who will now stabilise the world economy?

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Will Hong Kong’s property slump force it to raise taxes?

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

Microsoft claims quantum breakthrough after 20-year pursuit of elusive particle

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

US congressional committee warns on new Chinese embassy in London

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France and UK plan air power-backed ‘reassurance force’ in postwar Ukraine

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Starmer expresses support for Zelenskyy after Trump criticism

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KPMG’s US business removes diversity reports from its website after Trump onslaught

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Donald Trump makes push for control of independent US regulators

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Trump administration halts New York City’s congestion scheme

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Trump’s rush to strike a deal on Ukraine hands Putin the advantage

Over three years of war, Russian President Vladimir Putin has refused to stray from his

Donald Trump’s late-night posts send currency traders to Asian markets

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Senior Republicans seeking to tear up IRA enjoy $130bn investment spree

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Volodymyr Zelenskyy accuses Donald Trump of living in a ‘disinformation bubble’

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Bond investors brace for Europe’s defence spending ‘bazooka’

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EU considers tapping €93bn in unspent Covid recovery funds for defence

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