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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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Trump administration to review $9bn in Harvard federal grants over antisemitism

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Google DeepMind’s drug discovery spin-off Isomorphic Labs raises $600mn

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Keir Starmer briefed Donald Trump about arrests over alleged vandalism at Turnberry golf course

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America cannot afford to break global investor trust

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Musk’s merger suffers from serious grade inflation

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Rocket to buy Mr Cooper in $9.4bn deal to create US mortgage giant

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Trump says he is ‘not joking’ about seeking a third term in office

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Japan warns ‘big one’ earthquake could kill 300,000 people

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

Global Industrial: High Returns On Capital Attract At These Levels (NYSE:GIC)

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Lessons from Russia, Turkey and India for Trump’s America

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Larry Fink warns ‘protectionism has returned with force’ as Trump tariffs loom

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

Marine Le Pen banned from standing for office

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Portugal cautious on joining Europe’s defence spending splurge

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Bad ‘hard’ data creeps in

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Deloitte is hit hardest by Trump’s spending clampdown on consultants

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