Core Insights - Vulcan Value Partners reported positive results across all its investment strategies for the year, with notable returns in various composites despite overvalued markets [1] - The firm emphasizes a disciplined investment approach, prioritizing safety and long-term gains over short-term performance, drawing parallels to the late 1990s dot-com bubble [1] Performance Summary - Large Cap Composite (Net) returned -1.5% in Q4 and 7.9% YTD - Small Cap Composite (Net) gained 3.2% in Q4 and 9.5% YTD - Focus Composite (Net) returned 0.1% in Q4 and 7.1% YTD - Focus Plus Composite (Net) returned 0.1% in Q4 and 6.2% YTD - All-Cap Composite (Net) returned 1.3% in Q4 and 10.7% YTD [1] Company Focus: Fiserv, Inc. - Fiserv, Inc. was identified as a significant detractor in the Large Cap and All-Cap Strategies, with a one-month return of -0.15% and a 52-week loss of 67.73% [2] - As of January 22, 2026, Fiserv's stock closed at $67.40 per share, with a market capitalization of $36.638 billion [2] Management Insights on Fiserv, Inc. - Fiserv was previously owned by the firm until Q1 2025, after which the stock price declined due to downward guidance revisions and delays in initiatives [3] - The new management team acknowledged aggressive tactics that compromised long-term customer relationships, leading to a strategic shift towards reinvestment for sustainable growth [3] - Despite current challenges, Fiserv is expected to grow revenues and generate substantial free cash flow during its reinvestment phase, with the firm taking advantage of share price declines to increase its position [3]