Core Insights - Vulcan Value Partners reported positive results across all its investment strategies for the year, with varying returns in Q4 2025 and year-to-date (YTD) performance [1] - The firm emphasized a focus on safety and long-term gains, despite the overvalued market conditions reminiscent of the late 1990s dot-com bubble [1] - Vulcan Value Partners maintains a disciplined investment approach, aiming to improve price-to-value ratios while navigating current market challenges [1] Performance Summary - The Large Cap Composite (Net) returned -1.5% in Q4 and 7.9% YTD - The Small Cap Composite (Net) gained 3.2% in Q4 and 9.5% YTD - The Focus Composite (Net) returned 0.1% in Q4 and 7.1% YTD - The Focus Plus Composite (Net) returned 0.1% in Q4 and 6.2% YTD - The All-Cap Composite (Net) returned 1.3% in Q4 and 10.7% YTD [1] Company Highlight: Medpace Holdings, Inc. - Medpace Holdings, Inc. (NASDAQ:MEDP) is a healthcare company specializing in clinical research-based drug and medical device development services [2] - The stock traded between $250.05 and $628.92 over the past 52 weeks, closing at $606.27 on January 22, 2026 [2] - Medpace's one-month return was 6.82%, with a 0.18% gain over the last three months, and it has a market capitalization of approximately $17.078 billion [2] Valuation Insights - Vulcan Value Partners noted a weighted average price to value ratio in the mid-50s, indicating a portfolio trading at a significant discount to intrinsic value [3] - The firm acknowledged that while the majority of its MVP list is overvalued, its valuation methodology remains consistent and reliable [3] - The firm expressed confidence in its valuation approach, suggesting that its discounted companies are indeed undervalued compared to the broader market [3]