Investment management company Vulcan Value Partners recently released its first-quarter 2025 investor letter. A copy of the letter can be downloaded here. The first quarter experienced the return of volatility. The companies’ management teams expressed a more cautious view following the recent election. Optimism has given way to uncertainty about tariffs and potential impacts on earnings, inflation, and economic growth. In the quarter, the Large Cap Composite returned -2.1% net of fees and expenses, the Small Cap Composite returned -4.5% net, the Focus Composite returned -5.8% net,...
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