Vulcan Value Partners reduced its position in Microsoft (MSFT) by 11.01% during the second quarter of 2026, selling approximately 123,100 shares. The trades, valued at an estimated $45.54 million, were disclosed in a delayed quarterly 13F filing dated August 10, 2026, and took place between March 31 and June 30.
Despite the reduction in shares, Microsoft's weight in Vulcan's portfolio paradoxically increased from 10.88% to 11.21%, making it a top holding. This suggests the stock's price performed strongly relative to the rest of the portfolio during the quarter. The firm's investment philosophy states it will trim positions as a company's stock price approaches its estimate of fair value to reallocate capital to more discounted opportunities.