See if any of these SPR's in the knowledgebase sound like what you're experiencing.
- SPR 792546 Fixed 2014 Sp5.0
- SPR 802067 Fixed 2014 Sp4.0
- SPR 758929 Fixed 2014 Sp3.0
- SPR 788790 Open – Vault Specific
- SPR 682578 Open – Issue with Solid Edge Files.
If so, upgrading to 2014 sp5 may resolve the issue but you should do some testing and verification first.
It could also be an issue with the SQL database indexes needing to be rebuilt.
Problem fixed! (Thank you SWW2015!)
Did a rebuild and reorganize of the index of the vault database and some other little tweaks. (rebuild and organize probably is the savior though). History is lightning fast now.