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C.T. Fitzpatrick Vulcan Value Partners
AUM
$3.29B
Turnover
13.51%
1-Year Est. Return
6.08%
C.T. Fitzpatrick is the founder of Vulcan Value Partners, a firm that seeks high-quality businesses when they trade at discounts to estimated intrinsic value. Vulcan is known for a disciplined appraisal process and a willingness to hold cash when bargains are scarce. The firm’s equities strategies are widely followed in quality-value circles.
This Fund
S&P 500
This Quarter Est. Return
+9.23%
1 Year Est. Return
-6.08%
3 Year Est. Return
+28.55%
5 Year Est. Return
+25.64%
10 Year Est. Return
+233.31%
AUM
$3.29B
AUM Growth
-$487M
(-13%)
Cap. Flow
-$891M
Cap. Flow % of AUM
Cap. Flow %
-27.13%
Top 10 Holdings %
Top 10 Hldgs %
76.58%
Holding
37
New
4
Increased
6
Reduced
26
Closed
1
Avg Time Held
4.3
years
Top 10 Avg Time Held
2.5
years
Top 20 Avg Time Held
3.5
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Mastercard
MA
|
+$59.7M |
| 2 |
Ryan Specialty Holdings
RYAN
|
+$44.7M |
| 3 |
Ares Management
ARES
|
+$25.4M |
| 4 |
TPG
TPG
|
+$15.8M |
| 5 |
Equifax
EFX
|
+$15.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
UnitedHealth
UNH
|
+$313M |
| 2 |
Amazon
AMZN
|
+$151M |
| 3 |
Everest Group
EG
|
+$111M |
| 4 |
Visa
V
|
+$56.6M |
| 5 |
CarMax
KMX
|
+$56.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 48.38% |
| 2 | Technology | 18.12% |
| 3 | Industrials | 10.33% |
| 4 | Consumer Discretionary | 9.19% |
| 5 | Healthcare | 6.61% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Everest Group
EG
$14.9B
| $370M | 11.28% |
1,036,906
-324,959
| -24% | -$111M |
2024 Q3
7 quarters
|
|
2
Microsoft
MSFT
$3.93T
| $368M | 11.21% |
986,905
-122,086
| -11% | -$49.4M |
2018 Q4
30 quarters
|
|
|
3
Ryan Specialty Holdings
RYAN
$4.97B
| $299M | 9.09% |
7,912,669
+1,317,334
| +20% | +$44.7M |
2025 Q3
3 quarters
|
|
|
4
Mastercard
MA
$541B
| $258M | 7.86% |
502,961
+119,782
| +31% | +$59.7M |
2013 Q2
52 quarters
|
|
|
5
Amazon
AMZN
$2.7T
| $237M | 7.2% |
992,758
-603,110
| -38% | -$151M |
2018 Q4
30 quarters
|
|
6
TransDigm Group
TDG
$63B
| $227M | 6.91% |
170,429
-13,799
| -7% | -$16.9M |
2020 Q2
24 quarters
|
|
|
7
Ares Management
ARES
$25.5B
| $212M | 6.45% |
1,902,580
+211,404
| +13% | +$25.4M |
2022 Q3
15 quarters
|
|
8
TransUnion
TRU
$14.2B
| $195M | 5.94% |
2,707,249
-500,156
| -16% | -$35.1M |
2025 Q4
2 quarters
|
|
9
Alphabet (Google) Class C
GOOG
$4.12T
| $191M | 5.8% |
539,472
-137,084
| -20% | -$49M |
2017 Q3
35 quarters
|
|
|
10
Visa
V
$756B
| $159M | 4.84% |
463,268
-176,186
| -28% | -$56.6M |
2013 Q2
52 quarters
|
|
|
11
TPG
TPG
$7.09B
| $95.8M | 2.92% |
2,361,862
+375,836
| +19% | +$15.8M |
2025 Q1
5 quarters
|
|
12
Medpace
MEDP
$17.3B
| $75.1M | 2.29% |
141,743
-61,325
| -30% | -$28.3M |
2021 Q2
20 quarters
|
|
13
Elevance Health
ELV
$92.9B
| $60.3M | 1.83% |
155,873
-140,898
| -47% | -$52.3M |
2022 Q3
15 quarters
|
|
14
ServiceNow
NOW
$147B
| $57.1M | 1.74% |
574,811
+40,994
| +8% | +$4.06M |
2026 Q1
1 quarter
|
|
15
IQVIA
IQV
$43.9B
| $50.2M | 1.53% |
259,856
+11,755
| +5% | +$2.05M |
2025 Q2
4 quarters
|
|
|
16
CarMax
KMX
$7.57B
| $48.3M | 1.47% |
912,638
-1,292,238
| -59% | -$56.2M |
2024 Q1
9 quarters
|
|
17
Fiserv Inc
FISV
$25.3B
| $43.8M | 1.33% |
893,965
-200,694
| -18% | -$11.2M |
2025 Q3
3 quarters
|
|
18
Nice
NICE
$6.57B
| $43.5M | 1.32% |
478,421
-93,890
| -16% | -$9.11M |
2022 Q4
14 quarters
|
|
19
HEICO Corp Class A
HEI.A
$32.6B
| $39.6M | 1.21% |
153,718
-24,738
| -14% | -$5.65M |
2020 Q3
23 quarters
|
|
20
Jones Lang LaSalle
JLL
$14.1B
| $29.8M | 0.91% |
96,258
-13,291
| -12% | -$4.13M |
2022 Q2
16 quarters
|
|
|
21
UnitedHealth
UNH
$360B
| $28M | 0.85% |
67,309
-845,365
| -93% | -$313M |
2024 Q4
6 quarters
|
|
22
Salesforce
CRM
$198B
| $25.7M | 0.78% |
164,013
-32,790
| -17% | -$5.77M |
2020 Q2
24 quarters
|
|
23
Colliers International
CIGI
$4.62B
| $19.9M | 0.61% |
211,910
-43,411
| -17% | -$4.38M |
2020 Q3
23 quarters
|
|
24
ABM Industries
ABM
$3B
| $19.8M | 0.6% |
448,559
-181,737
| -29% | -$7.45M |
2020 Q3
23 quarters
|
|
25
MillerKnoll
MLKN
$1.45B
| $17.1M | 0.52% |
838,151
-486,458
| -37% | -$7.79M |
2020 Q1
25 quarters
|
|
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C.T. Fitzpatrick's Q2 2026 Portfolio in Review
As of Q2 2026, C.T. Fitzpatrick held 37 positions worth $3.29B, down 13% from $3.77B the previous quarter. Its ten largest holdings account for 77% of the portfolio.
C.T. Fitzpatrick withdrew a net $891M in Q2 2026, closing 1 position and reducing 26 holdings. Its most notable exit was Park Hotels & Resorts, an estimated $12.6M position sold in full.
By sector, the portfolio is most concentrated in Financials at 48% of assets, up from 41% a quarter earlier, followed by Technology and Industrials.
Against the trend, C.T. Fitzpatrick opened a new position in Equifax worth $14.4M.
- C.T. Fitzpatrick's largest Q2 2026 buy was Equifax: 90,748 shares worth $14.4M.
- C.T. Fitzpatrick added most to Mastercard in Q2 2026, an estimated $59.7M increase.
- C.T. Fitzpatrick's biggest Q2 2026 reduction was UnitedHealth, cutting an estimated $313M.
- C.T. Fitzpatrick fully exited Park Hotels & Resorts in Q2 2026, selling an estimated $12.6M.
- C.T. Fitzpatrick's ten largest holdings make up 77% of its $3.29B portfolio in Q2 2026.
- C.T. Fitzpatrick opened 4 new positions and closed 1 in Q2 2026.
- C.T. Fitzpatrick's portfolio value fell 13% quarter-over-quarter to $3.29B.
Based on Vulcan Value Partners's 13F filing for Q2 2026, filed 10 Aug 2026.