C.T. Fitzpatrick Vulcan Value Partners
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.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
DISCK
Discovery, Inc. Series C Common Stock
DISCK
|
+$140M |
| 2 |
State Street
STT
|
+$129M |
| 3 |
Visa
V
|
+$120M |
| 4 |
CME Group
CME
|
+$104M |
| 5 |
AET
Aetna Inc
AET
|
+$92.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Coca-Cola
KO
|
+$89M |
| 2 |
Apple
AAPL
|
+$78.5M |
| 3 |
NSR
Neustar Inc
NSR
|
+$52.6M |
| 4 |
Qualcomm
QCOM
|
+$51.2M |
| 5 |
Knowles
KN
|
+$39.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 33.32% |
| 2 | Technology | 20.12% |
| 3 | Communication Services | 11.37% |
| 4 | Industrials | 9.76% |
| 5 | Consumer Discretionary | 7.62% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Dover
DOV
$27.2B
| $105M | 1.55% |
1,426,197
-437,486
| -23% | -$30.6M |
|
27
Sabre
SABR
$848M
| $101M | 1.5% |
+5,058,124
| New | +$90M |
|
|
AET
28
DELISTED
Aetna Inc
AET
| $99M | 1.47% |
+1,221,425
| New | +$92.4M |
|
|
UN
29
DELISTED
Unilever NV New York Registry Shares
UN
| $87.8M | 1.3% |
2,006,108
-648,874
| -24% | -$27.8M |
|
30
Check Point Software Technologies
CHKP
$13.3B
| $86.8M | 1.28% |
1,295,395
+503,948
| +64% | +$33.1M |
|
|
NAVG
31
DELISTED
Navigators Group Inc
NAVG
| $86.5M | 1.28% |
2,580,402
+40,658
| +2% | +$1.25M |
|
32
Nu Skin
NUS
$231M
| $84.7M | 1.25% |
1,145,536
+422,728
| +58% | +$33.3M |
|
|
TIVO
33
DELISTED
Tivo Inc
TIVO
| $80.8M | 1.2% |
3,373,343
+2,022,497
| +150% | +$46.9M |
|
34
Chemed
CHE
$7.07B
| $71M | 1.05% |
757,841
-125,506
| -14% | -$11.1M |
|
35
Insperity
NSP
$2.02B
| $65.5M | 0.97% |
3,971,432
-432,072
| -10% | -$6.87M |
|
36
Lindsay Corp
LNN
$1.18B
| $61.9M | 0.92% |
732,884
-360,590
| -33% | -$31.2M |
|
|
MRH
37
DELISTED
MONTPELIER RE HOLDINGS LTD
MRH
| $58.1M | 0.86% |
1,819,075
+18,953
| +1% | +$588K |
|
38
Curtiss-Wright
CW
$23.5B
| $58.1M | 0.86% |
885,867
+7,734
| +0.9% | +$508K |
|
|
ESRX
39
DELISTED
Express Scripts Holding Company
ESRX
| $57M | 0.84% |
821,661
+131,194
| +19% | +$9.23M |
|
40
Fair Isaac
FICO
$25.3B
| $54M | 0.8% |
846,381
+13,315
| +2% | +$761K |
|
41
Virtus Investment Partners
VRTS
$1.12B
| $53.1M | 0.79% |
250,813
+2,551
| +1% | +$481K |
|
42
EnerSys
ENS
$6.84B
| $50.7M | 0.75% |
736,382
+272,903
| +59% | +$18.5M |
|
|
TUP
43
DELISTED
Tupperware Brands Corporation
TUP
| $48.6M | 0.72% |
580,747
+6,978
| +1% | +$586K |
|
44
Ituran Location and Control
ITRN
$1.01B
| $48.2M | 0.71% |
1,980,049
+1,313
| +0.1% | +$31.6K |
|
45
Live Nation Entertainment
LYV
$42.4B
| $43.9M | 0.65% |
1,777,620
+1,072,881
| +152% | +$24.1M |
|
46
Universal Technical Institute
UTI
$1.23B
| $42.1M | 0.62% |
3,469,530
+49,185
| +1% | +$584K |
|
|
47
Coca-Cola
KO
$392B
| $41.7M | 0.62% |
985,128
-2,194,040
| -69% | -$89M |
|
|
NCI
48
DELISTED
Navigant Consulting, Inc.
NCI
| $41.5M | 0.61% |
2,380,009
+1,877,643
| +374% | +$32.5M |
|
49
Parker-Hannifin
PH
$126B
| $40.5M | 0.6% |
321,825
+32,450
| +11% | +$4.05M |
|
50
Forward Air
FWRD
$612M
| $38.4M | 0.57% |
802,917
+757,388
| +1,664% | +$34M |
|
Similar funds
C.T. Fitzpatrick's Q2 2014 Portfolio in Review
As of Q2 2014, C.T. Fitzpatrick held 106 positions worth $6.76B, up 20% from $5.65B the previous quarter. Its ten largest holdings account for 38% of the portfolio.
C.T. Fitzpatrick deployed $858M of net new capital in Q2 2014, opening 45 new positions and adding to 39 existing holdings. Its largest new stake was State Street: 1,957,149 shares worth $132M.
By sector, the portfolio is most concentrated in Financials at 33% of assets, up from 28% a quarter earlier, followed by Technology and Communication Services.
On the sell side, the largest reduction was Coca-Cola, an estimated $89M trimmed.
- C.T. Fitzpatrick's largest Q2 2014 buy was State Street: 1,957,149 shares worth $132M.
- C.T. Fitzpatrick added most to Discovery, Inc. Series C Common Stock in Q2 2014, an estimated $140M increase.
- C.T. Fitzpatrick's biggest Q2 2014 reduction was Coca-Cola, cutting an estimated $89M.
- C.T. Fitzpatrick fully exited Neustar Inc in Q2 2014, selling an estimated $52.6M.
- C.T. Fitzpatrick's ten largest holdings make up 38% of its $6.76B portfolio in Q2 2014.
- C.T. Fitzpatrick opened 45 new positions and closed 5 in Q2 2014.
- C.T. Fitzpatrick's portfolio value rose 20% quarter-over-quarter to $6.76B.
Based on Vulcan Value Partners's 13F filing for Q2 2014, filed 13 Aug 2014.