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C.T. Fitzpatrick Vulcan Value Partners

AUM $3.29B
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
-1.39%
1 Year Est. Return
-6.08%
3 Year Est. Return
+28.5%
5 Year Est. Return
+25.59%
10 Year Est. Return
+233.17%
AUM
$10B
AUM Growth
+$1.22B
Cap. Flow
+$1.29B
Cap. Flow %
12.81%
Top 10 Hldgs %
40.54%
Holding
74
New
8
Increased
35
Reduced
20
Closed
11

Top Buys

Rank Stock Value
1
NOV icon
NOV
NOV
+$391M
2
PH icon
Parker-Hannifin
PH
+$365M
3
FOSL icon
Fossil Group
FOSL
+$277M
4
AXS icon
AXIS Capital
AXS
+$274M
5
QCOM icon
Qualcomm
QCOM
+$261M

Top Sells

Rank Stock Value
1
DISCK
Discovery, Inc. Series C Common Stock
DISCK
+$297M
2
SABR icon
Sabre
SABR
+$220M
3
AAPL icon
Apple
AAPL
+$163M
4
NUS icon
Nu Skin
NUS
+$114M
5
ELV icon
Elevance Health
ELV
+$99M

Sector Composition

Rank Sector Weight
1 Financials 36.7%
2 Industrials 22.81%
3 Technology 16.73%
4 Communication Services 8.49%
5 Consumer Discretionary 4.51%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
EV
26
DELISTED
Eaton Vance Corp.
EV
$144M 1.44%
3,461,937
+47,499
+1% +$1.97M
NUS icon
27
Nu Skin
NUS
$231M
$143M 1.42%
2,371,066
-2,248,909
-49% -$114M
CSCO icon
28
Cisco
CSCO
$438B
$109M 1.08%
3,949,574
-3,220,882
-45% -$90.7M
SABR icon
29
Sabre
SABR
$848M
$101M 1.01%
4,165,837
-10,281,832
-71% -$220M
ENS icon
30
EnerSys
ENS
$6.84B
$96.6M 0.96%
1,503,184
+63,982
+4% +$3.99M
MSCI icon
31
MSCI
MSCI
$41B
$92.3M 0.92%
1,505,896
-130,825
-8% -$7.3M
NAVG
32
DELISTED
Navigators Group Inc
NAVG
$89.6M 0.89%
2,301,330
-22,278
-1% -$831K
PRE
33
DELISTED
PARTNERRE LTD
PRE
$87.2M 0.87%
+762,852
New +$87.6M
HOT
34
DELISTED
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
HOT
$82.6M 0.82%
989,433
-733,920
-43% -$57.4M
AHL
35
DELISTED
ASPEN Insurance Holding Limited
AHL
$82.6M 0.82%
+1,748,326
New +$79M
EMR icon
36
Emerson Electric
EMR
$87.7B
$80.1M 0.8%
+1,414,971
New +$82.2M
ELV icon
37
Elevance Health
ELV
$86.9B
$79.6M 0.79%
515,203
-695,129
-57% -$99M
SLB icon
38
SLB Ltd
SLB
$79.9B
$77.7M 0.77%
+930,785
New +$77.5M
AAPL icon
39
Apple
AAPL
$4.51T
$77.6M 0.77%
2,495,724
-5,407,256
-68% -$163M
VRTS icon
40
Virtus Investment Partners
VRTS
$1.12B
$76.9M 0.77%
587,679
+73,776
+14% +$10.4M
UN
41
DELISTED
Unilever NV New York Registry Shares
UN
$76M 0.76%
1,819,486
-1,447,114
-44% -$60.7M
TWX
42
DELISTED
Time Warner Inc
TWX
$74.7M 0.74%
884,191
+57,650
+7% +$4.79M
IHG icon
43
InterContinental Hotels
IHG
$23.6B
$74.2M 0.74%
1,436,633
+88,125
+7% +$4.64M
WAT icon
44
Waters Corp
WAT
$40.4B
$70.4M 0.7%
566,263
+16,904
+3% +$2.02M
CL icon
45
Colgate-Palmolive
CL
$72.6B
$67.8M 0.68%
977,566
-413,138
-30% -$28.6M
TIVO
46
DELISTED
Tivo Inc
TIVO
$67.2M 0.67%
3,690,443
+397,515
+12% +$8.9M
LNN icon
47
Lindsay Corp
LNN
$1.18B
$60.3M 0.6%
790,582
+39,167
+5% +$3.29M
WWD icon
48
Woodward
WWD
$20.3B
$57.9M 0.58%
1,135,893
+563,340
+98% +$26.9M
CW icon
49
Curtiss-Wright
CW
$23.5B
$55.3M 0.55%
747,832
-268,955
-26% -$18.8M
ITRN icon
50
Ituran Location and Control
ITRN
$1.01B
$53.4M 0.53%
2,427,554
+48,293
+2% +$1.07M
1
2
3

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C.T. Fitzpatrick's Q1 2015 Portfolio in Review

As of Q1 2015, C.T. Fitzpatrick held 74 positions worth $10B, up 14% from $8.82B the previous quarter. Its ten largest holdings account for 41% of the portfolio.

C.T. Fitzpatrick deployed $1.29B of net new capital in Q1 2015, opening 8 new positions and adding to 35 existing holdings. Its largest new stake was NOV: 7,200,991 shares worth $360M.

By sector, the portfolio is most concentrated in Financials at 37% of assets, up from 36% a quarter earlier, followed by Industrials and Technology.

On the sell side, the largest reduction was Discovery, Inc. Series C Common Stock, an estimated $297M trimmed.

  • C.T. Fitzpatrick's largest Q1 2015 buy was NOV: 7,200,991 shares worth $360M.
  • C.T. Fitzpatrick added most to Parker-Hannifin in Q1 2015, an estimated $365M increase.
  • C.T. Fitzpatrick's biggest Q1 2015 reduction was Discovery, Inc. Series C Common Stock, cutting an estimated $297M.
  • C.T. Fitzpatrick fully exited Insperity in Q1 2015, selling an estimated $56.1M.
  • C.T. Fitzpatrick's ten largest holdings make up 41% of its $10B portfolio in Q1 2015.
  • C.T. Fitzpatrick opened 8 new positions and closed 11 in Q1 2015.
  • C.T. Fitzpatrick's portfolio value rose 14% quarter-over-quarter to $10B.

Based on Vulcan Value Partners's 13F filing for Q1 2015, filed 15 May 2015.