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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
-2.6%
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
$10.2B
AUM Growth
-$960M
Cap. Flow
-$625M
Cap. Flow %
-6.15%
Top 10 Hldgs %
48.6%
Holding
63
New
8
Increased
18
Reduced
29
Closed
8

Top Buys

Rank Stock Value
1
HLT icon
Hilton Worldwide
HLT
+$142M
2
MAR icon
Marriott International
MAR
+$140M
3
SABR icon
Sabre
SABR
+$138M
4
CHKP icon
Check Point Software Technologies
CHKP
+$97.5M
5
SNBR
Sleep Number
SNBR
+$89.8M

Top Sells

Rank Stock Value
1
PH icon
Parker-Hannifin
PH
+$296M
2
DOV icon
Dover
DOV
+$218M
3
CSCO icon
Cisco
CSCO
+$136M
4
IHG icon
InterContinental Hotels
IHG
+$135M
5
BA icon
Boeing
BA
+$125M

Sector Composition

Rank Sector Weight
1 Financials 34.24%
2 Technology 19.67%
3 Industrials 16.99%
4 Consumer Discretionary 10.66%
5 Communication Services 7.25%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SABR icon
26
Sabre
SABR
$848M
$131M 1.29%
+4,905,528
New +$138M
AHL
27
DELISTED
ASPEN Insurance Holding Limited
AHL
$123M 1.21%
2,653,700
+96,705
+4% +$4.51M
NAVG
28
DELISTED
Navigators Group Inc
NAVG
$93.1M 0.92%
2,024,058
-104,340
-5% -$4.54M
DOV icon
29
Dover
DOV
$27.2B
$90M 0.89%
1,607,428
-4,049,161
-72% -$218M
SNBR
30
DELISTED
Sleep Number
SNBR
$88M 0.87%
+4,116,895
New +$89.8M
WWD icon
31
Woodward
WWD
$20.3B
$86.3M 0.85%
1,496,609
-57,381
-4% -$3.17M
ITRN icon
32
Ituran Location and Control
ITRN
$1.01B
$81.1M 0.8%
3,576,270
+581,902
+19% +$12.3M
LNN icon
33
Lindsay Corp
LNN
$1.18B
$69.1M 0.68%
1,018,141
-7,932
-0.8% -$564K
VRTS icon
34
Virtus Investment Partners
VRTS
$1.12B
$67.9M 0.67%
953,626
+127,895
+15% +$9.69M
LQ
35
DELISTED
La Quinta Holdings Inc.
LQ
$67.8M 0.67%
5,946,251
-275,038
-4% -$3.28M
BID
36
DELISTED
Sotheby's
BID
$60M 0.59%
+2,188,595
New +$61.9M
ENS icon
37
EnerSys
ENS
$6.84B
$54.5M 0.54%
916,861
-726,807
-44% -$42.9M
JLL icon
38
Jones Lang LaSalle
JLL
$17.8B
$54M 0.53%
+554,339
New +$63.7M
TKR icon
39
Timken Company
TKR
$8.67B
$47.5M 0.47%
1,548,244
+347,891
+29% +$11.7M
FWRD icon
40
Forward Air
FWRD
$612M
$46.4M 0.46%
1,042,566
-11,513
-1% -$519K
NUS icon
41
Nu Skin
NUS
$231M
$41.1M 0.4%
889,275
-1,730,653
-66% -$69.7M
CXT icon
42
Crane NXT
CXT
$2.89B
$40.7M 0.4%
2,067,295
-916,486
-31% -$17.9M
EPAC icon
43
Enerpac Tool Group
EPAC
$1.9B
$39.1M 0.38%
1,727,824
+100,912
+6% +$2.59M
EV
44
DELISTED
Eaton Vance Corp.
EV
$39.1M 0.38%
1,105,180
-930,728
-46% -$32.7M
THR
45
DELISTED
Thermon Group Holdings
THR
$37.5M 0.37%
1,952,620
-668,413
-26% -$12.8M
SBH icon
46
Sally Beauty Holdings
SBH
$1.55B
$36.7M 0.36%
+1,246,957
New +$37.3M
SAFT icon
47
Safety Insurance
SAFT
$1.52B
$34M 0.33%
551,650
-119,141
-18% -$6.98M
TUP
48
DELISTED
Tupperware Brands Corporation
TUP
$33.1M 0.33%
588,189
-63,227
-10% -$3.61M
NCI
49
DELISTED
Navigant Consulting, Inc.
NCI
$30.7M 0.3%
1,898,325
+347,835
+22% +$5.49M
COR icon
50
Cencora
COR
$60.7B
$27.6M 0.27%
+347,926
New +$27.9M
1
2
3

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C.T. Fitzpatrick's Q2 2016 Portfolio in Review

As of Q2 2016, C.T. Fitzpatrick held 63 positions worth $10.2B, down 8.6% from $11.1B the previous quarter. Its ten largest holdings account for 49% of the portfolio.

C.T. Fitzpatrick withdrew a net $625M in Q2 2016, closing 8 positions and reducing 29 holdings. Its most notable exit was InterContinental Hotels, an estimated $135M position sold in full.

By sector, the portfolio is most concentrated in Financials at 34% of assets, up from 33% a quarter earlier, followed by Technology and Industrials.

Against the trend, C.T. Fitzpatrick opened a new position in Marriott International worth $139M.

  • C.T. Fitzpatrick's largest Q2 2016 buy was Marriott International: 2,086,158 shares worth $139M.
  • C.T. Fitzpatrick added most to Hilton Worldwide in Q2 2016, an estimated $142M increase.
  • C.T. Fitzpatrick's biggest Q2 2016 reduction was Parker-Hannifin, cutting an estimated $296M.
  • C.T. Fitzpatrick fully exited InterContinental Hotels in Q2 2016, selling an estimated $135M.
  • C.T. Fitzpatrick's ten largest holdings make up 49% of its $10.2B portfolio in Q2 2016.
  • C.T. Fitzpatrick opened 8 new positions and closed 8 in Q2 2016.
  • C.T. Fitzpatrick's portfolio value fell 8.6% quarter-over-quarter to $10.2B.

Based on Vulcan Value Partners's 13F filing for Q2 2016, filed 15 Aug 2016.