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 |
CVS Health
CVS
|
+$432M |
| 2 |
Cardinal Health
CAH
|
+$313M |
| 3 |
Cencora
COR
|
+$304M |
| 4 |
McKesson
MCK
|
+$261M |
| 5 |
CBRE Group
CBRE
|
+$217M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Franklin Templeton, Inc.
BEN
|
+$329M |
| 2 |
Parker-Hannifin
PH
|
+$252M |
| 3 |
T. Rowe Price
TROW
|
+$161M |
| 4 |
Boeing
BA
|
+$149M |
| 5 |
RTX Corp
RTX
|
+$147M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 27.88% |
| 2 | Healthcare | 19.41% |
| 3 | Technology | 18.48% |
| 4 | Consumer Discretionary | 10.7% |
| 5 | Industrials | 7.62% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Sabre
SABR
$848M
| $166M | 1.48% |
6,665,950
+199,483
| +3% | +$5.12M |
|
27
ACI Worldwide
ACIW
$5.24B
| $166M | 1.48% |
9,154,653
+104,185
| +1% | +$1.95M |
|
|
28
Parker-Hannifin
PH
$126B
| $158M | 1.41% |
1,130,421
-1,891,558
| -63% | -$252M |
|
|
AHL
29
DELISTED
ASPEN Insurance Holding Limited
AHL
| $150M | 1.33% |
2,720,329
+2,958
| +0.1% | +$151K |
|
|
TWX
30
DELISTED
Time Warner Inc
TWX
| $144M | 1.29% |
1,495,709
-744,238
| -33% | -$66.3M |
|
|
SNBR
31
DELISTED
Sleep Number
SNBR
| $136M | 1.22% |
6,033,958
+2,642,582
| +78% | +$57.2M |
|
32
Jones Lang LaSalle
JLL
$17.8B
| $125M | 1.11% |
1,234,908
+682,134
| +123% | +$68.6M |
|
33
Virtus Investment Partners
VRTS
$1.12B
| $121M | 1.08% |
1,022,759
+2,822
| +0.3% | +$308K |
|
34
UnitedHealth
UNH
$350B
| $95.6M | 0.85% |
597,494
-331,937
| -36% | -$49.6M |
|
|
NAVG
35
DELISTED
Navigators Group Inc
NAVG
| $94.6M | 0.84% |
1,606,106
-31,276
| -2% | -$1.62M |
|
36
Ituran Location and Control
ITRN
$1.01B
| $91.4M | 0.81% |
3,448,782
-114,240
| -3% | -$2.96M |
|
|
LQ
37
DELISTED
La Quinta Holdings Inc.
LQ
| $80.2M | 0.71% |
5,642,199
-2,133,845
| -27% | -$25.3M |
|
|
BID
38
DELISTED
Sotheby's
BID
| $79.9M | 0.71% |
2,005,014
+11,887
| +0.6% | +$451K |
|
39
Sally Beauty Holdings
SBH
$1.55B
| $61.9M | 0.55% |
2,341,677
+1,086,399
| +87% | +$28.7M |
|
40
Forward Air
FWRD
$612M
| $50.1M | 0.45% |
1,056,435
+13,446
| +1% | +$615K |
|
41
EnerSys
ENS
$6.84B
| $43.8M | 0.39% |
560,445
-365,875
| -39% | -$26.8M |
|
42
Lindsay Corp
LNN
$1.18B
| $43.4M | 0.39% |
581,585
-445,026
| -43% | -$35.3M |
|
43
Enerpac Tool Group
EPAC
$1.9B
| $40.5M | 0.36% |
1,562,633
-621,472
| -28% | -$15.6M |
|
|
NCI
44
DELISTED
Navigant Consulting, Inc.
NCI
| $38.3M | 0.34% |
1,461,066
-447,915
| -23% | -$10.6M |
|
|
CEB
45
DELISTED
CEB Inc.
CEB
| $33.8M | 0.3% |
+557,940
| New | +$30.8M |
|
46
Choice Hotels
CHH
$4.93B
| $33.2M | 0.3% |
+591,473
| New | +$29.6M |
|
47
MillerKnoll
MLKN
$1.57B
| $32.5M | 0.29% |
949,701
+135,116
| +17% | +$4.21M |
|
|
TUP
48
DELISTED
Tupperware Brands Corporation
TUP
| $31.3M | 0.28% |
594,451
+7,915
| +1% | +$464K |
|
|
THR
49
DELISTED
Thermon Group Holdings
THR
| $29.3M | 0.26% |
1,535,371
-233,882
| -13% | -$4.59M |
|
50
Woodward
WWD
$20.3B
| $26.5M | 0.24% |
383,721
-913,305
| -70% | -$59M |
|
Similar funds
C.T. Fitzpatrick's Q4 2016 Portfolio in Review
As of Q4 2016, C.T. Fitzpatrick held 67 positions worth $11.2B, up 3.1% from $10.9B the previous quarter. Its ten largest holdings account for 44% of the portfolio.
C.T. Fitzpatrick's Q4 2016 filing shows 9 new, 16 increased, 29 reduced and 13 closed positions. Its largest new stake was CVS Health: 5,334,307 shares worth $421M. The largest sale was Franklin Templeton, Inc., an estimated $329M.
By sector, the portfolio is most concentrated in Financials at 28% of assets, down from 33% a quarter earlier, followed by Healthcare and Technology.
- C.T. Fitzpatrick's largest Q4 2016 buy was CVS Health: 5,334,307 shares worth $421M.
- C.T. Fitzpatrick added most to Cencora in Q4 2016, an estimated $304M increase.
- C.T. Fitzpatrick's biggest Q4 2016 reduction was Franklin Templeton, Inc., cutting an estimated $329M.
- C.T. Fitzpatrick fully exited T. Rowe Price in Q4 2016, selling an estimated $161M.
- C.T. Fitzpatrick's ten largest holdings make up 44% of its $11.2B portfolio in Q4 2016.
- C.T. Fitzpatrick opened 9 new positions and closed 13 in Q4 2016.
- C.T. Fitzpatrick's portfolio value rose 3.1% quarter-over-quarter to $11.2B.
Based on Vulcan Value Partners's 13F filing for Q4 2016, filed 14 Feb 2017.