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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
+5.51%
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
$11.2B
AUM Growth
-$362M
Cap. Flow
-$881M
Cap. Flow %
-7.86%
Top 10 Hldgs %
49.58%
Holding
57
New
2
Increased
13
Reduced
36
Closed
6

Top Buys

Rank Stock Value
1
V icon
Visa
V
+$55.4M
2
WCC
WESCO International
WCC
+$48M
3
CACC icon
Credit Acceptance
CACC
+$43.7M
4
BA icon
Boeing
BA
+$38.5M
5
NOV icon
NOV
NOV
+$32.3M

Top Sells

Rank Stock Value
1
FOSL icon
Fossil Group
FOSL
+$199M
2
DIS icon
Walt Disney
DIS
+$178M
3
SWKS icon
Skyworks Solutions
SWKS
+$132M
4
QRVO icon
Qorvo
QRVO
+$119M
5
CSCO icon
Cisco
CSCO
+$102M

Sector Composition

Rank Sector Weight
1 Financials 32.54%
2 Healthcare 21.56%
3 Technology 17.55%
4 Industrials 9.1%
5 Consumer Discretionary 6.04%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ACIW icon
26
ACI Worldwide
ACIW
$5.24B
$167M 1.49%
7,470,187
-1,401,029
-16% -$31.4M
IHG icon
27
InterContinental Hotels
IHG
$23.6B
$160M 1.42%
2,729,886
+189,256
+7% +$10.9M
AHL
28
DELISTED
ASPEN Insurance Holding Limited
AHL
$131M 1.17%
2,626,145
-2,779
-0.1% -$141K
SNBR
29
DELISTED
Sleep Number
SNBR
$127M 1.14%
3,592,547
-3,117,071
-46% -$93.2M
UNH icon
30
UnitedHealth
UNH
$350B
$108M 0.96%
579,873
-11,498
-2% -$2.02M
ITRN icon
31
Ituran Location and Control
ITRN
$1.01B
$107M 0.95%
3,413,962
-8,629
-0.3% -$272K
SWKS icon
32
Skyworks Solutions
SWKS
$10.1B
$104M 0.93%
1,083,349
-1,291,012
-54% -$132M
TWX
33
DELISTED
Time Warner Inc
TWX
$100M 0.89%
999,172
-11,906
-1% -$1.18M
BID
34
DELISTED
Sotheby's
BID
$83.2M 0.74%
1,550,808
-263,059
-15% -$13.1M
VRTS icon
35
Virtus Investment Partners
VRTS
$1.12B
$82.9M 0.74%
747,117
-210,510
-22% -$22.3M
NAVG
36
DELISTED
Navigators Group Inc
NAVG
$78.5M 0.7%
1,429,087
-135,140
-9% -$7.18M
RTX icon
37
RTX Corp
RTX
$283B
$68.8M 0.61%
895,395
+332,805
+59% +$24.9M
LQ
38
DELISTED
La Quinta Holdings Inc.
LQ
$59.1M 0.53%
4,003,038
-320
-0% -$4.52K
FWRD icon
39
Forward Air
FWRD
$612M
$56.5M 0.5%
1,060,409
-8,705
-0.8% -$445K
CACC icon
40
Credit Acceptance
CACC
$6.24B
$51.3M 0.46%
+199,316
New +$43.7M
LNN icon
41
Lindsay Corp
LNN
$1.18B
$50.5M 0.45%
565,944
-274
-0% -$23.6K
WCC
42
WESCO International
WCC
$17B
$44.3M 0.39%
+772,926
New +$48M
WWD icon
43
Woodward
WWD
$20.3B
$43.4M 0.39%
642,457
+235,397
+58% +$16.1M
TUP
44
DELISTED
Tupperware Brands Corporation
TUP
$42.5M 0.38%
604,436
-4,081
-0.7% -$284K
EPAC icon
45
Enerpac Tool Group
EPAC
$1.9B
$41.3M 0.37%
1,679,655
-2,202
-0.1% -$56.5K
CHH icon
46
Choice Hotels
CHH
$4.93B
$39.2M 0.35%
610,369
+15,364
+3% +$986K
CXT icon
47
Crane NXT
CXT
$2.89B
$34.6M 0.31%
1,253,833
-467
-0% -$12.6K
NCI
48
DELISTED
Navigant Consulting, Inc.
NCI
$31.3M 0.28%
1,583,082
+38,613
+3% +$814K
MLKN icon
49
MillerKnoll
MLKN
$1.57B
$31M 0.28%
1,020,469
-68
-0% -$2.17K
THR
50
DELISTED
Thermon Group Holdings
THR
$26.8M 0.24%
1,395,952
-50,863
-4% -$999K
1
2
3

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C.T. Fitzpatrick's Q2 2017 Portfolio in Review

As of Q2 2017, C.T. Fitzpatrick held 57 positions worth $11.2B, down 3.1% from $11.6B the previous quarter. Its ten largest holdings account for 50% of the portfolio.

C.T. Fitzpatrick withdrew a net $881M in Q2 2017, closing 6 positions and reducing 36 holdings. Its most notable exit was Fossil Group, an estimated $199M position sold in full.

By sector, the portfolio is most concentrated in Financials at 33% of assets, up from 29% a quarter earlier, followed by Healthcare and Technology.

Against the trend, C.T. Fitzpatrick opened a new position in WESCO International worth $44.3M.

  • C.T. Fitzpatrick's largest Q2 2017 buy was WESCO International: 772,926 shares worth $44.3M.
  • C.T. Fitzpatrick added most to Visa in Q2 2017, an estimated $55.4M increase.
  • C.T. Fitzpatrick's biggest Q2 2017 reduction was Skyworks Solutions, cutting an estimated $132M.
  • C.T. Fitzpatrick fully exited Fossil Group in Q2 2017, selling an estimated $199M.
  • C.T. Fitzpatrick's ten largest holdings make up 50% of its $11.2B portfolio in Q2 2017.
  • C.T. Fitzpatrick opened 2 new positions and closed 6 in Q2 2017.
  • C.T. Fitzpatrick's portfolio value fell 3.1% quarter-over-quarter to $11.2B.

Based on Vulcan Value Partners's 13F filing for Q2 2017, filed 14 Aug 2017.