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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
+16.08%
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
$11.6B
AUM Growth
+$754M
Cap. Flow
-$888M
Cap. Flow %
-7.66%
Top 10 Hldgs %
53.71%
Holding
58
New
2
Increased
8
Reduced
40
Closed
4

Top Buys

Rank Stock Value
1
NVDA icon
NVIDIA
NVDA
+$355M
2
MAR icon
Marriott International
MAR
+$185M
3
CVS icon
CVS Health
CVS
+$178M
4
AMZN icon
Amazon
AMZN
+$94.2M
5
BID
Sotheby's
BID
+$30.9M

Top Sells

Rank Stock Value
1
STT icon
State Street
STT
+$322M
2
TER icon
Teradyne
TER
+$175M
3
ORCL icon
Oracle
ORCL
+$173M
4
COR icon
Cencora
COR
+$125M
5
PH icon
Parker-Hannifin
PH
+$125M

Sector Composition

Rank Sector Weight
1 Financials 25.48%
2 Technology 25.32%
3 Consumer Discretionary 14.34%
4 Healthcare 11.12%
5 Industrials 9.83%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BID
26
DELISTED
Sotheby's
BID
$119M 1.03%
3,153,685
+771,530
+32% +$30.9M
JLL icon
27
Jones Lang LaSalle
JLL
$17.8B
$113M 0.97%
730,107
-194,040
-21% -$29.2M
ACIW icon
28
ACI Worldwide
ACIW
$5.24B
$61.9M 0.53%
1,882,939
-1,165,536
-38% -$35.5M
ITRN icon
29
Ituran Location and Control
ITRN
$1.01B
$60.8M 0.52%
1,780,091
-232,044
-12% -$7.93M
AYI icon
30
Acuity Brands
AYI
$10.3B
$60.6M 0.52%
505,320
-49,398
-9% -$6.15M
DESP
31
DELISTED
Despegar.com
DESP
$53.5M 0.46%
3,593,398
-659,686
-16% -$10.4M
SNBR
32
DELISTED
Sleep Number
SNBR
$51.4M 0.44%
1,094,457
-1,621,579
-60% -$65.3M
VRTS icon
33
Virtus Investment Partners
VRTS
$1.12B
$48M 0.41%
491,908
+100,714
+26% +$9.53M
FTDR icon
34
Frontdoor
FTDR
$5.69B
$42.3M 0.36%
1,227,916
-213,573
-15% -$6.52M
WCC
35
WESCO International
WCC
$17B
$39.1M 0.34%
736,817
-59,059
-7% -$3.12M
MSM icon
36
MSC Industrial Direct
MSM
$6.69B
$34.3M 0.3%
414,435
-47,224
-10% -$3.89M
SABR icon
37
Sabre
SABR
$848M
$32M 0.28%
1,497,474
+247,578
+20% +$5.5M
CSL icon
38
Carlisle Companies
CSL
$14.6B
$30M 0.26%
244,371
-98,058
-29% -$11.3M
CXT icon
39
Crane NXT
CXT
$2.89B
$24M 0.21%
815,344
+814,587
+107,607% +$23M
WWD icon
40
Woodward
WWD
$20.3B
$12M 0.1%
125,965
-180,971
-59% -$16M
VSM
41
DELISTED
Versum Materials, Inc.
VSM
$79K ﹤0.01%
1,569
-479,380
-100% -$19.1M
SGI
42
Somnigroup International
SGI
$13.6B
$53K ﹤0.01%
3,680
-7,400
-67% -$100K
AZO icon
43
AutoZone
AZO
$48.3B
$34K ﹤0.01%
33
– –
LSTR icon
44
Landstar System
LSTR
$6.33B
$33K ﹤0.01%
298
-454
-60% -$47.8K
ORLY icon
45
O'Reilly Automotive
ORLY
$72.1B
$28K ﹤0.01%
1,065
– –
BNY
46
Bank of New York Mellon
BNY
$108B
$27K ﹤0.01%
532
-12,341
-96% -$636K
STT icon
47
State Street
STT
$51.4B
$25K ﹤0.01%
383
-4,639,663
-100% -$322M
CHH icon
48
Choice Hotels
CHH
$4.93B
$23K ﹤0.01%
298
– –
CAH icon
49
Cardinal Health
CAH
$53.4B
$22K ﹤0.01%
465
-7
-1% -$351
NTRS icon
50
Northern Trust
NTRS
$33.6B
$20K ﹤0.01%
226
-6,433
-97% -$580K
1
2
3

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C.T. Fitzpatrick's Q1 2019 Portfolio in Review

As of Q1 2019, C.T. Fitzpatrick held 58 positions worth $11.6B, up 6.9% from $10.8B the previous quarter. Its ten largest holdings account for 54% of the portfolio.

C.T. Fitzpatrick withdrew a net $888M in Q1 2019, closing 4 positions and reducing 40 holdings. Its most notable exit was iShares Russell 1000 Value ETF, an estimated $3.39M position sold in full.

By sector, the portfolio is most concentrated in Financials at 25% of assets, down from 28% a quarter earlier, followed by Technology and Consumer Discretionary.

Against the trend, C.T. Fitzpatrick opened a new position in NVIDIA worth $410M.

  • C.T. Fitzpatrick's largest Q1 2019 buy was NVIDIA: 91,438,800 shares worth $410M.
  • C.T. Fitzpatrick added most to CVS Health in Q1 2019, an estimated $178M increase.
  • C.T. Fitzpatrick's biggest Q1 2019 reduction was State Street, cutting an estimated $322M.
  • C.T. Fitzpatrick fully exited iShares Russell 1000 Value ETF in Q1 2019, selling an estimated $3.39M.
  • C.T. Fitzpatrick's ten largest holdings make up 54% of its $11.6B portfolio in Q1 2019.
  • C.T. Fitzpatrick opened 2 new positions and closed 4 in Q1 2019.
  • C.T. Fitzpatrick's portfolio value rose 6.9% quarter-over-quarter to $11.6B.

Based on Vulcan Value Partners's 13F filing for Q1 2019, filed 14 May 2019.