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 |
Elevance Health
ELV
|
+$321M |
| 2 |
NVIDIA
NVDA
|
+$260M |
| 3 |
Booking.com
BKNG
|
+$238M |
| 4 |
NOV
NOV
|
+$111M |
| 5 |
Blackrock
BLK
|
+$99.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Hilton Worldwide
HLT
|
+$449M |
| 2 |
Mastercard
MA
|
+$421M |
| 3 |
Parker-Hannifin
PH
|
+$158M |
| 4 |
Meta Platforms (Facebook)
META
|
+$150M |
| 5 |
BID
Sotheby's
BID
|
+$132M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 26.96% |
| 2 | Financials | 21.87% |
| 3 | Healthcare | 15.89% |
| 4 | Consumer Discretionary | 13.57% |
| 5 | Industrials | 8.29% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
COHR
26
DELISTED
Coherent Inc
COHR
| $137M | 1.22% |
1,005,502
-205,255
| -17% | -$27.7M |
|
27
Cushman & Wakefield Ltd
CWK
$3.48B
| $137M | 1.22% |
7,666,286
-704,736
| -8% | -$12.8M |
|
28
Jones Lang LaSalle
JLL
$17.8B
| $112M | 0.99% |
795,372
+65,265
| +9% | +$9.28M |
|
|
29
Blackrock
BLK
$179B
| $104M | 0.92% |
+220,547
| New | +$99.8M |
|
30
Resideo Technologies
REZI
$3.08B
| $86.4M | 0.77% |
+3,942,514
| New | +$83.3M |
|
|
SNBR
31
DELISTED
Sleep Number
SNBR
| $70.3M | 0.63% |
1,741,153
+646,696
| +59% | +$25M |
|
32
ACI Worldwide
ACIW
$5.24B
| $59M | 0.52% |
1,717,219
-165,720
| -9% | -$5.49M |
|
33
Acuity Brands
AYI
$10.3B
| $56.8M | 0.5% |
411,594
-93,726
| -19% | -$12.9M |
|
34
Ituran Location and Control
ITRN
$1.01B
| $49.5M | 0.44% |
1,643,588
-136,503
| -8% | -$4.6M |
|
|
WCC
35
WESCO International
WCC
$17B
| $48.8M | 0.43% |
963,766
+226,949
| +31% | +$11.9M |
|
|
DESP
36
DELISTED
Despegar.com
DESP
| $48.3M | 0.43% |
3,474,728
-118,670
| -3% | -$1.62M |
|
37
Sabre
SABR
$848M
| $40.8M | 0.36% |
1,836,324
+338,850
| +23% | +$7.26M |
|
|
CDK
38
DELISTED
CDK Global, Inc.
CDK
| $33.5M | 0.3% |
+677,972
| New | +$36.3M |
|
39
Virtus Investment Partners
VRTS
$1.12B
| $30.9M | 0.28% |
288,152
-203,756
| -41% | -$22.8M |
|
40
MSC Industrial Direct
MSM
$6.69B
| $30.3M | 0.27% |
408,213
-6,222
| -2% | -$480K |
|
41
Frontdoor
FTDR
$5.69B
| $21.9M | 0.2% |
503,570
-724,346
| -59% | -$27.8M |
|
42
Crane NXT
CXT
$2.89B
| $21.8M | 0.19% |
751,062
-64,282
| -8% | -$1.87M |
|
43
Carlisle Companies
CSL
$14.6B
| $21.5M | 0.19% |
152,884
-91,487
| -37% | -$12.3M |
|
|
BID
44
DELISTED
Sotheby's
BID
| $120K | ﹤0.01% |
2,067
-3,151,618
| -100% | -$132M |
|
|
SGI
45
Somnigroup International
SGI
$13.6B
| $68K | ﹤0.01% |
3,680
| – | – |
|
46
Woodward
WWD
$20.3B
| $53K | ﹤0.01% |
472
-125,493
| -100% | -$13.4M |
|
47
AutoZone
AZO
$48.3B
| $36K | ﹤0.01% |
33
| – | – |
|
48
Landstar System
LSTR
$6.33B
| $32K | ﹤0.01% |
298
| – | – |
|
49
Forward Air
FWRD
$612M
| $27K | ﹤0.01% |
+460
| New | +$28.3K |
|
50
Choice Hotels
CHH
$4.93B
| $26K | ﹤0.01% |
298
| – | – |
|
Similar funds
C.T. Fitzpatrick's Q2 2019 Portfolio in Review
As of Q2 2019, C.T. Fitzpatrick held 59 positions worth $11.2B, down 3% from $11.6B the previous quarter. Its ten largest holdings account for 51% of the portfolio.
C.T. Fitzpatrick withdrew a net $734M in Q2 2019, closing 1 position and reducing 28 holdings. Its most notable exit was Versum Materials, Inc., an estimated $79K position sold in full.
By sector, the portfolio is most concentrated in Technology at 27% of assets, up from 25% a quarter earlier, followed by Financials and Healthcare.
Against the trend, C.T. Fitzpatrick opened a new position in Booking.com worth $248M.
- C.T. Fitzpatrick's largest Q2 2019 buy was Booking.com: 3,313,550 shares worth $248M.
- C.T. Fitzpatrick added most to Elevance Health in Q2 2019, an estimated $321M increase.
- C.T. Fitzpatrick's biggest Q2 2019 reduction was Hilton Worldwide, cutting an estimated $449M.
- C.T. Fitzpatrick fully exited Versum Materials, Inc. in Q2 2019, selling an estimated $79K.
- C.T. Fitzpatrick's ten largest holdings make up 51% of its $11.2B portfolio in Q2 2019.
- C.T. Fitzpatrick opened 5 new positions and closed 1 in Q2 2019.
- C.T. Fitzpatrick's portfolio value fell 3% quarter-over-quarter to $11.2B.
Based on Vulcan Value Partners's 13F filing for Q2 2019, filed 14 Aug 2019.