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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
+18.65%
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
$13B
AUM Growth
+$1.21B
Cap. Flow
-$769M
Cap. Flow %
-5.9%
Top 10 Hldgs %
55.18%
Holding
60
New
10
Increased
19
Reduced
24
Closed
6

Top Buys

Rank Stock Value
1
MAR icon
Marriott International
MAR
+$226M
2
META icon
Meta Platforms (Facebook)
META
+$165M
3
CACC icon
Credit Acceptance
CACC
+$144M
4
MA icon
Mastercard
MA
+$124M
5
HLT icon
Hilton Worldwide
HLT
+$108M

Top Sells

Rank Stock Value
1
QRVO icon
Qorvo
QRVO
+$326M
2
SWKS icon
Skyworks Solutions
SWKS
+$242M
3
PH icon
Parker-Hannifin
PH
+$238M
4
NVDA icon
NVIDIA
NVDA
+$217M
5
AXS icon
AXIS Capital
AXS
+$181M

Sector Composition

Rank Sector Weight
1 Technology 26.28%
2 Financials 23.37%
3 Consumer Discretionary 16.31%
4 Healthcare 13.58%
5 Communication Services 9.17%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
JLL icon
26
Jones Lang LaSalle
JLL
$17.8B
$118M 0.91%
679,293
-11,293
-2% -$1.78M
COHR
27
DELISTED
Coherent Inc
COHR
$116M 0.89%
696,036
-108,509
-13% -$16.8M
SNBR
28
DELISTED
Sleep Number
SNBR
$78.5M 0.6%
1,595,206
+402,541
+34% +$19.1M
CG icon
29
Carlyle Group
CG
$17.6B
$71.1M 0.55%
+2,216,343
New +$62.6M
ENS icon
30
EnerSys
ENS
$6.84B
$48M 0.37%
641,305
-2,351
-0.4% -$163K
ITRN icon
31
Ituran Location and Control
ITRN
$1.01B
$41.9M 0.32%
1,668,154
+126,437
+8% +$3.09M
VRTS icon
32
Virtus Investment Partners
VRTS
$1.12B
$40.8M 0.31%
334,876
+16,320
+5% +$1.82M
ACIW icon
33
ACI Worldwide
ACIW
$5.24B
$39.1M 0.3%
1,031,959
-676,038
-40% -$23M
SABR icon
34
Sabre
SABR
$848M
$36.9M 0.28%
1,646,494
+890,799
+118% +$19.7M
AXS icon
35
AXIS Capital
AXS
$7.2B
$36.8M 0.28%
618,966
-2,985,279
-83% -$181M
AYI icon
36
Acuity Brands
AYI
$10.3B
$35.1M 0.27%
254,580
-117,801
-32% -$15.1M
MMI icon
37
Marcus & Millichap
MMI
$1.22B
$33M 0.25%
885,408
+165,439
+23% +$5.95M
CXT icon
38
Crane NXT
CXT
$2.89B
$32.7M 0.25%
1,089,080
-125,268
-10% -$3.57M
CSL icon
39
Carlisle Companies
CSL
$14.6B
$26.6M 0.2%
164,484
+578
+0.4% +$89.1K
PK icon
40
Park Hotels & Resorts
PK
$3.18B
$23.4M 0.18%
+903,224
New +$21.6M
MSM icon
41
MSC Industrial Direct
MSM
$6.69B
$23.1M 0.18%
294,874
-178,413
-38% -$13.2M
WH icon
42
Wyndham Hotels & Resorts
WH
$5.54B
$22.9M 0.18%
365,147
+175,706
+93% +$9.76M
LFUS icon
43
Littelfuse
LFUS
$10.5B
$21.3M 0.16%
+111,417
New +$20.4M
WCC
44
WESCO International
WCC
$17B
$20.7M 0.16%
349,133
-657,812
-65% -$34.3M
FTDR icon
45
Frontdoor
FTDR
$5.69B
$17.1M 0.13%
+360,558
New +$16.9M
TPL icon
46
Texas Pacific Land
TPL
$26.5B
$14.3M 0.11%
+164,178
New +$12M
CDK
47
DELISTED
CDK Global, Inc.
CDK
$13.4M 0.1%
245,638
-488,094
-67% -$25.1M
B
48
DELISTED
Barnes Group Inc.
B
$10.6M 0.08%
+170,841
New +$9.88M
IWD icon
49
iShares Russell 1000 Value ETF
IWD
$84.2B
$2.13M 0.02%
+15,632
New +$2.06M
IWN icon
50
iShares Russell 2000 Value ETF
IWN
$14.6B
$736K 0.01%
+5,723
New +$708K
1
2
3

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C.T. Fitzpatrick's Q4 2019 Portfolio in Review

As of Q4 2019, C.T. Fitzpatrick held 60 positions worth $13B, up 10% from $11.8B the previous quarter. Its ten largest holdings account for 55% of the portfolio.

C.T. Fitzpatrick withdrew a net $769M in Q4 2019, closing 6 positions and reducing 24 holdings. Its most notable exit was Resideo Technologies, an estimated $120M position sold in full.

By sector, the portfolio is most concentrated in Technology at 26% of assets, down from 26% a quarter earlier, followed by Financials and Consumer Discretionary.

Against the trend, C.T. Fitzpatrick opened a new position in Credit Acceptance worth $144M.

  • C.T. Fitzpatrick's largest Q4 2019 buy was Credit Acceptance: 326,037 shares worth $144M.
  • C.T. Fitzpatrick added most to Marriott International in Q4 2019, an estimated $226M increase.
  • C.T. Fitzpatrick's biggest Q4 2019 reduction was Qorvo, cutting an estimated $326M.
  • C.T. Fitzpatrick fully exited Resideo Technologies in Q4 2019, selling an estimated $120M.
  • C.T. Fitzpatrick's ten largest holdings make up 55% of its $13B portfolio in Q4 2019.
  • C.T. Fitzpatrick opened 10 new positions and closed 6 in Q4 2019.
  • C.T. Fitzpatrick's portfolio value rose 10% quarter-over-quarter to $13B.

Based on Vulcan Value Partners's 13F filing for Q4 2019, filed 14 Feb 2020.