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 |
Lam Research
LRCX
|
+$545M |
| 2 |
Upstart Holdings
UPST
|
+$538M |
| 3 |
Applied Materials
AMAT
|
+$407M |
| 4 |
Mastercard
MA
|
+$85.5M |
| 5 |
SmartRent
SMRT
|
+$77.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GE Aerospace
GE
|
+$367M |
| 2 |
SAP
SAP
|
+$336M |
| 3 |
SS&C Technologies
SSNC
|
+$327M |
| 4 |
NVIDIA
NVDA
|
+$299M |
| 5 |
Visa
V
|
+$194M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 31.86% |
| 2 | Financials | 29.48% |
| 3 | Industrials | 11.44% |
| 4 | Consumer Discretionary | 10.86% |
| 5 | Communication Services | 8.01% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Colliers International
CIGI
$5.47B
| $88.6M | 0.48% |
693,535
-1,623
| -0.2% | -$206K |
|
|
27
SmartRent
SMRT
$274M
| $81.3M | 0.44% |
+6,242,638
| New | +$77.2M |
|
28
Park Hotels & Resorts
PK
$3.18B
| $76.9M | 0.41% |
4,020,246
+2,564,414
| +176% | +$48.4M |
|
29
ABM Industries
ABM
$2.74B
| $76.5M | 0.41% |
1,699,988
+275,424
| +19% | +$12.8M |
|
30
Littelfuse
LFUS
$10.5B
| $74.6M | 0.4% |
273,100
+96,516
| +55% | +$25.7M |
|
31
Curtiss-Wright
CW
$23.5B
| $65M | 0.35% |
514,962
+85,477
| +20% | +$10.2M |
|
32
PROG Holdings
PRG
$1.54B
| $64.4M | 0.35% |
1,533,080
+283,264
| +23% | +$12.7M |
|
33
Medpace
MEDP
$17.3B
| $58.4M | 0.31% |
308,504
+83,328
| +37% | +$15.2M |
|
34
Ituran Location and Control
ITRN
$1.01B
| $49.6M | 0.27% |
1,953,990
+38,625
| +2% | +$987K |
|
35
Jones Lang LaSalle
JLL
$17.8B
| $49.5M | 0.27% |
199,326
-600,938
| -75% | -$137M |
|
36
MillerKnoll
MLKN
$1.57B
| $49.3M | 0.26% |
1,309,028
+142,138
| +12% | +$6.1M |
|
37
Carlisle Companies
CSL
$14.6B
| $42.3M | 0.23% |
213,033
-49,548
| -19% | -$10M |
|
38
Acuity Brands
AYI
$10.3B
| $41.6M | 0.22% |
240,052
-1,913
| -0.8% | -$335K |
|
39
EnerSys
ENS
$6.84B
| $39M | 0.21% |
523,385
+69,860
| +15% | +$6.2M |
|
|
ESMT
40
DELISTED
EngageSmart, Inc.
ESMT
| $4.77M | 0.03% |
+140,000
| New | +$4.81M |
|
|
41
GE Aerospace
GE
$361B
| – | – |
-5,476,435
| Closed | -$367M |
|
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C.T. Fitzpatrick's Q3 2021 Portfolio in Review
As of Q3 2021, C.T. Fitzpatrick held 41 positions worth $18.6B, up 0.9% from $18.4B the previous quarter. Its ten largest holdings account for 57% of the portfolio.
C.T. Fitzpatrick's Q3 2021 filing shows 3 new, 21 increased, 16 reduced and 1 closed positions. Its largest new stake was Lam Research: 8,966,310 shares worth $510M. The largest sale was GE Aerospace, an estimated $367M.
By sector, the portfolio is most concentrated in Technology at 32% of assets, down from 32% a quarter earlier, followed by Financials and Industrials.
- C.T. Fitzpatrick's largest Q3 2021 buy was Lam Research: 8,966,310 shares worth $510M.
- C.T. Fitzpatrick added most to Upstart Holdings in Q3 2021, an estimated $538M increase.
- C.T. Fitzpatrick's biggest Q3 2021 reduction was SAP, cutting an estimated $336M.
- C.T. Fitzpatrick fully exited GE Aerospace in Q3 2021, selling an estimated $367M.
- C.T. Fitzpatrick's ten largest holdings make up 57% of its $18.6B portfolio in Q3 2021.
- C.T. Fitzpatrick opened 3 new positions and closed 1 in Q3 2021.
- C.T. Fitzpatrick's portfolio value rose 0.9% quarter-over-quarter to $18.6B.
Based on Vulcan Value Partners's 13F filing for Q3 2021, filed 15 Nov 2021.