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 |
GE Aerospace
GE
|
+$572M |
| 2 |
CBRE Group
CBRE
|
+$210M |
| 3 |
Jones Lang LaSalle
JLL
|
+$210M |
| 4 |
SNBR
Sleep Number
SNBR
|
+$66.3M |
| 5 |
SmartRent
SMRT
|
+$4.22M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TransDigm Group
TDG
|
+$469M |
| 2 |
Wayfair
W
|
+$435M |
| 3 |
Mastercard
MA
|
+$261M |
| 4 |
NVIDIA
NVDA
|
+$223M |
| 5 |
Visa
V
|
+$194M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 32.46% |
| 2 | Financials | 24.35% |
| 3 | Industrials | 15.78% |
| 4 | Communication Services | 10.03% |
| 5 | Real Estate | 9.15% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Ituran Location and Control
ITRN
$1.01B
| $78.4M | 0.77% |
3,201,896
-44,501
| -1% | -$1.04M |
|
|
27
SmartRent
SMRT
$274M
| $75.7M | 0.74% |
16,740,465
+836,478
| +5% | +$4.22M |
|
28
Virtus Investment Partners
VRTS
$1.12B
| $63.9M | 0.62% |
373,428
+5,177
| +1% | +$977K |
|
29
EnerSys
ENS
$6.84B
| $63.5M | 0.62% |
1,076,460
+8,019
| +0.8% | +$529K |
|
30
Medpace
MEDP
$17.3B
| $62.2M | 0.61% |
415,808
-145,835
| -26% | -$21.1M |
|
31
ABM Industries
ABM
$2.74B
| $60.2M | 0.59% |
1,387,047
+65,617
| +5% | +$3.03M |
|
32
Park Hotels & Resorts
PK
$3.18B
| $51.5M | 0.5% |
3,798,411
-928,338
| -20% | -$16.4M |
|
33
Cerence
CRNC
$365M
| $48.4M | 0.47% |
1,917,366
-716,190
| -27% | -$21.4M |
|
|
SNBR
34
DELISTED
Sleep Number
SNBR
| $48.4M | 0.47% |
+1,562,656
| New | +$66.3M |
|
35
PROG Holdings
PRG
$1.54B
| $46.6M | 0.46% |
2,822,252
+52,448
| +2% | +$1.34M |
|
36
Colliers International
CIGI
$5.47B
| $45.3M | 0.44% |
413,357
-6,382
| -2% | -$729K |
|
37
MillerKnoll
MLKN
$1.57B
| $35.8M | 0.35% |
1,363,346
-207,951
| -13% | -$6.3M |
|
38
Porch Group
PRCH
$1.94B
| $25.7M | 0.25% |
10,027,757
-2,843,888
| -22% | -$11.8M |
|
39
iShares Russell 1000 Value ETF
IWD
$84.2B
| $1.91M | 0.02% |
+13,164
| New | +$2.06M |
|
|
40
Wayfair
W
$13.9B
| – | – |
-3,928,113
| Closed | -$435M |
|
Similar funds
C.T. Fitzpatrick's Q2 2022 Portfolio in Review
As of Q2 2022, C.T. Fitzpatrick held 40 positions worth $10.2B, down 37% from $16.3B the previous quarter. Its ten largest holdings account for 55% of the portfolio.
C.T. Fitzpatrick withdrew a net $2.03B in Q2 2022, closing 1 position and reducing 29 holdings. Its most notable exit was Wayfair, an estimated $435M position sold in full.
By sector, the portfolio is most concentrated in Technology at 32% of assets, down from 34% a quarter earlier, followed by Financials and Industrials.
Against the trend, C.T. Fitzpatrick opened a new position in GE Aerospace worth $468M.
- C.T. Fitzpatrick's largest Q2 2022 buy was GE Aerospace: 11,809,395 shares worth $468M.
- C.T. Fitzpatrick added most to SmartRent in Q2 2022, an estimated $4.22M increase.
- C.T. Fitzpatrick's biggest Q2 2022 reduction was TransDigm Group, cutting an estimated $469M.
- C.T. Fitzpatrick fully exited Wayfair in Q2 2022, selling an estimated $435M.
- C.T. Fitzpatrick's ten largest holdings make up 55% of its $10.2B portfolio in Q2 2022.
- C.T. Fitzpatrick opened 5 new positions and closed 1 in Q2 2022.
- C.T. Fitzpatrick's portfolio value fell 37% quarter-over-quarter to $10.2B.
Based on Vulcan Value Partners's 13F filing for Q2 2022, filed 15 Aug 2022.