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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
+15.87%
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
$7.9B
AUM Growth
+$460M
Cap. Flow
-$635M
Cap. Flow %
-8.03%
Top 10 Hldgs %
57.9%
Holding
46
New
5
Increased
17
Reduced
21
Closed
3

Top Buys

Rank Stock Value
1
UPS icon
United Parcel Service
UPS
+$70.4M
2
ELV icon
Elevance Health
ELV
+$44M
3
ARES icon
Ares Management
ARES
+$41.9M
4
CSGP icon
CoStar Group
CSGP
+$29.6M
5
MSFT icon
Microsoft
MSFT
+$27.1M

Top Sells

Rank Stock Value
1
GE icon
GE Aerospace
GE
+$382M
2
MA icon
Mastercard
MA
+$113M
3
TDG icon
TransDigm Group
TDG
+$103M
4
CRM icon
Salesforce
CRM
+$53.6M
5
SWKS icon
Skyworks Solutions
SWKS
+$38.5M

Sector Composition

Rank Sector Weight
1 Technology 32.55%
2 Financials 23.15%
3 Industrials 15.5%
4 Real Estate 10.24%
5 Consumer Discretionary 8.95%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
UPS icon
26
United Parcel Service
UPS
$86.8B
$74.4M 0.94%
+383,604
New +$70.4M
ABM icon
27
ABM Industries
ABM
$2.74B
$60.1M 0.76%
1,337,959
+141,276
+12% +$6.53M
CIGI icon
28
Colliers International
CIGI
$5.47B
$59M 0.75%
559,265
-21,277
-4% -$2.28M
ITRN icon
29
Ituran Location and Control
ITRN
$1.01B
$52.2M 0.66%
2,397,492
-32,149
-1% -$711K
PK icon
30
Park Hotels & Resorts
PK
$3.18B
$47.9M 0.61%
3,871,859
+23,623
+0.6% +$310K
VRTS icon
31
Virtus Investment Partners
VRTS
$1.12B
$43.4M 0.55%
227,701
+5,265
+2% +$1.06M
MEDP icon
32
Medpace
MEDP
$17.3B
$41.5M 0.52%
220,571
+67,229
+44% +$13.9M
ENS icon
33
EnerSys
ENS
$6.84B
$41M 0.52%
472,309
-14,475
-3% -$1.22M
SMRT icon
34
SmartRent
SMRT
$274M
$35.2M 0.45%
13,791,927
+324,673
+2% +$870K
FWRD icon
35
Forward Air
FWRD
$612M
$31.5M 0.4%
292,427
+65,358
+29% +$6.86M
MLKN icon
36
MillerKnoll
MLKN
$1.57B
$31M 0.39%
1,515,868
+289,219
+24% +$6.5M
PRG icon
37
PROG Holdings
PRG
$1.54B
$25.6M 0.32%
1,075,773
+2,996
+0.3% +$67.3K
CNM icon
38
Core & Main
CNM
$8.4B
$22.6M 0.29%
+979,179
New +$21.6M
SEE
39
DELISTED
Sealed Air
SEE
$21.7M 0.28%
+473,615
New +$23.5M
TKR icon
40
Timken Company
TKR
$8.67B
$20.3M 0.26%
248,580
-91,338
-27% -$7.39M
CRNC icon
41
Cerence
CRNC
$365M
$13.7M 0.17%
488,634
-339,391
-41% -$8.71M
AYI icon
42
Acuity Brands
AYI
$10.3B
$12.5M 0.16%
+68,365
New +$12.6M
CW icon
43
Curtiss-Wright
CW
$23.5B
$5.18M 0.07%
+29,370
New +$4.97M
IWM icon
44
iShares Russell 2000 ETF
IWM
$81.9B
– –
-29,752
Closed -$5.03M
SNBR
45
DELISTED
Sleep Number
SNBR
– –
-708,050
Closed -$18.4M
SPY icon
46
State Street SPDR S&P 500 ETF Trust
SPY
$809B
– –
-33,614
Closed -$12.8M
1
2

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C.T. Fitzpatrick's Q1 2023 Portfolio in Review

As of Q1 2023, C.T. Fitzpatrick held 46 positions worth $7.9B, up 6.2% from $7.44B the previous quarter. Its ten largest holdings account for 58% of the portfolio.

C.T. Fitzpatrick withdrew a net $635M in Q1 2023, closing 3 positions and reducing 21 holdings. Its most notable exit was Sleep Number, an estimated $18.4M position sold in full.

By sector, the portfolio is most concentrated in Technology at 33% of assets, up from 29% a quarter earlier, followed by Financials and Industrials.

Against the trend, C.T. Fitzpatrick opened a new position in United Parcel Service worth $74.4M.

  • C.T. Fitzpatrick's largest Q1 2023 buy was United Parcel Service: 383,604 shares worth $74.4M.
  • C.T. Fitzpatrick added most to Elevance Health in Q1 2023, an estimated $44M increase.
  • C.T. Fitzpatrick's biggest Q1 2023 reduction was GE Aerospace, cutting an estimated $382M.
  • C.T. Fitzpatrick fully exited Sleep Number in Q1 2023, selling an estimated $18.4M.
  • C.T. Fitzpatrick's ten largest holdings make up 58% of its $7.9B portfolio in Q1 2023.
  • C.T. Fitzpatrick opened 5 new positions and closed 3 in Q1 2023.
  • C.T. Fitzpatrick's portfolio value rose 6.2% quarter-over-quarter to $7.9B.

Based on Vulcan Value Partners's 13F filing for Q1 2023, filed 15 May 2023.