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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
-3.17%
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
$6.57B
AUM Growth
-$1.4B
Cap. Flow
-$1.14B
Cap. Flow %
-17.36%
Top 10 Hldgs %
56.28%
Holding
47
New
3
Increased
8
Reduced
34
Closed
2

Top Buys

Rank Stock Value
1
MAR icon
Marriott International
MAR
+$84.4M
2
UNH icon
UnitedHealth
UNH
+$60.9M
3
TXN icon
Texas Instruments
TXN
+$58.8M
4
SSNC icon
SS&C Technologies
SSNC
+$53.2M
5
NICE icon
Nice
NICE
+$38.9M

Top Sells

Rank Stock Value
1
TDG icon
TransDigm Group
TDG
+$170M
2
MSFT icon
Microsoft
MSFT
+$131M
3
AMZN icon
Amazon
AMZN
+$110M
4
MA icon
Mastercard
MA
+$87.7M
5
GOOG icon
Alphabet (Google) Class C
GOOG
+$84.4M

Sector Composition

Rank Sector Weight
1 Technology 30.78%
2 Financials 24.79%
3 Industrials 12.49%
4 Consumer Discretionary 10.43%
5 Real Estate 9.63%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ABM icon
26
ABM Industries
ABM
$2.74B
$67.5M 1.03%
1,686,407
+410,933
+32% +$17.8M
UNH icon
27
UnitedHealth
UNH
$350B
$62.4M 0.95%
+123,681
New +$60.9M
AMAT icon
28
Applied Materials
AMAT
$391B
$59.7M 0.91%
430,707
-553,736
-56% -$79.4M
TXN icon
29
Texas Instruments
TXN
$241B
$54.8M 0.84%
+344,797
New +$58.8M
ITRN icon
30
Ituran Location and Control
ITRN
$1.01B
$53.1M 0.81%
1,774,877
-257,547
-13% -$7.22M
CIGI icon
31
Colliers International
CIGI
$5.47B
$52.6M 0.8%
552,344
-52,473
-9% -$5.64M
G icon
32
Genpact
G
$6.24B
$50.7M 0.77%
1,399,254
+77,692
+6% +$2.88M
CWK icon
33
Cushman & Wakefield Ltd
CWK
$3.48B
$48.9M 0.75%
6,420,796
-499,955
-7% -$4.52M
VRTS icon
34
Virtus Investment Partners
VRTS
$1.12B
$43.2M 0.66%
213,940
-8,075
-4% -$1.64M
PK icon
35
Park Hotels & Resorts
PK
$3.18B
$42.6M 0.65%
3,459,226
-95,794
-3% -$1.24M
SEE
36
DELISTED
Sealed Air
SEE
$37.6M 0.57%
1,144,343
+351,545
+44% +$13.6M
MEDP icon
37
Medpace
MEDP
$17.3B
$33.9M 0.52%
140,119
-51,889
-27% -$13.3M
MLKN icon
38
MillerKnoll
MLKN
$1.57B
$33.4M 0.51%
1,368,007
-175,418
-11% -$3.28M
DNB
39
DELISTED
Dun & Bradstreet
DNB
$32.6M 0.5%
3,264,527
+2,093,525
+179% +$23.1M
PRG icon
40
PROG Holdings
PRG
$1.54B
$31.9M 0.49%
959,208
-27,288
-3% -$951K
TKR icon
41
Timken Company
TKR
$8.67B
$29.5M 0.45%
401,471
+233,791
+139% +$19M
SMRT icon
42
SmartRent
SMRT
$274M
$27.2M 0.41%
10,431,183
-178,061
-2% -$605K
AYI icon
43
Acuity Brands
AYI
$10.3B
$25.9M 0.39%
152,196
-818
-0.5% -$134K
ENS icon
44
EnerSys
ENS
$6.84B
$24.1M 0.37%
254,960
-1,326
-0.5% -$136K
CNM icon
45
Core & Main
CNM
$8.4B
$9.76M 0.15%
338,123
-21,925
-6% -$677K
FWRD icon
46
Forward Air
FWRD
$612M
– –
-267,300
Closed -$28.4M
LRCX icon
47
Lam Research
LRCX
$393B
– –
-1,208,560
Closed -$77.7M
1
2

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C.T. Fitzpatrick's Q3 2023 Portfolio in Review

As of Q3 2023, C.T. Fitzpatrick held 47 positions worth $6.57B, down 18% from $7.96B the previous quarter. Its ten largest holdings account for 56% of the portfolio.

C.T. Fitzpatrick withdrew a net $1.14B in Q3 2023, closing 2 positions and reducing 34 holdings. Its most notable exit was Lam Research, an estimated $77.7M position sold in full.

By sector, the portfolio is most concentrated in Technology at 31% of assets, down from 31% a quarter earlier, followed by Financials and Industrials.

Against the trend, C.T. Fitzpatrick opened a new position in Marriott International worth $83.4M.

  • C.T. Fitzpatrick's largest Q3 2023 buy was Marriott International: 424,700 shares worth $83.4M.
  • C.T. Fitzpatrick added most to SS&C Technologies in Q3 2023, an estimated $53.2M increase.
  • C.T. Fitzpatrick's biggest Q3 2023 reduction was TransDigm Group, cutting an estimated $170M.
  • C.T. Fitzpatrick fully exited Lam Research in Q3 2023, selling an estimated $77.7M.
  • C.T. Fitzpatrick's ten largest holdings make up 56% of its $6.57B portfolio in Q3 2023.
  • C.T. Fitzpatrick opened 3 new positions and closed 2 in Q3 2023.
  • C.T. Fitzpatrick's portfolio value fell 18% quarter-over-quarter to $6.57B.

Based on Vulcan Value Partners's 13F filing for Q3 2023, filed 14 Nov 2023.