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 |
Hilton Worldwide
HLT
|
+$221M |
| 2 |
Boeing
BA
|
+$155M |
| 3 |
NOV
NOV
|
+$143M |
| 4 |
State Street
STT
|
+$142M |
| 5 |
BNY
Bank of New York Mellon
BNY
|
+$93.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
MSC Industrial Direct
MSM
|
+$283M |
| 2 |
AET
Aetna Inc
AET
|
+$133M |
| 3 |
Verizon
VZ
|
+$124M |
| 4 |
Honeywell
HON
|
+$94.5M |
| 5 |
Carlisle Companies
CSL
|
+$87.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 32.83% |
| 2 | Industrials | 22.03% |
| 3 | Technology | 18.73% |
| 4 | Consumer Discretionary | 8.81% |
| 5 | Communication Services | 7.74% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Markel Group
MKL
$22.2B
| $123K | ﹤0.01% |
+138
| New | +$119K |
|
52
Microsoft
MSFT
$3.59T
| $72K | ﹤0.01% |
1,300
-1,596,350
| -100% | -$83.7M |
|
|
PLKI
53
DELISTED
Popeyes Louisiana Kitchen, Inc.
PLKI
| $57K | ﹤0.01% |
+1,090
| New | +$61.9K |
|
|
ZAYO
54
DELISTED
Zayo Group Holdings, Inc.
ZAYO
| $49K | ﹤0.01% |
+2,015
| New | +$49.1K |
|
|
PXD
55
DELISTED
Pioneer Natural Resource Co.
PXD
| $45K | ﹤0.01% |
+320
| New | +$39.7K |
|
56
AbbVie
ABBV
$468B
| – | – |
-3,700
| Closed | -$219K |
|
57
AstraZeneca
AZN
$257B
| – | – |
-3,125
| Closed | -$212K |
|
58
Biogen
BIIB
$32B
| – | – |
-750
| Closed | -$230K |
|
59
Citigroup
C
$221B
| – | – |
-4,000
| Closed | -$207K |
|
60
Capital One
COF
$134B
| – | – |
-2,800
| Closed | -$202K |
|
|
61
Carlisle Companies
CSL
$14.6B
| – | – |
-990,584
| Closed | -$87.9M |
|
62
CVS Health
CVS
$119B
| – | – |
-2,150
| Closed | -$210K |
|
63
eBay
EBAY
$46.3B
| – | – |
-7,400
| Closed | -$203K |
|
64
Expedia Group
EXPE
$38.6B
| – | – |
-30
| Closed | -$4K |
|
65
Ford
F
$57.5B
| – | – |
-14,300
| Closed | -$201K |
|
|
66
Honeywell
HON
$68.4B
| – | – |
-1,015,463
| Closed | -$94.5M |
|
67
HP
HPQ
$27.2B
| – | – |
-11,800
| Closed | -$140K |
|
68
Coca-Cola
KO
$392B
| – | – |
-5,150
| Closed | -$221K |
|
69
MetLife
MET
$60B
| – | – |
-4,769
| Closed | -$205K |
|
70
MGM Resorts International
MGM
$11B
| – | – |
-9,700
| Closed | -$220K |
|
71
Nordson
NDSN
$18.5B
| – | – |
-280,532
| Closed | -$18M |
|
72
Regions Financial
RF
$25.9B
| – | – |
-13,300
| Closed | -$128K |
|
73
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| – | – |
-1,220
| Closed | -$249K |
|
74
Synchrony
SYF
$25.9B
| – | – |
-6,800
| Closed | -$207K |
|
75
Truist Financial
TFC
$61.6B
| – | – |
-5,650
| Closed | -$214K |
|
Similar funds
C.T. Fitzpatrick's Q1 2016 Portfolio in Review
As of Q1 2016, C.T. Fitzpatrick held 77 positions worth $11.1B, up 3.5% from $10.8B the previous quarter. Its ten largest holdings account for 52% of the portfolio.
C.T. Fitzpatrick's Q1 2016 filing shows 7 new, 26 increased, 22 reduced and 22 closed positions. Its largest new stake was Hilton Worldwide: 3,722,478 shares worth $251M. The largest sale was MSC Industrial Direct, an estimated $283M.
By sector, the portfolio is most concentrated in Financials at 33% of assets, down from 33% a quarter earlier, followed by Industrials and Technology.
- C.T. Fitzpatrick's largest Q1 2016 buy was Hilton Worldwide: 3,722,478 shares worth $251M.
- C.T. Fitzpatrick added most to Boeing in Q1 2016, an estimated $155M increase.
- C.T. Fitzpatrick's biggest Q1 2016 reduction was MSC Industrial Direct, cutting an estimated $283M.
- C.T. Fitzpatrick fully exited Verizon in Q1 2016, selling an estimated $124M.
- C.T. Fitzpatrick's ten largest holdings make up 52% of its $11.1B portfolio in Q1 2016.
- C.T. Fitzpatrick opened 7 new positions and closed 22 in Q1 2016.
- C.T. Fitzpatrick's portfolio value rose 3.5% quarter-over-quarter to $11.1B.
Based on Vulcan Value Partners's 13F filing for Q1 2016, filed 18 May 2016.