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
|
+$142M |
| 2 |
Marriott International
MAR
|
+$140M |
| 3 |
Sabre
SABR
|
+$138M |
| 4 |
Check Point Software Technologies
CHKP
|
+$97.5M |
| 5 |
SNBR
Sleep Number
SNBR
|
+$89.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Parker-Hannifin
PH
|
+$296M |
| 2 |
Dover
DOV
|
+$218M |
| 3 |
Cisco
CSCO
|
+$136M |
| 4 |
InterContinental Hotels
IHG
|
+$135M |
| 5 |
Boeing
BA
|
+$125M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 34.24% |
| 2 | Technology | 19.67% |
| 3 | Industrials | 16.99% |
| 4 | Consumer Discretionary | 10.66% |
| 5 | Communication Services | 7.25% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
MSC Industrial Direct
MSM
$6.69B
| $27.3M | 0.27% |
386,439
-946
| -0.2% | -$70.2K |
|
52
MillerKnoll
MLKN
$1.57B
| $24.4M | 0.24% |
814,958
+168,534
| +26% | +$5.18M |
|
53
Curtiss-Wright
CW
$23.5B
| $22.3M | 0.22% |
264,559
-771
| -0.3% | -$62.1K |
|
54
Donaldson
DCI
$10.8B
| $21.8M | 0.21% |
635,618
+11
| +0% | +$367 |
|
|
WCC
55
WESCO International
WCC
$17B
| $15.6M | 0.15% |
+302,883
| New | +$17M |
|
56
Apple
AAPL
$4.51T
| – | – |
-2,926,228
| Closed | -$79.7M |
|
|
57
InterContinental Hotels
IHG
$23.6B
| – | – |
-2,482,587
| Closed | -$135M |
|
58
Lincoln Electric
LECO
$15.4B
| – | – |
-322,916
| Closed | -$18.9M |
|
59
Markel Group
MKL
$22.2B
| – | – |
-138
| Closed | -$123K |
|
60
Microsoft
MSFT
$3.59T
| – | – |
-1,300
| Closed | -$72K |
|
|
PXD
61
DELISTED
Pioneer Natural Resource Co.
PXD
| – | – |
-320
| Closed | -$45K |
|
|
ZAYO
62
DELISTED
Zayo Group Holdings, Inc.
ZAYO
| – | – |
-2,015
| Closed | -$49K |
|
|
PLKI
63
DELISTED
Popeyes Louisiana Kitchen, Inc.
PLKI
| – | – |
-1,090
| Closed | -$57K |
|
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C.T. Fitzpatrick's Q2 2016 Portfolio in Review
As of Q2 2016, C.T. Fitzpatrick held 63 positions worth $10.2B, down 8.6% from $11.1B the previous quarter. Its ten largest holdings account for 49% of the portfolio.
C.T. Fitzpatrick withdrew a net $625M in Q2 2016, closing 8 positions and reducing 29 holdings. Its most notable exit was InterContinental Hotels, an estimated $135M position sold in full.
By sector, the portfolio is most concentrated in Financials at 34% of assets, up from 33% a quarter earlier, followed by Technology and Industrials.
Against the trend, C.T. Fitzpatrick opened a new position in Marriott International worth $139M.
- C.T. Fitzpatrick's largest Q2 2016 buy was Marriott International: 2,086,158 shares worth $139M.
- C.T. Fitzpatrick added most to Hilton Worldwide in Q2 2016, an estimated $142M increase.
- C.T. Fitzpatrick's biggest Q2 2016 reduction was Parker-Hannifin, cutting an estimated $296M.
- C.T. Fitzpatrick fully exited InterContinental Hotels in Q2 2016, selling an estimated $135M.
- C.T. Fitzpatrick's ten largest holdings make up 49% of its $10.2B portfolio in Q2 2016.
- C.T. Fitzpatrick opened 8 new positions and closed 8 in Q2 2016.
- C.T. Fitzpatrick's portfolio value fell 8.6% quarter-over-quarter to $10.2B.
Based on Vulcan Value Partners's 13F filing for Q2 2016, filed 15 Aug 2016.