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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
+18.65%
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
$13B
AUM Growth
+$1.21B
Cap. Flow
-$769M
Cap. Flow %
-5.9%
Top 10 Hldgs %
55.18%
Holding
60
New
10
Increased
19
Reduced
24
Closed
6

Top Buys

Rank Stock Value
1
MAR icon
Marriott International
MAR
+$226M
2
META icon
Meta Platforms (Facebook)
META
+$165M
3
CACC icon
Credit Acceptance
CACC
+$144M
4
MA icon
Mastercard
MA
+$124M
5
HLT icon
Hilton Worldwide
HLT
+$108M

Top Sells

Rank Stock Value
1
QRVO icon
Qorvo
QRVO
+$326M
2
SWKS icon
Skyworks Solutions
SWKS
+$242M
3
PH icon
Parker-Hannifin
PH
+$238M
4
NVDA icon
NVIDIA
NVDA
+$217M
5
AXS icon
AXIS Capital
AXS
+$181M

Sector Composition

Rank Sector Weight
1 Technology 26.28%
2 Financials 23.37%
3 Consumer Discretionary 16.31%
4 Healthcare 13.58%
5 Communication Services 9.17%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
UNH icon
51
UnitedHealth
UNH
$350B
$191K ﹤0.01%
+651
New +$170K
PH icon
52
Parker-Hannifin
PH
$126B
$149K ﹤0.01%
725
-1,228,775
-100% -$238M
WWD icon
53
Woodward
WWD
$20.3B
$56K ﹤0.01%
472
– –
SGI
54
Somnigroup International
SGI
$13.6B
$28K ﹤0.01%
1,280
-2,400
-65% -$50.2K
BLK icon
55
Blackrock
BLK
$179B
– –
-38
Closed -$17K
FWRD icon
56
Forward Air
FWRD
$612M
– –
-460
Closed -$29K
LSTR icon
57
Landstar System
LSTR
$6.33B
– –
-298
Closed -$34K
REZI icon
58
Resideo Technologies
REZI
$3.08B
– –
-8,381,443
Closed -$120M
TER icon
59
Teradyne
TER
$58.7B
– –
-774
Closed -$45K
BID
60
DELISTED
Sotheby's
BID
– –
-2,067
Closed -$118K
1 2
3

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C.T. Fitzpatrick's Q4 2019 Portfolio in Review

As of Q4 2019, C.T. Fitzpatrick held 60 positions worth $13B, up 10% from $11.8B the previous quarter. Its ten largest holdings account for 55% of the portfolio.

C.T. Fitzpatrick withdrew a net $769M in Q4 2019, closing 6 positions and reducing 24 holdings. Its most notable exit was Resideo Technologies, an estimated $120M position sold in full.

By sector, the portfolio is most concentrated in Technology at 26% of assets, down from 26% a quarter earlier, followed by Financials and Consumer Discretionary.

Against the trend, C.T. Fitzpatrick opened a new position in Credit Acceptance worth $144M.

  • C.T. Fitzpatrick's largest Q4 2019 buy was Credit Acceptance: 326,037 shares worth $144M.
  • C.T. Fitzpatrick added most to Marriott International in Q4 2019, an estimated $226M increase.
  • C.T. Fitzpatrick's biggest Q4 2019 reduction was Qorvo, cutting an estimated $326M.
  • C.T. Fitzpatrick fully exited Resideo Technologies in Q4 2019, selling an estimated $120M.
  • C.T. Fitzpatrick's ten largest holdings make up 55% of its $13B portfolio in Q4 2019.
  • C.T. Fitzpatrick opened 10 new positions and closed 6 in Q4 2019.
  • C.T. Fitzpatrick's portfolio value rose 10% quarter-over-quarter to $13B.

Based on Vulcan Value Partners's 13F filing for Q4 2019, filed 14 Feb 2020.