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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
-1.75%
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
$7.02B
AUM Growth
+$265M
Cap. Flow
+$379M
Cap. Flow %
5.4%
Top 10 Hldgs %
38.78%
Holding
116
New
15
Increased
28
Reduced
32
Closed
41

Top Buys

Rank Stock Value
1
PH icon
Parker-Hannifin
PH
+$219M
2
BA icon
Boeing
BA
+$179M
3
ORCL icon
Oracle
ORCL
+$170M
4
SABR icon
Sabre
SABR
+$129M
5
FOSL icon
Fossil Group
FOSL
+$125M

Top Sells

Rank Stock Value
1
CNVR
CONVERSANT INC COM STK (DE)
CNVR
+$190M
2
QCOM icon
Qualcomm
QCOM
+$134M
3
AAPL icon
Apple
AAPL
+$106M
4
DISCK
Discovery, Inc. Series C Common Stock
DISCK
+$84.7M
5
NDAQ icon
Nasdaq
NDAQ
+$73.9M

Sector Composition

Rank Sector Weight
1 Financials 34.01%
2 Technology 19.15%
3 Industrials 14.66%
4 Communication Services 9.74%
5 Consumer Discretionary 8.21%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
T icon
101
AT&T
T
$173B
– –
-1,642
Closed -$44K
UNFI icon
102
United Natural Foods
UNFI
$2.91B
– –
-505
Closed -$33K
USB icon
103
US Bancorp
USB
$96.7B
– –
-1,030
Closed -$45K
WFC icon
104
Wells Fargo
WFC
$254B
– –
-860
Closed -$45K
XRX icon
105
Xerox
XRX
$381M
– –
-1,044
Closed -$34K
CERN
106
DELISTED
Cerner Corp
CERN
– –
-650
Closed -$34K
FMI
107
DELISTED
Foundation Medicine, Inc.
FMI
– –
-600
Closed -$16K
KYO
108
DELISTED
Kyocera Adr
KYO
– –
-555
Closed -$26K
TIME
109
DELISTED
Time Inc.
TIME
– –
-517
Closed -$13K
EPIQ
110
DELISTED
EPIQ SYSTEMS INC
EPIQ
– –
-1,320
Closed -$19K
EMC
111
DELISTED
EMC CORPORATION
EMC
– –
-1,855
Closed -$49K
HPY
112
DELISTED
HEARTLAND PAYMENT SYSTEMS, INC. COM STK
HPY
– –
-885,362
Closed -$36.5M
SAPE
113
DELISTED
SAPIENT CORP
SAPE
– –
-1,930
Closed -$31K
CNVR
114
DELISTED
CONVERSANT INC COM STK (DE)
CNVR
– –
-7,474,765
Closed -$190M
KUB
115
DELISTED
KUBOTA CORPORATION (ONE ADS REP 5 SHS COM)
KUB
– –
-590
Closed -$42K
CELG
116
DELISTED
Celgene Corp
CELG
– –
-205
Closed -$18K
1 2 3 4
5

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C.T. Fitzpatrick's Q3 2014 Portfolio in Review

As of Q3 2014, C.T. Fitzpatrick held 116 positions worth $7.02B, up 3.9% from $6.76B the previous quarter. Its ten largest holdings account for 39% of the portfolio.

C.T. Fitzpatrick deployed $379M of net new capital in Q3 2014, opening 15 new positions and adding to 28 existing holdings. Its largest new stake was Boeing: 1,419,522 shares worth $175M.

By sector, the portfolio is most concentrated in Financials at 34% of assets, up from 33% a quarter earlier, followed by Technology and Industrials.

On the sell side, the largest reduction was Qualcomm, an estimated $134M trimmed.

  • C.T. Fitzpatrick's largest Q3 2014 buy was Boeing: 1,419,522 shares worth $175M.
  • C.T. Fitzpatrick added most to Parker-Hannifin in Q3 2014, an estimated $219M increase.
  • C.T. Fitzpatrick's biggest Q3 2014 reduction was Qualcomm, cutting an estimated $134M.
  • C.T. Fitzpatrick fully exited CONVERSANT INC COM STK (DE) in Q3 2014, selling an estimated $190M.
  • C.T. Fitzpatrick's ten largest holdings make up 39% of its $7.02B portfolio in Q3 2014.
  • C.T. Fitzpatrick opened 15 new positions and closed 41 in Q3 2014.
  • C.T. Fitzpatrick's portfolio value rose 3.9% quarter-over-quarter to $7.02B.

Based on Vulcan Value Partners's 13F filing for Q3 2014, filed 7 Nov 2014.