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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
+8.12%
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
$3.28B
AUM Growth
+$995M
Cap. Flow
+$801M
Cap. Flow %
24.46%
Top 10 Hldgs %
40.3%
Holding
58
New
3
Increased
44
Reduced
6
Closed
5

Top Buys

Rank Stock Value
1
HOT
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
HOT
+$47.3M
2
BEN icon
Franklin Templeton, Inc.
BEN
+$45.8M
3
QCOM icon
Qualcomm
QCOM
+$45.2M
4
MRH
MONTPELIER RE HOLDINGS LTD
MRH
+$39M
5
NDAQ icon
Nasdaq
NDAQ
+$38.7M

Top Sells

Rank Stock Value
1
ICON
Iconix Brand Group, Inc.
ICON
+$15.8M
2
LECO icon
Lincoln Electric
LECO
+$13.4M
3
RVTY icon
Revvity
RVTY
+$12.1M
4
MG icon
Mistras Group
MG
+$10.8M
5
SONC
Sonic Corp
SONC
+$10.8M

Sector Composition

Rank Sector Weight
1 Financials 28.99%
2 Technology 24.35%
3 Industrials 13.68%
4 Communication Services 10.64%
5 Healthcare 4.66%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AAPL icon
1
Apple
AAPL
$4.51T
$176M 5.37%
10,323,572
+2,159,192
+26% +$35.8M
EG icon
2
Everest Group
EG
$14.2B
$160M 4.88%
1,099,023
+267,221
+32% +$36.2M
ORCL icon
3
Oracle
ORCL
$422B
$156M 4.77%
4,706,439
+1,110,813
+31% +$36M
NDAQ icon
4
Nasdaq
NDAQ
$54.9B
$131M 3.99%
12,204,666
+3,616,008
+42% +$38.7M
BNY
5
Bank of New York Mellon
BNY
$108B
$124M 3.79%
4,113,298
+1,011,085
+33% +$31M
BEN icon
6
Franklin Templeton, Inc.
BEN
$17.4B
$124M 3.78%
2,450,044
+949,507
+63% +$45.8M
QCOM icon
7
Qualcomm
QCOM
$169B
$120M 3.67%
1,785,813
+689,848
+63% +$45.2M
HOT
8
DELISTED
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
HOT
$117M 3.58%
1,766,674
+715,302
+68% +$47.3M
MA icon
9
Mastercard
MA
$509B
$107M 3.26%
1,586,190
+338,970
+27% +$21.3M
DOV icon
10
Dover
DOV
$27.2B
$105M 3.21%
1,748,742
+207,211
+13% +$11.9M
IHG icon
11
InterContinental Hotels
IHG
$23.6B
$102M 3.1%
2,433,038
+677,405
+39% +$28.6M
CSCO icon
12
Cisco
CSCO
$438B
$98.9M 3.02%
4,219,501
+1,264,406
+43% +$31.4M
DISCK
13
DELISTED
Discovery, Inc. Series C Common Stock
DISCK
$90.1M 2.75%
2,307,276
+610,816
+36% +$22.6M
DIS icon
14
Walt Disney
DIS
$186B
$87.3M 2.67%
1,353,915
+377,628
+39% +$24.2M
KO icon
15
Coca-Cola
KO
$392B
$80.7M 2.46%
2,130,308
+639,353
+43% +$25.3M
CNVR
16
DELISTED
CONVERSANT INC COM STK (DE)
CNVR
$78.6M 2.4%
3,767,105
+1,644,411
+77% +$37.3M
V icon
17
Visa
V
$693B
$76.5M 2.33%
1,600,816
+445,008
+39% +$20.6M
PH icon
18
Parker-Hannifin
PH
$126B
$76.4M 2.33%
703,134
+173,208
+33% +$17.8M
CB
19
DELISTED
CHUBB CORPORATION
CB
$72M 2.2%
806,777
+218,302
+37% +$18.9M
CHKP icon
20
Check Point Software Technologies
CHKP
$13.3B
$71.5M 2.18%
1,263,386
-33,709
-3% -$1.89M
RTX icon
21
RTX Corp
RTX
$283B
$70.3M 2.15%
1,035,852
+116,406
+13% +$7.62M
CHE icon
22
Chemed
CHE
$7.07B
$67.2M 2.05%
939,717
+485,347
+107% +$34.5M
ESRX
23
DELISTED
Express Scripts Holding Company
ESRX
$56.9M 1.74%
921,326
+270,904
+42% +$17.5M
ACIW icon
24
ACI Worldwide
ACIW
$5.24B
$55.4M 1.69%
3,074,145
+521,280
+20% +$8.57M
HPY
25
DELISTED
HEARTLAND PAYMENT SYSTEMS, INC. COM STK
HPY
$54.9M 1.68%
1,381,667
-60,362
-4% -$2.32M
1
2 3

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C.T. Fitzpatrick's Q3 2013 Portfolio in Review

As of Q3 2013, C.T. Fitzpatrick held 58 positions worth $3.28B, up 44% from $2.28B the previous quarter. Its ten largest holdings account for 40% of the portfolio.

C.T. Fitzpatrick deployed $801M of net new capital in Q3 2013, opening 3 new positions and adding to 44 existing holdings. Its largest new stake was MONTPELIER RE HOLDINGS LTD: 1,502,251 shares worth $39.1M.

By sector, the portfolio is most concentrated in Financials at 29% of assets, up from 28% a quarter earlier, followed by Technology and Industrials.

On the sell side, the largest reduction was Iconix Brand Group, Inc., an estimated $15.8M trimmed.

  • C.T. Fitzpatrick's largest Q3 2013 buy was MONTPELIER RE HOLDINGS LTD: 1,502,251 shares worth $39.1M.
  • C.T. Fitzpatrick added most to STARWOOD HOTELS & RESORTS WORLDWIDE, INC. in Q3 2013, an estimated $47.3M increase.
  • C.T. Fitzpatrick's biggest Q3 2013 reduction was Iconix Brand Group, Inc., cutting an estimated $15.8M.
  • C.T. Fitzpatrick fully exited Lincoln Electric in Q3 2013, selling an estimated $13.4M.
  • C.T. Fitzpatrick's ten largest holdings make up 40% of its $3.28B portfolio in Q3 2013.
  • C.T. Fitzpatrick opened 3 new positions and closed 5 in Q3 2013.
  • C.T. Fitzpatrick's portfolio value rose 44% quarter-over-quarter to $3.28B.

Based on Vulcan Value Partners's 13F filing for Q3 2013, filed 12 Nov 2013.