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C.T. Fitzpatrick Vulcan Value Partners
AUM
$3.29B
Turnover
13.51%
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
+7.19%
1 Year Est. Return
-6.08%
3 Year Est. Return
+28.55%
5 Year Est. Return
+25.64%
10 Year Est. Return
+233.31%
AUM
$8.82B
AUM Growth
+$1.8B
(+26%)
Cap. Flow
+$1.31B
Cap. Flow % of AUM
Cap. Flow %
14.83%
Top 10 Holdings %
Top 10 Hldgs %
42.65%
Holding
79
New
4
Increased
38
Reduced
24
Closed
13
Avg Time Held
1.1
years
Top 10 Avg Time Held
0.6
years
Top 20 Avg Time Held
0.9
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
DISCK
Discovery, Inc. Series C Common Stock
DISCK
|
+$420M |
| 2 |
Dover
DOV
|
+$207M |
| 3 |
T. Rowe Price
TROW
|
+$171M |
| 4 |
MSC Industrial Direct
MSM
|
+$134M |
| 5 |
Oracle
ORCL
|
+$132M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
eBay
EBAY
|
+$282M |
| 2 |
Marriott International
MAR
|
+$115M |
| 3 |
ESRX
Express Scripts Holding Company
ESRX
|
+$75.3M |
| 4 |
TWX
Time Warner Inc
TWX
|
+$72.5M |
| 5 |
CME Group
CME
|
+$54.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 36.28% |
| 2 | Technology | 19.45% |
| 3 | Industrials | 17.56% |
| 4 | Communication Services | 12.49% |
| 5 | Consumer Staples | 5.15% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
DISCK
1
DELISTED
Discovery, Inc. Series C Common Stock
DISCK
| $601M | 6.81% |
17,828,432
+12,332,267
| +224% | +$420M |
2013 Q2
6 quarters
|
|
|
2
Oracle
ORCL
$383B
| $586M | 6.64% |
15,152,762
+3,244,543
| +27% | +$132M |
2013 Q2
6 quarters
|
|
3
Everest Group
EG
$15.2B
| $375M | 4.25% |
2,204,790
+381,734
| +21% | +$64.4M |
2013 Q2
6 quarters
|
|
4
Visa
V
$786B
| $363M | 4.12% |
5,542,840
+283,360
| +5% | +$17.1M |
2013 Q2
6 quarters
|
|
5
Mastercard
MA
$564B
| $350M | 3.97% |
4,064,186
+310,725
| +8% | +$25.4M |
2013 Q2
6 quarters
|
|
6
Parker-Hannifin
PH
$119B
| $341M | 3.86% |
2,644,517
+466,681
| +21% | +$57.2M |
2013 Q2
6 quarters
|
|
7
Franklin Templeton
BEN
$16.4B
| $337M | 3.82% |
6,083,608
+1,428,192
| +31% | +$78.9M |
2013 Q2
6 quarters
|
|
8
Sabre
SABR
$674M
| $293M | 3.32% |
14,447,669
+2,520,227
| +21% | +$45.6M |
2014 Q2
2 quarters
|
|
9
Boeing
BA
$137B
| $263M | 2.98% |
2,024,200
+604,678
| +43% | +$76.7M |
2014 Q3
1 quarter
|
|
|
10
Dover
DOV
$28.4B
| $254M | 2.88% |
4,380,570
+3,345,273
| +323% | +$207M |
2013 Q2
6 quarters
|
|
11
Nasdaq
NDAQ
$59.8B
| $251M | 2.85% |
15,729,780
-1,039,734
| -6% | -$15.3M |
2013 Q2
6 quarters
|
|
12
DELISTED
CHUBB CORPORATION
CB
| $233M | 2.64% |
2,247,669
+433,587
| +24% | +$43.2M |
2013 Q2
6 quarters
|
|
13
Walt Disney
DIS
$197B
| $222M | 2.51% |
2,353,239
+508,634
| +28% | +$45.9M |
2013 Q2
6 quarters
|
|
14
Apple
AAPL
$4.84T
| $218M | 2.47% |
7,902,980
+1,056,340
| +15% | +$28.7M |
2013 Q2
6 quarters
|
|
15
State Street
STT
$46.2B
| $217M | 2.46% |
2,767,878
+613,064
| +28% | +$46M |
2014 Q2
2 quarters
|
|
16
Bank of New York Mellon
BNY
$100B
| $213M | 2.42% |
5,255,497
+445,282
| +9% | +$17.4M |
2013 Q2
6 quarters
|
|
17
Verizon
VZ
$188B
| $209M | 2.37% |
4,463,595
+1,092,182
| +32% | +$53.4M |
2014 Q1
3 quarters
|
|
18
Nu Skin
NUS
$229M
| $202M | 2.29% |
4,619,975
+1,310,252
| +40% | +$57.9M |
2014 Q1
3 quarters
|
|
19
Cisco
CSCO
$406B
| $199M | 2.26% |
7,170,456
+1,352,558
| +23% | +$34.9M |
2013 Q2
6 quarters
|
|
20
ACI Worldwide
ACIW
$5.9B
| $186M | 2.11% |
9,223,344
+3,148,687
| +52% | +$60M |
2013 Q2
6 quarters
|
|
|
21
T. Rowe Price
TROW
$22.7B
| $180M | 2.05% |
+2,101,836
| New | +$171M |
2014 Q4
0 quarters
|
|
22
Fossil Group
FOSL
$403M
| $175M | 1.98% |
1,578,844
+335,292
| +27% | +$35M |
2014 Q3
1 quarter
|
|
23
Elevance Health
ELV
$89.7B
| $152M | 1.72% |
1,210,332
-224,122
| -16% | -$27.7M |
2014 Q1
3 quarters
|
|
24
Check Point Software Technologies
CHKP
$14.5B
| $145M | 1.65% |
1,849,660
+409,415
| +28% | +$30.4M |
2013 Q2
6 quarters
|
|
|
AET
25
DELISTED
Aetna Inc
AET
| $144M | 1.63% |
1,622,363
+682,916
| +73% | +$57.3M |
2014 Q2
2 quarters
|
|
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C.T. Fitzpatrick's Q4 2014 Portfolio in Review
As of Q4 2014, C.T. Fitzpatrick held 79 positions worth $8.82B, up 26% from $7.02B the previous quarter. Its ten largest holdings account for 43% of the portfolio.
C.T. Fitzpatrick deployed $1.31B of net new capital in Q4 2014, opening 4 new positions and adding to 38 existing holdings. Its largest new stake was T. Rowe Price: 2,101,836 shares worth $180M.
By sector, the portfolio is most concentrated in Financials at 36% of assets, up from 34% a quarter earlier, followed by Technology and Industrials.
On the sell side, the largest reduction was eBay, an estimated $282M trimmed.
- C.T. Fitzpatrick's largest Q4 2014 buy was T. Rowe Price: 2,101,836 shares worth $180M.
- C.T. Fitzpatrick added most to Discovery, Inc. Series C Common Stock in Q4 2014, an estimated $420M increase.
- C.T. Fitzpatrick's biggest Q4 2014 reduction was eBay, cutting an estimated $282M.
- C.T. Fitzpatrick fully exited Fair Isaac in Q4 2014, selling an estimated $42.2M.
- C.T. Fitzpatrick's ten largest holdings make up 43% of its $8.82B portfolio in Q4 2014.
- C.T. Fitzpatrick opened 4 new positions and closed 13 in Q4 2014.
- C.T. Fitzpatrick's portfolio value rose 26% quarter-over-quarter to $8.82B.
Based on Vulcan Value Partners's 13F filing for Q4 2014, filed 17 Feb 2015.