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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
-1.39%
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
$10B
AUM Growth
+$1.22B
Cap. Flow
+$1.29B
Cap. Flow %
12.81%
Top 10 Hldgs %
40.54%
Holding
74
New
8
Increased
35
Reduced
20
Closed
11

Top Buys

Rank Stock Value
1
NOV icon
NOV
NOV
+$391M
2
PH icon
Parker-Hannifin
PH
+$365M
3
FOSL icon
Fossil Group
FOSL
+$277M
4
AXS icon
AXIS Capital
AXS
+$274M
5
QCOM icon
Qualcomm
QCOM
+$261M

Top Sells

Rank Stock Value
1
DISCK
Discovery, Inc. Series C Common Stock
DISCK
+$297M
2
SABR icon
Sabre
SABR
+$220M
3
AAPL icon
Apple
AAPL
+$163M
4
NUS icon
Nu Skin
NUS
+$114M
5
ELV icon
Elevance Health
ELV
+$99M

Sector Composition

Rank Sector Weight
1 Financials 36.7%
2 Industrials 22.81%
3 Technology 16.73%
4 Communication Services 8.49%
5 Consumer Discretionary 4.51%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ORCL icon
1
Oracle
ORCL
$422B
$685M 6.82%
18,134,918
+2,982,156
+20% +$129M
PH icon
2
Parker-Hannifin
PH
$126B
$672M 6.69%
5,655,557
+3,011,040
+114% +$365M
FOSL icon
3
Fossil Group
FOSL
$332M
$378M 3.77%
4,587,694
+3,008,850
+191% +$277M
BEN icon
4
Franklin Templeton, Inc.
BEN
$17.4B
$370M 3.68%
7,205,752
+1,122,144
+18% +$59.6M
AXS icon
5
AXIS Capital
AXS
$7.2B
$368M 3.67%
7,136,601
+5,380,540
+306% +$274M
NOV icon
6
NOV
NOV
$7.28B
$360M 3.59%
+7,200,991
New +$391M
EG icon
7
Everest Group
EG
$14.2B
$329M 3.27%
2,095,897
-108,893
-5% -$19.1M
BA icon
8
Boeing
BA
$169B
$316M 3.15%
2,105,518
+81,318
+4% +$11.8M
V icon
9
Visa
V
$693B
$297M 2.96%
4,537,350
-1,005,490
-18% -$66.5M
MA icon
10
Mastercard
MA
$509B
$296M 2.95%
3,431,706
-632,480
-16% -$54.9M
DOV icon
11
Dover
DOV
$27.2B
$281M 2.8%
5,033,270
+652,700
+15% +$37.6M
NDAQ icon
12
Nasdaq
NDAQ
$54.9B
$277M 2.76%
16,328,019
+598,239
+4% +$9.74M
STT icon
13
State Street
STT
$51.4B
$273M 2.71%
3,706,304
+938,426
+34% +$70.2M
MSM icon
14
MSC Industrial Direct
MSM
$6.69B
$269M 2.68%
3,722,245
+2,075,525
+126% +$155M
CB
15
DELISTED
CHUBB CORPORATION
CB
$260M 2.59%
2,568,070
+320,401
+14% +$32.4M
QCOM icon
16
Qualcomm
QCOM
$169B
$257M 2.56%
3,705,897
+3,704,765
+327,276% +$261M
VZ icon
17
Verizon
VZ
$205B
$254M 2.52%
5,213,533
+749,938
+17% +$36.2M
DIS icon
18
Walt Disney
DIS
$186B
$249M 2.48%
2,372,764
+19,525
+0.8% +$1.97M
BNY
19
Bank of New York Mellon
BNY
$108B
$240M 2.39%
5,962,334
+706,837
+13% +$27.5M
DISCK
20
DELISTED
Discovery, Inc. Series C Common Stock
DISCK
$235M 2.35%
7,989,084
-9,839,348
-55% -$297M
ACIW icon
21
ACI Worldwide
ACIW
$5.24B
$235M 2.34%
10,843,099
+1,619,755
+18% +$32.2M
TROW icon
22
T. Rowe Price
TROW
$23.8B
$198M 1.97%
2,442,399
+340,563
+16% +$28M
CHKP icon
23
Check Point Software Technologies
CHKP
$13.3B
$162M 1.61%
1,976,125
+126,465
+7% +$10.2M
PCP
24
DELISTED
PRECISION CASTPARTS CORP
PCP
$159M 1.58%
+755,768
New +$160M
AET
25
DELISTED
Aetna Inc
AET
$153M 1.52%
1,436,563
-185,800
-11% -$18.2M
1
2 3

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C.T. Fitzpatrick's Q1 2015 Portfolio in Review

As of Q1 2015, C.T. Fitzpatrick held 74 positions worth $10B, up 14% from $8.82B the previous quarter. Its ten largest holdings account for 41% of the portfolio.

C.T. Fitzpatrick deployed $1.29B of net new capital in Q1 2015, opening 8 new positions and adding to 35 existing holdings. Its largest new stake was NOV: 7,200,991 shares worth $360M.

By sector, the portfolio is most concentrated in Financials at 37% of assets, up from 36% a quarter earlier, followed by Industrials and Technology.

On the sell side, the largest reduction was Discovery, Inc. Series C Common Stock, an estimated $297M trimmed.

  • C.T. Fitzpatrick's largest Q1 2015 buy was NOV: 7,200,991 shares worth $360M.
  • C.T. Fitzpatrick added most to Parker-Hannifin in Q1 2015, an estimated $365M increase.
  • C.T. Fitzpatrick's biggest Q1 2015 reduction was Discovery, Inc. Series C Common Stock, cutting an estimated $297M.
  • C.T. Fitzpatrick fully exited Insperity in Q1 2015, selling an estimated $56.1M.
  • C.T. Fitzpatrick's ten largest holdings make up 41% of its $10B portfolio in Q1 2015.
  • C.T. Fitzpatrick opened 8 new positions and closed 11 in Q1 2015.
  • C.T. Fitzpatrick's portfolio value rose 14% quarter-over-quarter to $10B.

Based on Vulcan Value Partners's 13F filing for Q1 2015, filed 15 May 2015.