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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
+0.09%
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
$10.6B
AUM Growth
+$516M
(+5.1%)
Cap. Flow
+$584M
Cap. Flow % of AUM
Cap. Flow %
5.53%
Top 10 Holdings %
Top 10 Hldgs %
43.14%
Holding
73
New
10
Increased
36
Reduced
15
Closed
12
Avg Time Held
1.3
years
Top 10 Avg Time Held
0.9
years
Top 20 Avg Time Held
1.2
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Microsoft
MSFT
|
+$240M |
| 2 |
F5
FFIV
|
+$216M |
| 3 |
Fossil Group
FOSL
|
+$141M |
| 4 |
Oracle
ORCL
|
+$137M |
| 5 |
SNI
Scripps Networks Interactive, Inc Common Class A
SNI
|
+$133M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
PCP
PRECISION CASTPARTS CORP
PCP
|
+$159M |
| 2 |
Qualcomm
QCOM
|
+$158M |
| 3 |
PARTNERRE LTD
PRE
|
+$87.2M |
| 4 |
Sabre
SABR
|
+$85.6M |
| 5 |
HOT
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
HOT
|
+$82.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 38.22% |
| 2 | Industrials | 19.9% |
| 3 | Technology | 19.26% |
| 4 | Communication Services | 9.99% |
| 5 | Consumer Discretionary | 4.31% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Oracle
ORCL
$382B
| $762M | 7.22% |
21,300,751
+3,165,833
| +17% | +$137M |
2013 Q2
8 quarters
|
|
2
Parker-Hannifin
PH
$111B
| $734M | 6.95% |
6,305,505
+649,948
| +11% | +$78.5M |
2013 Q2
8 quarters
|
|
3
AXIS Capital
AXS
$7.49B
| $478M | 4.53% |
8,958,730
+1,822,129
| +26% | +$98.1M |
2014 Q3
3 quarters
|
|
|
4
Fossil Group
FOSL
$390M
| $444M | 4.21% |
6,404,900
+1,817,206
| +40% | +$141M |
2014 Q3
3 quarters
|
|
5
Franklin Templeton
BEN
$15.8B
| $401M | 3.8% |
8,186,868
+981,116
| +14% | +$50.3M |
2013 Q2
8 quarters
|
|
6
NOV
NOV
$7.05B
| $374M | 3.54% |
7,748,675
+547,684
| +8% | +$28.2M |
2015 Q1
1 quarter
|
|
7
Everest Group
EG
$15.3B
| $353M | 3.34% |
1,939,720
-156,177
| -7% | -$28.4M |
2013 Q2
8 quarters
|
|
8
Mastercard
MA
$545B
| $346M | 3.28% |
3,699,041
+267,335
| +8% | +$24.5M |
2013 Q2
8 quarters
|
|
9
State Street
STT
$46.2B
| $337M | 3.19% |
4,371,193
+664,889
| +18% | +$51.8M |
2014 Q2
4 quarters
|
|
10
Visa
V
$766B
| $326M | 3.09% |
4,854,396
+317,046
| +7% | +$21.5M |
2013 Q2
8 quarters
|
|
|
AET
11
DELISTED
Aetna Inc
AET
| $312M | 2.96% |
2,449,112
+1,012,549
| +70% | +$116M |
2014 Q2
4 quarters
|
|
|
DISCK
12
DELISTED
Discovery, Inc. Series C Common Stock
DISCK
| $305M | 2.89% |
9,826,389
+1,837,305
| +23% | +$56.9M |
2013 Q2
8 quarters
|
|
13
Boeing
BA
$149B
| $302M | 2.86% |
2,178,322
+72,804
| +3% | +$10.6M |
2014 Q3
3 quarters
|
|
14
Nasdaq
NDAQ
$57.1B
| $281M | 2.66% |
17,243,616
+915,597
| +6% | +$15.4M |
2013 Q2
8 quarters
|
|
15
Walt Disney
DIS
$194B
| $273M | 2.59% |
2,392,001
+19,237
| +0.8% | +$2.11M |
2013 Q2
8 quarters
|
|
16
MSC Industrial Direct
MSM
$6.36B
| $272M | 2.57% |
3,894,843
+172,598
| +5% | +$12.3M |
2014 Q4
2 quarters
|
|
17
ACI Worldwide
ACIW
$5.63B
| $269M | 2.55% |
10,951,647
+108,548
| +1% | +$2.55M |
2013 Q2
8 quarters
|
|
18
DELISTED
CHUBB CORPORATION
CB
| $268M | 2.54% |
2,819,115
+251,045
| +10% | +$24.8M |
2013 Q2
8 quarters
|
|
19
Verizon
VZ
$185B
| $268M | 2.54% |
5,749,217
+535,684
| +10% | +$26.2M |
2014 Q1
5 quarters
|
|
20
Bank of New York Mellon
BNY
$98.8B
| $266M | 2.52% |
6,331,363
+369,029
| +6% | +$15.7M |
2013 Q2
8 quarters
|
|
|
21
Microsoft
MSFT
$3.89T
| $232M | 2.2% |
+5,249,025
| New | +$240M |
2015 Q2
0 quarters
|
|
22
T. Rowe Price
TROW
$22.2B
| $223M | 2.11% |
2,872,272
+429,873
| +18% | +$34.7M |
2014 Q4
2 quarters
|
|
|
23
F5
FFIV
$25.8B
| $211M | 2% |
+1,756,093
| New | +$216M |
2015 Q2
0 quarters
|
|
24
Dover
DOV
$26.9B
| $208M | 1.97% |
3,667,131
-1,366,139
| -27% | -$81.3M |
2013 Q2
8 quarters
|
|
25
Cisco
CSCO
$420B
| $204M | 1.94% |
7,444,392
+3,494,818
| +88% | +$100M |
2013 Q2
8 quarters
|
|
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C.T. Fitzpatrick's Q2 2015 Portfolio in Review
As of Q2 2015, C.T. Fitzpatrick held 73 positions worth $10.6B, up 5.1% from $10B the previous quarter. Its ten largest holdings account for 43% of the portfolio.
C.T. Fitzpatrick deployed $584M of net new capital in Q2 2015, opening 10 new positions and adding to 36 existing holdings. Its largest new stake was Microsoft: 5,249,025 shares worth $232M.
By sector, the portfolio is most concentrated in Financials at 38% of assets, up from 37% a quarter earlier, followed by Industrials and Technology.
On the sell side, the largest reduction was Qualcomm, an estimated $158M trimmed.
- C.T. Fitzpatrick's largest Q2 2015 buy was Microsoft: 5,249,025 shares worth $232M.
- C.T. Fitzpatrick added most to Fossil Group in Q2 2015, an estimated $141M increase.
- C.T. Fitzpatrick's biggest Q2 2015 reduction was Qualcomm, cutting an estimated $158M.
- C.T. Fitzpatrick fully exited PRECISION CASTPARTS CORP in Q2 2015, selling an estimated $159M.
- C.T. Fitzpatrick's ten largest holdings make up 43% of its $10.6B portfolio in Q2 2015.
- C.T. Fitzpatrick opened 10 new positions and closed 12 in Q2 2015.
- C.T. Fitzpatrick's portfolio value rose 5.1% quarter-over-quarter to $10.6B.
Based on Vulcan Value Partners's 13F filing for Q2 2015, filed 14 Aug 2015.