C.T. Fitzpatrick Vulcan Value Partners
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.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
RTX Corp
RTX
|
+$249M |
| 2 |
Elevance Health
ELV
|
+$142M |
| 3 |
NOV
NOV
|
+$120M |
| 4 |
TWX
Time Warner Inc
TWX
|
+$97.7M |
| 5 |
Carlisle Companies
CSL
|
+$87.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
F5
FFIV
|
+$283M |
| 2 |
Microsoft
MSFT
|
+$215M |
| 3 |
Graco
GGG
|
+$23.1M |
| 4 |
Jack Henry & Associates
JKHY
|
+$21.2M |
| 5 |
MillerKnoll
MLKN
|
+$21M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 33.44% |
| 2 | Industrials | 25.63% |
| 3 | Technology | 18.29% |
| 4 | Communication Services | 8.47% |
| 5 | Energy | 4.56% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Oracle
ORCL
$422B
| $878M | 8.16% |
24,028,074
+691,989
| +3% | +$26.4M |
|
2
Parker-Hannifin
PH
$126B
| $746M | 6.94% |
7,696,600
+456,275
| +6% | +$46.2M |
|
3
Franklin Templeton, Inc.
BEN
$17.4B
| $519M | 4.83% |
14,096,898
+684,122
| +5% | +$26.8M |
|
|
4
NOV
NOV
$7.28B
| $490M | 4.56% |
14,630,914
+3,227,527
| +28% | +$120M |
|
|
DISCK
5
DELISTED
Discovery, Inc. Series C Common Stock
DISCK
| $470M | 4.37% |
18,644,920
+214,241
| +1% | +$5.86M |
|
6
AXIS Capital
AXS
$7.2B
| $450M | 4.18% |
7,998,216
+150,050
| +2% | +$8.28M |
|
7
Mastercard
MA
$509B
| $397M | 3.69% |
4,081,640
+11,705
| +0.3% | +$1.15M |
|
8
Visa
V
$693B
| $394M | 3.67% |
5,085,748
-143,037
| -3% | -$11.1M |
|
9
Fossil Group
FOSL
$332M
| $386M | 3.59% |
10,559,173
+1,885,889
| +22% | +$86M |
|
10
Boeing
BA
$169B
| $381M | 3.54% |
2,635,566
+5,897
| +0.2% | +$849K |
|
11
Everest Group
EG
$14.2B
| $364M | 3.38% |
1,986,220
-40,154
| -2% | -$7.29M |
|
|
12
Elevance Health
ELV
$86.9B
| $355M | 3.3% |
2,545,577
+1,029,406
| +68% | +$142M |
|
13
Cisco
CSCO
$438B
| $346M | 3.21% |
12,723,769
+89,156
| +0.7% | +$2.46M |
|
14
State Street
STT
$51.4B
| $335M | 3.11% |
5,046,149
+368,622
| +8% | +$25.6M |
|
15
Dover
DOV
$27.2B
| $314M | 2.92% |
6,339,281
+9,585
| +0.2% | +$486K |
|
|
AET
16
DELISTED
Aetna Inc
AET
| $297M | 2.76% |
2,748,136
+115,775
| +4% | +$12.5M |
|
17
Qualcomm
QCOM
$169B
| $271M | 2.52% |
5,412,471
+500,942
| +10% | +$26.7M |
|
|
BNY
18
Bank of New York Mellon
BNY
$108B
| $269M | 2.5% |
6,532,943
+2,465
| +0% | +$104K |
|
19
MSC Industrial Direct
MSM
$6.69B
| $259M | 2.41% |
4,608,883
+395,767
| +9% | +$23.9M |
|
|
20
RTX Corp
RTX
$283B
| $248M | 2.31% |
+4,108,711
| New | +$249M |
|
21
T. Rowe Price
TROW
$23.8B
| $228M | 2.12% |
3,182,846
+67,454
| +2% | +$4.95M |
|
22
ACI Worldwide
ACIW
$5.24B
| $172M | 1.6% |
8,055,100
-25,510
| -0.3% | -$587K |
|
|
TWX
23
DELISTED
Time Warner Inc
TWX
| $159M | 1.48% |
2,463,109
+1,398,341
| +131% | +$97.7M |
|
24
Walt Disney
DIS
$186B
| $158M | 1.47% |
1,503,118
-32,294
| -2% | -$3.6M |
|
25
Nu Skin
NUS
$231M
| $133M | 1.24% |
3,513,481
+719,525
| +26% | +$26.5M |
|
Similar funds
C.T. Fitzpatrick's Q4 2015 Portfolio in Review
As of Q4 2015, C.T. Fitzpatrick held 76 positions worth $10.8B, up 4.2% from $10.3B the previous quarter. Its ten largest holdings account for 48% of the portfolio.
C.T. Fitzpatrick deployed $397M of net new capital in Q4 2015, opening 21 new positions and adding to 30 existing holdings. Its largest new stake was RTX Corp: 4,108,711 shares worth $248M.
By sector, the portfolio is most concentrated in Financials at 33% of assets, up from 33% a quarter earlier, followed by Industrials and Technology.
On the sell side, the largest reduction was Microsoft, an estimated $215M trimmed.
- C.T. Fitzpatrick's largest Q4 2015 buy was RTX Corp: 4,108,711 shares worth $248M.
- C.T. Fitzpatrick added most to Elevance Health in Q4 2015, an estimated $142M increase.
- C.T. Fitzpatrick's biggest Q4 2015 reduction was Microsoft, cutting an estimated $215M.
- C.T. Fitzpatrick fully exited F5 in Q4 2015, selling an estimated $283M.
- C.T. Fitzpatrick's ten largest holdings make up 48% of its $10.8B portfolio in Q4 2015.
- C.T. Fitzpatrick opened 21 new positions and closed 6 in Q4 2015.
- C.T. Fitzpatrick's portfolio value rose 4.2% quarter-over-quarter to $10.8B.
Based on Vulcan Value Partners's 13F filing for Q4 2015, filed 16 Feb 2016.