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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
+1.4%
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
$11.7B
AUM Growth
+$457M
(+4.1%)
Cap. Flow
+$366M
Cap. Flow % of AUM
Cap. Flow %
3.13%
Top 10 Holdings %
Top 10 Hldgs %
51.8%
Holding
57
New
6
Increased
14
Reduced
32
Closed
5
Avg Time Held
2
years
Top 10 Avg Time Held
1.1
years
Top 20 Avg Time Held
1.8
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class C
GOOG
|
+$486M |
| 2 |
O'Reilly Automotive
ORLY
|
+$253M |
| 3 |
Skyworks Solutions
SWKS
|
+$236M |
| 4 |
Qorvo
QRVO
|
+$196M |
| 5 |
NOV
NOV
|
+$156M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Boeing
BA
|
+$367M |
| 2 |
DISCK
Discovery, Inc. Series C Common Stock
DISCK
|
+$275M |
| 3 |
Elevance Health
ELV
|
+$156M |
| 4 |
UnitedHealth
UNH
|
+$108M |
| 5 |
TWX
Time Warner Inc
TWX
|
+$100M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 30.66% |
| 2 | Technology | 20.48% |
| 3 | Healthcare | 18.63% |
| 4 | Consumer Discretionary | 8.14% |
| 5 | Energy | 6.8% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Oracle
ORCL
$382B
| $1.06B | 9.04% |
21,826,461
-200,410
| -0.9% | -$10M |
2013 Q2
17 quarters
|
|
|
2
NOV
NOV
$7.04B
| $794M | 6.8% |
22,209,508
+4,783,795
| +27% | +$156M |
2015 Q1
10 quarters
|
|
3
CVS Health
CVS
$120B
| $710M | 6.08% |
8,736,102
+1,046,719
| +14% | +$82.8M |
2016 Q4
3 quarters
|
|
4
Mastercard
MA
$546B
| $548M | 4.69% |
3,878,629
-190,265
| -5% | -$25.2M |
2013 Q2
17 quarters
|
|
5
Visa
V
$766B
| $538M | 4.61% |
5,115,625
-212,518
| -4% | -$21.6M |
2013 Q2
17 quarters
|
|
6
McKesson
MCK
$117B
| $508M | 4.35% |
3,306,897
+39,686
| +1% | +$6.19M |
2016 Q3
4 quarters
|
|
|
7
Alphabet (Google) Class C
GOOG
$3.88T
| $500M | 4.28% |
+10,424,020
| New | +$486M |
2017 Q3
0 quarters
|
|
8
Cencora
COR
$63.2B
| $482M | 4.12% |
5,819,707
+553,857
| +11% | +$47M |
2016 Q2
5 quarters
|
|
|
9
DELISTED
Qorvo
QRVO
| $476M | 4.08% |
6,735,385
+2,809,649
| +72% | +$196M |
2016 Q3
4 quarters
|
|
10
State Street
STT
$46.1B
| $438M | 3.75% |
4,582,869
-170,797
| -4% | -$15.9M |
2014 Q2
13 quarters
|
|
11
AXIS Capital
AXS
$7.49B
| $384M | 3.28% |
6,692,720
+74,413
| +1% | +$4.59M |
2014 Q3
12 quarters
|
|
|
12
Skyworks Solutions
SWKS
$19.6B
| $342M | 2.93% |
3,354,221
+2,270,872
| +210% | +$236M |
2016 Q3
4 quarters
|
|
13
Everest Group
EG
$15.3B
| $328M | 2.81% |
1,435,361
-62,596
| -4% | -$15.8M |
2013 Q2
17 quarters
|
|
14
Bank of New York Mellon
BNY
$98.6B
| $313M | 2.68% |
5,897,318
-65,856
| -1% | -$3.46M |
2013 Q2
17 quarters
|
|
15
Cardinal Health
CAH
$57.8B
| $309M | 2.65% |
4,624,616
+267,169
| +6% | +$18.9M |
2016 Q4
3 quarters
|
|
16
CBRE Group
CBRE
$35.7B
| $297M | 2.54% |
7,835,567
-87,696
| -1% | -$3.23M |
2016 Q4
3 quarters
|
|
17
Hilton Worldwide
HLT
$78.7B
| $276M | 2.36% |
3,970,356
-256,872
| -6% | -$16.4M |
2016 Q1
6 quarters
|
|
|
18
O'Reilly Automotive
ORLY
$72.7B
| $275M | 2.35% |
+19,148,670
| New | +$253M |
2017 Q3
0 quarters
|
|
19
Sabre
SABR
$613M
| $264M | 2.26% |
14,578,427
+3,657,168
| +33% | +$71M |
2016 Q2
5 quarters
|
|
20
Moody's
MCO
$83.4B
| $208M | 1.78% |
1,494,378
-137,094
| -8% | -$18M |
2017 Q1
2 quarters
|
|
21
Northern Trust
NTRS
$30.7B
| $204M | 1.75% |
2,223,913
+478,802
| +27% | +$43.3M |
2017 Q1
2 quarters
|
|
|
AET
22
DELISTED
Aetna Inc
AET
| $183M | 1.57% |
1,151,223
-375,994
| -25% | -$58.7M |
2014 Q2
13 quarters
|
|
23
Parker-Hannifin
PH
$111B
| $179M | 1.54% |
1,024,751
-63,836
| -6% | -$10.5M |
2013 Q2
17 quarters
|
|
24
S&P Global
SPGI
$133B
| $175M | 1.5% |
1,120,886
-69,489
| -6% | -$10.6M |
2017 Q1
2 quarters
|
|
25
Jones Lang LaSalle
JLL
$13.8B
| $166M | 1.42% |
1,342,390
-153,383
| -10% | -$19M |
2016 Q2
5 quarters
|
|
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C.T. Fitzpatrick's Q3 2017 Portfolio in Review
As of Q3 2017, C.T. Fitzpatrick held 57 positions worth $11.7B, up 4.1% from $11.2B the previous quarter. Its ten largest holdings account for 52% of the portfolio.
C.T. Fitzpatrick deployed $366M of net new capital in Q3 2017, opening 6 new positions and adding to 14 existing holdings. Its largest new stake was Alphabet (Google) Class C: 10,424,020 shares worth $500M.
By sector, the portfolio is most concentrated in Financials at 31% of assets, down from 33% a quarter earlier, followed by Technology and Healthcare.
On the sell side, the largest reduction was Elevance Health, an estimated $156M trimmed.
- C.T. Fitzpatrick's largest Q3 2017 buy was Alphabet (Google) Class C: 10,424,020 shares worth $500M.
- C.T. Fitzpatrick added most to Skyworks Solutions in Q3 2017, an estimated $236M increase.
- C.T. Fitzpatrick's biggest Q3 2017 reduction was Elevance Health, cutting an estimated $156M.
- C.T. Fitzpatrick fully exited Boeing in Q3 2017, selling an estimated $367M.
- C.T. Fitzpatrick's ten largest holdings make up 52% of its $11.7B portfolio in Q3 2017.
- C.T. Fitzpatrick opened 6 new positions and closed 5 in Q3 2017.
- C.T. Fitzpatrick's portfolio value rose 4.1% quarter-over-quarter to $11.7B.
Based on Vulcan Value Partners's 13F filing for Q3 2017, filed 14 Nov 2017.