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C.T. Fitzpatrick Vulcan Value Partners
AUM
$3.13B
Turnover
15.79%
1-Year Est. Return
1.96%
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
+0.77%
1 Year Est. Return
-1.96%
3 Year Est. Return
+41.67%
5 Year Est. Return
+23.29%
10 Year Est. Return
+235.87%
AUM
$12.4B
AUM Growth
+$206M
(+1.7%)
Cap. Flow
+$178M
Cap. Flow % of AUM
Cap. Flow %
1.43%
Top 10 Holdings %
Top 10 Hldgs %
48.72%
Holding
60
New
3
Increased
22
Reduced
27
Closed
8
Avg Time Held
2.4
years
Top 10 Avg Time Held
1.5
years
Top 20 Avg Time Held
2.2
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
AET
Aetna Inc
AET
|
+$216M |
| 2 |
Hilton Worldwide Holdings Inc. Common Stock
HLT
|
+$174M |
| 3 |
Parker-Hannifin
PH
|
+$149M |
| 4 |
Axalta
AXTA
|
+$146M |
| 5 |
Meta Platforms (Facebook)
META
|
+$125M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Cencora
COR
|
+$252M |
| 2 |
Booking.com
BKNG
|
+$162M |
| 3 |
SS&C Technologies
SSNC
|
+$150M |
| 4 |
InterContinental Hotels
IHG
|
+$134M |
| 5 |
O'Reilly Automotive
ORLY
|
+$109M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 32.76% |
| 2 | Technology | 20.38% |
| 3 | Healthcare | 16.84% |
| 4 | Consumer Discretionary | 8.02% |
| 5 | Energy | 6.41% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Oracle
ORCL
$391B
| $1.1B | 8.88% |
24,096,735
+1,094,426
| +5% | +$54.4M |
2013 Q2
19 quarters
|
|
2
NOV
NOV
$6.45B
| $796M | 6.41% |
21,628,633
-11,842
| -0.1% | -$434K |
2015 Q1
12 quarters
|
|
3
CVS Health
CVS
$114B
| $579M | 4.66% |
9,305,338
+465,460
| +5% | +$33.4M |
2016 Q4
5 quarters
|
|
4
Mastercard
MA
$576B
| $557M | 4.48% |
3,177,411
-301,201
| -9% | -$51.5M |
2013 Q2
19 quarters
|
|
5
Skyworks Solutions
SWKS
$21.1B
| $542M | 4.36% |
5,402,109
+1,171,787
| +28% | +$122M |
2016 Q3
6 quarters
|
|
6
Visa
V
$794B
| $532M | 4.28% |
4,446,718
-326,826
| -7% | -$39.6M |
2013 Q2
19 quarters
|
|
7
Alphabet (Google) Class C
GOOG
$3.6T
| $503M | 4.05% |
9,748,460
-430,760
| -4% | -$23.8M |
2017 Q3
2 quarters
|
|
8
McKesson
MCK
$127B
| $492M | 3.97% |
3,495,009
-117,380
| -3% | -$18.3M |
2016 Q3
6 quarters
|
|
9
State Street
STT
$47.2B
| $473M | 3.81% |
4,746,072
+360,946
| +8% | +$37.8M |
2014 Q2
15 quarters
|
|
10
DELISTED
Qorvo
QRVO
| $473M | 3.81% |
6,710,767
+147,809
| +2% | +$11.1M |
2016 Q3
6 quarters
|
|
11
AXIS Capital
AXS
$7.8B
| $462M | 3.72% |
8,025,033
+378,788
| +5% | +$19.5M |
2014 Q3
14 quarters
|
|
|
12
Cencora
COR
$68.5B
| $423M | 3.41% |
4,906,261
-2,624,262
| -35% | -$252M |
2016 Q2
7 quarters
|
|
13
Everest Group
EG
$15.8B
| $377M | 3.04% |
1,467,204
+23,326
| +2% | +$5.6M |
2013 Q2
19 quarters
|
|
|
AET
14
DELISTED
Aetna Inc
AET
| $375M | 3.02% |
2,218,599
+1,203,662
| +119% | +$216M |
2014 Q2
15 quarters
|
|
|
15
Hilton Worldwide Holdings Inc. Common Stock
HLT
$83B
| $375M | 3.02% |
4,758,370
+2,119,763
| +80% | +$174M |
2016 Q1
8 quarters
|
|
16
Bank of New York Mellon
BNY
$103B
| $358M | 2.89% |
6,952,662
+1,035,101
| +17% | +$57.6M |
2013 Q2
19 quarters
|
|
17
Cardinal Health
CAH
$65B
| $310M | 2.5% |
4,953,404
+167,134
| +3% | +$11.5M |
2016 Q4
5 quarters
|
|
18
Elevance Health
ELV
$92.8B
| $286M | 2.31% |
1,303,661
-23,622
| -2% | -$5.55M |
2014 Q1
16 quarters
|
|
|
19
Parker-Hannifin
PH
$121B
| $275M | 2.22% |
1,609,094
+784,704
| +95% | +$149M |
2013 Q2
19 quarters
|
|
20
AutoZone
AZO
$52.5B
| $243M | 1.95% |
374,012
-35,240
| -9% | -$25.2M |
2017 Q4
1 quarter
|
|
21
S&P Global
SPGI
$137B
| $225M | 1.81% |
1,179,184
+242,035
| +26% | +$44.7M |
2017 Q1
4 quarters
|
|
|
AHL
22
DELISTED
ASPEN Insurance Holding Limited
AHL
| $208M | 1.68% |
4,642,192
+1,729,555
| +59% | +$67.9M |
2015 Q1
12 quarters
|
|
23
Sabre
SABR
$751M
| $205M | 1.65% |
9,537,389
-3,358,567
| -26% | -$71.9M |
2016 Q2
7 quarters
|
|
24
Jones Lang LaSalle
JLL
$16.8B
| $200M | 1.61% |
1,145,487
-74,476
| -6% | -$12M |
2016 Q2
7 quarters
|
|
|
25
Axalta
AXTA
$7.83B
| $175M | 1.41% |
5,802,006
+4,678,791
| +417% | +$146M |
2017 Q4
1 quarter
|
|
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C.T. Fitzpatrick's Q1 2018 Portfolio in Review
As of Q1 2018, C.T. Fitzpatrick held 60 positions worth $12.4B, up 1.7% from $12.2B the previous quarter. Its ten largest holdings account for 49% of the portfolio.
C.T. Fitzpatrick's Q1 2018 filing shows 3 new, 22 increased, 27 reduced and 8 closed positions. Its largest new stake was Meta Platforms (Facebook): 698,247 shares worth $112M. The largest sale was Cencora, an estimated $252M.
By sector, the portfolio is most concentrated in Financials at 33% of assets, up from 28% a quarter earlier, followed by Technology and Healthcare.
- C.T. Fitzpatrick's largest Q1 2018 buy was Meta Platforms (Facebook): 698,247 shares worth $112M.
- C.T. Fitzpatrick added most to Aetna Inc in Q1 2018, an estimated $216M increase.
- C.T. Fitzpatrick's biggest Q1 2018 reduction was Cencora, cutting an estimated $252M.
- C.T. Fitzpatrick fully exited Booking.com in Q1 2018, selling an estimated $162M.
- C.T. Fitzpatrick's ten largest holdings make up 49% of its $12.4B portfolio in Q1 2018.
- C.T. Fitzpatrick opened 3 new positions and closed 8 in Q1 2018.
- C.T. Fitzpatrick's portfolio value rose 1.7% quarter-over-quarter to $12.4B.
Based on Vulcan Value Partners's 13F filing for Q1 2018, filed 15 May 2018.