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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
-18.53%
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
$10.8B
AUM Growth
-$2.85B
(-21%)
Cap. Flow
-$444M
Cap. Flow % of AUM
Cap. Flow %
-4.1%
Top 10 Holdings %
Top 10 Hldgs %
53.09%
Holding
60
New
4
Increased
19
Reduced
30
Closed
4
Avg Time Held
2.3
years
Top 10 Avg Time Held
1.1
years
Top 20 Avg Time Held
2.3
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Amazon
AMZN
|
+$422M |
| 2 |
Microsoft
MSFT
|
+$358M |
| 3 |
NOV
NOV
|
+$244M |
| 4 |
Hilton Worldwide Holdings Inc. Common Stock
HLT
|
+$235M |
| 5 |
Qorvo
QRVO
|
+$234M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Oracle
ORCL
|
+$812M |
| 2 |
Bank of New York Mellon
BNY
|
+$454M |
| 3 |
AET
Aetna Inc
AET
|
+$427M |
| 4 |
Broadcom
AVGO
|
+$320M |
| 5 |
Northern Trust
NTRS
|
+$248M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 27.57% |
| 2 | Technology | 23.89% |
| 3 | Consumer Discretionary | 11.85% |
| 4 | Healthcare | 11.58% |
| 5 | Industrials | 10.69% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Hilton Worldwide Holdings Inc. Common Stock
HLT
$83B
| $726M | 6.69% |
10,110,499
+3,251,967
| +47% | +$235M |
2016 Q1
11 quarters
|
|
|
2
DELISTED
Qorvo
QRVO
| $700M | 6.45% |
11,521,778
+3,472,415
| +43% | +$234M |
2016 Q3
9 quarters
|
|
3
Mastercard
MA
$576B
| $693M | 6.39% |
3,671,973
+1,005,477
| +38% | +$200M |
2013 Q2
22 quarters
|
|
4
Skyworks Solutions
SWKS
$21.1B
| $644M | 5.94% |
9,614,290
+2,697,793
| +39% | +$208M |
2016 Q3
9 quarters
|
|
5
KKR & Co
KKR
$87.5B
| $576M | 5.31% |
29,365,707
+3,931,115
| +15% | +$89.9M |
2018 Q2
2 quarters
|
|
|
6
NOV
NOV
$6.45B
| $558M | 5.15% |
21,718,101
+7,066,447
| +48% | +$244M |
2015 Q1
15 quarters
|
|
7
McKesson
MCK
$127B
| $496M | 4.57% |
4,491,391
-927,581
| -17% | -$116M |
2016 Q3
9 quarters
|
|
8
Alphabet (Google) Class C
GOOG
$3.6T
| $469M | 4.33% |
9,060,400
+2,354,100
| +35% | +$126M |
2017 Q3
5 quarters
|
|
9
Visa
V
$794B
| $453M | 4.18% |
3,432,381
+24,229
| +0.7% | +$3.35M |
2013 Q2
22 quarters
|
|
10
United Parcel Service
UPS
$95.7B
| $443M | 4.08% |
4,540,158
+1,617,283
| +55% | +$175M |
2018 Q2
2 quarters
|
|
11
Parker-Hannifin
PH
$121B
| $427M | 3.94% |
2,864,847
-288,561
| -9% | -$46.7M |
2013 Q2
22 quarters
|
|
12
Teradyne
TER
$39B
| $388M | 3.58% |
12,371,928
+6,751,360
| +120% | +$229M |
2018 Q2
2 quarters
|
|
|
13
Amazon
AMZN
$2.88T
| $382M | 3.52% |
+5,080,560
| New | +$422M |
2018 Q4
0 quarters
|
|
|
14
Oracle
ORCL
$391B
| $343M | 3.17% |
7,604,460
-16,939,929
| -69% | -$812M |
2013 Q2
22 quarters
|
|
|
15
Microsoft
MSFT
$3.89T
| $340M | 3.13% |
+3,344,742
| New | +$358M |
2018 Q4
0 quarters
|
|
16
CVS Health
CVS
$114B
| $333M | 3.07% |
5,076,516
-734,563
| -13% | -$54.8M |
2016 Q4
8 quarters
|
|
17
AXIS Capital
AXS
$7.8B
| $325M | 3% |
6,302,253
-943,706
| -13% | -$51.6M |
2014 Q3
17 quarters
|
|
18
Everest Group
EG
$15.8B
| $313M | 2.89% |
1,439,377
-432,354
| -23% | -$94.2M |
2013 Q2
22 quarters
|
|
19
S&P Global
SPGI
$137B
| $305M | 2.81% |
1,792,709
+640,818
| +56% | +$115M |
2017 Q1
7 quarters
|
|
20
Cencora
COR
$68.5B
| $299M | 2.75% |
4,015,045
-1,040,251
| -21% | -$89.7M |
2016 Q2
10 quarters
|
|
21
State Street
STT
$47.2B
| $293M | 2.7% |
4,640,046
-3,032,294
| -40% | -$217M |
2014 Q2
18 quarters
|
|
22
Meta Platforms (Facebook)
META
$1.64T
| $290M | 2.67% |
2,211,780
+472,049
| +27% | +$68.4M |
2018 Q1
3 quarters
|
|
23
DELISTED
Coherent Inc
COHR
| $129M | 1.19% |
1,219,217
+731,636
| +150% | +$94M |
2018 Q3
1 quarter
|
|
24
Jones Lang LaSalle
JLL
$16.8B
| $117M | 1.08% |
924,147
+199,577
| +28% | +$27M |
2016 Q2
10 quarters
|
|
25
Cushman & Wakefield Ltd
CWK
$3.12B
| $113M | 1.04% |
7,804,326
+84,164
| +1% | +$1.4M |
2018 Q3
1 quarter
|
|
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C.T. Fitzpatrick's Q4 2018 Portfolio in Review
As of Q4 2018, C.T. Fitzpatrick held 60 positions worth $10.8B, down 21% from $13.7B the previous quarter. Its ten largest holdings account for 53% of the portfolio.
C.T. Fitzpatrick withdrew a net $444M in Q4 2018, closing 4 positions and reducing 30 holdings. Its most notable exit was Aetna Inc, an estimated $427M position sold in full.
By sector, the portfolio is most concentrated in Financials at 28% of assets, down from 36% a quarter earlier, followed by Technology and Consumer Discretionary.
Against the trend, C.T. Fitzpatrick opened a new position in Amazon worth $382M.
- C.T. Fitzpatrick's largest Q4 2018 buy was Amazon: 5,080,560 shares worth $382M.
- C.T. Fitzpatrick added most to NOV in Q4 2018, an estimated $244M increase.
- C.T. Fitzpatrick's biggest Q4 2018 reduction was Oracle, cutting an estimated $812M.
- C.T. Fitzpatrick fully exited Aetna Inc in Q4 2018, selling an estimated $427M.
- C.T. Fitzpatrick's ten largest holdings make up 53% of its $10.8B portfolio in Q4 2018.
- C.T. Fitzpatrick opened 4 new positions and closed 4 in Q4 2018.
- C.T. Fitzpatrick's portfolio value fell 21% quarter-over-quarter to $10.8B.
Based on Vulcan Value Partners's 13F filing for Q4 2018, filed 14 Feb 2019.