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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
+2.72%
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
$11.8B
AUM Growth
+$570M
(+5.1%)
Cap. Flow
+$284M
Cap. Flow % of AUM
Cap. Flow %
2.41%
Top 10 Holdings %
Top 10 Hldgs %
53.02%
Holding
62
New
4
Increased
23
Reduced
18
Closed
12
Avg Time Held
2.6
years
Top 10 Avg Time Held
1.1
years
Top 20 Avg Time Held
2.3
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Brookfield
BN
|
+$194M |
| 2 |
Elevance Health
ELV
|
+$162M |
| 3 |
Oracle
ORCL
|
+$117M |
| 4 |
Meta Platforms (Facebook)
META
|
+$113M |
| 5 |
Resideo Technologies
REZI
|
+$74.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Teradyne
TER
|
+$272M |
| 2 |
United Parcel Service
UPS
|
+$150M |
| 3 |
McKesson
MCK
|
+$124M |
| 4 |
Blackrock
BLK
|
+$98.2M |
| 5 |
S&P Global
SPGI
|
+$71.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 26.3% |
| 2 | Financials | 23.21% |
| 3 | Healthcare | 15.32% |
| 4 | Consumer Discretionary | 12.53% |
| 5 | Industrials | 8.05% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
DELISTED
Qorvo
QRVO
| $862M | 7.29% |
11,624,085
+772,147
| +7% | +$56.1M |
2016 Q3
12 quarters
|
|
2
KKR & Co
KKR
$86.7B
| $775M | 6.56% |
28,860,685
+2,714,545
| +10% | +$71.6M |
2018 Q2
5 quarters
|
|
3
Skyworks Solutions
SWKS
$21.1B
| $729M | 6.17% |
9,198,635
-197,555
| -2% | -$15.7M |
2016 Q3
12 quarters
|
|
4
NVIDIA
NVDA
$4.01T
| $699M | 5.92% |
160,666,480
+6,536,360
| +4% | +$27.5M |
2019 Q1
2 quarters
|
|
5
Alphabet (Google) Class C
GOOG
$3.63T
| $602M | 5.1% |
9,879,780
+897,140
| +10% | +$53.1M |
2017 Q3
8 quarters
|
|
6
NOV
NOV
$6.35B
| $583M | 4.93% |
27,503,658
+1,720,314
| +7% | +$36.7M |
2015 Q1
18 quarters
|
|
7
CVS Health
CVS
$115B
| $552M | 4.67% |
8,754,912
-171,719
| -2% | -$10.2M |
2016 Q4
11 quarters
|
|
8
Amazon
AMZN
$2.89T
| $532M | 4.5% |
6,124,500
+648,940
| +12% | +$60.2M |
2018 Q4
3 quarters
|
|
9
Mastercard
MA
$569B
| $477M | 4.04% |
1,757,410
+162,619
| +10% | +$44.8M |
2013 Q2
25 quarters
|
|
10
Hilton Worldwide Holdings Inc. Common Stock
HLT
$82.9B
| $455M | 3.85% |
4,885,903
+615,524
| +14% | +$58.4M |
2016 Q1
14 quarters
|
|
|
11
McKesson
MCK
$124B
| $427M | 3.61% |
3,121,011
-876,437
| -22% | -$124M |
2016 Q3
12 quarters
|
|
12
Visa
V
$784B
| $424M | 3.59% |
2,465,413
+136,049
| +6% | +$24.2M |
2013 Q2
25 quarters
|
|
|
13
Elevance Health
ELV
$92.9B
| $424M | 3.58% |
1,764,073
+590,037
| +50% | +$162M |
2014 Q1
22 quarters
|
|
14
Microsoft
MSFT
$3.88T
| $398M | 3.37% |
2,864,889
+225,154
| +9% | +$31M |
2018 Q4
3 quarters
|
|
|
15
United Parcel Service
UPS
$94B
| $341M | 2.88% |
2,844,150
-1,310,799
| -32% | -$150M |
2018 Q2
5 quarters
|
|
|
16
Oracle
ORCL
$396B
| $311M | 2.64% |
5,658,989
+2,114,769
| +60% | +$117M |
2013 Q2
25 quarters
|
|
17
Everest Group
EG
$15.6B
| $297M | 2.51% |
1,116,163
-13,153
| -1% | -$3.32M |
2013 Q2
25 quarters
|
|
|
18
Meta Platforms (Facebook)
META
$1.59T
| $292M | 2.47% |
1,639,896
+592,421
| +57% | +$113M |
2018 Q1
6 quarters
|
|
|
19
S&P Global
SPGI
$136B
| $291M | 2.46% |
1,188,899
-285,607
| -19% | -$71.4M |
2017 Q1
10 quarters
|
|
20
Cencora
COR
$66.7B
| $285M | 2.41% |
3,458,794
+383
| +0% | +$32.9K |
2016 Q2
13 quarters
|
|
21
Booking.com
BKNG
$120B
| $255M | 2.16% |
3,245,650
-67,900
| -2% | -$5.26M |
2019 Q2
1 quarter
|
|
22
AXIS Capital
AXS
$7.76B
| $240M | 2.03% |
3,604,245
-150,088
| -4% | -$9.48M |
2014 Q3
20 quarters
|
|
23
Parker-Hannifin
PH
$121B
| $222M | 1.88% |
1,229,500
+29,908
| +2% | +$5.09M |
2013 Q2
25 quarters
|
|
|
24
Brookfield
BN
$93B
| $203M | 1.71% |
+10,692,451
| New | +$194M |
2019 Q3
0 quarters
|
|
25
Marriott International
MAR
$109B
| $181M | 1.53% |
1,451,394
+18,581
| +1% | +$2.47M |
2019 Q1
2 quarters
|
|
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C.T. Fitzpatrick's Q3 2019 Portfolio in Review
As of Q3 2019, C.T. Fitzpatrick held 62 positions worth $11.8B, up 5.1% from $11.2B the previous quarter. Its ten largest holdings account for 53% of the portfolio.
C.T. Fitzpatrick's Q3 2019 filing shows 4 new, 23 increased, 18 reduced and 12 closed positions. Its largest new stake was Brookfield: 10,692,451 shares worth $203M. The largest sale was Teradyne, an estimated $272M.
By sector, the portfolio is most concentrated in Technology at 26% of assets, down from 27% a quarter earlier, followed by Financials and Healthcare.
- C.T. Fitzpatrick's largest Q3 2019 buy was Brookfield: 10,692,451 shares worth $203M.
- C.T. Fitzpatrick added most to Elevance Health in Q3 2019, an estimated $162M increase.
- C.T. Fitzpatrick's biggest Q3 2019 reduction was Teradyne, cutting an estimated $272M.
- C.T. Fitzpatrick fully exited Despegar.com in Q3 2019, selling an estimated $48.3M.
- C.T. Fitzpatrick's ten largest holdings make up 53% of its $11.8B portfolio in Q3 2019.
- C.T. Fitzpatrick opened 4 new positions and closed 12 in Q3 2019.
- C.T. Fitzpatrick's portfolio value rose 5.1% quarter-over-quarter to $11.8B.
Based on Vulcan Value Partners's 13F filing for Q3 2019, filed 14 Nov 2019.