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C.T. Fitzpatrick Vulcan Value Partners

AUM $3.29B
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
+8.75%
1 Year Est. Return
-6.08%
3 Year Est. Return
+28.5%
5 Year Est. Return
+25.59%
10 Year Est. Return
+233.17%
AUM
$18.6B
AUM Growth
+$167M
Cap. Flow
-$28.2M
Cap. Flow %
-0.15%
Top 10 Hldgs %
56.72%
Holding
41
New
3
Increased
21
Reduced
16
Closed
1

Top Buys

Rank Stock Value
1
LRCX icon
Lam Research
LRCX
+$545M
2
UPST icon
Upstart Holdings
UPST
+$538M
3
AMAT icon
Applied Materials
AMAT
+$407M
4
MA icon
Mastercard
MA
+$85.5M
5
SMRT icon
SmartRent
SMRT
+$77.2M

Top Sells

Rank Stock Value
1
GE icon
GE Aerospace
GE
+$367M
2
SAP icon
SAP
SAP
+$336M
3
SSNC icon
SS&C Technologies
SSNC
+$327M
4
NVDA icon
NVIDIA
NVDA
+$299M
5
V icon
Visa
V
+$194M

Sector Composition

Rank Sector Weight
1 Technology 31.86%
2 Financials 29.48%
3 Industrials 11.44%
4 Consumer Discretionary 10.86%
5 Communication Services 8.01%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
UPST icon
1
Upstart Holdings
UPST
$2.95B
$1.35B 7.23%
4,250,461
+2,729,357
+179% +$538M
MA icon
2
Mastercard
MA
$509B
$1.34B 7.21%
3,858,999
+235,046
+6% +$85.5M
TDG icon
3
TransDigm Group
TDG
$66.4B
$1.28B 6.86%
2,043,693
+70,579
+4% +$44.1M
AMZN icon
4
Amazon
AMZN
$2.79T
$1.25B 6.74%
7,633,060
+317,920
+4% +$54.8M
KKR icon
5
KKR & Co
KKR
$97.4B
$1.13B 6.09%
18,603,128
-3,020,622
-14% -$190M
CRM icon
6
Salesforce
CRM
$171B
$1.08B 5.79%
3,971,610
-107,186
-3% -$27.2M
CG icon
7
Carlyle Group
CG
$17.6B
$811M 4.36%
17,162,398
-958,393
-5% -$46M
AMAT icon
8
Applied Materials
AMAT
$391B
$781M 4.2%
6,067,153
+2,995,539
+98% +$407M
GOOG icon
9
Alphabet (Google) Class C
GOOG
$4.18T
$774M 4.16%
5,807,500
-355,140
-6% -$49M
V icon
10
Visa
V
$693B
$762M 4.1%
3,421,291
-828,135
-19% -$194M
MSFT icon
11
Microsoft
MSFT
$3.59T
$747M 4.01%
2,647,917
-104,066
-4% -$30.3M
QRVO icon
12
Qorvo
QRVO
$8.43B
$725M 3.9%
4,336,192
+120,196
+3% +$22.3M
W icon
13
Wayfair
W
$13.9B
$719M 3.86%
2,813,084
+108,291
+4% +$30.5M
META icon
14
Meta Platforms (Facebook)
META
$1.4T
$717M 3.85%
2,111,410
-71,833
-3% -$25.9M
SWKS icon
15
Skyworks Solutions
SWKS
$10.1B
$684M 3.68%
4,150,314
+333,007
+9% +$60.9M
NVDA icon
16
NVIDIA
NVDA
$5.2T
$672M 3.61%
32,426,290
-14,390,470
-31% -$299M
CSGP icon
17
CoStar Group
CSGP
$13.1B
$613M 3.29%
7,118,544
+10,092
+0.1% +$872K
HEI.A icon
18
HEICO Corp Class A
HEI.A
$36.5B
$523M 2.81%
4,417,609
+110,598
+3% +$13.2M
LRCX icon
19
Lam Research
LRCX
$393B
$510M 2.74%
+8,966,310
New +$545M
ELV icon
20
Elevance Health
ELV
$86.9B
$436M 2.34%
1,168,878
-11,702
-1% -$4.45M
SAP icon
21
SAP
SAP
$252B
$273M 1.47%
2,018,211
-2,313,353
-53% -$336M
CWK icon
22
Cushman & Wakefield Ltd
CWK
$3.48B
$231M 1.24%
12,413,478
+594,303
+5% +$10.7M
CRNC icon
23
Cerence
CRNC
$365M
$153M 0.82%
1,594,153
-180,364
-10% -$19.7M
SSNC icon
24
SS&C Technologies
SSNC
$19.5B
$96.6M 0.52%
1,392,389
-4,415,670
-76% -$327M
VRTS icon
25
Virtus Investment Partners
VRTS
$1.12B
$93.2M 0.5%
300,329
+4,750
+2% +$1.41M
1
2

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C.T. Fitzpatrick's Q3 2021 Portfolio in Review

As of Q3 2021, C.T. Fitzpatrick held 41 positions worth $18.6B, up 0.9% from $18.4B the previous quarter. Its ten largest holdings account for 57% of the portfolio.

C.T. Fitzpatrick's Q3 2021 filing shows 3 new, 21 increased, 16 reduced and 1 closed positions. Its largest new stake was Lam Research: 8,966,310 shares worth $510M. The largest sale was GE Aerospace, an estimated $367M.

By sector, the portfolio is most concentrated in Technology at 32% of assets, down from 32% a quarter earlier, followed by Financials and Industrials.

  • C.T. Fitzpatrick's largest Q3 2021 buy was Lam Research: 8,966,310 shares worth $510M.
  • C.T. Fitzpatrick added most to Upstart Holdings in Q3 2021, an estimated $538M increase.
  • C.T. Fitzpatrick's biggest Q3 2021 reduction was SAP, cutting an estimated $336M.
  • C.T. Fitzpatrick fully exited GE Aerospace in Q3 2021, selling an estimated $367M.
  • C.T. Fitzpatrick's ten largest holdings make up 57% of its $18.6B portfolio in Q3 2021.
  • C.T. Fitzpatrick opened 3 new positions and closed 1 in Q3 2021.
  • C.T. Fitzpatrick's portfolio value rose 0.9% quarter-over-quarter to $18.6B.

Based on Vulcan Value Partners's 13F filing for Q3 2021, filed 15 Nov 2021.