C.T. Fitzpatrick Vulcan Value Partners
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.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
GE Aerospace
GE
|
+$572M |
| 2 |
CBRE Group
CBRE
|
+$210M |
| 3 |
Jones Lang LaSalle
JLL
|
+$210M |
| 4 |
SNBR
Sleep Number
SNBR
|
+$66.3M |
| 5 |
SmartRent
SMRT
|
+$4.22M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TransDigm Group
TDG
|
+$469M |
| 2 |
Wayfair
W
|
+$435M |
| 3 |
Mastercard
MA
|
+$261M |
| 4 |
NVIDIA
NVDA
|
+$223M |
| 5 |
Visa
V
|
+$194M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 32.46% |
| 2 | Financials | 24.35% |
| 3 | Industrials | 15.78% |
| 4 | Communication Services | 10.03% |
| 5 | Real Estate | 9.15% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Mastercard
MA
$509B
| $778M | 7.61% |
2,466,649
-758,870
| -24% | -$261M |
|
2
Amazon
AMZN
$2.79T
| $693M | 6.78% |
6,524,247
-699,333
| -10% | -$87.5M |
|
|
3
TransDigm Group
TDG
$66.4B
| $660M | 6.46% |
1,230,172
-794,718
| -39% | -$469M |
|
4
KKR & Co
KKR
$97.4B
| $547M | 5.35% |
11,814,588
-1,470,909
| -11% | -$77.2M |
|
5
Salesforce
CRM
$171B
| $547M | 5.35% |
3,312,336
-503,058
| -13% | -$88.9M |
|
6
Microsoft
MSFT
$3.59T
| $487M | 4.76% |
1,895,654
-305,854
| -14% | -$83M |
|
|
7
Visa
V
$693B
| $480M | 4.69% |
2,435,875
-937,142
| -28% | -$194M |
|
8
Alphabet (Google) Class C
GOOG
$4.18T
| $471M | 4.61% |
4,310,880
-687,160
| -14% | -$81.2M |
|
9
Carlyle Group
CG
$17.6B
| $469M | 4.59% |
14,819,027
-1,302,210
| -8% | -$49.9M |
|
|
10
GE Aerospace
GE
$361B
| $468M | 4.58% |
+11,809,395
| New | +$572M |
|
11
Qorvo
QRVO
$8.43B
| $445M | 4.36% |
4,721,609
-708,110
| -13% | -$76.4M |
|
12
Skyworks Solutions
SWKS
$10.1B
| $430M | 4.2% |
4,637,994
-538,996
| -10% | -$58.2M |
|
13
Applied Materials
AMAT
$391B
| $371M | 3.63% |
4,080,380
-674,631
| -14% | -$74M |
|
|
SPLK
14
DELISTED
Splunk Inc
SPLK
| $319M | 3.12% |
3,607,607
-508,609
| -12% | -$55.9M |
|
15
HEICO Corp Class A
HEI.A
$36.5B
| $314M | 3.07% |
2,980,825
-900,448
| -23% | -$104M |
|
16
CoStar Group
CSGP
$13.1B
| $303M | 2.97% |
5,019,843
-1,906,616
| -28% | -$115M |
|
17
Meta Platforms (Facebook)
META
$1.4T
| $293M | 2.87% |
1,818,182
-429,192
| -19% | -$82.8M |
|
18
Lam Research
LRCX
$393B
| $289M | 2.83% |
6,781,850
-1,790,540
| -21% | -$85.2M |
|
19
Applovin
APP
$102B
| $261M | 2.56% |
7,588,801
-2,899,921
| -28% | -$117M |
|
|
20
CBRE Group
CBRE
$44B
| $192M | 1.88% |
+2,612,123
| New | +$210M |
|
|
21
Jones Lang LaSalle
JLL
$17.8B
| $184M | 1.8% |
+1,052,644
| New | +$210M |
|
22
Cushman & Wakefield Ltd
CWK
$3.48B
| $159M | 1.56% |
10,465,542
-419,272
| -4% | -$7.37M |
|
|
23
NVIDIA
NVDA
$5.2T
| $138M | 1.35% |
9,124,760
-11,817,540
| -56% | -$223M |
|
24
Upstart Holdings
UPST
$2.95B
| $126M | 1.24% |
3,996,381
-3,244,826
| -45% | -$193M |
|
25
Littelfuse
LFUS
$10.5B
| $90.2M | 0.88% |
355,011
-7,244
| -2% | -$1.82M |
|
Similar funds
C.T. Fitzpatrick's Q2 2022 Portfolio in Review
As of Q2 2022, C.T. Fitzpatrick held 40 positions worth $10.2B, down 37% from $16.3B the previous quarter. Its ten largest holdings account for 55% of the portfolio.
C.T. Fitzpatrick withdrew a net $2.03B in Q2 2022, closing 1 position and reducing 29 holdings. Its most notable exit was Wayfair, an estimated $435M position sold in full.
By sector, the portfolio is most concentrated in Technology at 32% of assets, down from 34% a quarter earlier, followed by Financials and Industrials.
Against the trend, C.T. Fitzpatrick opened a new position in GE Aerospace worth $468M.
- C.T. Fitzpatrick's largest Q2 2022 buy was GE Aerospace: 11,809,395 shares worth $468M.
- C.T. Fitzpatrick added most to SmartRent in Q2 2022, an estimated $4.22M increase.
- C.T. Fitzpatrick's biggest Q2 2022 reduction was TransDigm Group, cutting an estimated $469M.
- C.T. Fitzpatrick fully exited Wayfair in Q2 2022, selling an estimated $435M.
- C.T. Fitzpatrick's ten largest holdings make up 55% of its $10.2B portfolio in Q2 2022.
- C.T. Fitzpatrick opened 5 new positions and closed 1 in Q2 2022.
- C.T. Fitzpatrick's portfolio value fell 37% quarter-over-quarter to $10.2B.
Based on Vulcan Value Partners's 13F filing for Q2 2022, filed 15 Aug 2022.