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 |
Elevance Health
ELV
|
+$187M |
| 2 |
Ares Management
ARES
|
+$170M |
| 3 |
Microsoft
MSFT
|
+$151M |
| 4 |
CBRE Group
CBRE
|
+$95.4M |
| 5 |
Jones Lang LaSalle
JLL
|
+$70M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Applovin
APP
|
+$261M |
| 2 |
Mastercard
MA
|
+$259M |
| 3 |
Amazon
AMZN
|
+$154M |
| 4 |
NVIDIA
NVDA
|
+$138M |
| 5 |
Upstart Holdings
UPST
|
+$126M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 31.81% |
| 2 | Financials | 22.26% |
| 3 | Industrials | 16.39% |
| 4 | Real Estate | 11.4% |
| 5 | Consumer Discretionary | 7.71% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Amazon
AMZN
$2.79T
| $599M | 7.01% |
5,304,241
-1,220,006
| -19% | -$154M |
|
|
2
Microsoft
MSFT
$3.59T
| $574M | 6.72% |
2,466,689
+571,035
| +30% | +$151M |
|
3
TransDigm Group
TDG
$66.4B
| $535M | 6.26% |
1,019,056
-211,116
| -17% | -$126M |
|
|
4
Mastercard
MA
$509B
| $479M | 5.61% |
1,685,939
-780,710
| -32% | -$259M |
|
5
KKR & Co
KKR
$97.4B
| $465M | 5.44% |
10,814,991
-999,597
| -8% | -$50.5M |
|
6
Salesforce
CRM
$171B
| $460M | 5.39% |
3,200,901
-111,435
| -3% | -$18.9M |
|
7
GE Aerospace
GE
$361B
| $443M | 5.19% |
11,495,673
-313,722
| -3% | -$13.8M |
|
8
Alphabet (Google) Class C
GOOG
$4.18T
| $419M | 4.9% |
4,354,730
+43,850
| +1% | +$4.9M |
|
9
Skyworks Solutions
SWKS
$10.1B
| $397M | 4.64% |
4,650,429
+12,435
| +0.3% | +$1.27M |
|
10
Visa
V
$693B
| $384M | 4.5% |
2,163,877
-271,998
| -11% | -$55.3M |
|
11
Carlyle Group
CG
$17.6B
| $368M | 4.3% |
14,233,909
-585,118
| -4% | -$19.3M |
|
12
Applied Materials
AMAT
$391B
| $315M | 3.69% |
3,844,676
-235,704
| -6% | -$22.7M |
|
13
Qorvo
QRVO
$8.43B
| $273M | 3.2% |
3,440,450
-1,281,159
| -27% | -$124M |
|
|
SPLK
14
DELISTED
Splunk Inc
SPLK
| $260M | 3.04% |
3,453,061
-154,546
| -4% | -$15.2M |
|
|
15
CBRE Group
CBRE
$44B
| $258M | 3.01% |
3,815,879
+1,203,756
| +46% | +$95.4M |
|
16
HEICO Corp Class A
HEI.A
$36.5B
| $256M | 2.99% |
2,230,008
-750,817
| -25% | -$90.4M |
|
17
CoStar Group
CSGP
$13.1B
| $250M | 2.92% |
3,588,199
-1,431,644
| -29% | -$99.4M |
|
18
Meta Platforms (Facebook)
META
$1.4T
| $232M | 2.72% |
1,711,315
-106,867
| -6% | -$17.3M |
|
|
19
Jones Lang LaSalle
JLL
$17.8B
| $220M | 2.57% |
1,454,632
+401,988
| +38% | +$70M |
|
20
Lam Research
LRCX
$393B
| $215M | 2.51% |
5,864,980
-916,870
| -14% | -$40.8M |
|
|
21
Elevance Health
ELV
$86.9B
| $178M | 2.08% |
+391,053
| New | +$187M |
|
|
22
Ares Management
ARES
$31.9B
| $151M | 1.76% |
+2,430,825
| New | +$170M |
|
23
Cushman & Wakefield Ltd
CWK
$3.48B
| $120M | 1.4% |
10,457,810
-7,732
| -0.1% | -$117K |
|
24
Littelfuse
LFUS
$10.5B
| $93.6M | 1.1% |
471,233
+116,222
| +33% | +$27.8M |
|
25
Ituran Location and Control
ITRN
$1.01B
| $73.6M | 0.86% |
3,152,144
-49,752
| -2% | -$1.24M |
|
Similar funds
C.T. Fitzpatrick's Q3 2022 Portfolio in Review
As of Q3 2022, C.T. Fitzpatrick held 42 positions worth $8.55B, down 16% from $10.2B the previous quarter. Its ten largest holdings account for 56% of the portfolio.
C.T. Fitzpatrick withdrew a net $926M in Q3 2022, closing 5 positions and reducing 25 holdings. Its most notable exit was Applovin, an estimated $261M position sold in full.
By sector, the portfolio is most concentrated in Technology at 32% of assets, down from 32% a quarter earlier, followed by Financials and Industrials.
Against the trend, C.T. Fitzpatrick opened a new position in Elevance Health worth $178M.
- C.T. Fitzpatrick's largest Q3 2022 buy was Elevance Health: 391,053 shares worth $178M.
- C.T. Fitzpatrick added most to Microsoft in Q3 2022, an estimated $151M increase.
- C.T. Fitzpatrick's biggest Q3 2022 reduction was Mastercard, cutting an estimated $259M.
- C.T. Fitzpatrick fully exited Applovin in Q3 2022, selling an estimated $261M.
- C.T. Fitzpatrick's ten largest holdings make up 56% of its $8.55B portfolio in Q3 2022.
- C.T. Fitzpatrick opened 3 new positions and closed 5 in Q3 2022.
- C.T. Fitzpatrick's portfolio value fell 16% quarter-over-quarter to $8.55B.
Based on Vulcan Value Partners's 13F filing for Q3 2022, filed 14 Nov 2022.