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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
+15.87%
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
$7.9B
AUM Growth
+$460M
Cap. Flow
-$635M
Cap. Flow %
-8.03%
Top 10 Hldgs %
57.9%
Holding
46
New
5
Increased
17
Reduced
21
Closed
3

Top Buys

Rank Stock Value
1
UPS icon
United Parcel Service
UPS
+$70.4M
2
ELV icon
Elevance Health
ELV
+$44M
3
ARES icon
Ares Management
ARES
+$41.9M
4
CSGP icon
CoStar Group
CSGP
+$29.6M
5
MSFT icon
Microsoft
MSFT
+$27.1M

Top Sells

Rank Stock Value
1
GE icon
GE Aerospace
GE
+$382M
2
MA icon
Mastercard
MA
+$113M
3
TDG icon
TransDigm Group
TDG
+$103M
4
CRM icon
Salesforce
CRM
+$53.6M
5
SWKS icon
Skyworks Solutions
SWKS
+$38.5M

Sector Composition

Rank Sector Weight
1 Technology 32.55%
2 Financials 23.15%
3 Industrials 15.5%
4 Real Estate 10.24%
5 Consumer Discretionary 8.95%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MSFT icon
1
Microsoft
MSFT
$3.59T
$625M 7.91%
2,167,530
+106,177
+5% +$27.1M
AMZN icon
2
Amazon
AMZN
$2.79T
$537M 6.79%
5,198,557
+130,833
+3% +$12.6M
TDG icon
3
TransDigm Group
TDG
$66.4B
$510M 6.45%
691,165
-144,179
-17% -$103M
CRM icon
4
Salesforce
CRM
$171B
$486M 6.15%
2,433,975
-317,275
-12% -$53.6M
KKR icon
5
KKR & Co
KKR
$97.4B
$442M 5.59%
8,414,914
-528,370
-6% -$28.4M
GOOG icon
6
Alphabet (Google) Class C
GOOG
$4.18T
$439M 5.55%
4,217,585
+268,820
+7% +$26M
SWKS icon
7
Skyworks Solutions
SWKS
$10.1B
$425M 5.37%
3,600,740
-347,762
-9% -$38.5M
MA icon
8
Mastercard
MA
$509B
$397M 5.02%
1,091,549
-310,519
-22% -$113M
CG icon
9
Carlyle Group
CG
$17.6B
$359M 4.54%
11,553,844
-1,083,709
-9% -$36.2M
V icon
10
Visa
V
$693B
$358M 4.52%
1,585,095
-156,403
-9% -$34.8M
GE icon
11
GE Aerospace
GE
$361B
$253M 3.2%
3,310,972
-5,710,707
-63% -$382M
QRVO icon
12
Qorvo
QRVO
$8.43B
$251M 3.18%
2,474,029
-254,872
-9% -$25.9M
ARES icon
13
Ares Management
ARES
$31.9B
$232M 2.93%
2,778,272
+527,361
+23% +$41.9M
AMAT icon
14
Applied Materials
AMAT
$391B
$227M 2.87%
1,849,486
-333,627
-15% -$38.3M
CSGP icon
15
CoStar Group
CSGP
$13.1B
$213M 2.7%
3,094,970
+401,547
+15% +$29.6M
CBRE icon
16
CBRE Group
CBRE
$44B
$207M 2.62%
2,839,774
-294,362
-9% -$24M
NICE icon
17
Nice
NICE
$5.87B
$205M 2.6%
897,419
+29,322
+3% +$6.16M
JLL icon
18
Jones Lang LaSalle
JLL
$17.8B
$205M 2.59%
1,407,528
+53,801
+4% +$8.97M
ELV icon
19
Elevance Health
ELV
$86.9B
$187M 2.37%
406,001
+92,403
+29% +$44M
HEI.A icon
20
HEICO Corp Class A
HEI.A
$36.5B
$169M 2.14%
1,246,114
-153,852
-11% -$20.4M
LRCX icon
21
Lam Research
LRCX
$393B
$154M 1.94%
2,900,120
-420,820
-13% -$20.7M
BALL icon
22
Ball Corp
BALL
$16.8B
$118M 1.49%
2,135,098
-268,943
-11% -$15M
LFUS icon
23
Littelfuse
LFUS
$10.5B
$98.6M 1.25%
367,827
-32,518
-8% -$8.35M
ABT icon
24
Abbott
ABT
$202B
$91.8M 1.16%
906,307
+8,444
+0.9% +$892K
CWK icon
25
Cushman & Wakefield Ltd
CWK
$3.48B
$77.7M 0.98%
7,372,334
-208,803
-3% -$2.69M
1
2

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C.T. Fitzpatrick's Q1 2023 Portfolio in Review

As of Q1 2023, C.T. Fitzpatrick held 46 positions worth $7.9B, up 6.2% from $7.44B the previous quarter. Its ten largest holdings account for 58% of the portfolio.

C.T. Fitzpatrick withdrew a net $635M in Q1 2023, closing 3 positions and reducing 21 holdings. Its most notable exit was Sleep Number, an estimated $18.4M position sold in full.

By sector, the portfolio is most concentrated in Technology at 33% of assets, up from 29% a quarter earlier, followed by Financials and Industrials.

Against the trend, C.T. Fitzpatrick opened a new position in United Parcel Service worth $74.4M.

  • C.T. Fitzpatrick's largest Q1 2023 buy was United Parcel Service: 383,604 shares worth $74.4M.
  • C.T. Fitzpatrick added most to Elevance Health in Q1 2023, an estimated $44M increase.
  • C.T. Fitzpatrick's biggest Q1 2023 reduction was GE Aerospace, cutting an estimated $382M.
  • C.T. Fitzpatrick fully exited Sleep Number in Q1 2023, selling an estimated $18.4M.
  • C.T. Fitzpatrick's ten largest holdings make up 58% of its $7.9B portfolio in Q1 2023.
  • C.T. Fitzpatrick opened 5 new positions and closed 3 in Q1 2023.
  • C.T. Fitzpatrick's portfolio value rose 6.2% quarter-over-quarter to $7.9B.

Based on Vulcan Value Partners's 13F filing for Q1 2023, filed 15 May 2023.