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C.T. Fitzpatrick Vulcan Value Partners
AUM
$3.29B
Turnover
13.51%
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
+10.19%
1 Year Est. Return
-6.08%
3 Year Est. Return
+28.55%
5 Year Est. Return
+25.64%
10 Year Est. Return
+233.31%
AUM
$7.96B
AUM Growth
+$59.4M
(+0.75%)
Cap. Flow
-$656M
Cap. Flow % of AUM
Cap. Flow %
-8.23%
Top 10 Holdings %
Top 10 Hldgs %
57.89%
Holding
47
New
4
Increased
8
Reduced
32
Closed
3
Avg Time Held
2.9
years
Top 10 Avg Time Held
2.4
years
Top 20 Avg Time Held
3.7
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Fiserv Inc
FISV
|
+$93.6M |
| 2 |
SS&C Technologies
SSNC
|
+$90.2M |
| 3 |
Elevance Health
ELV
|
+$65M |
| 4 |
Genpact
G
|
+$53.2M |
| 5 |
Sealed Air
SEE
|
+$13.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Microsoft
MSFT
|
+$133M |
| 2 |
Applied Materials
AMAT
|
+$108M |
| 3 |
Lam Research
LRCX
|
+$95.3M |
| 4 |
Amazon
AMZN
|
+$93.6M |
| 5 |
GE Aerospace
GE
|
+$75.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 31.47% |
| 2 | Financials | 23.57% |
| 3 | Industrials | 14.14% |
| 4 | Real Estate | 10.94% |
| 5 | Consumer Discretionary | 9.31% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Microsoft
MSFT
$4.05T
| $593M | 7.45% |
1,742,923
-424,607
| -20% | -$133M |
2018 Q4
18 quarters
|
|
|
2
Amazon
AMZN
$2.89T
| $571M | 7.17% |
4,378,601
-819,956
| -16% | -$93.6M |
2018 Q4
18 quarters
|
|
3
TransDigm Group
TDG
$67.4B
| $561M | 7.04% |
626,838
-64,327
| -9% | -$50.9M |
2020 Q2
12 quarters
|
|
4
Alphabet (Google) Class C
GOOG
$3.52T
| $461M | 5.79% |
3,808,696
-408,889
| -10% | -$47.3M |
2017 Q3
23 quarters
|
|
5
KKR & Co
KKR
$88B
| $450M | 5.65% |
8,037,780
-377,134
| -4% | -$19.8M |
2018 Q2
20 quarters
|
|
6
Salesforce
CRM
$177B
| $445M | 5.59% |
2,108,013
-325,962
| -13% | -$66.5M |
2020 Q2
12 quarters
|
|
7
Mastercard
MA
$571B
| $406M | 5.1% |
1,032,820
-58,729
| -5% | -$22M |
2013 Q2
40 quarters
|
|
8
Skyworks Solutions
SWKS
$19.5B
| $402M | 5.05% |
3,630,030
+29,290
| +0.8% | +$3.09M |
2016 Q3
27 quarters
|
|
9
Visa
V
$788B
| $361M | 4.53% |
1,519,466
-65,629
| -4% | -$15M |
2013 Q2
40 quarters
|
|
10
Carlyle Group
CG
$15B
| $359M | 4.51% |
11,240,921
-312,923
| -3% | -$9.14M |
2019 Q4
14 quarters
|
|
|
11
Elevance Health
ELV
$90.4B
| $243M | 3.05% |
546,818
+140,817
| +35% | +$65M |
2022 Q3
3 quarters
|
|
12
Ares Management
ARES
$31.7B
| $242M | 3.04% |
2,515,225
-263,047
| -9% | -$22.7M |
2022 Q3
3 quarters
|
|
13
CBRE Group
CBRE
$39.8B
| $242M | 3.04% |
2,997,985
+158,211
| +6% | +$11.8M |
2022 Q2
4 quarters
|
|
14
CoStar Group
CSGP
$12.6B
| $237M | 2.97% |
2,662,708
-432,262
| -14% | -$33.4M |
2020 Q3
11 quarters
|
|
15
DELISTED
Qorvo
QRVO
| $236M | 2.96% |
2,308,344
-165,685
| -7% | -$15.9M |
2016 Q3
27 quarters
|
|
16
Jones Lang LaSalle
JLL
$17.4B
| $231M | 2.9% |
1,483,274
+75,746
| +5% | +$10.7M |
2022 Q2
4 quarters
|
|
|
17
GE Aerospace
GE
$348B
| $208M | 2.62% |
2,378,727
-932,245
| -28% | -$75.5M |
2022 Q2
4 quarters
|
|
18
Nice
NICE
$5.55B
| $175M | 2.2% |
847,645
-49,774
| -6% | -$10.3M |
2022 Q4
2 quarters
|
|
19
HEICO Corp Class A
HEI.A
$35.7B
| $163M | 2.05% |
1,160,427
-85,687
| -7% | -$11.5M |
2020 Q3
11 quarters
|
|
|
20
Applied Materials
AMAT
$294B
| $142M | 1.79% |
984,443
-865,043
| -47% | -$108M |
2021 Q2
8 quarters
|
|
21
Ball Corp
BALL
$17.4B
| $116M | 1.46% |
1,997,074
-138,024
| -6% | -$7.48M |
2022 Q4
2 quarters
|
|
|
22
Fiserv Inc
FISV
$33.8B
| $100M | 1.26% |
+795,494
| New | +$93.6M |
2023 Q2
0 quarters
|
|
23
Littelfuse
LFUS
$9.8B
| $100M | 1.26% |
343,150
-24,677
| -7% | -$6.46M |
2019 Q4
14 quarters
|
|
|
24
SS&C Technologies
SSNC
$18.3B
| $96.2M | 1.21% |
+1,586,793
| New | +$90.2M |
2023 Q2
0 quarters
|
|
25
Abbott
ABT
$191B
| $91.6M | 1.15% |
840,986
-65,321
| -7% | -$6.96M |
2022 Q4
2 quarters
|
|
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C.T. Fitzpatrick's Q2 2023 Portfolio in Review
As of Q2 2023, C.T. Fitzpatrick held 47 positions worth $7.96B, up 0.75% from $7.9B the previous quarter. Its ten largest holdings account for 58% of the portfolio.
C.T. Fitzpatrick withdrew a net $656M in Q2 2023, closing 3 positions and reducing 32 holdings. Its most notable exit was United Parcel Service, an estimated $74.4M position sold in full.
By sector, the portfolio is most concentrated in Technology at 31% of assets, down from 33% a quarter earlier, followed by Financials and Industrials.
Against the trend, C.T. Fitzpatrick opened a new position in Fiserv Inc worth $100M.
- C.T. Fitzpatrick's largest Q2 2023 buy was Fiserv Inc: 795,494 shares worth $100M.
- C.T. Fitzpatrick added most to Elevance Health in Q2 2023, an estimated $65M increase.
- C.T. Fitzpatrick's biggest Q2 2023 reduction was Microsoft, cutting an estimated $133M.
- C.T. Fitzpatrick fully exited United Parcel Service in Q2 2023, selling an estimated $74.4M.
- C.T. Fitzpatrick's ten largest holdings make up 58% of its $7.96B portfolio in Q2 2023.
- C.T. Fitzpatrick opened 4 new positions and closed 3 in Q2 2023.
- C.T. Fitzpatrick's portfolio value rose 0.75% quarter-over-quarter to $7.96B.
Based on Vulcan Value Partners's 13F filing for Q2 2023, filed 14 Aug 2023.