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CF

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
+10.19%
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
$7.96B
AUM Growth
+$59.4M
Cap. Flow
-$656M
Cap. Flow %
-8.23%
Top 10 Hldgs %
57.89%
Holding
47
New
4
Increased
8
Reduced
32
Closed
3

Top Buys

Rank Stock Value
1
FISV
Fiserv Inc
FISV
+$93.6M
2
SSNC icon
SS&C Technologies
SSNC
+$90.2M
3
ELV icon
Elevance Health
ELV
+$65M
4
G icon
Genpact
G
+$53.2M
5
SEE
Sealed Air
SEE
+$13.6M

Top Sells

Rank Stock Value
1
MSFT icon
Microsoft
MSFT
+$133M
2
AMAT icon
Applied Materials
AMAT
+$108M
3
LRCX icon
Lam Research
LRCX
+$95.3M
4
AMZN icon
Amazon
AMZN
+$93.6M
5
GE icon
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
MSFT icon
1
Microsoft
MSFT
$3.59T
$593M 7.45%
1,742,923
-424,607
-20% -$133M
AMZN icon
2
Amazon
AMZN
$2.79T
$571M 7.17%
4,378,601
-819,956
-16% -$93.6M
TDG icon
3
TransDigm Group
TDG
$66.4B
$561M 7.04%
626,838
-64,327
-9% -$50.9M
GOOG icon
4
Alphabet (Google) Class C
GOOG
$4.18T
$461M 5.79%
3,808,696
-408,889
-10% -$47.3M
KKR icon
5
KKR & Co
KKR
$97.4B
$450M 5.65%
8,037,780
-377,134
-4% -$19.8M
CRM icon
6
Salesforce
CRM
$171B
$445M 5.59%
2,108,013
-325,962
-13% -$66.5M
MA icon
7
Mastercard
MA
$509B
$406M 5.1%
1,032,820
-58,729
-5% -$22M
SWKS icon
8
Skyworks Solutions
SWKS
$10.1B
$402M 5.05%
3,630,030
+29,290
+0.8% +$3.09M
V icon
9
Visa
V
$693B
$361M 4.53%
1,519,466
-65,629
-4% -$15M
CG icon
10
Carlyle Group
CG
$17.6B
$359M 4.51%
11,240,921
-312,923
-3% -$9.14M
ELV icon
11
Elevance Health
ELV
$86.9B
$243M 3.05%
546,818
+140,817
+35% +$65M
ARES icon
12
Ares Management
ARES
$31.9B
$242M 3.04%
2,515,225
-263,047
-9% -$22.7M
CBRE icon
13
CBRE Group
CBRE
$44B
$242M 3.04%
2,997,985
+158,211
+6% +$11.8M
CSGP icon
14
CoStar Group
CSGP
$13.1B
$237M 2.97%
2,662,708
-432,262
-14% -$33.4M
QRVO icon
15
Qorvo
QRVO
$8.43B
$236M 2.96%
2,308,344
-165,685
-7% -$15.9M
JLL icon
16
Jones Lang LaSalle
JLL
$17.8B
$231M 2.9%
1,483,274
+75,746
+5% +$10.7M
GE icon
17
GE Aerospace
GE
$361B
$208M 2.62%
2,378,727
-932,245
-28% -$75.5M
NICE icon
18
Nice
NICE
$5.87B
$175M 2.2%
847,645
-49,774
-6% -$10.3M
HEI.A icon
19
HEICO Corp Class A
HEI.A
$36.5B
$163M 2.05%
1,160,427
-85,687
-7% -$11.5M
AMAT icon
20
Applied Materials
AMAT
$391B
$142M 1.79%
984,443
-865,043
-47% -$108M
BALL icon
21
Ball Corp
BALL
$16.8B
$116M 1.46%
1,997,074
-138,024
-6% -$7.48M
FISV
22
Fiserv Inc
FISV
$28B
$100M 1.26%
+795,494
New +$93.6M
LFUS icon
23
Littelfuse
LFUS
$10.5B
$100M 1.26%
343,150
-24,677
-7% -$6.46M
SSNC icon
24
SS&C Technologies
SSNC
$19.5B
$96.2M 1.21%
+1,586,793
New +$90.2M
ABT icon
25
Abbott
ABT
$202B
$91.6M 1.15%
840,986
-65,321
-7% -$6.96M
1
2

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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.