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 |
Live Nation Entertainment
LYV
|
+$174M |
| 2 |
Starbucks
SBUX
|
+$73.6M |
| 3 |
CoStar Group
CSGP
|
+$49.6M |
| 4 |
Skyworks Solutions
SWKS
|
+$38.2M |
| 5 |
UnitedHealth
UNH
|
+$37.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Salesforce
CRM
|
+$219M |
| 2 |
GE Aerospace
GE
|
+$175M |
| 3 |
Ball Corp
BALL
|
+$72.9M |
| 4 |
KKR & Co
KKR
|
+$66.5M |
| 5 |
Applied Materials
AMAT
|
+$60.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 26.68% |
| 2 | Financials | 26.12% |
| 3 | Real Estate | 11.53% |
| 4 | Consumer Discretionary | 11.41% |
| 5 | Industrials | 10.19% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
KKR & Co
KKR
$97.4B
| $541M | 7.86% |
5,381,037
-723,512
| -12% | -$66.5M |
|
2
Amazon
AMZN
$2.79T
| $525M | 7.62% |
2,909,298
-227,714
| -7% | -$38M |
|
3
Microsoft
MSFT
$3.59T
| $438M | 6.36% |
1,040,526
-55,249
| -5% | -$22.4M |
|
4
TransDigm Group
TDG
$66.4B
| $416M | 6.04% |
337,725
-49,639
| -13% | -$55.9M |
|
5
Alphabet (Google) Class C
GOOG
$4.18T
| $388M | 5.64% |
2,547,815
-125,692
| -5% | -$18.1M |
|
6
Carlyle Group
CG
$17.6B
| $365M | 5.31% |
7,792,628
-642,603
| -8% | -$27.8M |
|
|
7
Skyworks Solutions
SWKS
$10.1B
| $353M | 5.12% |
3,255,487
+364,504
| +13% | +$38.2M |
|
8
Mastercard
MA
$509B
| $339M | 4.92% |
703,197
-40,444
| -5% | -$18.5M |
|
9
Visa
V
$693B
| $293M | 4.25% |
1,048,706
-45,412
| -4% | -$12.5M |
|
|
10
Salesforce
CRM
$171B
| $253M | 3.67% |
838,401
-759,319
| -48% | -$219M |
|
11
CBRE Group
CBRE
$44B
| $247M | 3.59% |
2,543,033
+130,854
| +5% | +$11.8M |
|
|
12
CoStar Group
CSGP
$13.1B
| $210M | 3.05% |
2,177,070
+576,383
| +36% | +$49.6M |
|
13
Nice
NICE
$5.87B
| $207M | 3% |
793,656
-100,377
| -11% | -$22.8M |
|
14
Elevance Health
ELV
$86.9B
| $202M | 2.93% |
389,740
+5,323
| +1% | +$2.65M |
|
15
Jones Lang LaSalle
JLL
$17.8B
| $196M | 2.85% |
1,008,121
-96,228
| -9% | -$17.5M |
|
|
16
Live Nation Entertainment
LYV
$42.4B
| $194M | 2.82% |
+1,839,266
| New | +$174M |
|
17
Qorvo
QRVO
$8.43B
| $181M | 2.62% |
1,573,825
-88,624
| -5% | -$9.76M |
|
18
Ares Management
ARES
$31.9B
| $180M | 2.62% |
1,357,069
-194,923
| -13% | -$24.9M |
|
19
SS&C Technologies
SSNC
$19.5B
| $131M | 1.9% |
2,029,596
-202,644
| -9% | -$12.6M |
|
20
HEICO Corp Class A
HEI.A
$36.5B
| $128M | 1.86% |
831,809
-41,190
| -5% | -$6.1M |
|
|
FISV
21
Fiserv Inc
FISV
$28B
| $103M | 1.5% |
647,780
-81,486
| -11% | -$11.9M |
|
|
22
UnitedHealth
UNH
$350B
| $88.6M | 1.29% |
179,241
+73,997
| +70% | +$37.6M |
|
|
23
Starbucks
SBUX
$122B
| $72.3M | 1.05% |
+791,326
| New | +$73.6M |
|
24
Abbott
ABT
$202B
| $64.5M | 0.94% |
568,260
-96,828
| -15% | -$11.1M |
|
25
ABM Industries
ABM
$2.74B
| $62.7M | 0.91% |
1,405,242
+39,313
| +3% | +$1.65M |
|
Similar funds
C.T. Fitzpatrick's Q1 2024 Portfolio in Review
As of Q1 2024, C.T. Fitzpatrick held 50 positions worth $6.89B, up 1% from $6.81B the previous quarter. Its ten largest holdings account for 57% of the portfolio.
C.T. Fitzpatrick withdrew a net $655M in Q1 2024, closing 4 positions and reducing 33 holdings. Its most notable exit was Applied Materials, an estimated $60.3M position sold in full.
By sector, the portfolio is most concentrated in Technology at 27% of assets, down from 30% a quarter earlier, followed by Financials and Real Estate.
Against the trend, C.T. Fitzpatrick opened a new position in Live Nation Entertainment worth $194M.
- C.T. Fitzpatrick's largest Q1 2024 buy was Live Nation Entertainment: 1,839,266 shares worth $194M.
- C.T. Fitzpatrick added most to CoStar Group in Q1 2024, an estimated $49.6M increase.
- C.T. Fitzpatrick's biggest Q1 2024 reduction was Salesforce, cutting an estimated $219M.
- C.T. Fitzpatrick fully exited Applied Materials in Q1 2024, selling an estimated $60.3M.
- C.T. Fitzpatrick's ten largest holdings make up 57% of its $6.89B portfolio in Q1 2024.
- C.T. Fitzpatrick opened 4 new positions and closed 4 in Q1 2024.
- C.T. Fitzpatrick's portfolio value rose 1% quarter-over-quarter to $6.89B.
Based on Vulcan Value Partners's 13F filing for Q1 2024, filed 15 May 2024.