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 |
Salesforce
CRM
|
+$125M |
| 2 |
FISV
Fiserv Inc
FISV
|
+$115M |
| 3 |
CarMax
KMX
|
+$79.9M |
| 4 |
Everest Group
EG
|
+$58.2M |
| 5 |
Elevance Health
ELV
|
+$39M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
CBRE Group
CBRE
|
+$215M |
| 2 |
Alphabet (Google) Class C
GOOG
|
+$137M |
| 3 |
Jones Lang LaSalle
JLL
|
+$80.7M |
| 4 |
Medpace
MEDP
|
+$38.1M |
| 5 |
Skyworks Solutions
SWKS
|
+$36.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 26.64% |
| 2 | Financials | 25.33% |
| 3 | Healthcare | 14.19% |
| 4 | Consumer Discretionary | 10.79% |
| 5 | Industrials | 10.48% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Microsoft
MSFT
$3.59T
| $614M | 11.13% |
1,185,402
-33,092
| -3% | -$16.9M |
|
|
2
Everest Group
EG
$14.2B
| $497M | 9% |
1,417,466
+172,479
| +14% | +$58.2M |
|
3
UnitedHealth
UNH
$350B
| $414M | 7.5% |
1,198,338
-24,487
| -2% | -$7.41M |
|
4
Amazon
AMZN
$2.79T
| $413M | 7.49% |
1,880,565
-59,309
| -3% | -$13.4M |
|
|
5
Salesforce
CRM
$171B
| $371M | 6.73% |
1,564,357
+496,033
| +46% | +$125M |
|
6
TransDigm Group
TDG
$66.4B
| $329M | 5.96% |
249,643
+18,048
| +8% | +$25.8M |
|
7
CoStar Group
CSGP
$13.1B
| $323M | 5.86% |
3,831,609
+115,125
| +3% | +$10.2M |
|
|
8
Alphabet (Google) Class C
GOOG
$4.18T
| $268M | 4.86% |
1,100,358
-650,058
| -37% | -$137M |
|
9
Mastercard
MA
$509B
| $265M | 4.81% |
466,222
+28,331
| +6% | +$16.3M |
|
10
Visa
V
$693B
| $257M | 4.65% |
751,516
+83,119
| +12% | +$28.8M |
|
11
Ares Management
ARES
$31.9B
| $216M | 3.91% |
1,350,249
+129,368
| +11% | +$23.3M |
|
|
12
Elevance Health
ELV
$86.9B
| $136M | 2.46% |
419,195
+125,464
| +43% | +$39M |
|
13
IQVIA
IQV
$42.8B
| $130M | 2.35% |
680,933
+12,177
| +2% | +$2.21M |
|
14
TPG
TPG
$8.74B
| $112M | 2.04% |
1,958,438
-26,472
| -1% | -$1.56M |
|
15
Qorvo
QRVO
$8.43B
| $109M | 1.98% |
1,197,365
-123,243
| -9% | -$11M |
|
16
Nice
NICE
$5.87B
| $109M | 1.97% |
753,316
-87,826
| -10% | -$13.2M |
|
|
17
CarMax
KMX
$8.82B
| $105M | 1.9% |
2,328,120
+1,338,134
| +135% | +$79.9M |
|
|
FISV
18
Fiserv Inc
FISV
$28B
| $103M | 1.87% |
+803,160
| New | +$115M |
|
|
19
Medpace
MEDP
$17.3B
| $103M | 1.87% |
200,172
-87,287
| -30% | -$38.1M |
|
20
Stanley Black & Decker
SWK
$15.1B
| $86.3M | 1.56% |
1,161,466
+19,281
| +2% | +$1.41M |
|
21
HEICO Corp Class A
HEI.A
$36.5B
| $68.7M | 1.24% |
270,379
+8,783
| +3% | +$2.2M |
|
|
22
Jones Lang LaSalle
JLL
$17.8B
| $58.9M | 1.07% |
197,663
-282,629
| -59% | -$80.7M |
|
23
Littelfuse
LFUS
$10.5B
| $51M | 0.92% |
196,903
-59,857
| -23% | -$15M |
|
24
Crown Holdings
CCK
$13B
| $41.5M | 0.75% |
429,884
-4,792
| -1% | -$481K |
|
25
Ryan Specialty Holdings
RYAN
$11.1B
| $35.6M | 0.65% |
+631,577
| New | +$37.4M |
|
Similar funds
C.T. Fitzpatrick's Q3 2025 Portfolio in Review
As of Q3 2025, C.T. Fitzpatrick held 41 positions worth $5.52B, down 2.8% from $5.67B the previous quarter. Its ten largest holdings account for 68% of the portfolio.
C.T. Fitzpatrick's Q3 2025 filing shows 3 new, 15 increased, 22 reduced and 1 closed positions. Its largest new stake was Fiserv Inc: 803,160 shares worth $103M. The largest sale was CBRE Group, an estimated $215M.
By sector, the portfolio is most concentrated in Technology at 27% of assets, up from 25% a quarter earlier, followed by Financials and Healthcare.
- C.T. Fitzpatrick's largest Q3 2025 buy was Fiserv Inc: 803,160 shares worth $103M.
- C.T. Fitzpatrick added most to Salesforce in Q3 2025, an estimated $125M increase.
- C.T. Fitzpatrick's biggest Q3 2025 reduction was Alphabet (Google) Class C, cutting an estimated $137M.
- C.T. Fitzpatrick fully exited CBRE Group in Q3 2025, selling an estimated $215M.
- C.T. Fitzpatrick's ten largest holdings make up 68% of its $5.52B portfolio in Q3 2025.
- C.T. Fitzpatrick opened 3 new positions and closed 1 in Q3 2025.
- C.T. Fitzpatrick's portfolio value fell 2.8% quarter-over-quarter to $5.52B.
Based on Vulcan Value Partners's 13F filing for Q3 2025, filed 10 Nov 2025.