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Vulcan Value Partners avatar

C.T. Fitzpatrick

Vulcan Value Partners

Vulcan Value Partners, C.T. Fitzpatrick's quality value and discount-to-value discipline

Vulcan Value combines business quality with a strict discount-to-value framework. The portfolio is useful for studying how a value manager owns durable companies while still demanding a margin of safety.

Sources Vulcan Value Partners official site SEC EDGAR profile Vulcan Value Partners people
Value / business-quality discipline CIK 1556785
2026-03-31 Latest 13F 20 Current holdings 76 Last 2 periods Change 0 Public materials
Latest 13F snapshot 2026-03-31 · 33 disclosed positions · $3.8B Top five 43.9%: EG, MSFT, AMZN, UNH, RYAN

Performance materials

  • Vulcan publishes fund and strategy materials. Official materials are the best performance reference.

Firm and key people

  • C.T. Fitzpatrick founded Vulcan Value Partners and built the process around intrinsic value and business quality.
  • The firm publishes materials that discuss value estimates, risk, and portfolio discipline.
  • The 13F shows how the firm allocates among quality companies when discounts change.

Investment style

  • Estimate intrinsic value and require a discount before buying.
  • Prefer high-quality businesses where value can compound over time.
  • Risk is framed as permanent loss of capital, not just price volatility.

Public materials

View timeline
Shareholder letters / memos 0
Interview 0
Public video 0
Public Q&A / speeches / presentations 0

Current holdings

13F period 2026-03-31 · Filed 2026-05-11
Stocks Shares Value Weight
EG 1,361,865 $445.1M 11.8%
MSFT 1,108,991 $410.5M 10.9%
AMZN 1,595,868 $332.4M 8.8%
UNH 912,674 $247.0M 6.5%
RYAN 6,595,335 $222.5M 5.9%
TRU 3,207,405 $221.9M 5.9%
TDG 184,228 $213.5M 5.7%
GOOG 676,556 $194.1M 5.1%
V 639,454 $193.3M 5.1%
MA 383,179 $191.5M 5.1%
ARES 1,691,176 $184.5M 4.9%
MEDP 203,068 $97.5M 2.6%
KMX 2,204,876 $91.7M 2.4%
ELV 296,771 $86.9M 2.3%
TPG 1,986,026 $80.5M 2.1%
FISV 1,094,659 $61.1M 1.6%
NOW 533,817 $55.8M 1.5%
IQV 248,101 $42.3M 1.1%
HEI.A 178,456 $37.7M 1.0%
CRM 196,803 $36.7M 1.0%

Last 2 quarters US 13F new / increased / reduced / sold-out positions

As of 13F 2026-03-31 · Filed 2026-05-11
Last 1 quarters Last 2 quarters Last 3 quarters Last 4 quarters
Stocks Action 13F period Current shares Previous shares Share change 13F value change
CRM Major reduction 2026-03-31 Filed 2026-05-11 196,803 1,549,871 -87.3% -$374.3M
CSGP Sold out 2026-03-31 Filed 2026-05-11 0 4,485,021 -100.0% -$301.5M
MSFT Minor reduction 2026-03-31 Filed 2026-05-11 1,108,991 1,141,578 -2.9% -$141.5M
TRU Major increase 2026-03-31 Filed 2026-05-11 3,207,405 1,062,584 201.8% +$130.9M
UNH Major reduction 2026-03-31 Filed 2026-05-11 912,674 1,083,267 -15.7% -$110.7M
TDG Major reduction 2026-03-31 Filed 2026-05-11 184,228 240,620 -23.4% -$106.5M
GOOG Major reduction 2026-03-31 Filed 2026-05-11 676,556 931,879 -27.4% -$98.4M
ARES Minor reduction 2026-03-31 Filed 2026-05-11 1,691,176 1,696,856 -0.3% -$89.8M
SWK Sold out 2026-03-31 Filed 2026-05-11 0 1,059,558 -100.0% -$78.8M
AMZN Minor reduction 2026-03-31 Filed 2026-05-11 1,595,868 1,759,935 -9.3% -$73.8M
QRVO Major reduction 2026-03-31 Filed 2026-05-11 268,813 1,103,354 -75.6% -$72.5M
MEDP Major increase 2026-03-31 Filed 2026-05-11 203,068 47,306 329.3% +$70.9M
EG Minor reduction 2026-03-31 Filed 2026-05-11 1,361,865 1,509,740 -9.8% -$67.2M
MA Minor reduction 2026-03-31 Filed 2026-05-11 383,179 449,194 -14.7% -$64.9M
V Minor reduction 2026-03-31 Filed 2026-05-11 639,454 727,685 -12.1% -$61.9M
NOW New 2026-03-31 Filed 2026-05-11 533,817 0 - +$55.8M
ELV Major reduction 2026-03-31 Filed 2026-05-11 296,771 386,214 -23.2% -$48.5M
CCK Sold out 2026-03-31 Filed 2026-05-11 0 400,303 -100.0% -$41.2M
FISV Major reduction 2026-03-31 Filed 2026-05-11 1,094,659 1,437,643 -23.9% -$35.4M
IQV Major reduction 2026-03-31 Filed 2026-05-11 248,101 323,201 -23.2% -$30.5M
TPG Major increase 2026-03-31 Filed 2026-05-11 1,986,026 1,721,916 15.3% -$29.6M
HEI.A Major reduction 2026-03-31 Filed 2026-05-11 178,456 250,065 -28.6% -$25.5M
LFUS Major reduction 2026-03-31 Filed 2026-05-11 78,107 192,212 -59.4% -$22.1M
KMX Major reduction 2026-03-31 Filed 2026-05-11 2,204,876 2,928,832 -24.7% -$21.5M
JLL Major reduction 2026-03-31 Filed 2026-05-11 109,549 150,625 -27.3% -$17.3M
RYAN Major increase 2026-03-31 Filed 2026-05-11 6,595,335 4,621,079 42.7% -$16.0M
TKR Sold out 2026-03-31 Filed 2026-05-11 0 138,434 -100.0% -$11.6M
MIDD Sold out 2026-03-31 Filed 2026-05-11 0 69,825 -100.0% -$10.4M
G Minor reduction 2026-03-31 Filed 2026-05-11 710,313 746,570 -4.9% -$8.5M
MLKN Minor reduction 2026-03-31 Filed 2026-05-11 1,324,609 1,389,715 -4.7% -$6.5M
SARO Major increase 2026-03-31 Filed 2026-05-11 716,983 473,415 51.4% +$4.9M
FBIN Minor reduction 2026-03-31 Filed 2026-05-11 343,563 353,520 -2.8% -$4.3M
ABM Minor reduction 2026-03-31 Filed 2026-05-11 630,296 658,777 -4.3% -$3.6M
PRG Minor reduction 2026-03-31 Filed 2026-05-11 566,314 599,125 -5.5% -$1.4M
PK Minor reduction 2026-03-31 Filed 2026-05-11 1,195,835 1,257,968 -4.9% -$880,858
ITRN Minor reduction 2026-03-31 Filed 2026-05-11 493,840 540,059 -8.6% +$773,098
CIGI Major increase 2026-03-31 Filed 2026-05-11 255,321 184,403 38.5% +$158,208
RYAN Major increase 2025-12-31 Filed 2026-02-09 4,621,079 631,577 631.7% +$202.9M
TRU New 2025-12-31 Filed 2026-02-09 1,062,584 0 - +$91.0M
MEDP Major reduction 2025-12-31 Filed 2026-02-09 47,306 200,172 -76.4% -$76.7M
MSFT Minor reduction 2025-12-31 Filed 2026-02-09 1,141,578 1,185,402 -3.7% -$62.0M
ARES Major increase 2025-12-31 Filed 2026-02-09 1,696,856 1,350,249 25.7% +$58.6M
IQV Major reduction 2025-12-31 Filed 2026-02-09 323,201 680,933 -52.5% -$57.1M
UNH Minor reduction 2025-12-31 Filed 2026-02-09 1,083,267 1,198,338 -9.6% -$56.2M
CRM Minor reduction 2025-12-31 Filed 2026-02-09 1,549,871 1,564,357 -0.9% +$39.9M
SSNC Sold out 2025-12-31 Filed 2026-02-09 0 394,720 -100.0% -$35.0M
GOOG Major reduction 2025-12-31 Filed 2026-02-09 931,879 1,100,358 -15.3% +$24.4M
SWKS Sold out 2025-12-31 Filed 2026-02-09 0 311,645 -100.0% -$24.0M
CSGP Major increase 2025-12-31 Filed 2026-02-09 4,485,021 3,831,609 17.1% -$21.7M
EG Minor increase 2025-12-31 Filed 2026-02-09 1,509,740 1,417,466 6.5% +$15.8M
QRVO Minor reduction 2025-12-31 Filed 2026-02-09 1,103,354 1,197,365 -7.9% -$15.7M
SARO New 2025-12-31 Filed 2026-02-09 473,415 0 - +$13.6M
SDA Major reduction 2025-12-31 Filed 2026-02-09 118,417 461,920 -74.4% -$11.4M
TDG Minor reduction 2025-12-31 Filed 2026-02-09 240,620 249,643 -3.6% -$8.9M
MA Minor reduction 2025-12-31 Filed 2026-02-09 449,194 466,222 -3.7% -$8.8M
KMX Major increase 2025-12-31 Filed 2026-02-09 2,928,832 2,328,120 25.8% +$8.6M
JLL Major reduction 2025-12-31 Filed 2026-02-09 150,625 197,663 -23.8% -$8.3M
SWK Minor reduction 2025-12-31 Filed 2026-02-09 1,059,558 1,161,466 -8.8% -$7.5M
TKR Major reduction 2025-12-31 Filed 2026-02-09 138,434 248,600 -44.3% -$7.0M
FISV Major increase 2025-12-31 Filed 2026-02-09 1,437,643 803,160 79.0% -$6.9M
AMZN Minor reduction 2025-12-31 Filed 2026-02-09 1,759,935 1,880,565 -6.4% -$6.8M
MLKN Major increase 2025-12-31 Filed 2026-02-09 1,389,715 1,116,932 24.4% +$5.6M
HEI.A Minor reduction 2025-12-31 Filed 2026-02-09 250,065 270,379 -7.5% -$5.5M
G Minor reduction 2025-12-31 Filed 2026-02-09 746,570 750,224 -0.5% +$3.5M
ABM Minor reduction 2025-12-31 Filed 2026-02-09 658,777 664,054 -0.8% -$2.8M
LFUS Minor reduction 2025-12-31 Filed 2026-02-09 192,212 196,903 -2.4% -$2.4M
TPG Minor reduction 2025-12-31 Filed 2026-02-09 1,721,916 1,958,438 -12.1% -$2.3M
CIGI Minor reduction 2025-12-31 Filed 2026-02-09 184,403 186,068 -0.9% -$1.9M
PRG Minor reduction 2025-12-31 Filed 2026-02-09 599,125 602,871 -0.6% -$1.8M
FBIN Major increase 2025-12-31 Filed 2026-02-09 353,520 299,028 18.2% +$1.7M
ITRN Minor reduction 2025-12-31 Filed 2026-02-09 540,059 602,364 -10.3% +$1.7M
V Minor reduction 2025-12-31 Filed 2026-02-09 727,685 751,516 -3.2% -$1.5M
MIDD Minor reduction 2025-12-31 Filed 2026-02-09 69,825 70,624 -1.1% +$992,952
PK Minor increase 2025-12-31 Filed 2026-02-09 1,257,968 1,257,290 0.1% -$772,091
CCK Minor reduction 2025-12-31 Filed 2026-02-09 400,303 429,884 -6.9% -$294,166
ELV Minor reduction 2025-12-31 Filed 2026-02-09 386,214 419,195 -7.9% -$282,495

Public video / Interview / Shareholder letter / Public Q&A

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