13FGuru
Sign in with Google Sign in with Discord
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 151 Last 4 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 4 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
CBRE Sold out 2025-09-30 Filed 2025-11-10 0 1,491,792 -100.0% -$215.4M
FISV New 2025-09-30 Filed 2025-11-10 803,160 0 - +$103.4M
JLL Major reduction 2025-09-30 Filed 2025-11-10 197,663 480,292 -58.8% -$72.3M
CRM Major increase 2025-09-30 Filed 2025-11-10 1,564,357 1,068,324 46.4% +$71.2M
EG Minor increase 2025-09-30 Filed 2025-11-10 1,417,466 1,244,987 13.9% +$60.9M
GOOG Major reduction 2025-09-30 Filed 2025-11-10 1,100,358 1,750,416 -37.1% -$52.1M
SWKS Major reduction 2025-09-30 Filed 2025-11-10 311,645 806,785 -61.4% -$41.8M
RYAN New 2025-09-30 Filed 2025-11-10 631,577 0 - +$35.6M
KMX Major increase 2025-09-30 Filed 2025-11-10 2,328,120 989,986 135.2% +$32.3M
TDG Minor increase 2025-09-30 Filed 2025-11-10 249,643 231,595 7.8% -$32.0M
AMZN Minor reduction 2025-09-30 Filed 2025-11-10 1,880,565 1,939,874 -3.1% -$26.3M
UNH Minor reduction 2025-09-30 Filed 2025-11-10 1,198,338 1,222,825 -2.0% +$18.8M
IQV Minor increase 2025-09-30 Filed 2025-11-10 680,933 668,756 1.8% +$15.7M
CSGP Minor increase 2025-09-30 Filed 2025-11-10 3,831,609 3,716,484 3.1% +$14.1M
ELV Major increase 2025-09-30 Filed 2025-11-10 419,195 293,731 42.7% +$11.9M
V Minor increase 2025-09-30 Filed 2025-11-10 751,516 668,397 12.4% +$11.6M
MA Minor increase 2025-09-30 Filed 2025-11-10 466,222 437,891 6.5% +$11.4M
QRVO Minor reduction 2025-09-30 Filed 2025-11-10 1,197,365 1,320,608 -9.3% -$11.2M
MSFT Minor reduction 2025-09-30 Filed 2025-11-10 1,185,402 1,218,494 -2.7% -$9.7M
SDA Major reduction 2025-09-30 Filed 2025-11-10 461,920 821,208 -43.8% -$9.2M
SSNC Major reduction 2025-09-30 Filed 2025-11-10 394,720 474,715 -16.9% -$8.4M
LFUS Major reduction 2025-09-30 Filed 2025-11-10 196,903 256,760 -23.3% -$7.2M
CCK Minor reduction 2025-09-30 Filed 2025-11-10 429,884 434,676 -1.1% -$6.6M
MEDP Major reduction 2025-09-30 Filed 2025-11-10 200,172 287,459 -30.4% +$6.4M
MIDD Major increase 2025-09-30 Filed 2025-11-10 70,624 29,251 141.4% +$5.2M
CIGI Major reduction 2025-09-30 Filed 2025-11-10 186,068 257,173 -27.6% -$4.5M
HEI.A Minor increase 2025-09-30 Filed 2025-11-10 270,379 261,596 3.4% -$4.5M
PK Major increase 2025-09-30 Filed 2025-11-10 1,257,290 1,002,586 25.4% +$3.7M
ITRN Minor reduction 2025-09-30 Filed 2025-11-10 602,364 650,676 -7.4% -$3.7M
ABM Minor reduction 2025-09-30 Filed 2025-11-10 664,054 699,964 -5.1% -$2.4M
MLKN Minor reduction 2025-09-30 Filed 2025-11-10 1,116,932 1,120,968 -0.4% -$2.0M
TKR Minor reduction 2025-09-30 Filed 2025-11-10 248,600 278,516 -10.7% -$1.5M
ARES Minor increase 2025-09-30 Filed 2025-11-10 1,350,249 1,220,881 10.6% -$1.5M
TPG Minor reduction 2025-09-30 Filed 2025-11-10 1,958,438 1,984,910 -1.3% -$1.1M
SWK Minor increase 2025-09-30 Filed 2025-11-10 1,161,466 1,142,185 1.7% +$789,740
FBIN Minor reduction 2025-09-30 Filed 2025-11-10 299,028 324,692 -7.9% -$750,024
PRG Minor reduction 2025-09-30 Filed 2025-11-10 602,871 678,550 -11.2% -$406,525
G Minor increase 2025-09-30 Filed 2025-11-10 750,224 705,739 6.3% +$367,336
UNH Major increase 2025-06-30 Filed 2025-08-13 1,222,825 153,586 696.2% +$314.7M
CG Sold out 2025-06-30 Filed 2025-08-13 0 5,180,438 -100.0% -$225.9M
ARES Major increase 2025-06-30 Filed 2025-08-13 1,220,881 138,622 780.7% +$196.9M
IQV New 2025-06-30 Filed 2025-08-13 668,756 0 - +$114.2M
CRM Major increase 2025-06-30 Filed 2025-08-13 1,068,324 723,562 47.6% +$105.8M
AMZN Minor increase 2025-06-30 Filed 2025-08-13 1,939,874 1,755,372 10.5% +$105.2M
MSFT Minor reduction 2025-06-30 Filed 2025-08-13 1,218,494 1,393,139 -12.5% +$100.5M
CSGP Major reduction 2025-06-30 Filed 2025-08-13 3,716,484 4,833,477 -23.1% -$73.8M
V Major reduction 2025-06-30 Filed 2025-08-13 668,397 902,016 -25.9% -$70.9M
MA Major reduction 2025-06-30 Filed 2025-08-13 437,891 574,345 -23.8% -$61.0M
QRVO Major reduction 2025-06-30 Filed 2025-08-13 1,320,608 2,377,959 -44.5% -$51.9M
SWKS Major reduction 2025-06-30 Filed 2025-08-13 806,785 1,781,258 -54.7% -$49.4M
EG Minor reduction 2025-06-30 Filed 2025-08-13 1,244,987 1,328,732 -6.3% -$47.2M
SSNC New 2025-06-30 Filed 2025-08-13 474,715 0 - +$43.4M
ELV Major reduction 2025-06-30 Filed 2025-08-13 293,731 378,874 -22.5% -$40.9M
DNB Sold out 2025-06-30 Filed 2025-08-13 0 4,103,360 -100.0% -$36.7M
GOOG Minor reduction 2025-06-30 Filed 2025-08-13 1,750,416 1,861,409 -6.0% +$29.2M
TPG Minor increase 2025-06-30 Filed 2025-08-13 1,984,910 1,819,376 9.1% +$27.1M
HEI.A Major reduction 2025-06-30 Filed 2025-08-13 261,596 459,739 -43.1% -$23.9M
KMX Major reduction 2025-06-30 Filed 2025-08-13 989,986 1,218,127 -18.7% -$22.7M
CCK Major reduction 2025-06-30 Filed 2025-08-13 434,676 745,171 -41.7% -$18.6M
TDG Minor reduction 2025-06-30 Filed 2025-08-13 231,595 249,026 -7.0% +$16.5M
LFUS Minor increase 2025-06-30 Filed 2025-08-13 256,760 227,555 12.8% +$13.4M
SWK Major increase 2025-06-30 Filed 2025-08-13 1,142,185 938,140 21.8% +$13.4M
CBRE Minor reduction 2025-06-30 Filed 2025-08-13 1,491,792 1,572,823 -5.2% +$9.7M
G Minor reduction 2025-06-30 Filed 2025-08-13 705,739 765,615 -7.8% -$7.5M
TKR Major increase 2025-06-30 Filed 2025-08-13 278,516 178,410 56.1% +$7.4M
SDA Major increase 2025-06-30 Filed 2025-08-13 821,208 668,497 22.8% +$6.2M
FBIN Major increase 2025-06-30 Filed 2025-08-13 324,692 182,565 77.9% +$5.6M
ABM Minor reduction 2025-06-30 Filed 2025-08-13 699,964 803,846 -12.9% -$5.0M
ITRN Minor reduction 2025-06-30 Filed 2025-08-13 650,676 764,017 -14.8% -$2.5M
MEDP Minor reduction 2025-06-30 Filed 2025-08-13 287,459 325,916 -11.8% -$2.3M
PRG Minor reduction 2025-06-30 Filed 2025-08-13 678,550 681,746 -0.5% +$1.8M
JLL Minor reduction 2025-06-30 Filed 2025-08-13 480,292 536,063 -10.4% -$1.5M
MLKN Minor reduction 2025-06-30 Filed 2025-08-13 1,120,968 1,124,156 -0.3% +$252,256
CIGI Minor reduction 2025-06-30 Filed 2025-08-13 257,173 278,323 -7.6% -$156,203
PK Minor increase 2025-06-30 Filed 2025-08-13 1,002,586 975,274 2.8% -$152,648

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

No viewpoint records yet.