FPA

Q3 2013 13F · by Steven Romick, CEO

As of: Sep 30, 2013
Filed: Nov 14, 2013
US stock: $9.7B · prev $9.4B
Positions: 125 · prev 122
Options notional: $0
Documents: 1· no amendments

Picture98.4% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 98.4%
Foreign stock not listed in the US 1.3%
Notes debt, at principal 0.3%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves112 since the prior filing

+6.8 pp in · −7.2 pp out

New 9 +1.33 pp
Added 32 +5.51 pp
Trimmed 65 −5.72 pp
Exited 6 −1.52 pp

The book

Diversified · behaves like 43 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 25% a year, about 4.0 years per position

Low
Moderate
High

Top 5 positions23% of US stock

MSFT Microsoft Corp added+0.92 pp added+0.925.7%
unresolved Aon PLC trimmed+0.54 pp trimmed+0.545.3%
CVS Cvs Health Corporation added−0.17 pp added−0.174.3%
OXY Occidental Petroleum Corporation added+1.10 pp added+1.104.0%
ORCL Oracle Corp added+0.78 pp added+0.783.9%

Positions125 in this filing · 6 exited


MSFTMicrosoft Corp	5.74%	16,641,700	$554M	added+27%	+0.92 pp	2 q
unresolvedAon PLC	5.28%	6,849,900	$510M	trimmed−1%	+0.54 pp	2 q
CVSCvs Health Corporation	4.33%	7,367,300	$418M	added0%	−0.17 pp	2 q
OXYOccidental Petroleum Corporation	3.97%	4,099,200	$383M	added+36%	+1.10 pp	2 q
ORCLOracle Corp	3.94%	11,481,100	$381M	added+19%	+0.78 pp	2 q
TMOThermo Fisher Scientific, Inc.	3.73%	3,906,100	$360M	added0%	+0.20 pp	2 q
unresolvedCovidien PLC	3.40%	5,386,500	$328M	trimmed0%	−0.22 pp	2 q
AIGAmerican International Group, Inc.	2.91%	5,786,500	$281M	added0%	+0.15 pp	2 q
CSCOCisco Systems, Inc. (DE)	2.63%	10,856,400	$254M	trimmed−6%	−0.37 pp	2 q
unresolvedGoogle Inc.	2.45%	270,501	$237M	added0%	−0.09 pp	2 q
BUDAnheuser-Busch INBEV SA/NV	2.15%	2,094,300	$208M	trimmed−3%	+0.07 pp	2 q
unresolvedRowan Cos PLC	2.10%	5,521,300	$203M	trimmed−17%	−0.33 pp	2 q
unresolvedWellpoint Inc	1.97%	2,276,400	$190M	added0%	−0.02 pp	2 q
IPGThe Interpublic Group of Companies, Inc.	1.93%	10,872,100	$187M	added+8%	+0.36 pp	2 q
OIO-I Glass, Inc.	1.91%	6,148,807	$185M	added0%	+0.09 pp	2 q
CNQCanadian Natural Resources Limited	1.86%	5,710,700	$180M	added0%	+0.14 pp	2 q
unresolvedArris Group Inc New	1.85%	10,487,000	$179M	added+9%	+0.38 pp	2 q
ADIAnalog Devices, Inc.	1.81%	3,711,800	$175M	added0%	+0.03 pp	2 q
unresolvedCarefusion Corp	1.74%	4,539,600	$168M	trimmed−10%	−0.25 pp	2 q
AVTAvnet, Inc.	1.66%	3,847,342	$160M	trimmed−22%	−0.12 pp	2 q
unresolvedVodafone Group PLC New	1.66%	4,557,200	$160M	held	—	2 q
CHKPCheck Point Software Technologies Ltd	1.66%	2,833,600	$160M	added0%	+0.16 pp	2 q
QCOMQualcomm Inc	1.55%	2,216,400	$149M	added×8.9	+1.39 pp	2 q
ARWArrow Electronics, Inc.	1.54%	3,068,600	$149M	trimmed−28%	−0.27 pp	2 q
INTCIntel Corp	1.44%	6,049,500	$139M	added+6%	−0.03 pp	2 q
JNJJohnson & Johnson	1.35%	1,498,300	$130M	trimmed−18%	−0.32 pp	2 q
unresolvedWalgreen Co	1.28%	2,288,500	$123M	trimmed−0%	+0.19 pp	2 q
unresolvedRosetta Resources Inc.	1.24%	2,190,902	$119M	trimmed−8%	+0.16 pp	2 q
BNYBank of New York Mellon Corporation	1.23%	3,918,000	$118M	trimmed−9%	−0.07 pp	2 q
CITCIT Group Inc.	1.19%	2,351,200	$115M	trimmed−9%	−0.10 pp	2 q
unresolvedAlcoa Inc.	1.15%	13,717,000	$111M	new	+1.15 pp	new
WDCWestern Digital Corp.	1.14%	1,738,100	$110M	trimmed−25%	−0.40 pp	2 q
YAlleghany Corporation	1.09%	257,770	$106M	trimmed−13%	−0.13 pp	2 q
ORLYO'Reilly Automotive, Inc.	1.06%	801,600	$102M	trimmed−0%	+0.09 pp	2 q
unresolvedEnsco PLC	0.99%	1,783,300	$96M	trimmed−5%	−0.18 pp	2 q
WMTWalmart Inc.	0.98%	1,284,700	$95M	added0%	−0.04 pp	2 q
CCitigroup Inc.	0.95%	1,897,413	$92M	added0%	−0.02 pp	2 q
SIGSignet Jewelers Limited	0.91%	1,226,700	$88M	trimmed−21%	−0.21 pp	2 q
unresolvedApollo Group Inc Class A	0.87%	4,024,700	$84M	added+2%	+0.12 pp	2 q
OSKOshkosh Corp.	0.79%	1,555,300	$76M	trimmed−35%	−0.18 pp	2 q
unresolvedDevry Ed Group Inc	0.78%	2,457,308	$75M	added+1%	−0.02 pp	2 q
unresolvedHewlett Packard Co	0.74%	3,414,700	$72M	added0%	−0.16 pp	2 q
IDCCInterDigital, Inc.	0.74%	1,926,248	$72M	trimmed−3%	−0.21 pp	2 q
WBCWabco Holdings Inc.	0.74%	848,600	$72M	trimmed−0%	+0.06 pp	2 q
SMSM Energy Company	0.63%	788,400	$61M	trimmed−7%	+0.09 pp	2 q
KMXCarMax Inc.	0.62%	1,236,100	$60M	trimmed−26%	−0.20 pp	2 q
unresolvedNewfield Expl Co	0.59%	2,079,000	$57M	trimmed−18%	−0.06 pp	2 q
SCSCScansource Inc	0.58%	1,618,164	$56M	trimmed−0%	+0.03 pp	2 q
BACBank of America Corporation	0.57%	4,020,200	$55M	added0%	+0.02 pp	2 q
GGGGraco Inc	0.57%	749,400	$56M	trimmed−0%	+0.06 pp	2 q
IEXIDEX Corporation	0.51%	755,500	$49M	trimmed−0%	+0.07 pp	2 q
CPRTCopart Inc	0.50%	1,521,600	$48M	trimmed−0%	0.00 pp	2 q
WOOFoot Locker Inc	0.50%	1,413,500	$48M	trimmed−5%	−0.06 pp	2 q
unresolvedOmnicare Inc	0.48%	836,500	$46M	trimmed−82%	−1.93 pp	2 q
unresolvedItt Corp New	0.45%	1,215,200	$44M	trimmed−37%	−0.15 pp	2 q
unresolvedLife Technologies Corp	0.45%	581,198	$43M	held	—	2 q
LOWLowe's Companies Inc.	0.45%	904,200	$43M	trimmed−71%	−0.90 pp	2 q
unresolvedBaker Hughes Inc.	0.43%	853,976	$42M	trimmed−5%	−0.02 pp	2 q
0VQJLTe Connectivity Ltd	0.43%	794,700	$41M	added0%	+0.04 pp	2 q
XECCimarex Energy Co	0.42%	421,400	$41M	trimmed−5%	+0.11 pp	2 q
FELEFranklin Electric Co Inc	0.40%	978,600	$39M	held	—	2 q
ZBRAZebra Technologies Corporation	0.40%	840,325	$38M	trimmed−0%	+0.01 pp	2 q
PTENPatterson-UTI Energy Inc	0.39%	1,765,118	$38M	trimmed−4%	+0.01 pp	2 q
BIOBio-Rad Laboratories, Inc.Class A	0.37%	303,700	$36M	trimmed−0%	+0.01 pp	2 q
unresolvedRosetta Resources Inc.	0.37%	652,600	$36M	added+12%	+0.11 pp	2 q
unresolvedNoble Corp	0.36%	930,800	$35M	trimmed−23%	−0.12 pp	2 q
MCHPMicrochip Technology Inc	0.34%	818,351	$33M	held	—	2 q
FHIFederated Hermes, Inc.	0.33%	1,163,343	$32M	trimmed−5%	−0.03 pp	2 q
RSReliance, Inc.	0.33%	438,108	$32M	trimmed−20%	−0.05 pp	2 q
unresolvedAtwood Oceanics Inc	0.31%	536,835	$30M	trimmed−6%	−0.01 pp	2 q
unresolvedClarcor Inc	0.31%	540,900	$30M	trimmed−0%	+0.01 pp	2 q
HNIHNI Corporation	0.31%	818,233	$30M	trimmed−25%	−0.11 pp	2 q
HPHelmerich & Payne, Inc.	0.31%	438,500	$30M	trimmed−4%	0.00 pp	2 q
TRNTrinity Industries, Inc.	0.31%	664,650	$30M	trimmed−17%	−0.02 pp	2 q
unresolvedFmc Technologies Inc	0.30%	522,100	$29M	trimmed−28%	−0.13 pp	2 q
unresolvedKnight Transportation, Inc	0.28%	1,607,100	$27M	added+5%	0.00 pp	2 q
HTLDHeartland Express Inc	0.26%	1,773,200	$25M	trimmed−0%	0.00 pp	2 q
VECOVeeco Instruments Inc	0.25%	644,600	$24M	trimmed−3%	0.00 pp	2 q
MXIMMaxim Integrated Products	0.21%	687,000	$20M	held	—	2 q
CNCCentene Corporation	0.20%	298,000	$19M	trimmed−4%	+0.03 pp	2 q
VARVarian Medical Systems, Inc.	0.14%	175,500	$13M	held	—	2 q
NDSNNordson Corp	0.11%	143,500	$11M	added+62%	+0.04 pp	2 q
SHOSSears Hometown and Outlet Stores, Inc.	0.09%	277,100	$9M	new	+0.09 pp	new
RGSRegis Corporation	0.07%	437,000	$6M	added0%	−0.01 pp	2 q
CTRACoterra Energy Inc.	0.06%	165,800	$6M	trimmed−61%	−0.10 pp	2 q
unresolvedMonster Worldwide Inc	0.06%	1,265,000	$6M	added+27%	+0.01 pp	2 q
ACREAres Commercial Real Estate Corporation	0.05%	419,412	$5M	added+42%	+0.01 pp	2 q
ECHOEchoStar Corporation	0.05%	100,300	$4M	added+3%	+0.01 pp	2 q
unresolvedParkway Prop., Inc.	0.05%	292,400	$5M	held	—	2 q
SXCPSunCoke Energy Partners, L.P.	0.05%	204,600	$5M	held	—	2 q
HFWAHeritage Financial Corp	0.04%	275,000	$4M	held	—	2 q
AANAaron's Inc	0.03%	119,100	$3M	new	+0.03 pp	new
unresolvedCastle A M & Co	0.03%	184,000	$3M	added×2.0	+0.01 pp	2 q
MYGNMyriad Genetics Inc	0.03%	136,500	$3M	new	+0.03 pp	new
STCStewart Information Services Corporation	0.03%	102,800	$3M	new	+0.03 pp	new
unresolvedHome Federal Bancorp Inc	0.02%	151,290	$2M	held	—	2 q
unresolvedPoage Bankshares Inc	0.02%	120,404	$2M	held	—	2 q
CZWICitizens Community Bancorp, Inc.	0.01%	114,160	$828,000	held	—	2 q
ENZNEnzon Pharmaceuticals Inc	0.01%	377,035	$633,000	trimmed−1%	0.00 pp	2 q
unresolvedFirst Advantage Bancorp	0.01%	92,850	$1M	held	—	2 q
unresolvedFranklin Financial Corp.	0.01%	61,598	$1M	held	—	2 q
AZZAZZ Inc.	0.00%	1,500	$63,000	added+7%	0.00 pp	2 q
AMEAmetek, Inc.	0.00%	6,025	$277,000	trimmed−28%	0.00 pp	2 q
unresolvedBank Of America Corporation	0.00%	65,277	$398,000	held	—	2 q
unresolvedCec Entertainment Inc	0.00%	900	$41,000	trimmed−25%	0.00 pp	2 q
DLBDolby Laboratories, Inc.Class A	0.00%	1,700	$59,000	trimmed−26%	0.00 pp	2 q
DCIDonaldson Company, Inc.	0.00%	1,300	$50,000	trimmed−24%	0.00 pp	2 q
FLIRFLIR Systems, Inc. (DE)	0.00%	3,300	$104,000	trimmed−27%	0.00 pp	2 q
FMCCFreddie Mac	0.00%	1,925	$17,000	new	0.00 pp	new
Fannie Maeconvertible	0.00%	16,363	$151,000	new	0.00 pp	new
Fannie Maeconvertible	0.00%	13,200	$121,000	new	0.00 pp	new
Fannie Maeconvertible	0.00%	6,300	$57,000	new	0.00 pp	new
GWWW.W. Grainger, Inc.	0.00%	900	$236,000	trimmed−25%	0.00 pp	2 q
HOSHornbeck Offshore Services, Inc.	0.00%	6,100	$155,000	trimmed−27%	0.00 pp	2 q
unresolvedJpmorgan Chase & Co	0.00%	10,000	$168,000	held	—	2 q
unresolvedLandauer	0.00%	9,100	$466,000	trimmed−29%	−0.01 pp	2 q
unresolvedNaugatuck Valley Finl Corp	0.00%	24,012	$181,000	held	—	2 q
unresolvedSigma Aldrich Corp	0.00%	2,900	$247,000	trimmed−26%	0.00 pp	2 q
unresolvedTesco PLC Sponsored ADR	0.00%	13,400	$235,000	held	—	2 q
unresolvedTidewater Inc	0.00%	1,600	$95,000	trimmed−27%	0.00 pp	2 q
TTCToro Company (The)	0.00%	3,600	$196,000	trimmed−27%	0.00 pp	2 q
TSCOTractor Supply Co	0.00%	1,000	$67,000	trimmed−29%	0.00 pp	2 q
UNUnilever N V -ny Shares	0.00%	2,200	$83,000	trimmed−54%	0.00 pp	2 q
ECOLUS Ecology Inc	0.00%	500	$15,000	held	—	2 q
WABWabtec Inc.	0.00%	2,800	$176,000	trimmed−26%	0.00 pp	2 q
unresolvedHealth Net Inc	—	−2,075,500	—	exited	−0.71 pp	—
unresolvedXerox Corp	—	−7,251,300	—	exited	−0.70 pp	—
unresolvedAlliant Techsystems Inc	—	−118,000	—	exited	−0.10 pp	—
RUSHBRush Enterprises Inc	—	−36,400	—	exited	−0.01 pp	—
unresolvedMaidenform Brands Inc	—	−1,600	—	exited	0.00 pp	—
unresolvedVolt Information Sciences Inc	—	−62,805	—	exited	0.00 pp	—

Other 13(f) securities

Options 0

None in this filing

Notes 2

Issue	% of notes	Principal	Value
Interdigital Inc	61.26%	18,500,000	$19M
Navistar Intl Corp	38.74%	12,000,000	$12M

Source

Form: 13F-HR
Reading: 7 defects · 41 unresolved
Accession: 0001377581-13-000011
Options: none in this filing
SEC cross-check: SEC data set not published yet

A security outside the official 13F list — CUSIP 313400301 not on the Official 13(f) List for 2013-09-30
A security outside the official 13F list — CUSIP 313586836 not on the Official 13(f) List for 2013-09-30
A security outside the official 13F list — CUSIP 313586877 not on the Official 13(f) List for 2013-09-30
A security outside the official 13F list — CUSIP 313586885 not on the Official 13(f) List for 2013-09-30
A security outside the official 13F list — CUSIP 31848L104 not on the Official 13(f) List for 2013-09-30
A security outside the official 13F list — CUSIP 777779109 not on the Official 13(f) List for 2013-09-30
A security outside the official 13F list — CUSIP 881575302 not on the Official 13(f) List for 2013-09-30

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