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FPA

Q4 2013 13F · by Steven Romick, CEO

As of
Dec 31, 2013
Filed
Feb 12, 2014
US stock
$10.6B · prev $9.7B
Positions
133 · prev 125
Options notional
$406,000
Documents
1· no amendments

Picture99.0% US stock

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

  • US stock listed on a US exchange 99.0%
  • Foreign stock not listed in the US 0.7%
  • Notes debt, at principal 0.3%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves111 since the prior filing

+6.9 pp in · −6.9 pp out

Options: 1 move on a notional base, in the table below.

The book

Focused · behaves like 39 equal-sized positions

  1. Very concentrated
  2. Concentrated
  3. Focused
  4. Diversified

Low turnover · 22% a year, about 4.5 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions25% of US stock

  1. MSFT Microsoft Corp added+0.22 pp added+0.226.0%
  2. ORCL Oracle Corp added+1.34 pp added+1.345.3%
  3. CVS Cvs Health Corporation added+0.71 pp added+0.715.0%
  4. unresolved Aon PLC trimmed−0.25 pp trimmed−0.255.0%
  5. TMO Thermo Fisher Scientific, Inc. added+0.38 pp added+0.384.1%

Positions133 in this filing · 5 exited

MSFTMicrosoft Corp5.96%16,861,200$631Madded+1%+0.22 pp3 q
ORCLOracle Corp5.28%14,602,300$559Madded+27%+1.34 pp3 q
CVSCvs Health Corporation5.04%7,451,000$533Madded+1%+0.71 pp3 q
unresolvedAon PLC5.03%6,342,200$532Mtrimmed−7%−0.25 pp3 q
TMOThermo Fisher Scientific, Inc.4.11%3,911,900$436Madded0%+0.38 pp3 q
OXYOccidental Petroleum Corporation3.69%4,103,600$390Madded0%−0.28 pp3 q
unresolvedCovidien PLC3.44%5,346,800$364Mtrimmed−1%+0.04 pp3 q
AIGAmerican International Group, Inc.2.96%6,132,500$313Madded+6%+0.05 pp3 q
unresolvedGoogle Inc.2.87%271,102$304Madded0%+0.42 pp3 q
unresolvedArris Group Inc New2.44%10,600,300$258Madded+1%+0.59 pp3 q
CSCOCisco Systems, Inc. (DE)2.41%11,360,400$255Madded+5%−0.22 pp3 q
unresolvedAlcoa Inc.2.19%21,788,900$232Madded+59%+1.04 pp2 q
OIO-I Glass, Inc.2.08%6,161,107$220Madded0%+0.17 pp3 q
BUDAnheuser-Busch INBEV SA/NV2.06%2,049,300$218Mtrimmed−2%−0.09 pp3 q
unresolvedWellpoint Inc1.99%2,280,600$211Madded0%+0.02 pp3 q
CNQCanadian Natural Resources Limited1.83%5,718,600$194Madded0%−0.03 pp3 q
IPGThe Interpublic Group of Companies, Inc.1.82%10,900,900$193Madded0%−0.11 pp3 q
ADIAnalog Devices, Inc.1.79%3,717,800$189Madded0%−0.02 pp3 q
CHKPCheck Point Software Technologies Ltd1.73%2,837,200$183Madded0%+0.07 pp3 q
unresolvedCarefusion Corp1.71%4,551,800$181Madded0%−0.03 pp3 q
unresolvedVodafone Group PLC New1.70%4,568,500$180Madded0%+0.04 pp3 q
QCOMQualcomm Inc1.56%2,219,900$165Madded0%+0.01 pp3 q
AVTAvnet, Inc.1.53%3,678,842$162Mtrimmed−4%−0.13 pp3 q
ARWArrow Electronics, Inc.1.50%2,924,500$159Mtrimmed−5%−0.04 pp3 q
INTCIntel Corp1.49%6,059,200$157Madded0%+0.05 pp3 q
unresolvedRowan Cos PLC1.40%4,199,500$148Mtrimmed−24%−0.70 pp3 q
BNYBank of New York Mellon Corporation1.30%3,927,900$137Madded0%+0.07 pp3 q
JNJJohnson & Johnson1.30%1,501,800$138Madded0%−0.05 pp3 q
unresolvedWalgreen Co1.25%2,295,200$132Madded0%−0.03 pp3 q
CITCIT Group Inc.1.16%2,356,500$123Madded0%−0.03 pp3 q
WDCWestern Digital Corp.1.09%1,372,500$115Mtrimmed−21%−0.05 pp3 q
YAlleghany Corporation0.98%258,425$103Madded0%−0.11 pp3 q
unresolvedApollo Group Inc Class A0.98%3,795,900$104Mtrimmed−6%+0.11 pp3 q
WMTWalmart Inc.0.96%1,286,700$101Madded0%−0.02 pp3 q
CCitigroup Inc.0.93%1,894,513$99Mtrimmed−0%−0.02 pp3 q
SIGSignet Jewelers Limited0.84%1,128,800$89Mtrimmed−8%−0.07 pp3 q
unresolvedEnsco PLC0.81%1,502,500$86Mtrimmed−16%−0.18 pp3 q
unresolvedDevry Ed Group Inc0.78%2,338,708$83Mtrimmed−5%0.00 pp3 q
unresolvedAtwood Oceanics Inc0.77%1,532,606$82Madded×2.9+0.46 pp3 q
unresolvedJoy Global Inc0.77%1,393,200$81Mnew+0.77 ppnew
ORLYO'Reilly Automotive, Inc.0.75%618,200$80Mtrimmed−23%−0.31 pp3 q
0VQJLTe Connectivity Ltd0.71%1,372,500$76Madded+73%+0.28 pp3 q
OSKOshkosh Corp.0.68%1,430,200$72Mtrimmed−8%−0.11 pp3 q
unresolvedRosetta Resources Inc.0.66%1,452,902$70Mtrimmed−34%−0.58 pp3 q
IDCCInterDigital, Inc.0.63%2,267,100$67Madded+18%−0.11 pp3 q
BACBank of America Corporation0.59%4,020,200$63Mheld—3 q
WBCWabco Holdings Inc.0.58%654,100$61Mtrimmed−23%−0.16 pp3 q
KMXCarMax Inc.0.54%1,224,000$58Mtrimmed−1%−0.08 pp3 q
WOOFoot Locker Inc0.50%1,277,800$53Mtrimmed−10%0.00 pp3 q
SMSM Energy Company0.48%610,500$51Mtrimmed−23%−0.15 pp3 q
SCSCScansource Inc0.48%1,189,164$50Mtrimmed−27%−0.10 pp3 q
GGGGraco Inc0.43%577,600$45Mtrimmed−23%−0.14 pp3 q
IEXIDEX Corporation0.42%598,550$44Mtrimmed−21%−0.09 pp3 q
unresolvedBaker Hughes Inc.0.41%783,939$43Mtrimmed−8%−0.02 pp3 q
PTENPatterson-UTI Energy Inc0.40%1,675,418$42Mtrimmed−5%+0.01 pp3 q
CPRTCopart Inc0.38%1,111,700$41Mtrimmed−27%−0.12 pp3 q
unresolvedNewfield Expl Co0.38%1,654,900$41Mtrimmed−20%−0.21 pp3 q
XECCimarex Energy Co0.37%375,800$39Mtrimmed−11%−0.05 pp3 q
ZBRAZebra Technologies Corporation0.36%710,700$38Mtrimmed−15%−0.04 pp3 q
unresolvedRosetta Resources Inc.0.35%776,200$37Madded+19%−0.02 pp3 q
HTLDHeartland Express Inc0.33%1,756,600$34Mtrimmed−1%+0.07 pp3 q
HPHelmerich & Payne, Inc.0.33%410,700$35Mtrimmed−6%+0.02 pp3 q
TRNTrinity Industries, Inc.0.31%598,650$33Mtrimmed−10%0.00 pp3 q
FHIFederated Hermes, Inc.0.30%1,101,343$32Mtrimmed−5%−0.03 pp3 q
FELEFranklin Electric Co Inc0.30%719,000$32Mtrimmed−27%−0.10 pp3 q
HNIHNI Corporation0.30%810,433$31Mtrimmed−1%−0.01 pp3 q
RSReliance, Inc.0.30%418,008$32Mtrimmed−5%−0.03 pp3 q
NENoble Corporation plc0.30%860,700$32Mnew+0.30 ppnew
unresolvedKnight Transportation, Inc0.28%1,592,200$29Mtrimmed−1%0.00 pp3 q
BIOBio-Rad Laboratories, Inc.Class A0.27%228,300$28Mtrimmed−25%−0.10 pp3 q
AANAaron's Inc0.26%951,600$28Madded×8.0+0.23 pp2 q
unresolvedFmc Technologies Inc0.25%516,400$27Mtrimmed−1%−0.05 pp3 q
MCHPMicrochip Technology Inc0.25%602,551$27Mtrimmed−26%−0.09 pp3 q
unresolvedClarcor Inc0.24%398,400$26Mtrimmed−26%−0.07 pp3 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.0.22%1,336,500$23Mnew+0.22 ppnew
unresolvedLife Technologies Corp0.21%288,198$22Mtrimmed−50%−0.24 pp3 q
VECOVeeco Instruments Inc0.20%648,900$21Madded+1%−0.05 pp3 q
MXIMMaxim Integrated Products0.17%660,900$18Mtrimmed−4%−0.04 pp3 q
CNCCentene Corporation0.16%279,100$16Mtrimmed−6%−0.04 pp3 q
TWITitan International, Inc.(Delaware)0.14%848,100$15Mnew+0.14 ppnew
ACNAccenture PLC0.11%138,475$11Mnew+0.11 ppnew
NDSNNordson Corp0.10%142,300$11Mtrimmed−1%−0.01 pp3 q
VARVarian Medical Systems, Inc.0.10%129,700$10Mtrimmed−26%−0.04 pp3 q
99803EURLaboratory Crp Of Amer Hldgs0.07%84,500$8Mnew+0.07 ppnew
CTRACoterra Energy Inc.0.06%151,800$6Mtrimmed−8%0.00 pp3 q
RGSRegis Corporation0.06%436,800$6Mtrimmed−0%−0.01 pp3 q
SHOSSears Hometown and Outlet Stores, Inc.0.06%249,900$6Mtrimmed−10%−0.03 pp2 q
unresolvedStaples Inc0.06%376,900$6Mnew+0.06 ppnew
ACREAres Commercial Real Estate Corporation0.05%419,412$5Mheld—3 q
ECHOEchoStar Corporation0.05%100,300$5Mheld—3 q
MYGNMyriad Genetics Inc0.05%251,100$5Madded+84%+0.02 pp2 q
unresolvedParkway Prop., Inc.0.05%292,400$6Mheld—3 q
PDCOPatterson Companies, Inc.0.05%136,000$6Mnew+0.05 ppnew
EBAYeBay Inc0.04%79,500$4Mnew+0.04 ppnew
HFWAHeritage Financial Corp0.04%275,000$5Mheld—3 q
MCDMcDonald's Corporation0.04%43,500$4Mnew+0.04 ppnew
ROSTRoss Stores Inc0.04%63,000$5Mnew+0.04 ppnew
STCStewart Information Services Corporation0.04%123,200$4Madded+20%+0.01 pp2 q
SXCPSunCoke Energy Partners, L.P.0.04%159,600$4Mtrimmed−22%−0.01 pp3 q
unresolvedCastle A M & Co0.03%187,200$3Madded+2%0.00 pp3 q
unresolvedHome Federal Bancorp Inc0.02%151,290$2Mheld—3 q
unresolvedPoage Bankshares Inc0.02%118,917$2Mtrimmed−1%0.00 pp3 q
CZWICitizens Community Bancorp, Inc.0.01%108,909$810,000trimmed−5%0.00 pp3 q
FTDFTD Companies, Inc.0.01%34,000$1Mnew+0.01 ppnew
unresolvedFirst Advantage Bancorp0.01%89,600$1Mtrimmed−4%0.00 pp3 q
unresolvedFranklin Financial Corp.0.01%61,598$1Mheld—3 q
unresolvedUnited Online Inc0.01%44,401$611,000new+0.01 ppnew
AZZAZZ Inc.0.00%1,500$73,000held—3 q
AMEAmetek, Inc.0.00%6,025$317,000held—3 q
unresolvedBank Of America Corporation0.00%51,677$334,000trimmed−21%0.00 pp3 q
unresolvedCec Entertainment Inc0.00%900$40,000held—3 q
DLBDolby Laboratories, Inc.Class A0.00%1,700$66,000held—3 q
DCIDonaldson Company, Inc.0.00%1,300$56,000held—3 q
ENZNEnzon Pharmaceuticals Inc0.00%347,035$403,000trimmed−8%−0.01 pp3 q
FLIRFLIR Systems, Inc. (DE)0.00%3,300$99,000held—3 q
FMCCFreddie Mac0.00%1,925$26,000held—2 q
Fannie Maeconvertible0.00%16,363$221,000held—2 q
Fannie Maeconvertible0.00%13,200$185,000held—2 q
Fannie Maeconvertible0.00%6,300$86,000held—2 q
GWWW.W. Grainger, Inc.0.00%900$230,000held—3 q
HOSHornbeck Offshore Services, Inc.0.00%6,100$141,000held—3 q
unresolvedHewlett Packard Co0.00%11,100$311,000trimmed−100%−0.74 pp3 q
unresolvedJpmorgan Chase & Co0.00%10,000$194,000held—3 q
unresolvedLandauer0.00%9,100$479,000held—3 q
unresolvedNaugatuck Valley Finl Corp0.00%24,012$171,000held—3 q
unresolvedOmnicare Inc0.00%1,100$66,000trimmed−100%−0.48 pp3 q
unresolvedSigma Aldrich Corp0.00%2,900$273,000held—3 q
unresolvedTidewater Inc0.00%1,600$95,000held—3 q
TTCToro Company (The)0.00%3,600$229,000held—3 q
TSCOTractor Supply Co0.00%1,000$78,000held—3 q
UNUnilever N V -ny Shares0.00%1,300$52,000trimmed−41%0.00 pp3 q
ECOLUS Ecology Inc0.00%500$19,000held—3 q
WABWabtec Inc.0.00%2,800$208,000held—3 q
unresolvedItt Corp New—−1,215,200—exited−0.45 pp—
LOWLowe's Companies Inc.—−904,200—exited−0.45 pp—
unresolvedNoble Corp—−930,800—exited−0.36 pp—
unresolvedMonster Worldwide Inc—−1,265,000—exited−0.06 pp—
unresolvedTesco PLC Sponsored ADR—−13,400—exited0.00 pp—

Other 13(f) securities

Options 1

Contract% of notionalSharesNotional
C CALL100.00%7,800$406,000

Notes 2

Issue% of notesPrincipalValue
Interdigital Inc60.33%18,500,000$19M
Navistar Intl Corp39.67%12,000,000$12M

Source

Form
13F-HR
Reading
6 defects · 40 unresolved
Accession
0001377581-14-000001
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 2013-12-31
  • A security outside the official 13F list — CUSIP 313586836 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP 313586877 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP 313586885 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP 31848L104 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP 777779109 not on the Official 13(f) List for 2013-12-31