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FPA

Q1 2014 13F · by Steven Romick, CEO

As of
Mar 31, 2014
Filed
May 13, 2014
US stock
$11.4B · prev $10.6B
Positions
139 · prev 133
Options notional
$0
Documents
1· no amendments

Picture98.2% US stock

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

  • US stock listed on a US exchange 98.2%
  • Foreign stock not listed in the US 1.6%
  • Notes debt, at principal 0.3%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves107 since the prior filing

+4.0 pp in · −3.9 pp out

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

The book

Diversified · behaves like 41 equal-sized positions

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

Low turnover · 17% a year, about 6.0 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions25% of US stock

  1. MSFT Microsoft Corp added+0.10 pp added+0.106.1%
  2. ORCL Oracle Corp added+0.32 pp added+0.325.6%
  3. CVS Cvs Health Corporation added−0.14 pp added−0.144.9%
  4. unresolved Aon PLC added−0.15 pp added−0.154.9%
  5. TMO Thermo Fisher Scientific, Inc. trimmed−0.41 pp trimmed−0.413.7%

Positions139 in this filing · 8 exited

MSFTMicrosoft Corp6.06%16,874,500$692Madded0%+0.10 pp4 q
ORCLOracle Corp5.60%15,631,000$639Madded+7%+0.32 pp4 q
CVSCvs Health Corporation4.90%7,470,700$559Madded0%−0.14 pp4 q
unresolvedAon PLC4.88%6,606,700$557Madded+4%−0.15 pp4 q
TMOThermo Fisher Scientific, Inc.3.70%3,509,100$422Mtrimmed−10%−0.41 pp4 q
OXYOccidental Petroleum Corporation3.50%4,188,000$399Madded+2%−0.19 pp4 q
unresolvedCovidien PLC3.35%5,184,500$382Mtrimmed−3%−0.09 pp4 q
AIGAmerican International Group, Inc.2.91%6,636,500$332Madded+8%−0.05 pp4 q
unresolvedArris Group Inc New2.65%10,736,000$303Madded+1%+0.21 pp4 q
unresolvedAlcoa Inc.2.47%21,856,800$281Madded0%+0.28 pp3 q
CSCOCisco Systems, Inc. (DE)2.24%11,398,500$255Madded0%−0.17 pp4 q
unresolvedGoogle Inc.2.24%229,667$256Mtrimmed−15%−0.63 pp4 q
unresolvedWellpoint Inc2.00%2,288,500$228Madded0%+0.01 pp4 q
CNQCanadian Natural Resources Limited1.92%5,716,400$219Mtrimmed−0%+0.09 pp4 q
BUDAnheuser-Busch INBEV SA/NV1.90%2,055,600$216Madded0%−0.16 pp4 q
OIO-I Glass, Inc.1.83%6,186,107$209Madded0%−0.25 pp4 q
ADIAnalog Devices, Inc.1.74%3,731,900$198Madded0%−0.05 pp4 q
CHKPCheck Point Software Technologies Ltd1.69%2,847,700$193Madded0%−0.04 pp4 q
JNJJohnson & Johnson1.67%1,936,200$190Madded+29%+0.37 pp4 q
IPGThe Interpublic Group of Companies, Inc.1.65%11,007,500$189Madded+1%−0.17 pp4 q
unresolvedCarefusion Corp1.61%4,568,100$184Madded0%−0.10 pp4 q
QCOMQualcomm Inc1.54%2,228,100$176Madded0%−0.02 pp4 q
unresolvedJoy Global Inc1.48%2,915,000$169Madded×2.1+0.71 pp2 q
INTCIntel Corp1.38%6,082,300$157Madded0%−0.11 pp4 q
AVTAvnet, Inc.1.33%3,266,600$152Mtrimmed−11%−0.20 pp4 q
unresolvedWalgreen Co1.33%2,304,500$152Madded0%+0.08 pp4 q
unresolvedRowan Cos PLC1.30%4,387,200$148Madded+4%−0.10 pp4 q
ARWArrow Electronics, Inc.1.29%2,476,300$147Mtrimmed−15%−0.21 pp4 q
CITCIT Group Inc.1.18%2,738,000$134Madded+16%+0.02 pp4 q
unresolvedApollo Group Inc Class A1.11%3,701,600$127Mtrimmed−2%+0.13 pp4 q
BNYBank of New York Mellon Corporation1.05%3,403,300$120Mtrimmed−13%−0.25 pp4 q
CCitigroup Inc.1.02%2,450,413$117Madded+29%+0.09 pp4 q
YAlleghany Corporation1.01%281,792$115Madded+9%+0.03 pp4 q
WDCWestern Digital Corp.1.00%1,240,700$114Mtrimmed−10%−0.09 pp4 q
SIGSignet Jewelers Limited0.97%1,041,100$110Mtrimmed−8%+0.13 pp4 q
0VQJLTe Connectivity Ltd0.93%1,763,000$106Madded+28%+0.22 pp4 q
unresolvedAtwood Oceanics Inc0.92%2,086,806$105Madded+36%+0.15 pp4 q
unresolvedDevry Ed Group Inc0.89%2,399,908$102Madded+3%+0.11 pp4 q
WMTWalmart Inc.0.86%1,290,900$99Madded0%−0.10 pp4 q
unresolvedEnsco PLC0.86%1,851,600$98Madded+23%+0.05 pp4 q
VODVodafone Group PLC0.81%2,498,445$92Mnew+0.81 ppnew
ORLYO'Reilly Automotive, Inc.0.78%598,900$89Mtrimmed−3%+0.03 pp4 q
IDCCInterDigital, Inc.0.73%2,510,000$83Madded+11%+0.10 pp4 q
BACBank of America Corporation0.61%4,035,700$69Madded0%+0.02 pp4 q
OSKOshkosh Corp.0.61%1,182,800$70Mtrimmed−17%−0.07 pp4 q
WBCWabco Holdings Inc.0.60%643,400$68Mtrimmed−2%+0.02 pp4 q
unresolvedRosetta Resources Inc.0.59%1,452,902$68Mheld—4 q
unresolvedRosetta Resources Inc.0.55%1,342,498$63Madded+73%+0.20 pp4 q
KMXCarMax Inc.0.49%1,204,500$56Mtrimmed−2%−0.05 pp4 q
WOOFoot Locker Inc0.48%1,163,500$55Mtrimmed−9%−0.02 pp4 q
unresolvedNewfield Expl Co0.43%1,560,200$49Mtrimmed−6%+0.05 pp4 q
ZBRAZebra Technologies Corporation0.43%701,400$49Mtrimmed−1%+0.07 pp4 q
SCSCScansource Inc0.42%1,171,064$48Mtrimmed−2%−0.06 pp4 q
PTENPatterson-UTI Energy Inc0.40%1,451,618$46Mtrimmed−13%0.00 pp4 q
unresolvedBaker Hughes Inc.0.39%685,839$45Mtrimmed−13%−0.02 pp4 q
XECCimarex Energy Co0.39%373,200$44Mtrimmed−1%+0.02 pp4 q
SMSM Energy Company0.39%616,800$44Madded+1%−0.09 pp4 q
TRNTrinity Industries, Inc.0.38%597,150$43Mtrimmed−0%+0.07 pp4 q
GGGGraco Inc0.37%569,500$43Mtrimmed−1%−0.06 pp4 q
unresolvedLukoil Oao Sponsored ADR0.37%761,500$42Mnew+0.37 ppnew
IEXIDEX Corporation0.36%569,350$42Mtrimmed−5%−0.06 pp4 q
CPRTCopart Inc0.35%1,092,700$40Mtrimmed−2%−0.03 pp4 q
HPHelmerich & Payne, Inc.0.35%370,300$40Mtrimmed−10%+0.02 pp4 q
HTLDHeartland Express Inc0.34%1,730,000$39Mtrimmed−2%+0.01 pp4 q
unresolvedKnight Transportation, Inc0.32%1,569,900$36Mtrimmed−1%+0.04 pp4 q
OGZDGazprom Pjsc-spon ADR0.30%4,445,100$34Mnew+0.30 ppnew
FHIFederated Hermes, Inc.0.28%1,061,343$32Mtrimmed−4%−0.02 pp4 q
ROSNRosneft Oil Co Pjsc-regs Gdr0.28%4,750,100$32Mnew+0.28 ppnew
FELEFranklin Electric Co Inc0.26%705,600$30Mtrimmed−2%−0.04 pp4 q
HNIHNI Corporation0.26%797,233$29Mtrimmed−2%−0.04 pp4 q
RSReliance, Inc.0.26%418,008$30Mheld—4 q
TWITitan International, Inc.(Delaware)0.26%1,551,400$29Madded+83%+0.12 pp2 q
AANAaron's Inc0.25%951,600$29Mheld—3 q
BIOBio-Rad Laboratories, Inc.Class A0.25%225,400$29Mtrimmed−1%−0.02 pp4 q
MCHPMicrochip Technology Inc0.25%593,051$28Mtrimmed−2%0.00 pp4 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.0.24%1,386,500$28Madded+4%+0.02 pp2 q
NENoble Corporation plc0.24%848,500$28Mtrimmed−1%−0.06 pp2 q
unresolvedFmc Technologies Inc0.23%507,100$27Mtrimmed−2%−0.02 pp4 q
UPBDUpbound Group, Inc.0.23%985,300$26Mnew+0.23 ppnew
unresolvedWalter Invt Mgmt Corp0.21%800,000$24Mnew+0.21 ppnew
unresolvedClarcor Inc0.20%392,200$22Mtrimmed−2%−0.04 pp4 q
MXIMMaxim Integrated Products0.19%653,000$22Mtrimmed−1%+0.02 pp4 q
VECOVeeco Instruments Inc0.18%493,800$21Mtrimmed−24%−0.02 pp4 q
RGSRegis Corporation0.17%1,420,400$19Madded×3.3+0.11 pp4 q
CNCCentene Corporation0.16%289,300$18Madded+4%0.00 pp4 q
BBYD20230930-DK-BUTTERFLY-1 Inc0.15%246,100$17Mnew+0.15 ppnew
AGCOAGCO Corporation0.12%254,000$14Mnew+0.12 ppnew
NDSNNordson Corp0.12%187,200$13Madded+32%+0.02 pp4 q
ACNAccenture PLC0.10%138,475$11Mheld—2 q
VARVarian Medical Systems, Inc.0.09%127,600$11Mtrimmed−2%−0.01 pp4 q
MYGNMyriad Genetics Inc0.08%251,100$9Mheld—3 q
99803EURLaboratory Crp Of Amer Hldgs0.07%84,500$8Mheld—2 q
unresolvedOuterwall Inc0.06%100,000$7Mnew+0.06 ppnew
ACREAres Commercial Real Estate Corporation0.05%419,412$6Mheld—4 q
CTRACoterra Energy Inc.0.05%151,800$5Mheld—4 q
PDCOPatterson Companies, Inc.0.05%136,000$6Mheld—2 q
SHOSSears Hometown and Outlet Stores, Inc.0.05%249,900$6Mheld—3 q
EBAYeBay Inc0.04%79,500$4Mheld—2 q
ECHOEchoStar Corporation0.04%100,300$5Mheld—4 q
HFWAHeritage Financial Corp0.04%275,000$5Mheld—4 q
MCDMcDonald's Corporation0.04%43,500$4Mheld—2 q
ROSTRoss Stores Inc0.04%63,000$5Mheld—2 q
STCStewart Information Services Corporation0.04%116,600$4Mtrimmed−5%0.00 pp3 q
SXCPSunCoke Energy Partners, L.P.0.04%159,600$5Mheld—4 q
EZPWEzcorp Inc0.03%297,500$3Mnew+0.03 ppnew
unresolvedHome Federal Bancorp Inc0.02%151,290$2Mheld—4 q
unresolvedCastle A M & Co0.01%100,200$1Mtrimmed−46%−0.02 pp4 q
CZWICitizens Community Bancorp, Inc.0.01%108,909$871,000held—4 q
unresolvedFirst Advantage Bancorp0.01%89,600$1Mheld—4 q
unresolvedFranklin Financial Corp.0.01%61,598$1Mheld—4 q
GAZGazprom Neft-sponsored ADR0.01%28,174$580,000new+0.01 ppnew
unresolvedPoage Bankshares Inc0.01%116,447$2Mtrimmed−2%−0.01 pp4 q
AZZAZZ Inc.0.00%2,500$112,000added+67%0.00 pp4 q
AMEAmetek, Inc.0.00%6,025$310,000held—4 q
unresolvedBank Of America Corporation0.00%51,677$425,000held—4 q
DLBDolby Laboratories, Inc.Class A0.00%1,700$76,000held—4 q
DCIDonaldson Company, Inc.0.00%1,300$55,000held—4 q
ENZNEnzon Pharmaceuticals Inc0.00%347,035$357,000held—4 q
FLIRFLIR Systems, Inc. (DE)0.00%3,300$119,000held—4 q
FMCCFreddie Mac0.00%1,925$34,000held—3 q
Fannie Maeconvertible0.00%16,363$272,000held—3 q
Fannie Maeconvertible0.00%13,200$237,000held—3 q
Fannie Maeconvertible0.00%6,300$110,000held—3 q
GWWW.W. Grainger, Inc.0.00%1,000$253,000added+11%0.00 pp4 q
HOSHornbeck Offshore Services, Inc.0.00%6,100$140,000held—4 q
unresolvedJpmorgan Chase & Co0.00%10,000$202,000held—4 q
unresolvedLandauer0.00%9,100$413,000held—4 q
unresolvedMeadowbrook Ins Group Inc0.00%13,600$79,000new0.00 ppnew
unresolvedNaugatuck Valley Finl Corp0.00%24,012$181,000held—4 q
unresolvedPortfolio Recovery Assoc0.00%200$12,000new0.00 ppnew
unresolvedSigma Aldrich Corp0.00%2,700$252,000trimmed−7%0.00 pp4 q
unresolvedTidewater Inc0.00%1,600$78,000held—4 q
TTCToro Company (The)0.00%3,600$227,000held—4 q
TSSTotal System Services, Inc.0.00%400$12,000new0.00 ppnew
TSCOTractor Supply Co0.00%1,000$71,000held—4 q
UNUnilever N V -ny Shares0.00%1,300$53,000held—4 q
unresolvedUnited Online Inc0.00%44,401$513,000held—2 q
ECOLUS Ecology Inc0.00%500$19,000held—4 q
WABWabtec Inc.0.00%2,800$217,000held—4 q
unresolvedVodafone Group PLC New—−4,568,500—exited−1.70 pp—
unresolvedLife Technologies Corp—−288,198—exited−0.21 pp—
unresolvedStaples Inc—−376,900—exited−0.06 pp—
unresolvedParkway Prop., Inc.—−292,400—exited−0.05 pp—
FTDFTD Companies, Inc.—−34,000—exited−0.01 pp—
unresolvedCec Entertainment Inc—−900—exited0.00 pp—
unresolvedHewlett Packard Co—−11,100—exited0.00 pp—
unresolvedOmnicare Inc—−1,100—exited0.00 pp—

Other 13(f) securities

Options 0

None in this filing

Notes 2

Issue% of notesPrincipalValue
Interdigital Inc61.27%18,500,000$19M
Navistar Intl Corp38.73%12,000,000$12M

Source

Form
13F-HR
Reading
10 defects · 38 unresolved
Accession
0001377581-14-000012
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 2014-03-31
  • A security outside the official 13F list — CUSIP 313586836 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 313586877 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 313586885 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 31848L104 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 368287207 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 36829G107 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 677862104 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 67812M207 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 777779109 not on the Official 13(f) List for 2014-03-31