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FPA

Q2 2014 13F · by Steven Romick, CEO

As of
Jun 30, 2014
Filed
Aug 14, 2014
US stock
$12.3B · prev $11.4B
Positions
132 · prev 139
Options notional
$0
Documents
1· no amendments

Picture99.7% US stock

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

  • US stock listed on a US exchange 99.7%
  • Foreign stock not listed in the US 0.0%
  • Notes debt, at principal 0.3%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves90 since the prior filing

The book

Diversified · behaves like 42 equal-sized positions

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

Low turnover · 18% a year, about 5.5 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions24% of US stock

  1. MSFT Microsoft Corp added−0.32 pp added−0.325.7%
  2. ORCL Oracle Corp added−0.38 pp added−0.385.2%
  3. unresolved Aon PLC held held4.8%
  4. CVS Cvs Health Corporation added−0.30 pp added−0.304.6%
  5. unresolved Covidien PLC trimmed+0.19 pp trimmed+0.193.5%

Positions132 in this filing · 12 exited

MSFTMicrosoft Corp5.74%16,918,200$705Madded0%−0.32 pp5 q
ORCLOracle Corp5.22%15,810,200$641Madded+1%−0.38 pp5 q
unresolvedAon PLC4.85%6,606,700$595Mheld—5 q
CVSCvs Health Corporation4.60%7,497,100$565Madded0%−0.30 pp5 q
unresolvedCovidien PLC3.54%4,822,800$435Mtrimmed−7%+0.19 pp5 q
OXYOccidental Petroleum Corporation3.51%4,197,800$431Madded0%+0.01 pp5 q
TMOThermo Fisher Scientific, Inc.3.38%3,521,200$416Madded0%−0.32 pp5 q
unresolvedArris Group Inc New3.07%11,585,200$377Madded+8%+0.42 pp5 q
AIGAmerican International Group, Inc.2.96%6,666,200$364Madded0%+0.05 pp5 q
unresolvedAlcoa Inc.2.65%21,899,600$326Madded0%+0.18 pp4 q
CCitigroup Inc.2.49%6,487,000$306Madded×2.6+1.47 pp5 q
CSCOCisco Systems, Inc. (DE)2.31%11,441,500$284Madded0%+0.07 pp5 q
CNQCanadian Natural Resources Limited2.06%5,519,100$253Mtrimmed−3%+0.14 pp5 q
unresolvedWellpoint Inc2.00%2,282,800$246Mtrimmed−0%0.00 pp5 q
BUDAnheuser-Busch INBEV SA/NV1.93%2,062,900$237Madded0%+0.03 pp5 q
OIO-I Glass, Inc.1.75%6,201,807$215Madded0%−0.08 pp5 q
ADIAnalog Devices, Inc.1.65%3,746,900$203Madded0%−0.09 pp5 q
unresolvedExpress Scripts Hldg Co1.60%2,838,100$197Mnew+1.60 ppnew
JNJJohnson & Johnson1.58%1,851,700$194Mtrimmed−4%−0.09 pp5 q
CHKPCheck Point Software Technologies Ltd1.56%2,857,400$192Madded0%−0.13 pp5 q
INTCIntel Corp1.53%6,098,900$188Madded0%+0.15 pp5 q
IPGThe Interpublic Group of Companies, Inc.1.53%9,604,900$187Mtrimmed−13%−0.12 pp5 q
unresolvedJoy Global Inc1.50%2,983,900$184Madded+2%+0.02 pp3 q
QCOMQualcomm Inc1.44%2,237,500$177Madded0%−0.10 pp5 q
unresolvedRosetta Resources Inc.1.43%3,193,900$175Madded×2.4+0.88 pp5 q
unresolvedWalgreen Co1.40%2,314,100$172Madded0%+0.07 pp5 q
unresolvedCarefusion Corp1.37%3,801,500$169Mtrimmed−17%−0.24 pp5 q
unresolvedRowan Cos PLC1.22%4,701,000$150Madded+7%−0.08 pp5 q
AVTAvnet, Inc.1.20%3,332,200$148Madded+2%−0.13 pp5 q
unresolvedApollo Group Inc Class A1.17%4,594,000$144Madded+24%+0.06 pp5 q
IDCCInterDigital, Inc.1.12%2,885,221$138Madded+15%+0.39 pp5 q
unresolvedGoogle Inc.1.10%230,544$135Madded0%−1.14 pp5 q
GOOGAlphabet Inc. Class C1.08%230,544$133Mnew+1.08 ppnew
ARWArrow Electronics, Inc.1.06%2,162,200$131Mtrimmed−13%−0.23 pp5 q
BNYBank of New York Mellon Corporation1.04%3,414,400$128Madded0%−0.01 pp5 q
unresolvedAtwood Oceanics Inc1.03%2,400,400$126Madded+15%+0.11 pp5 q
WDCWestern Digital Corp.1.02%1,355,800$125Madded+9%+0.02 pp5 q
YAlleghany Corporation1.01%282,628$124Madded0%0.00 pp5 q
SIGSignet Jewelers Limited0.94%1,041,100$115Mheld—5 q
0VQJLTe Connectivity Ltd0.93%1,849,000$114Madded+5%0.00 pp5 q
CITCIT Group Inc.0.89%2,379,200$109Mtrimmed−13%−0.29 pp5 q
unresolvedEnsco PLC0.88%1,943,200$108Madded+5%+0.02 pp5 q
VODVodafone Group PLC0.86%3,167,262$106Madded+27%+0.05 pp2 q
unresolvedDevry Ed Group Inc0.80%2,332,708$99Mtrimmed−3%−0.09 pp5 q
ORLYO'Reilly Automotive, Inc.0.73%598,900$90Mheld—5 q
WBCWabco Holdings Inc.0.56%643,200$69Mtrimmed−0%−0.04 pp5 q
BACBank of America Corporation0.51%4,045,700$62Madded0%−0.10 pp5 q
KMXCarMax Inc.0.51%1,204,500$63Mheld—5 q
unresolvedNewfield Expl Co0.51%1,404,100$62Mtrimmed−10%+0.08 pp5 q
OSKOshkosh Corp.0.48%1,070,900$59Mtrimmed−9%−0.13 pp5 q
WOOFoot Locker Inc0.46%1,120,600$57Mtrimmed−4%−0.02 pp5 q
SMSM Energy Company0.42%608,800$51Mtrimmed−1%+0.03 pp5 q
XECCimarex Energy Co0.41%353,200$51Mtrimmed−5%+0.02 pp5 q
unresolvedWalter Invt Mgmt Corp0.41%1,695,100$50Madded×2.1+0.20 pp2 q
TWITitan International, Inc.(Delaware)0.40%2,955,900$50Madded+91%+0.14 pp3 q
IEXIDEX Corporation0.37%569,350$46Mheld—5 q
GGGGraco Inc0.36%569,500$44Mheld—5 q
SCSCScansource Inc0.36%1,171,064$45Mheld—5 q
PTENPatterson-UTI Energy Inc0.35%1,246,800$44Mtrimmed−14%−0.05 pp5 q
HPHelmerich & Payne, Inc.0.34%364,700$42Mtrimmed−2%−0.01 pp5 q
TRNTrinity Industries, Inc.0.33%938,900$41Madded+57%−0.05 pp5 q
CPRTCopart Inc0.32%1,092,700$39Mheld—5 q
HTLDHeartland Express Inc0.30%1,730,000$37Mheld—5 q
unresolvedKnight Transportation, Inc0.30%1,569,900$37Mheld—5 q
CNCCentene Corporation0.29%469,100$35Madded+62%+0.13 pp5 q
AANAaron's Inc0.28%958,200$34Madded+1%+0.03 pp4 q
AGCOAGCO Corporation0.27%580,400$33Madded×2.3+0.15 pp2 q
FHIFederated Hermes, Inc.0.27%1,089,643$34Madded+3%−0.01 pp5 q
RGSRegis Corporation0.26%2,268,400$32Madded+60%+0.09 pp5 q
unresolvedFmc Technologies Inc0.25%507,100$31Mheld—5 q
HNIHNI Corporation0.25%796,433$31Mtrimmed−0%−0.01 pp5 q
RSReliance, Inc.0.25%417,308$31Mtrimmed−0%−0.01 pp5 q
unresolvedBaker Hughes Inc.0.24%401,900$30Mtrimmed−41%−0.15 pp5 q
MCHPMicrochip Technology Inc0.24%593,051$29Mheld—5 q
FELEFranklin Electric Co Inc0.23%705,600$28Mheld—5 q
BIOBio-Rad Laboratories, Inc.Class A0.22%225,400$27Mheld—5 q
UPBDUpbound Group, Inc.0.22%960,400$28Mtrimmed−3%−0.01 pp2 q
NENoble Corporation plc0.21%778,800$26Mtrimmed−8%−0.03 pp3 q
unresolvedClarcor Inc0.20%392,200$24Mheld—5 q
MXIMMaxim Integrated Products0.18%653,000$22Mheld—5 q
BBYD20230930-DK-BUTTERFLY-1 Inc0.17%362,100$21Madded+47%+0.02 pp2 q
VECOVeeco Instruments Inc0.15%492,800$18Mtrimmed−0%−0.03 pp5 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.0.13%772,100$17Mtrimmed−44%−0.11 pp3 q
NDSNNordson Corp0.12%187,200$15Mheld—5 q
CUBLionheart Holdings Class A0.11%311,800$14Mnew+0.11 ppnew
ACNAccenture PLC0.11%172,475$14Madded+25%+0.01 pp3 q
SHOSSears Hometown and Outlet Stores, Inc.0.09%525,200$11Madded×2.1+0.04 pp4 q
VARVarian Medical Systems, Inc.0.09%127,600$11Mheld—5 q
MYGNMyriad Genetics Inc0.08%251,100$10Mheld—4 q
99803EURLaboratory Crp Of Amer Hldgs0.07%84,500$9Mheld—3 q
STCStewart Information Services Corporation0.06%218,400$7Madded+87%+0.02 pp4 q
PDCOPatterson Companies, Inc.0.05%157,000$6Madded+15%0.00 pp3 q
ACREAres Commercial Real Estate Corporation0.04%419,412$5Mheld—5 q
CTRACoterra Energy Inc.0.04%151,800$5Mheld—5 q
EBAYeBay Inc0.04%94,000$5Madded+18%0.00 pp3 q
ECHOEchoStar Corporation0.04%100,300$5Mheld—5 q
HFWAHeritage Financial Corp0.04%275,000$4Mheld—5 q
MCDMcDonald's Corporation0.04%43,500$4Mheld—3 q
LNWOLight & Wonder Inc0.04%469,100$5Mnew+0.04 ppnew
EZPWEzcorp Inc0.03%297,500$3Mheld—2 q
ROSTRoss Stores Inc0.03%63,000$4Mheld—3 q
unresolvedCascade Bancorp0.01%253,743$1Mnew+0.01 ppnew
unresolvedCastle A M & Co0.01%71,800$793,000trimmed−28%0.00 pp5 q
CZWICitizens Community Bancorp, Inc.0.01%108,909$925,000held—5 q
unresolvedFirst Advantage Bancorp0.01%89,600$1Mheld—5 q
unresolvedFranklin Financial Corp.0.01%61,598$1Mheld—5 q
unresolvedPoage Bankshares Inc0.01%116,447$2Mheld—5 q
AZZAZZ Inc.0.00%2,500$115,000held—5 q
AMEAmetek, Inc.0.00%6,025$315,000held—5 q
unresolvedBank Of America Corporation0.00%51,677$357,000held—5 q
DCIDonaldson Company, Inc.0.00%1,300$55,000held—5 q
ENZNEnzon Pharmaceuticals Inc0.00%347,035$361,000held—5 q
FLIRFLIR Systems, Inc. (DE)0.00%3,300$115,000held—5 q
FMCCFreddie Mac0.00%1,925$34,000held—4 q
Fannie Maeconvertible0.00%16,363$295,000held—4 q
Fannie Maeconvertible0.00%13,200$234,000held—4 q
Fannie Maeconvertible0.00%6,300$112,000held—4 q
GWWW.W. Grainger, Inc.0.00%1,000$254,000held—5 q
HOSHornbeck Offshore Services, Inc.0.00%3,100$82,000trimmed−49%0.00 pp5 q
unresolvedJpmorgan Chase & Co0.00%10,000$193,000held—5 q
unresolvedLandauer0.00%9,100$382,000held—5 q
unresolvedMeadowbrook Ins Group Inc0.00%13,600$98,000held—2 q
unresolvedNaugatuck Valley Finl Corp0.00%24,012$206,000held—5 q
unresolvedPortfolio Recovery Assoc0.00%200$12,000held—2 q
unresolvedSigma Aldrich Corp0.00%2,700$274,000held—5 q
unresolvedTidewater Inc0.00%1,600$90,000held—5 q
TTCToro Company (The)0.00%3,600$229,000held—5 q
TSSTotal System Services, Inc.0.00%600$19,000added+50%0.00 pp2 q
TSCOTractor Supply Co0.00%1,000$60,000held—5 q
UNUnilever N V -ny Shares0.00%1,300$57,000held—5 q
unresolvedUnited Online Inc0.00%44,401$462,000held—3 q
WABWabtec Inc.0.00%2,800$231,000held—5 q
WMTWalmart Inc.—−1,290,900—exited−0.86 pp—
unresolvedRosetta Resources Inc.—−1,452,902—exited−0.59 pp—
ZBRAZebra Technologies Corporation—−701,400—exited−0.43 pp—
unresolvedLukoil Oao Sponsored ADR—−761,500—exited−0.37 pp—
OGZDGazprom Pjsc-spon ADR—−4,445,100—exited−0.30 pp—
ROSNRosneft Oil Co Pjsc-regs Gdr—−4,750,100—exited−0.28 pp—
unresolvedOuterwall Inc—−100,000—exited−0.06 pp—
SXCPSunCoke Energy Partners, L.P.—−159,600—exited−0.04 pp—
unresolvedHome Federal Bancorp Inc—−151,290—exited−0.02 pp—
GAZGazprom Neft-sponsored ADR—−28,174—exited−0.01 pp—
DLBDolby Laboratories, Inc.Class A—−1,700—exited0.00 pp—
ECOLUS Ecology Inc—−500—exited0.00 pp—

Other 13(f) securities

Options 0

None in this filing

Notes 2

Issue% of notesPrincipalValue
Interdigital Inc62.44%18,500,000$20M
Navistar Intl Corp37.56%12,000,000$12M

Source

Form
13F-HR
Reading
5 defects · 36 unresolved
Accession
0001377581-14-000015
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 2014-06-30
  • A security outside the official 13F list — CUSIP 313586836 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP 313586877 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP 313586885 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP 31848L104 not on the Official 13(f) List for 2014-06-30