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FPA

Q3 2014 13F · by Steven Romick, CEO

As of
Sep 30, 2014
Filed
Nov 14, 2014
US stock
$12.0B · prev $12.3B
Positions
127 · prev 132
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%

Moves79 since the prior filing

The book

Focused · behaves like 40 equal-sized positions

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

Low turnover · 20% a year, about 5.1 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions25% of US stock

  1. MSFT Microsoft Corp trimmed+0.46 pp trimmed+0.466.2%
  2. ORCL Oracle Corp added+0.09 pp added+0.095.3%
  3. CVS Cvs Health Corporation added+0.42 pp added+0.425.0%
  4. unresolved Aon PLC added+0.02 pp added+0.024.9%
  5. TMO Thermo Fisher Scientific, Inc. added+0.22 pp added+0.223.6%

Positions127 in this filing · 7 exited

MSFTMicrosoft Corp6.20%16,053,200$744Mtrimmed−5%+0.46 pp6 q
ORCLOracle Corp5.31%16,645,400$637Madded+5%+0.09 pp6 q
CVSCvs Health Corporation5.02%7,565,900$602Madded+1%+0.42 pp6 q
unresolvedAon PLC4.87%6,659,100$584Madded+1%+0.02 pp6 q
TMOThermo Fisher Scientific, Inc.3.60%3,549,700$432Madded+1%+0.22 pp6 q
unresolvedCovidien PLC3.44%4,774,600$413Mtrimmed−1%−0.10 pp6 q
OXYOccidental Petroleum Corporation3.39%4,233,700$407Madded+1%−0.12 pp6 q
AIGAmerican International Group, Inc.3.27%7,259,000$392Madded+9%+0.31 pp6 q
CCitigroup Inc.3.05%7,071,100$366Madded+9%+0.56 pp6 q
unresolvedAlcoa Inc.2.96%22,060,700$355Madded+1%+0.31 pp5 q
unresolvedArris Group Inc New2.50%10,586,100$300Mtrimmed−9%−0.57 pp6 q
CSCOCisco Systems, Inc. (DE)2.41%11,484,700$289Madded0%+0.10 pp6 q
unresolvedExpress Scripts Hldg Co2.03%3,441,000$243Madded+21%+0.43 pp2 q
BUDAnheuser-Busch INBEV SA/NV1.92%2,081,400$231Madded+1%−0.01 pp6 q
CNQCanadian Natural Resources Limited1.80%5,575,000$217Madded+1%−0.26 pp6 q
unresolvedWellpoint Inc1.59%1,595,100$191Mtrimmed−30%−0.41 pp6 q
ADIAnalog Devices, Inc.1.56%3,785,400$187Madded+1%−0.09 pp6 q
BACBank of America Corporation1.49%10,485,100$179Madded×2.6+0.98 pp6 q
IPGThe Interpublic Group of Companies, Inc.1.48%9,708,500$178Madded+1%−0.05 pp6 q
0VQJLTe Connectivity Ltd1.43%3,108,800$172Madded+68%+0.50 pp6 q
unresolvedJoy Global Inc1.37%3,010,800$164Madded+1%−0.13 pp4 q
OIO-I Glass, Inc.1.36%6,275,107$163Madded+1%−0.39 pp6 q
CHKPCheck Point Software Technologies Ltd1.35%2,346,000$162Mtrimmed−18%−0.21 pp6 q
JNJJohnson & Johnson1.31%1,473,500$157Mtrimmed−20%−0.27 pp6 q
unresolvedCarefusion Corp1.24%3,299,800$149Mtrimmed−13%−0.13 pp6 q
unresolvedRosetta Resources Inc.1.23%3,310,000$147Madded+4%−0.20 pp6 q
QCOMQualcomm Inc1.20%1,930,000$144Mtrimmed−14%−0.24 pp6 q
AVTAvnet, Inc.1.19%3,443,800$143Madded+3%−0.01 pp6 q
INTCIntel Corp1.19%4,098,000$143Mtrimmed−33%−0.34 pp6 q
unresolvedWalgreen Co1.15%2,333,600$138Madded+1%−0.25 pp6 q
unresolvedGoogle Inc.1.14%232,656$137Madded+1%+0.04 pp6 q
WDCWestern Digital Corp.1.13%1,399,000$136Madded+3%+0.11 pp6 q
unresolvedRowan Cos PLC1.13%5,362,200$136Madded+14%−0.09 pp6 q
GOOGAlphabet Inc. Class C1.12%232,739$134Madded+1%+0.04 pp2 q
unresolvedApollo Group Inc Class A1.07%5,080,900$128Madded+11%−0.10 pp6 q
ARWArrow Electronics, Inc.1.04%2,261,700$125Madded+5%−0.02 pp6 q
IDCCInterDigital, Inc.1.03%3,104,100$124Madded+8%−0.09 pp6 q
unresolvedYahoo Inc1.02%3,000,000$122Mnew+1.02 ppnew
unresolvedAtwood Oceanics Inc1.01%2,786,900$122Madded+16%−0.02 pp6 q
YAlleghany Corporation0.99%285,433$119Madded+1%−0.02 pp6 q
SIGSignet Jewelers Limited0.93%982,500$112Mtrimmed−6%−0.01 pp6 q
CITCIT Group Inc.0.92%2,396,300$110Madded+1%+0.03 pp6 q
unresolvedEnsco PLC0.92%2,665,600$110Madded+37%+0.04 pp6 q
VODVodafone Group PLC0.88%3,197,862$105Madded+1%+0.02 pp3 q
unresolvedDevry Ed Group Inc0.86%2,418,708$104Madded+4%+0.06 pp6 q
ORLYO'Reilly Automotive, Inc.0.75%598,900$90Mheld—6 q
SMSM Energy Company0.63%962,100$75Madded+58%+0.21 pp6 q
XECCimarex Energy Co0.55%517,100$65Madded+46%+0.14 pp6 q
WBCWabco Holdings Inc.0.49%643,200$58Mheld—6 q
KMXCarMax Inc.0.47%1,204,500$56Mheld—6 q
WOOFoot Locker Inc0.46%984,800$55Mtrimmed−12%0.00 pp6 q
OSKOshkosh Corp.0.41%1,108,400$49Madded+4%−0.07 pp6 q
AANAaron's Inc0.36%1,789,496$44Madded+87%+0.08 pp5 q
unresolvedKnight Transportation, Inc0.36%1,569,900$43Mheld—6 q
TWITitan International, Inc.(Delaware)0.36%3,690,500$44Madded+25%−0.04 pp4 q
TRNTrinity Industries, Inc.0.36%925,400$43Mtrimmed−1%+0.03 pp6 q
BNYBank of New York Mellon Corporation0.35%1,096,500$42Mtrimmed−68%−0.69 pp6 q
GGGGraco Inc0.35%569,500$42Mheld—6 q
HTLDHeartland Express Inc0.35%1,730,000$41Mheld—6 q
CNCCentene Corporation0.34%486,700$40Madded+4%+0.05 pp6 q
IEXIDEX Corporation0.34%569,350$41Mheld—6 q
SCSCScansource Inc0.34%1,171,064$41Mheld—6 q
unresolvedWalter Invt Mgmt Corp0.33%1,805,600$40Madded+7%−0.08 pp3 q
CPRTCopart Inc0.29%1,092,700$34Mheld—6 q
FHIFederated Hermes, Inc.0.28%1,127,943$33Madded+4%+0.01 pp6 q
HPHelmerich & Payne, Inc.0.27%332,600$33Mtrimmed−9%−0.07 pp6 q
AGCOAGCO Corporation0.26%690,400$31Madded+19%−0.01 pp3 q
HNIHNI Corporation0.24%796,433$29Mheld—6 q
RGSRegis Corporation0.24%1,835,400$29Mtrimmed−19%−0.02 pp6 q
UPBDUpbound Group, Inc.0.24%961,000$29Madded0%+0.02 pp3 q
unresolvedFmc Technologies Inc0.23%507,100$28Mheld—6 q
MCHPMicrochip Technology Inc0.23%593,051$28Mheld—6 q
unresolvedBaker Hughes Inc.0.22%401,900$26Mheld—6 q
RSReliance, Inc.0.22%393,408$27Mtrimmed−6%−0.03 pp6 q
BIOBio-Rad Laboratories, Inc.Class A0.21%225,400$26Mheld—6 q
unresolvedClarcor Inc0.21%392,200$25Mheld—6 q
BBYD20230930-DK-BUTTERFLY-1 Inc0.20%362,100$24Mheld—3 q
FELEFranklin Electric Co Inc0.20%705,600$25Mheld—6 q
CUBLionheart Holdings Class A0.16%402,900$19Madded+29%+0.05 pp2 q
MXIMMaxim Integrated Products0.16%653,000$20Mheld—6 q
VECOVeeco Instruments Inc0.15%512,900$18Madded+4%0.00 pp6 q
NENoble Corporation plc0.14%778,800$17Mheld—4 q
NDSNNordson Corp0.12%187,200$14Mheld—6 q
ACNAccenture PLC0.11%162,475$13Mtrimmed−6%0.00 pp4 q
VARVarian Medical Systems, Inc.0.09%127,600$10Mheld—6 q
99803EURLaboratory Crp Of Amer Hldgs0.08%99,500$10Madded+18%+0.01 pp4 q
MYGNMyriad Genetics Inc0.08%251,100$10Mheld—5 q
STCStewart Information Services Corporation0.07%297,000$9Madded+36%+0.01 pp5 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.0.07%430,800$9Mtrimmed−44%−0.06 pp4 q
SHOSSears Hometown and Outlet Stores, Inc.0.06%500,200$8Mtrimmed−5%−0.03 pp5 q
MCDMcDonald's Corporation0.05%68,500$6Madded+57%+0.01 pp4 q
PDCOPatterson Companies, Inc.0.05%157,000$7Mheld—4 q
ACREAres Commercial Real Estate Corporation0.04%419,412$5Mheld—6 q
CTRACoterra Energy Inc.0.04%148,800$5Mtrimmed−2%0.00 pp6 q
EBAYeBay Inc0.04%94,000$5Mheld—4 q
HFWAHeritage Financial Corp0.04%275,000$4Mheld—6 q
LNWOLight & Wonder Inc0.04%469,100$5Mheld—2 q
unresolvedCascade Bancorp0.01%253,743$1Mheld—2 q
unresolvedCastle A M & Co0.01%71,800$613,000held—6 q
CZWICitizens Community Bancorp, Inc.0.01%108,909$968,000held—6 q
EZPWEzcorp Inc0.01%147,500$1Mtrimmed−50%−0.02 pp3 q
unresolvedFirst Advantage Bancorp0.01%89,600$1Mheld—6 q
unresolvedFranklin Financial Corp.0.01%61,598$1Mheld—6 q
unresolvedPoage Bankshares Inc0.01%116,447$2Mheld—6 q
AZZAZZ Inc.0.00%2,500$104,000held—6 q
AMEAmetek, Inc.0.00%6,025$303,000held—6 q
unresolvedBank Of America Corporation0.00%51,677$388,000held—6 q
DCIDonaldson Company, Inc.0.00%1,300$53,000held—6 q
ENZNEnzon Pharmaceuticals Inc0.00%347,035$375,000held—6 q
FLIRFLIR Systems, Inc. (DE)0.00%3,300$103,000held—6 q
FMCCFreddie Mac0.00%1,925$30,000held—5 q
Fannie Maeconvertible0.00%16,363$239,000held—5 q
Fannie Maeconvertible0.00%13,200$193,000held—5 q
Fannie Maeconvertible0.00%6,300$92,000held—5 q
GWWW.W. Grainger, Inc.0.00%1,000$252,000held—6 q
HOSHornbeck Offshore Services, Inc.0.00%3,100$68,000held—6 q
unresolvedJpmorgan Chase & Co0.00%10,000$201,000held—6 q
unresolvedLandauer0.00%9,100$300,000held—6 q
unresolvedNaugatuck Valley Finl Corp0.00%24,012$188,000held—6 q
PARRPar Pacific Holdings, Inc.0.00%12,200$206,000new0.00 ppnew
unresolvedSigma Aldrich Corp0.00%2,700$367,000held—6 q
unresolvedTidewater Inc0.00%1,600$62,000held—6 q
TTCToro Company (The)0.00%3,600$213,000held—6 q
TSCOTractor Supply Co0.00%1,000$62,000held—6 q
UNUnilever N V -ny Shares0.00%1,300$52,000held—6 q
unresolvedUnited Online Inc0.00%44,401$486,000held—4 q
WABWabtec Inc.0.00%2,800$227,000held—6 q
unresolvedNewfield Expl Co—−1,404,100—exited−0.51 pp—
PTENPatterson-UTI Energy Inc—−1,246,800—exited−0.35 pp—
ECHOEchoStar Corporation—−100,300—exited−0.04 pp—
ROSTRoss Stores Inc—−63,000—exited−0.03 pp—
unresolvedMeadowbrook Ins Group Inc—−13,600—exited0.00 pp—
unresolvedPortfolio Recovery Assoc—−200—exited0.00 pp—
TSSTotal System Services, Inc.—−600—exited0.00 pp—

Other 13(f) securities

Options 0

None in this filing

Notes 2

Issue% of notesPrincipalValue
Interdigital Inc61.48%18,500,000$19M
Navistar Intl Corp38.52%12,000,000$12M

Source

Form
13F-HR
Reading
5 defects · 34 unresolved
Accession
0001377581-14-000016
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 2014-09-30
  • A security outside the official 13F list — CUSIP 313586836 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP 313586877 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP 313586885 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP 31848L104 not on the Official 13(f) List for 2014-09-30