FPA

Q1 2015 13F · by Steven Romick, CEO

As of: Mar 31, 2015
Filed: May 14, 2015
US stock: $12.0B · prev $12.0B
Positions: 121 · prev 127
Options notional: $0
Documents: 1· no amendments

Picture99.8% US stock

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

US stock listed on a US exchange 99.8%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.1%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves119 since the prior filing

+17.6 pp in · −17.6 pp out

New 16 +8.42 pp
Added 34 +9.20 pp
Trimmed 47 −5.13 pp
Exited 22 −12.44 pp

The book

Focused · behaves like 36 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 74% a year, about 1.4 years per position

Low
Moderate
High

Top 5 positions26% of US stock

ORCL Oracle Corp added+1.55 pp added+1.556.9%
unresolved Aon PLC added+0.81 pp added+0.815.7%
MSFT Microsoft Corp added−0.67 pp added−0.675.5%
C Citigroup Inc. added+1.02 pp added+1.024.1%
CVS Cvs Health Corporation trimmed−1.04 pp trimmed−1.044.0%

Positions121 in this filing · 22 exited


ORCLOracle Corp	6.86%	19,097,865	$824M	added+15%	+1.55 pp	new
unresolvedAon PLC	5.68%	7,097,700	$682M	added+7%	+0.81 pp	new
MSFTMicrosoft Corp	5.53%	16,339,600	$664M	added+2%	−0.67 pp	new
CCitigroup Inc.	4.07%	9,502,100	$490M	added+34%	+1.02 pp	new
CVSCvs Health Corporation	3.98%	4,629,500	$478M	trimmed−39%	−1.04 pp	new
0VQJLTe Connectivity Ltd	3.97%	6,659,100	$477M	added×2.1	+2.54 pp	new
AIGAmerican International Group, Inc.	3.85%	8,454,900	$463M	added+16%	+0.58 pp	new
TMOThermo Fisher Scientific, Inc.	3.81%	3,410,800	$458M	trimmed−4%	+0.21 pp	new
unresolvedExpress Scripts Hldg Co	3.32%	4,603,400	$399M	added+34%	+1.29 pp	new
CSCOCisco Systems, Inc. (DE)	3.29%	14,356,600	$395M	added+25%	+0.88 pp	new
unresolvedArris Group Inc New	2.53%	10,535,963	$304M	trimmed−0%	+0.03 pp	new
unresolvedAlcoa Inc.	2.38%	22,138,800	$286M	added0%	−0.58 pp	new
OXYOccidental Petroleum Corporation	2.12%	3,496,500	$255M	trimmed−17%	−1.27 pp	new
BUDAnheuser-Busch INBEV SA/NV	2.11%	2,084,500	$254M	added0%	+0.19 pp	new
ADIAnalog Devices, Inc.	1.99%	3,802,000	$240M	added0%	+0.43 pp	new
UTXZRTX Corporation	1.95%	2,003,800	$235M	new	+1.95 pp	new
unresolvedGeneral Electric Co	1.80%	8,742,900	$217M	new	+1.80 pp	new
IPGThe Interpublic Group of Companies, Inc.	1.79%	9,733,500	$215M	added0%	+0.31 pp	new
OIO-I Glass, Inc.	1.67%	8,623,507	$201M	added+37%	+0.31 pp	new
BACBank of America Corporation	1.66%	12,931,800	$199M	added+23%	+0.17 pp	new
WBAWalgreens Boots Alliance, Inc	1.65%	2,345,300	$199M	new	+1.65 pp	new
CNQCanadian Natural Resources Limited	1.45%	5,689,600	$175M	added+2%	−0.35 pp	new
unresolvedYahoo Inc	1.44%	3,881,700	$172M	added+29%	+0.42 pp	new
MDTMedtronic plc	1.39%	2,147,307	$167M	new	+1.39 pp	new
CITCIT Group Inc.	1.33%	3,532,600	$159M	added+47%	+0.41 pp	new
unresolvedJoy Global Inc	1.21%	3,716,200	$146M	added+23%	−0.16 pp	new
YAlleghany Corporation	1.16%	286,985	$140M	added+1%	+0.17 pp	new
QCOMQualcomm Inc	1.14%	1,977,300	$137M	added+2%	−0.06 pp	new
unresolvedGoogle Inc.	1.10%	238,097	$132M	added+2%	−0.04 pp	new
GOOGAlphabet Inc. Class C	1.09%	238,199	$131M	added+2%	−0.03 pp	new
ORLYO'Reilly Automotive, Inc.	1.05%	585,500	$127M	trimmed−2%	+0.30 pp	new
AVTAvnet, Inc.	0.97%	2,618,904	$117M	trimmed−24%	−0.22 pp	new
WDCWestern Digital Corp.	0.86%	1,141,358	$104M	trimmed−18%	−0.27 pp	new
XECCimarex Energy Co	0.85%	886,600	$102M	added+71%	+0.30 pp	new
VODVodafone Group PLC	0.84%	3,087,863	$101M	trimmed−3%	−0.04 pp	new
unresolvedRowan Cos PLC	0.83%	5,635,300	$100M	added+5%	−0.30 pp	new
IDCCInterDigital, Inc.	0.81%	1,913,200	$97M	trimmed−38%	−0.22 pp	new
unresolvedRosetta Resources Inc.	0.79%	5,545,802	$94M	added+68%	−0.44 pp	new
SIGSignet Jewelers Limited	0.78%	678,400	$94M	trimmed−31%	−0.15 pp	new
ARWArrow Electronics, Inc.	0.76%	1,484,525	$91M	trimmed−34%	−0.28 pp	new
HPHelmerich & Payne, Inc.	0.71%	1,255,535	$85M	added×3.8	+0.44 pp	new
KMXCarMax Inc.	0.67%	1,175,400	$81M	trimmed−2%	+0.20 pp	new
unresolvedAtwood Oceanics Inc	0.62%	2,671,500	$75M	trimmed−4%	−0.39 pp	new
WBCWabco Holdings Inc.	0.61%	594,200	$73M	trimmed−8%	+0.12 pp	new
unresolvedDevry Ed Group Inc	0.60%	2,158,208	$72M	trimmed−11%	−0.26 pp	new
unresolvedApollo Group Inc Class A	0.55%	3,479,800	$66M	trimmed−32%	−0.52 pp	new
unresolvedLeucadia National	0.53%	2,878,600	$64M	new	+0.53 pp	new
INTCIntel Corp	0.50%	1,930,500	$60M	trimmed−53%	−0.69 pp	new
AGCOAGCO Corporation	0.43%	1,096,800	$52M	added+59%	+0.17 pp	new
AANAaron's Inc	0.41%	1,722,196	$49M	trimmed−4%	+0.05 pp	new
unresolvedKnight Transportation, Inc	0.41%	1,532,600	$49M	trimmed−2%	+0.05 pp	new
SMSM Energy Company	0.41%	963,991	$50M	added0%	−0.22 pp	new
OSKOshkosh Corp.	0.40%	985,900	$48M	trimmed−11%	−0.01 pp	new
SCSCScansource Inc	0.39%	1,149,864	$47M	trimmed−2%	+0.05 pp	new
unresolvedBabcock & Wilcox Co New	0.37%	1,367,800	$44M	new	+0.37 pp	new
HNIHNI Corporation	0.36%	777,333	$43M	trimmed−2%	+0.12 pp	new
IEXIDEX Corporation	0.35%	557,350	$42M	trimmed−2%	+0.01 pp	new
CPRTCopart Inc	0.33%	1,066,000	$40M	trimmed−2%	+0.04 pp	new
GGGGraco Inc	0.33%	557,100	$40M	trimmed−2%	−0.02 pp	new
HTLDHeartland Express Inc	0.33%	1,689,300	$40M	trimmed−2%	−0.02 pp	new
WOOFoot Locker Inc	0.29%	543,900	$34M	trimmed−45%	−0.17 pp	new
MCHPMicrochip Technology Inc	0.28%	689,551	$34M	added+16%	+0.05 pp	new
DANDana Incorporated	0.27%	1,517,100	$32M	new	+0.27 pp	new
unresolvedWalter Invt Mgmt Corp	0.26%	1,923,200	$31M	added+7%	−0.07 pp	new
BIOBio-Rad Laboratories, Inc.Class A	0.25%	220,200	$30M	trimmed−2%	+0.04 pp	new
RGSRegis Corporation	0.25%	1,835,400	$30M	held	—	new
TRNTrinity Industries, Inc.	0.24%	806,500	$29M	trimmed−13%	−0.12 pp	new
BBYD20230930-DK-BUTTERFLY-1 Inc	0.23%	354,000	$27M	trimmed−2%	+0.03 pp	new
CUBLionheart Holdings Class A	0.22%	504,800	$26M	added+25%	+0.06 pp	new
FELEFranklin Electric Co Inc	0.22%	688,500	$26M	trimmed−2%	+0.02 pp	new
unresolvedClarcor Inc	0.21%	383,000	$25M	trimmed−2%	0.00 pp	new
unresolvedFmc Technologies Inc	0.20%	653,100	$24M	added+29%	−0.03 pp	new
FHIFederated Hermes, Inc.	0.19%	690,043	$23M	trimmed−39%	−0.09 pp	new
RSReliance, Inc.	0.18%	345,408	$21M	trimmed−12%	−0.04 pp	new
NDSNNordson Corp	0.16%	238,000	$19M	added+27%	+0.04 pp	new
CNCCentene Corporation	0.14%	232,500	$16M	trimmed−76%	−0.20 pp	new
HOSHornbeck Offshore Services, Inc.	0.13%	851,200	$16M	new	+0.13 pp	new
MGLNMagellan Health Services, Inc.	0.13%	214,075	$15M	new	+0.13 pp	new
VECOVeeco Instruments Inc	0.11%	449,800	$14M	trimmed−12%	−0.04 pp	new
VARVarian Medical Systems, Inc.	0.10%	124,700	$12M	trimmed−2%	+0.01 pp	new
unresolvedFEI Company	0.09%	139,700	$11M	new	+0.09 pp	new
NENoble Corporation plc	0.09%	761,200	$11M	trimmed−2%	−0.05 pp	new
MYGNMyriad Genetics Inc	0.07%	251,100	$9M	held	—	new
99803EURLaboratory Crp Of Amer Hldgs	0.05%	50,400	$6M	trimmed−49%	−0.03 pp	new
CLBCore Laboratories Inc.	0.05%	51,800	$5M	new	+0.05 pp	new
HFWAHeritage Financial Corp	0.04%	275,000	$5M	held	—	new
MCDMcDonald's Corporation	0.04%	52,600	$5M	trimmed−23%	−0.01 pp	new
LNWOLight & Wonder Inc	0.04%	469,100	$5M	held	—	new
STCStewart Information Services Corporation	0.04%	115,500	$5M	trimmed−61%	−0.03 pp	new
ACNAccenture PLC	0.04%	45,125	$4M	trimmed−72%	−0.07 pp	new
unresolvedCBS Corp	0.03%	66,000	$4M	new	+0.03 pp	new
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.03%	164,500	$4M	trimmed−62%	−0.04 pp	new
CTSHCognizant Technology Solutions	0.02%	37,400	$2M	new	+0.02 pp	new
EBAYeBay Inc	0.02%	48,900	$3M	trimmed−48%	−0.02 pp	new
unresolvedPoage Bankshares Inc	0.02%	116,447	$2M	held	—	new
unresolvedCascade Bancorp	0.01%	253,743	$1M	held	—	new
CZWICitizens Community Bancorp, Inc.	0.01%	108,909	$1M	held	—	new
unresolvedFirst Advantage Bancorp	0.01%	89,600	$1M	held	—	new
PARRPar Pacific Holdings, Inc.	0.01%	27,700	$643,000	added×2.3	+0.01 pp	new
PDCOPatterson Companies, Inc.	0.01%	29,000	$1M	trimmed−82%	−0.04 pp	new
TOWNTowne Bank	0.01%	86,237	$1M	new	+0.01 pp	new
unresolvedUnited Online Inc	0.01%	44,401	$707,000	held	—	new
AZZAZZ Inc.	0.00%	2,500	$116,000	held	—	new
AMEAmetek, Inc.	0.00%	6,025	$317,000	held	—	new
unresolvedBank Of America Corporation	0.00%	51,677	$303,000	held	—	new
DCIDonaldson Company, Inc.	0.00%	1,300	$49,000	held	—	new
ENZNEnzon Pharmaceuticals Inc	0.00%	23,626	$25,000	trimmed−93%	0.00 pp	new
FLIRFLIR Systems, Inc. (DE)	0.00%	3,300	$103,000	held	—	new
FMCCFreddie Mac	0.00%	1,925	$13,000	held	—	new
Freddie Macconvertible	0.00%	43,853	$178,000	new	0.00 pp	new
Freddie Macconvertible	0.00%	30,647	$113,000	new	0.00 pp	new
GWWW.W. Grainger, Inc.	0.00%	1,000	$236,000	held	—	new
HOSHornbeck Offshore Services, Inc.	0.00%	3,100	$46,000	held	—	new
unresolvedJpmorgan Chase & Co	0.00%	10,000	$220,000	held	—	new
unresolvedNaugatuck Valley Finl Corp	0.00%	24,012	$220,000	held	—	new
SHOSSears Hometown and Outlet Stores, Inc.	0.00%	13,900	$107,000	trimmed−97%	−0.06 pp	new
unresolvedSigma Aldrich Corp	0.00%	2,700	$373,000	held	—	new
unresolvedTidewater Inc	0.00%	1,600	$31,000	held	—	new
TTCToro Company (The)	0.00%	3,600	$252,000	held	—	new
TSCOTractor Supply Co	0.00%	1,000	$85,000	held	—	new
WABWabtec Inc.	0.00%	2,800	$266,000	held	—	new
unresolvedCovidien PLC	—	−4,774,600	—	exited	−3.44 pp	—
unresolvedWellpoint Inc	—	−1,595,100	—	exited	−1.59 pp	—
CHKPCheck Point Software Technologies Ltd	—	−2,346,000	—	exited	−1.35 pp	—
JNJJohnson & Johnson	—	−1,473,500	—	exited	−1.31 pp	—
unresolvedCarefusion Corp	—	−3,299,800	—	exited	−1.24 pp	—
unresolvedWalgreen Co	—	−2,333,600	—	exited	−1.15 pp	—
unresolvedEnsco PLC	—	−2,665,600	—	exited	−0.92 pp	—
TWITitan International, Inc.(Delaware)	—	−3,690,500	—	exited	−0.36 pp	—
BNYBank of New York Mellon Corporation	—	−1,096,500	—	exited	−0.35 pp	—
UPBDUpbound Group, Inc.	—	−961,000	—	exited	−0.24 pp	—
unresolvedBaker Hughes Inc.	—	−401,900	—	exited	−0.22 pp	—
MXIMMaxim Integrated Products	—	−653,000	—	exited	−0.16 pp	—
ACREAres Commercial Real Estate Corporation	—	−419,412	—	exited	−0.04 pp	—
CTRACoterra Energy Inc.	—	−148,800	—	exited	−0.04 pp	—
unresolvedCastle A M & Co	—	−71,800	—	exited	−0.01 pp	—
EZPWEzcorp Inc	—	−147,500	—	exited	−0.01 pp	—
unresolvedFranklin Financial Corp.	—	−61,598	—	exited	−0.01 pp	—
Fannie Maeconvertible	—	−16,363	—	exited	0.00 pp	—
Fannie Maeconvertible	—	−13,200	—	exited	0.00 pp	—
Fannie Maeconvertible	—	−6,300	—	exited	0.00 pp	—
unresolvedLandauer	—	−9,100	—	exited	0.00 pp	—
UNUnilever N V -ny Shares	—	−1,300	—	exited	0.00 pp	—

Other 13(f) securities

Options 0

None in this filing

Notes 1

Issue	% of notes	Principal	Value
Ditech Holding Corp	100.00%	22,500,000	$18M

Source

Form: 13F-HR
Reading: 4 defects · 30 unresolved
Accession: 0001377581-15-000008
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 2015-03-31
A security outside the official 13F list — CUSIP 313400665 not on the Official 13(f) List for 2015-03-31
A security outside the official 13F list — CUSIP 313400673 not on the Official 13(f) List for 2015-03-31
A security outside the official 13F list — CUSIP 31848L104 not on the Official 13(f) List for 2015-03-31

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