FPA

Q2 2015 13F · by Steven Romick, CEO

As of: Jun 30, 2015
Filed: Aug 14, 2015
US stock: $12.2B · prev $12.0B
Positions: 119 · prev 121
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%

Moves76 since the prior filing

+2.9 pp in · −2.6 pp out

New 2 +1.04 pp
Added 41 +1.88 pp
Trimmed 29 −1.69 pp
Exited 4 −0.90 pp

The book

Focused · behaves like 35 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 11% a year, about 9.2 years per position

Low
Moderate
High

Top 5 positions27% of US stock

ORCL Oracle Corp added−0.19 pp added−0.196.7%
MSFT Microsoft Corp added+0.41 pp added+0.415.9%
unresolved Aon PLC added+0.14 pp added+0.145.8%
C Citigroup Inc. added+0.27 pp added+0.274.3%
AIG American International Group, Inc. added+0.45 pp added+0.454.3%

Positions119 in this filing · 4 exited


ORCLOracle Corp	6.67%	20,282,100	$817M	added+6%	−0.19 pp	2 q
MSFTMicrosoft Corp	5.94%	16,479,000	$728M	added+1%	+0.41 pp	2 q
unresolvedAon PLC	5.82%	7,151,300	$713M	added+1%	+0.14 pp	2 q
CCitigroup Inc.	4.34%	9,618,500	$531M	added+1%	+0.27 pp	2 q
AIGAmerican International Group, Inc.	4.30%	8,529,500	$527M	added+1%	+0.45 pp	2 q
CVSCvs Health Corporation	3.96%	4,621,500	$485M	trimmed−0%	−0.02 pp	2 q
TMOThermo Fisher Scientific, Inc.	3.65%	3,448,400	$447M	added+1%	−0.16 pp	2 q
0VQJLTe Connectivity Ltd	3.54%	6,739,400	$433M	added+1%	−0.43 pp	2 q
unresolvedExpress Scripts Hldg Co	3.38%	4,658,000	$414M	added+1%	+0.06 pp	2 q
CSCOCisco Systems, Inc. (DE)	3.25%	14,496,800	$398M	added+1%	−0.04 pp	2 q
unresolvedAlcoa Inc.	3.18%	34,881,400	$389M	added+58%	+0.80 pp	2 q
unresolvedArris Group Inc New	2.48%	9,937,463	$304M	trimmed−6%	−0.05 pp	2 q
BACBank of America Corporation	2.36%	16,971,300	$289M	added+31%	+0.70 pp	2 q
OXYOccidental Petroleum Corporation	2.24%	3,527,900	$274M	added+1%	+0.12 pp	2 q
BUDAnheuser-Busch INBEV SA/NV	2.07%	2,099,300	$253M	added+1%	−0.04 pp	2 q
ADIAnalog Devices, Inc.	2.00%	3,823,500	$245M	added+1%	+0.01 pp	2 q
unresolvedGeneral Electric Co	1.92%	8,859,000	$235M	added+1%	+0.12 pp	2 q
UTXZRTX Corporation	1.84%	2,027,900	$225M	added+1%	−0.11 pp	2 q
OIO-I Glass, Inc.	1.63%	8,705,707	$200M	added+1%	−0.04 pp	2 q
WBAWalgreens Boots Alliance, Inc	1.62%	2,357,200	$199M	added+1%	−0.03 pp	2 q
IPGThe Interpublic Group of Companies, Inc.	1.54%	9,801,700	$189M	added+1%	−0.25 pp	2 q
CITCIT Group Inc.	1.47%	3,868,700	$180M	added+10%	+0.14 pp	2 q
MDTMedtronic plc	1.31%	2,169,396	$161M	added+1%	−0.08 pp	2 q
CNQCanadian Natural Resources Limited	1.27%	5,729,500	$156M	added+1%	−0.18 pp	2 q
unresolvedYahoo Inc	1.25%	3,892,200	$153M	added0%	−0.19 pp	2 q
YAlleghany Corporation	1.11%	289,301	$136M	added+1%	−0.05 pp	2 q
unresolvedJoy Global Inc	1.11%	3,761,600	$136M	added+1%	−0.10 pp	2 q
ORLYO'Reilly Automotive, Inc.	1.08%	585,500	$132M	held	—	2 q
unresolvedGoogle Inc.	1.06%	240,359	$130M	added+1%	−0.04 pp	2 q
GOOGAlphabet Inc. Class C	1.05%	247,815	$129M	added+4%	−0.04 pp	2 q
QCOMQualcomm Inc	1.02%	1,990,800	$125M	added+1%	−0.12 pp	2 q
LPLALPL Financial Holdings Inc.	1.01%	2,666,600	$124M	new	+1.01 pp	new
VODVodafone Group PLC	0.93%	3,117,026	$114M	added+1%	+0.09 pp	2 q
unresolvedRosetta Resources Inc.	0.77%	4,082,602	$94M	trimmed−26%	−0.02 pp	2 q
AVTAvnet, Inc.	0.76%	2,278,304	$94M	trimmed−13%	−0.21 pp	2 q
unresolvedRowan Cos PLC	0.76%	4,408,500	$93M	trimmed−22%	−0.07 pp	2 q
IDCCInterDigital, Inc.	0.75%	1,623,400	$92M	trimmed−15%	−0.06 pp	2 q
WDCWestern Digital Corp.	0.73%	1,136,058	$89M	trimmed−0%	−0.13 pp	2 q
XECCimarex Energy Co	0.71%	791,100	$87M	trimmed−11%	−0.14 pp	2 q
SIGSignet Jewelers Limited	0.71%	678,400	$87M	held	—	2 q
unresolvedApollo Group Inc Class A	0.68%	6,502,100	$84M	added+87%	+0.13 pp	2 q
HPHelmerich & Payne, Inc.	0.65%	1,126,935	$79M	trimmed−10%	−0.06 pp	2 q
KMXCarMax Inc.	0.64%	1,175,100	$78M	trimmed−0%	−0.03 pp	2 q
unresolvedDevry Ed Group Inc	0.62%	2,536,618	$76M	added+18%	+0.02 pp	2 q
unresolvedLeucadia National	0.61%	3,089,100	$75M	added+7%	+0.08 pp	2 q
WBCWabco Holdings Inc.	0.60%	594,000	$73M	trimmed−0%	−0.01 pp	2 q
ARWArrow Electronics, Inc.	0.59%	1,299,525	$73M	trimmed−12%	−0.17 pp	2 q
unresolvedAtwood Oceanics Inc	0.56%	2,610,200	$69M	trimmed−2%	−0.06 pp	2 q
AANAaron's Inc	0.53%	1,793,021	$65M	added+4%	+0.12 pp	2 q
AGCOAGCO Corporation	0.52%	1,121,350	$64M	added+2%	+0.09 pp	2 q
DANDana Incorporated	0.39%	2,307,200	$47M	added+52%	+0.12 pp	2 q
unresolvedBabcock & Wilcox Co New	0.37%	1,386,300	$45M	added+1%	0.00 pp	2 q
IEXIDEX Corporation	0.36%	557,350	$44M	held	—	2 q
SCSCScansource Inc	0.36%	1,149,864	$44M	held	—	2 q
unresolvedWalter Invt Mgmt Corp	0.34%	1,842,000	$42M	trimmed−4%	+0.08 pp	2 q
unresolvedKnight Transportation, Inc	0.33%	1,532,600	$41M	held	—	2 q
GGGGraco Inc	0.32%	557,100	$40M	held	—	2 q
HNIHNI Corporation	0.32%	777,333	$40M	held	—	2 q
CPRTCopart Inc	0.31%	1,066,000	$38M	held	—	2 q
OSKOshkosh Corp.	0.29%	832,100	$35M	trimmed−16%	−0.11 pp	2 q
HTLDHeartland Express Inc	0.28%	1,689,300	$34M	held	—	2 q
MCHPMicrochip Technology Inc	0.27%	689,551	$33M	held	—	2 q
WOOFoot Locker Inc	0.24%	439,900	$29M	trimmed−19%	−0.05 pp	2 q
CUBLionheart Holdings Class A	0.23%	590,667	$28M	added+17%	+0.01 pp	2 q
unresolvedFmc Technologies Inc	0.22%	653,100	$27M	held	—	2 q
SMSM Energy Company	0.21%	553,691	$26M	trimmed−43%	−0.20 pp	2 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.20%	354,000	$24M	held	—	2 q
unresolvedClarcor Inc	0.19%	383,000	$24M	held	—	2 q
FELEFranklin Electric Co Inc	0.18%	688,500	$22M	held	—	2 q
VECOVeeco Instruments Inc	0.18%	770,402	$22M	added+71%	+0.07 pp	2 q
RGSRegis Corporation	0.17%	1,329,600	$21M	trimmed−28%	−0.08 pp	2 q
RSReliance, Inc.	0.17%	345,408	$21M	held	—	2 q
FHIFederated Hermes, Inc.	0.16%	582,843	$20M	trimmed−16%	−0.03 pp	2 q
NDSNNordson Corp	0.15%	238,300	$19M	added0%	−0.01 pp	2 q
HOSHornbeck Offshore Services, Inc.	0.13%	787,200	$16M	trimmed−8%	0.00 pp	2 q
MGLNMagellan Health Services, Inc.	0.13%	234,843	$16M	added+10%	0.00 pp	2 q
unresolvedFEI Company	0.12%	170,400	$14M	added+22%	+0.03 pp	2 q
NENoble Corporation plc	0.10%	761,200	$12M	held	—	2 q
VARVarian Medical Systems, Inc.	0.09%	124,700	$11M	held	—	2 q
MYGNMyriad Genetics Inc	0.06%	233,200	$8M	trimmed−7%	−0.01 pp	2 q
99803EURLaboratory Crp Of Amer Hldgs	0.05%	50,400	$6M	held	—	2 q
LNWOLight & Wonder Inc	0.05%	417,400	$6M	trimmed−11%	+0.01 pp	2 q
CLBCore Laboratories Inc.	0.05%	51,800	$6M	held	—	2 q
HFWAHeritage Financial Corp	0.04%	275,000	$5M	held	—	2 q
MCDMcDonald's Corporation	0.04%	52,600	$5M	held	—	2 q
STCStewart Information Services Corporation	0.04%	112,100	$4M	trimmed−3%	0.00 pp	2 q
unresolvedBarnes & Noble Inc	0.03%	155,200	$4M	new	+0.03 pp	new
unresolvedCBS Corp	0.03%	61,300	$3M	trimmed−7%	0.00 pp	2 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.03%	161,200	$4M	trimmed−2%	0.00 pp	2 q
ACNAccenture PLC	0.03%	44,225	$4M	trimmed−2%	−0.01 pp	2 q
unresolvedCascade Bancorp	0.01%	253,743	$1M	held	—	2 q
CZWICitizens Community Bancorp, Inc.	0.01%	108,909	$998,000	held	—	2 q
EBAYeBay Inc	0.01%	24,900	$2M	trimmed−49%	−0.01 pp	2 q
unresolvedFirst Advantage Bancorp	0.01%	89,600	$1M	held	—	2 q
PDCOPatterson Companies, Inc.	0.01%	29,000	$1M	held	—	2 q
unresolvedPoage Bankshares Inc	0.01%	116,447	$2M	held	—	2 q
TOWNTowne Bank	0.01%	86,237	$1M	held	—	2 q
unresolvedUnited Online Inc	0.01%	44,398	$696,000	trimmed−0%	0.00 pp	2 q
AZZAZZ Inc.	0.00%	2,500	$129,000	held	—	2 q
AMEAmetek, Inc.	0.00%	6,025	$330,000	held	—	2 q
unresolvedBank Of America Corporation	0.00%	51,677	$319,000	held	—	2 q
BIOBio-Rad Laboratories, Inc.Class A	0.00%	1,500	$226,000	trimmed−99%	−0.25 pp	2 q
DCIDonaldson Company, Inc.	0.00%	1,300	$47,000	held	—	2 q
ENZNEnzon Pharmaceuticals Inc	0.00%	23,626	$28,000	held	—	2 q
FLIRFLIR Systems, Inc. (DE)	0.00%	3,300	$102,000	held	—	2 q
FMCCFreddie Mac	0.00%	1,925	$11,000	held	—	2 q
Freddie Macconvertible	0.00%	43,853	$159,000	held	—	2 q
Freddie Macconvertible	0.00%	30,647	$104,000	held	—	2 q
GWWW.W. Grainger, Inc.	0.00%	1,000	$237,000	held	—	2 q
HOSHornbeck Offshore Services, Inc.	0.00%	3,100	$39,000	held	—	2 q
unresolvedJpmorgan Chase & Co	0.00%	10,000	$247,000	held	—	2 q
unresolvedNaugatuck Valley Finl Corp	0.00%	24,012	$255,000	held	—	2 q
PARRPar Pacific Holdings, Inc.	0.00%	27,700	$519,000	held	—	2 q
SHOSSears Hometown and Outlet Stores, Inc.	0.00%	13,900	$132,000	held	—	2 q
unresolvedSigma Aldrich Corp	0.00%	2,700	$376,000	held	—	2 q
unresolvedTidewater Inc	0.00%	1,600	$36,000	held	—	2 q
TTCToro Company (The)	0.00%	3,600	$244,000	held	—	2 q
TSCOTractor Supply Co	0.00%	1,000	$90,000	held	—	2 q
WABWabtec Inc.	0.00%	2,800	$264,000	held	—	2 q
INTCIntel Corp	—	−1,930,500	—	exited	−0.50 pp	—
TRNTrinity Industries, Inc.	—	−806,500	—	exited	−0.24 pp	—
CNCCentene Corporation	—	−232,500	—	exited	−0.14 pp	—
CTSHCognizant Technology Solutions	—	−37,400	—	exited	−0.02 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	$19M

Source

Form: 13F-HR
Reading: 4 defects · 31 unresolved
Accession: 0001377581-15-000009
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 2015-06-30
A security outside the official 13F list — CUSIP 313400665 not on the Official 13(f) List for 2015-06-30
A security outside the official 13F list — CUSIP 313400673 not on the Official 13(f) List for 2015-06-30
A security outside the official 13F list — CUSIP 31848L104 not on the Official 13(f) List for 2015-06-30

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