FPA

Q3 2015 13F · by Steven Romick, CEO

As of: Sep 30, 2015
Filed: Nov 16, 2015
US stock: $11.5B · prev $12.2B
Positions: 135 · prev 119
Options notional: $7M
Documents: 1· no amendments

Picture99.5% US stock

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

US stock listed on a US exchange 99.5%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.4%
Puts at notional value 0.0%
Calls at notional value 0.1%

Moves123 since the prior filing

+17.4 pp in · −17.4 pp out

New 30 +7.89 pp
Added 39 +9.54 pp
Trimmed 39 −14.01 pp
Exited 14 −3.38 pp

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

The book

Focused · behaves like 33 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 64% a year, about 1.6 years per position

Low
Moderate
High

Top 5 positions29% of US stock

ORCL Oracle Corp added+0.79 pp added+0.797.5%
MSFT Microsoft Corp added+0.54 pp added+0.546.5%
unresolved Aon PLC added−0.11 pp added−0.115.7%
C Citigroup Inc. added+0.34 pp added+0.344.7%
AIG American International Group, Inc. added+0.17 pp added+0.174.5%

Positions135 in this filing · 14 exited


ORCLOracle Corp	7.46%	23,838,300	$861M	added+18%	+0.79 pp	3 q
MSFTMicrosoft Corp	6.48%	16,912,690	$749M	added+3%	+0.54 pp	3 q
unresolvedAon PLC	5.71%	7,436,430	$659M	added+4%	−0.11 pp	3 q
CCitigroup Inc.	4.68%	10,893,070	$540M	added+13%	+0.34 pp	3 q
AIGAmerican International Group, Inc.	4.47%	9,081,020	$516M	added+6%	+0.17 pp	3 q
UTXZRTX Corporation	4.41%	5,728,530	$510M	added×2.8	+2.57 pp	3 q
unresolvedAlcoa Inc.	3.99%	47,667,332	$460M	added+37%	+0.81 pp	3 q
0VQJLTe Connectivity Ltd	3.69%	7,109,410	$426M	added+5%	+0.15 pp	3 q
CSCOCisco Systems, Inc. (DE)	3.62%	15,926,430	$418M	added+10%	+0.37 pp	3 q
BACBank of America Corporation	2.59%	19,191,770	$299M	added+13%	+0.23 pp	3 q
unresolvedGeneral Electric Co	2.54%	11,650,610	$294M	added+32%	+0.62 pp	3 q
TMOThermo Fisher Scientific, Inc.	2.05%	1,933,550	$236M	trimmed−44%	−1.60 pp	3 q
ADIAnalog Devices, Inc.	2.00%	4,084,450	$230M	added+7%	0.00 pp	3 q
unresolvedEsterline Technologies Corp	1.97%	3,168,360	$228M	new	+1.97 pp	new
OXYOccidental Petroleum Corporation	1.94%	3,380,350	$224M	trimmed−4%	−0.30 pp	3 q
CITCIT Group Inc.	1.84%	5,320,100	$213M	added+38%	+0.37 pp	3 q
BIDUBaidu, Inc.	1.81%	1,519,210	$209M	new	+1.81 pp	new
OIO-I Glass, Inc.	1.68%	9,378,090	$194M	added+8%	+0.05 pp	3 q
IPGThe Interpublic Group of Companies, Inc.	1.64%	9,874,620	$189M	added+1%	+0.10 pp	3 q
unresolvedLeucadia National	1.60%	9,111,320	$185M	added×2.9	+0.99 pp	3 q
LPLALPL Financial Holdings Inc.	1.51%	4,392,110	$175M	added+65%	+0.50 pp	2 q
WBAWalgreens Boots Alliance, Inc	1.41%	1,964,680	$163M	trimmed−17%	−0.21 pp	3 q
QCOMQualcomm Inc	1.39%	2,988,070	$161M	added+50%	+0.37 pp	3 q
unresolvedArris Group Inc New	1.34%	5,956,873	$155M	trimmed−40%	−1.14 pp	3 q
unresolvedGoogle Inc.	1.34%	242,578	$155M	added+1%	+0.28 pp	3 q
GOOGAlphabet Inc. Class C	1.32%	250,041	$152M	added+1%	+0.27 pp	3 q
YAlleghany Corporation	1.19%	294,192	$138M	added+2%	+0.08 pp	3 q
BUDAnheuser-Busch INBEV SA/NV	1.13%	1,228,437	$131M	trimmed−41%	−0.94 pp	3 q
unresolvedExpress Scripts Hldg Co	1.09%	1,551,395	$126M	trimmed−67%	−2.29 pp	3 q
unresolvedYahoo Inc	0.97%	3,891,550	$113M	trimmed−0%	−0.28 pp	3 q
ORLYO'Reilly Automotive, Inc.	0.89%	412,100	$103M	trimmed−30%	−0.19 pp	3 q
WDCWestern Digital Corp.	0.86%	1,244,290	$99M	added+10%	+0.13 pp	3 q
AVTAvnet, Inc.	0.82%	2,218,490	$95M	trimmed−3%	+0.06 pp	3 q
IDCCInterDigital, Inc.	0.75%	1,707,850	$86M	added+5%	0.00 pp	3 q
unresolvedApollo Group Inc Class A	0.73%	7,622,310	$84M	added+17%	+0.05 pp	3 q
unresolvedDevry Ed Group Inc	0.73%	3,102,068	$84M	added+22%	+0.11 pp	3 q
XECCimarex Energy Co	0.71%	799,370	$82M	added+1%	0.00 pp	3 q
ARWArrow Electronics, Inc.	0.64%	1,339,950	$74M	added+3%	+0.05 pp	3 q
CNQCanadian Natural Resources Limited	0.64%	3,780,030	$74M	trimmed−34%	−0.63 pp	3 q
unresolvedRowan Cos PLC	0.62%	4,402,820	$71M	trimmed−0%	−0.14 pp	3 q
NBLNoble Energy, Inc.	0.59%	2,242,276	$68M	new	+0.59 pp	new
CVSCvs Health Corporation	0.57%	681,570	$66M	trimmed−85%	−3.39 pp	3 q
HPHelmerich & Payne, Inc.	0.56%	1,356,465	$64M	added+20%	−0.09 pp	3 q
AXPAmerican Express Company	0.52%	809,310	$60M	new	+0.52 pp	new
unresolvedJoy Global Inc	0.51%	3,938,470	$59M	added+5%	−0.60 pp	3 q
SIGSignet Jewelers Limited	0.51%	429,900	$59M	trimmed−37%	−0.20 pp	3 q
DANDana Incorporated	0.50%	3,620,664	$57M	added+57%	+0.11 pp	3 q
AANAaron's Inc	0.49%	1,582,706	$57M	trimmed−12%	−0.04 pp	3 q
AGCOAGCO Corporation	0.48%	1,180,420	$55M	added+5%	−0.04 pp	3 q
LMLegg Mason, Inc.	0.47%	1,298,880	$54M	new	+0.47 pp	new
PTENPatterson-UTI Energy Inc	0.45%	3,971,760	$52M	new	+0.45 pp	new
KMXCarMax Inc.	0.39%	759,900	$45M	trimmed−35%	−0.25 pp	3 q
VODVodafone Group PLC	0.35%	1,269,706	$40M	trimmed−59%	−0.58 pp	3 q
WBCWabco Holdings Inc.	0.35%	382,200	$40M	trimmed−36%	−0.25 pp	3 q
HALHalliburton Company	0.34%	1,109,520	$39M	new	+0.34 pp	new
SMSM Energy Company	0.33%	1,203,451	$39M	added×2.2	+0.12 pp	3 q
VECOVeeco Instruments Inc	0.28%	1,568,075	$32M	added×2.0	+0.10 pp	3 q
OSKOshkosh Corp.	0.27%	864,280	$31M	added+4%	−0.02 pp	3 q
IEXIDEX Corporation	0.25%	405,700	$29M	trimmed−27%	−0.11 pp	3 q
unresolvedWalter Invt Mgmt Corp	0.24%	1,714,990	$28M	trimmed−7%	−0.10 pp	3 q
BWBabcock & Wilcox Enterprises, Inc.	0.23%	1,599,840	$27M	new	+0.23 pp	new
WOOFoot Locker Inc	0.23%	376,830	$27M	trimmed−14%	−0.01 pp	3 q
GGGGraco Inc	0.23%	394,900	$26M	trimmed−29%	−0.09 pp	3 q
SCSCScansource Inc	0.23%	741,063	$26M	trimmed−36%	−0.13 pp	3 q
CUBLionheart Holdings Class A	0.22%	611,087	$26M	added+3%	−0.01 pp	3 q
unresolvedKnight Transportation, Inc	0.21%	1,011,000	$24M	trimmed−34%	−0.12 pp	3 q
BWXTBWX Technologies, Inc.	0.20%	896,355	$24M	new	+0.20 pp	new
CPRTCopart Inc	0.20%	684,500	$23M	trimmed−36%	−0.11 pp	3 q
HNIHNI Corporation	0.19%	508,633	$22M	trimmed−35%	−0.13 pp	3 q
HTLDHeartland Express Inc	0.19%	1,123,000	$22M	trimmed−34%	−0.09 pp	3 q
MCHPMicrochip Technology Inc	0.17%	465,651	$20M	trimmed−32%	−0.10 pp	3 q
RGSRegis Corporation	0.15%	1,339,700	$18M	added+1%	−0.02 pp	3 q
RSReliance, Inc.	0.14%	305,488	$16M	trimmed−12%	−0.03 pp	3 q
unresolvedCBS Corp	0.13%	368,580	$15M	added×6.0	+0.10 pp	3 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.12%	242,600	$14M	trimmed−31%	−0.08 pp	3 q
unresolvedFmc Technologies Inc	0.12%	431,400	$13M	trimmed−34%	−0.10 pp	3 q
FHIFederated Hermes, Inc.	0.12%	488,673	$14M	trimmed−16%	−0.04 pp	3 q
unresolvedTwenty First Centy Fox Inc	0.12%	498,740	$13M	new	+0.12 pp	new
AMPAmeriprise Financial, Inc.	0.11%	111,560	$12M	new	+0.11 pp	new
CMICummins Inc.	0.11%	111,980	$12M	new	+0.11 pp	new
FELEFranklin Electric Co Inc	0.11%	446,700	$12M	trimmed−35%	−0.07 pp	3 q
NDSNNordson Corp	0.11%	201,400	$13M	trimmed−15%	−0.04 pp	3 q
unresolvedClarcor Inc	0.10%	252,500	$12M	trimmed−34%	−0.09 pp	3 q
HMHCHoughton Mifflin Harcourt Company	0.10%	585,960	$12M	new	+0.10 pp	new
TWXTime Warner Inc	0.10%	172,740	$12M	new	+0.10 pp	new
unresolvedIngersoll-Rand Plc	0.10%	227,413	$12M	new	+0.10 pp	new
HOSHornbeck Offshore Services, Inc.	0.09%	732,800	$10M	trimmed−7%	−0.04 pp	3 q
MCKMcKesson Corporation	0.08%	47,405	$9M	new	+0.08 pp	new
IVZInvesco LTD	0.08%	283,410	$9M	new	+0.08 pp	new
unresolvedBarnes & Noble Inc	0.07%	679,990	$8M	added×4.4	+0.04 pp	2 q
unresolvedFEI Company	0.07%	116,100	$8M	trimmed−32%	−0.05 pp	3 q
ACTAllergan PLC	0.07%	30,580	$8M	new	+0.07 pp	new
AMGNAmgen Inc	0.06%	53,260	$7M	new	+0.06 pp	new
DISCKDiscovery Inc-c	0.06%	272,730	$7M	new	+0.06 pp	new
unresolvedKkr & Co L P DEL	0.06%	443,180	$7M	new	+0.06 pp	new
MSGNMSG Networks Inc.	0.06%	98,490	$7M	new	+0.06 pp	new
99803EURLaboratory Crp Of Amer Hldgs	0.05%	50,400	$5M	held	—	3 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.05%	261,200	$5M	added+62%	+0.02 pp	3 q
VARVarian Medical Systems, Inc.	0.05%	84,400	$6M	trimmed−32%	−0.04 pp	3 q
NENoble Corporation plc	0.05%	525,100	$6M	trimmed−31%	−0.05 pp	3 q
BLQADBlackrock Inc	0.04%	15,508	$5M	new	+0.04 pp	new
DALDelta Air Lines, Inc.	0.04%	103,200	$5M	new	+0.04 pp	new
MCDMcDonald's Corporation	0.04%	52,600	$5M	held	—	3 q
RLRalph Lauren Corporation	0.04%	39,330	$5M	new	+0.04 pp	new
RUSHARush Enterprises Inc	0.04%	186,727	$5M	new	+0.04 pp	new
unresolvedTwenty First Centy Fox Inc	0.03%	118,000	$3M	new	+0.03 pp	new
CLBCore Laboratories Inc.	0.03%	35,400	$4M	trimmed−32%	−0.02 pp	3 q
unresolvedPoage Bankshares Inc	0.02%	116,447	$2M	held	—	3 q
unresolvedCascade Bancorp	0.01%	253,743	$1M	held	—	3 q
CZWICitizens Community Bancorp, Inc.	0.01%	108,909	$963,000	held	—	3 q
EBAYeBay Inc	0.01%	24,900	$609,000	held	—	3 q
unresolvedFirst Advantage Bancorp	0.01%	89,600	$1M	held	—	3 q
PYPLPayPal Holdings, Inc.	0.01%	24,900	$773,000	new	+0.01 pp	new
TOWNTowne Bank	0.01%	86,237	$2M	held	—	3 q
AZZAZZ Inc.	0.00%	2,500	$122,000	held	—	3 q
AMEAmetek, Inc.	0.00%	6,025	$315,000	held	—	3 q
unresolvedBank Of America Corporation	0.00%	51,677	$296,000	held	—	3 q
BIOBio-Rad Laboratories, Inc.Class A	0.00%	1,500	$201,000	held	—	3 q
DCIDonaldson Company, Inc.	0.00%	1,300	$37,000	held	—	3 q
FLIRFLIR Systems, Inc. (DE)	0.00%	3,300	$92,000	held	—	3 q
Freddie Macconvertible	0.00%	43,853	$215,000	held	—	3 q
Freddie Macconvertible	0.00%	30,647	$116,000	held	—	3 q
Freddie Macconvertible	0.00%	1,925	$14,000	new	0.00 pp	new
FELPForesight Energy LP	0.00%	51,600	$275,000	new	0.00 pp	new
GWWW.W. Grainger, Inc.	0.00%	1,000	$215,000	held	—	3 q
HOSHornbeck Offshore Services, Inc.	0.00%	3,100	$15,000	held	—	3 q
unresolvedJpmorgan Chase & Co	0.00%	10,000	$199,000	held	—	3 q
unresolvedNaugatuck Valley Finl Corp	0.00%	24,012	$261,000	held	—	3 q
PARRPar Pacific Holdings, Inc.	0.00%	27,700	$577,000	held	—	3 q
SHOSSears Hometown and Outlet Stores, Inc.	0.00%	13,900	$111,000	held	—	3 q
unresolvedSigma Aldrich Corp	0.00%	2,700	$375,000	held	—	3 q
unresolvedTidewater Inc	0.00%	1,600	$21,000	held	—	3 q
TTCToro Company (The)	0.00%	3,600	$254,000	held	—	3 q
TSCOTractor Supply Co	0.00%	1,000	$84,000	held	—	3 q
WABWabtec Inc.	0.00%	2,800	$247,000	held	—	3 q
MDTMedtronic plc	—	−2,169,396	—	exited	−1.31 pp	—
unresolvedRosetta Resources Inc.	—	−4,082,602	—	exited	−0.77 pp	—
unresolvedAtwood Oceanics Inc	—	−2,610,200	—	exited	−0.56 pp	—
unresolvedBabcock & Wilcox Co New	—	−1,386,300	—	exited	−0.37 pp	—
MGLNMagellan Health Services, Inc.	—	−234,843	—	exited	−0.13 pp	—
MYGNMyriad Genetics Inc	—	−233,200	—	exited	−0.06 pp	—
LNWOLight & Wonder Inc	—	−417,400	—	exited	−0.05 pp	—
HFWAHeritage Financial Corp	—	−275,000	—	exited	−0.04 pp	—
STCStewart Information Services Corporation	—	−112,100	—	exited	−0.04 pp	—
ACNAccenture PLC	—	−44,225	—	exited	−0.03 pp	—
PDCOPatterson Companies, Inc.	—	−29,000	—	exited	−0.01 pp	—
unresolvedUnited Online Inc	—	−44,398	—	exited	−0.01 pp	—
ENZNEnzon Pharmaceuticals Inc	—	−23,626	—	exited	0.00 pp	—
FMCCFreddie Mac	—	−1,925	—	exited	0.00 pp	—

Other 13(f) securities

Options 1

Contract	% of notional	Shares	Notional
Express Scripts Hldg Co CALL	100.00%	84,100	$7M

Notes 2

Issue	% of notes	Principal	Value
Uti Worldwide Inc	60.36%	38,835,000	$30M
Ditech Holding Corp	39.64%	27,500,000	$20M

Source

Form: 13F-HR
Reading: 4 defects · 32 unresolved
Accession: 0001377581-15-000012
SEC cross-check: SEC data set not published yet

A security outside the official 13F list — CUSIP 313400665 not on the Official 13(f) List for 2015-09-30
A security outside the official 13F list — CUSIP 313400673 not on the Official 13(f) List for 2015-09-30
A security outside the official 13F list — CUSIP 313400855 not on the Official 13(f) List for 2015-09-30
A security outside the official 13F list — CUSIP 31848L104 not on the Official 13(f) List for 2015-09-30

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