FPA

Q4 2015 13F · by Steven Romick, CEO

As of: Dec 31, 2015
Filed: Feb 12, 2016
US stock: $11.2B · prev $11.5B
Positions: 104 · prev 135
Options notional: $7M
Documents: 1· no amendments

Picture99.3% US stock

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

US stock listed on a US exchange 99.3%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.6%
Puts at notional value 0.0%
Calls at notional value 0.1%

Moves129 since the prior filing

+12.0 pp in · −12.0 pp out

New 12 +2.12 pp
Added 38 +9.92 pp
Trimmed 36 −3.15 pp
Exited 43 −8.86 pp

The book

Focused · behaves like 28 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 31% a year, about 3.2 years per position

Low
Moderate
High

Top 5 positions31% of US stock

ORCL Oracle Corp added+0.43 pp added+0.437.9%
MSFT Microsoft Corp trimmed+0.36 pp trimmed+0.366.8%
unresolved Aon PLC added+0.54 pp added+0.546.3%
C Citigroup Inc. added+0.46 pp added+0.465.1%
AIG American International Group, Inc. added+0.66 pp added+0.665.1%

Positions104 in this filing · 43 exited


ORCLOracle Corp	7.89%	24,185,250	$883M	added+1%	+0.43 pp	4 q
MSFTMicrosoft Corp	6.84%	13,798,278	$766M	trimmed−18%	+0.36 pp	4 q
unresolvedAon PLC	6.25%	7,588,070	$700M	added+2%	+0.54 pp	4 q
CCitigroup Inc.	5.14%	11,121,760	$576M	added+2%	+0.46 pp	4 q
AIGAmerican International Group, Inc.	5.13%	9,269,080	$574M	added+2%	+0.66 pp	4 q
UTXZRTX Corporation	5.02%	5,851,140	$562M	added+2%	+0.61 pp	4 q
unresolvedAlcoa Inc.	4.29%	48,631,232	$480M	added+2%	+0.30 pp	4 q
0VQJLTe Connectivity Ltd	4.19%	7,261,050	$469M	added+2%	+0.50 pp	4 q
CSCOCisco Systems, Inc. (DE)	3.98%	16,396,170	$445M	added+3%	+0.36 pp	4 q
unresolvedGeneral Electric Co	3.31%	11,893,890	$370M	added+2%	+0.77 pp	4 q
BACBank of America Corporation	2.97%	19,751,490	$332M	added+3%	+0.38 pp	4 q
unresolvedLeucadia National	2.75%	17,711,700	$308M	added+94%	+1.15 pp	4 q
unresolvedEsterline Technologies Corp	2.35%	3,250,260	$263M	added+3%	+0.38 pp	2 q
TMOThermo Fisher Scientific, Inc.	2.32%	1,832,410	$260M	trimmed−5%	+0.27 pp	4 q
OXYOccidental Petroleum Corporation	2.08%	3,449,970	$233M	added+2%	+0.14 pp	4 q
CITCIT Group Inc.	2.07%	5,839,770	$232M	added+10%	+0.23 pp	4 q
ADIAnalog Devices, Inc.	2.06%	4,169,080	$231M	added+2%	+0.06 pp	4 q
IPGThe Interpublic Group of Companies, Inc.	2.05%	9,852,330	$229M	trimmed−0%	+0.41 pp	4 q
AXPAmerican Express Company	1.87%	3,011,290	$209M	added×3.7	+1.35 pp	2 q
GOOGLAlphabet Inc. Class A	1.72%	247,687	$193M	new	+1.72 pp	new
LPLALPL Financial Holdings Inc.	1.72%	4,508,600	$192M	added+3%	+0.21 pp	3 q
GOOGAlphabet Inc. Class C	1.71%	252,863	$192M	added+1%	+0.39 pp	4 q
OIO-I Glass, Inc.	1.61%	10,345,210	$180M	added+10%	−0.07 pp	4 q
QCOMQualcomm Inc	1.36%	3,051,250	$153M	added+2%	−0.03 pp	4 q
BUDAnheuser-Busch INBEV SA/NV	1.27%	1,139,097	$142M	trimmed−7%	+0.14 pp	4 q
YAlleghany Corporation	1.26%	294,272	$141M	added0%	+0.07 pp	4 q
unresolvedYahoo Inc	1.16%	3,894,540	$130M	added0%	+0.19 pp	4 q
HALHalliburton Company	1.00%	3,303,150	$112M	added×3.0	+0.66 pp	2 q
unresolvedArris Group Inc New	0.96%	3,532,783	$108M	trimmed−41%	−0.38 pp	4 q
unresolvedDevry Ed Group Inc	0.70%	3,115,238	$79M	added0%	−0.03 pp	4 q
IDCCInterDigital, Inc.	0.70%	1,601,221	$79M	trimmed−6%	−0.05 pp	4 q
unresolvedApollo Group Inc Class A	0.69%	10,132,310	$78M	added+33%	−0.04 pp	4 q
LMLegg Mason, Inc.	0.68%	1,935,470	$76M	added+49%	+0.21 pp	2 q
NBLNoble Energy, Inc.	0.67%	2,283,966	$75M	added+2%	+0.08 pp	2 q
WDCWestern Digital Corp.	0.67%	1,251,220	$75M	added+1%	−0.19 pp	4 q
HPHelmerich & Payne, Inc.	0.65%	1,352,905	$72M	trimmed−0%	+0.09 pp	4 q
unresolvedRowan Cos PLC	0.64%	4,241,500	$72M	trimmed−4%	+0.02 pp	4 q
XECCimarex Energy Co	0.61%	769,460	$69M	trimmed−4%	−0.10 pp	4 q
PTENPatterson-UTI Energy Inc	0.56%	4,176,680	$63M	added+5%	+0.11 pp	2 q
AVTAvnet, Inc.	0.55%	1,438,051	$62M	trimmed−35%	−0.27 pp	4 q
AGCOAGCO Corporation	0.48%	1,189,340	$54M	added+1%	0.00 pp	4 q
ARWArrow Electronics, Inc.	0.46%	957,740	$52M	trimmed−29%	−0.18 pp	4 q
DANDana Incorporated	0.46%	3,708,684	$51M	added+2%	−0.04 pp	4 q
WBAWalgreens Boots Alliance, Inc	0.41%	534,230	$45M	trimmed−73%	−1.00 pp	4 q
AANAaron's Inc	0.39%	1,969,046	$44M	added+24%	−0.10 pp	4 q
unresolvedJoy Global Inc	0.33%	2,972,270	$37M	trimmed−25%	−0.18 pp	4 q
BWBabcock & Wilcox Enterprises, Inc.	0.31%	1,639,630	$34M	added+2%	+0.08 pp	2 q
OSKOshkosh Corp.	0.30%	849,670	$33M	trimmed−2%	+0.03 pp	4 q
VECOVeeco Instruments Inc	0.30%	1,628,053	$33M	added+4%	+0.02 pp	4 q
SMSM Energy Company	0.28%	1,581,231	$31M	added+31%	−0.05 pp	4 q
CUBLionheart Holdings Class A	0.26%	604,947	$29M	trimmed−1%	+0.04 pp	4 q
HMHCHoughton Mifflin Harcourt Company	0.16%	805,985	$18M	added+38%	+0.06 pp	2 q
RGSRegis Corporation	0.15%	1,189,106	$17M	trimmed−11%	0.00 pp	4 q
unresolvedBarnes & Noble Inc	0.14%	1,837,200	$16M	added×2.7	+0.07 pp	3 q
RSReliance, Inc.	0.14%	280,218	$16M	trimmed−8%	0.00 pp	4 q
WOOFoot Locker Inc	0.13%	226,780	$15M	trimmed−40%	−0.10 pp	4 q
CVSCvs Health Corporation	0.11%	127,300	$12M	trimmed−81%	−0.46 pp	4 q
unresolvedWalter Invt Mgmt Corp	0.11%	882,300	$13M	trimmed−49%	−0.13 pp	4 q
unresolvedCBS Corp	0.10%	239,400	$11M	trimmed−35%	−0.03 pp	4 q
MCKMcKesson Corporation	0.08%	43,865	$9M	trimmed−7%	0.00 pp	2 q
SCSCScansource Inc	0.08%	288,872	$9M	trimmed−61%	−0.15 pp	4 q
AMPAmeriprise Financial, Inc.	0.07%	78,500	$8M	trimmed−30%	−0.04 pp	2 q
HOSHornbeck Offshore Services, Inc.	0.07%	732,800	$7M	held	—	4 q
TWXTime Warner Inc	0.07%	129,350	$8M	trimmed−25%	−0.03 pp	2 q
unresolvedTwenty First Centy Fox Inc	0.07%	307,900	$8M	trimmed−38%	−0.05 pp	2 q
ACTAllergan PLC	0.07%	24,100	$8M	trimmed−21%	0.00 pp	2 q
99803EURLaboratory Crp Of Amer Hldgs	0.06%	50,400	$6M	held	—	4 q
WHRWhirlpool Corp.	0.06%	45,350	$7M	new	+0.06 pp	new
IVZInvesco LTD	0.06%	216,900	$7M	trimmed−23%	−0.02 pp	2 q
AMGNAmgen Inc	0.05%	35,640	$6M	trimmed−33%	−0.01 pp	2 q
ELVElevance Health, Inc.	0.05%	41,560	$6M	new	+0.05 pp	new
SAVEQSpirit Airlines, Inc.	0.05%	126,760	$5M	new	+0.05 pp	new
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.05%	226,500	$5M	trimmed−13%	0.00 pp	4 q
ABBVAbbvie Inc.	0.04%	75,500	$4M	new	+0.04 pp	new
CAHCardinal Health, Inc.	0.04%	55,740	$5M	new	+0.04 pp	new
DALDelta Air Lines, Inc.	0.04%	87,200	$4M	trimmed−16%	0.00 pp	2 q
DISCKDiscovery Inc-c	0.04%	198,870	$5M	trimmed−27%	−0.02 pp	2 q
unresolvedExpress Scripts Hldg Co	0.04%	56,680	$5M	trimmed−96%	−1.05 pp	4 q
FDXFedEx Corporation	0.04%	28,300	$4M	new	+0.04 pp	new
MSGSMadison Square Garden Sports Corp.	0.04%	26,293	$4M	new	+0.04 pp	new
RUSHARush Enterprises Inc	0.04%	210,227	$5M	added+13%	0.00 pp	2 q
unresolvedIngersoll-Rand Plc	0.04%	79,050	$4M	trimmed−65%	−0.06 pp	2 q
AAPLApple Inc.	0.03%	32,000	$3M	new	+0.03 pp	new
HCAHCA Healthcare, Inc.	0.03%	49,770	$3M	new	+0.03 pp	new
unresolvedTwenty First Centy Fox Inc	0.03%	118,000	$3M	held	—	2 q
MSGNMSG Networks Inc.	0.02%	98,490	$2M	held	—	2 q
MCDMcDonald's Corporation	0.02%	20,900	$2M	trimmed−60%	−0.02 pp	4 q
unresolvedPoage Bankshares Inc	0.02%	116,447	$2M	held	—	4 q
SF9Sanderson Farms Inc	0.02%	36,090	$3M	new	+0.02 pp	new
TOWNTowne Bank	0.02%	86,237	$2M	held	—	4 q
unresolvedCascade Bancorp	0.01%	253,743	$2M	held	—	4 q
CZWICitizens Community Bancorp, Inc.	0.01%	108,909	$1M	held	—	4 q
EBAYeBay Inc	0.01%	24,900	$684,000	held	—	4 q
unresolvedFirst Advantage Bancorp	0.01%	89,600	$1M	held	—	4 q
HNIHNI Corporation	0.01%	27,782	$1M	trimmed−95%	−0.18 pp	4 q
PARRPar Pacific Holdings, Inc.	0.01%	27,700	$652,000	held	—	4 q
PYPLPayPal Holdings, Inc.	0.01%	24,900	$901,000	held	—	2 q
unresolvedBank Of America Corporation	0.00%	51,677	$300,000	held	—	4 q
Freddie Macconvertible	0.00%	43,853	$132,000	held	—	4 q
Freddie Macconvertible	0.00%	30,647	$80,000	held	—	4 q
Freddie Macconvertible	0.00%	1,925	$9,000	held	—	2 q
unresolvedJpmorgan Chase & Co	0.00%	10,000	$237,000	held	—	4 q
unresolvedNaugatuck Valley Finl Corp	0.00%	24,012	$263,000	held	—	4 q
unresolvedSPX Corporation	0.00%	39,970	$373,000	new	0.00 pp	new
BIDUBaidu, Inc.	—	−1,519,210	—	exited	−1.81 pp	—
unresolvedGoogle Inc.	—	−242,578	—	exited	−1.34 pp	—
ORLYO'Reilly Automotive, Inc.	—	−412,100	—	exited	−0.89 pp	—
CNQCanadian Natural Resources Limited	—	−3,780,030	—	exited	−0.64 pp	—
SIGSignet Jewelers Limited	—	−429,900	—	exited	−0.51 pp	—
KMXCarMax Inc.	—	−759,900	—	exited	−0.39 pp	—
VODVodafone Group PLC	—	−1,269,706	—	exited	−0.35 pp	—
WBCWabco Holdings Inc.	—	−382,200	—	exited	−0.35 pp	—
IEXIDEX Corporation	—	−405,700	—	exited	−0.25 pp	—
GGGGraco Inc	—	−394,900	—	exited	−0.23 pp	—
unresolvedKnight Transportation, Inc	—	−1,011,000	—	exited	−0.21 pp	—
BWXTBWX Technologies, Inc.	—	−896,355	—	exited	−0.20 pp	—
CPRTCopart Inc	—	−684,500	—	exited	−0.20 pp	—
HTLDHeartland Express Inc	—	−1,123,000	—	exited	−0.19 pp	—
MCHPMicrochip Technology Inc	—	−465,651	—	exited	−0.17 pp	—
BBYD20230930-DK-BUTTERFLY-1 Inc	—	−242,600	—	exited	−0.12 pp	—
unresolvedFmc Technologies Inc	—	−431,400	—	exited	−0.12 pp	—
FHIFederated Hermes, Inc.	—	−488,673	—	exited	−0.12 pp	—
CMICummins Inc.	—	−111,980	—	exited	−0.11 pp	—
FELEFranklin Electric Co Inc	—	−446,700	—	exited	−0.11 pp	—
NDSNNordson Corp	—	−201,400	—	exited	−0.11 pp	—
unresolvedClarcor Inc	—	−252,500	—	exited	−0.10 pp	—
unresolvedFEI Company	—	−116,100	—	exited	−0.07 pp	—
unresolvedKkr & Co L P DEL	—	−443,180	—	exited	−0.06 pp	—
VARVarian Medical Systems, Inc.	—	−84,400	—	exited	−0.05 pp	—
NENoble Corporation plc	—	−525,100	—	exited	−0.05 pp	—
BLQADBlackrock Inc	—	−15,508	—	exited	−0.04 pp	—
RLRalph Lauren Corporation	—	−39,330	—	exited	−0.04 pp	—
CLBCore Laboratories Inc.	—	−35,400	—	exited	−0.03 pp	—
AZZAZZ Inc.	—	−2,500	—	exited	0.00 pp	—
AMEAmetek, Inc.	—	−6,025	—	exited	0.00 pp	—
BIOBio-Rad Laboratories, Inc.Class A	—	−1,500	—	exited	0.00 pp	—
DCIDonaldson Company, Inc.	—	−1,300	—	exited	0.00 pp	—
FLIRFLIR Systems, Inc. (DE)	—	−3,300	—	exited	0.00 pp	—
FELPForesight Energy LP	—	−51,600	—	exited	0.00 pp	—
GWWW.W. Grainger, Inc.	—	−1,000	—	exited	0.00 pp	—
HOSHornbeck Offshore Services, Inc.	—	−3,100	—	exited	0.00 pp	—
SHOSSears Hometown and Outlet Stores, Inc.	—	−13,900	—	exited	0.00 pp	—
unresolvedSigma Aldrich Corp	—	−2,700	—	exited	0.00 pp	—
unresolvedTidewater Inc	—	−1,600	—	exited	0.00 pp	—
TTCToro Company (The)	—	−3,600	—	exited	0.00 pp	—
TSCOTractor Supply Co	—	−1,000	—	exited	0.00 pp	—
WABWabtec Inc.	—	−2,800	—	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 3

Issue	% of notes	Principal	Value
Uti Worldwide Inc	62.73%	43,835,000	$43M
Ditech Holding Corp	30.64%	31,283,000	$21M
Hornbeck Offshore Serv	6.63%	8,000,000	$5M

Source

Form: 13F-HR
Reading: 4 defects · 25 unresolved
Accession: 0001377581-16-000019
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 2015-12-31
A security outside the official 13F list — CUSIP 313400673 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP 313400855 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP 31848L104 not on the Official 13(f) List for 2015-12-31

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