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FPA

Q1 2016 13F · by Steven Romick, CEO

As of
Mar 31, 2016
Filed
May 16, 2016
US stock
$11.0B · prev $11.2B
Positions
97 · prev 104
Options notional
$2M
Documents
1· no amendments

Picture99.6% US stock

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

  • US stock listed on a US exchange 99.6%
  • 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 0.0%

Moves109 since the prior filing

+9.6 pp in · −9.5 pp out

Options: 3 moves on a notional base, in the table below.

The book

Focused · behaves like 25 equal-sized positions

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

Moderate turnover · 46% a year, about 2.2 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions32% of US stock

  1. ORCL Oracle Corp added+1.49 pp added+1.499.4%
  2. unresolved Aon PLC trimmed+0.45 pp trimmed+0.456.7%
  3. UTXZ RTX Corporation added+0.81 pp added+0.815.8%
  4. AIG American International Group, Inc. added+0.24 pp added+0.245.4%
  5. unresolved Alcoa Inc. added+0.66 pp added+0.665.0%

Positions97 in this filing · 20 exited

ORCLOracle Corp9.38%25,180,520$1.0Badded+4%+1.49 pp5 q
unresolvedAon PLC6.70%7,045,990$736Mtrimmed−7%+0.45 pp5 q
UTXZRTX Corporation5.83%6,398,168$640Madded+9%+0.81 pp5 q
AIGAmerican International Group, Inc.5.37%10,911,550$590Madded+18%+0.24 pp5 q
unresolvedAlcoa Inc.4.95%56,805,862$544Madded+17%+0.66 pp5 q
CCitigroup Inc.4.85%12,761,285$533Madded+15%−0.29 pp5 q
MSFTMicrosoft Corp4.79%9,527,339$526Mtrimmed−31%−2.05 pp5 q
CSCOCisco Systems, Inc. (DE)4.60%17,749,200$505Madded+8%+0.62 pp5 q
0VQJLTe Connectivity Ltd3.70%6,554,410$406Mtrimmed−10%−0.49 pp5 q
CITCIT Group Inc.3.63%12,859,035$399Madded×2.2+1.56 pp5 q
BACBank of America Corporation3.25%26,391,680$357Madded+34%+0.28 pp5 q
AXPAmerican Express Company3.16%5,660,028$348Madded+88%+1.29 pp3 q
unresolvedLeucadia National3.08%20,903,000$338Madded+18%+0.33 pp5 q
unresolvedGeneral Electric Co3.01%10,395,500$330Mtrimmed−13%−0.30 pp5 q
ADIAnalog Devices, Inc.2.26%4,185,370$248Madded0%+0.20 pp5 q
TMOThermo Fisher Scientific, Inc.2.18%1,689,060$239Mtrimmed−8%−0.14 pp5 q
OXYOccidental Petroleum Corporation2.15%3,448,410$236Mtrimmed−0%+0.07 pp5 q
unresolvedEsterline Technologies Corp2.04%3,495,723$224Madded+8%−0.31 pp3 q
GOOGAlphabet Inc. Class C1.73%255,596$190Madded+1%+0.02 pp5 q
GOOGLAlphabet Inc. Class A1.71%245,921$188Mtrimmed−1%−0.01 pp2 q
QCOMQualcomm Inc1.62%3,482,560$178Madded+14%+0.26 pp5 q
OIO-I Glass, Inc.1.50%10,321,500$165Mtrimmed−0%−0.11 pp5 q
unresolvedYahoo Inc1.30%3,889,440$143Mtrimmed−0%+0.14 pp5 q
LMLegg Mason, Inc.1.27%4,010,115$139Madded×2.1+0.59 pp3 q
LPLALPL Financial Holdings Inc.1.10%4,867,840$121Madded+8%−0.62 pp4 q
HALHalliburton Company1.07%3,286,380$117Mtrimmed−1%+0.07 pp3 q
YAlleghany Corporation0.89%197,169$98Mtrimmed−33%−0.37 pp5 q
WDCWestern Digital Corp.0.79%1,844,090$87Madded+47%+0.12 pp5 q
unresolvedArris Intl Inc0.77%3,703,093$85Mnew+0.77 ppnew
IDCCInterDigital, Inc.0.76%1,492,091$83Mtrimmed−7%+0.06 pp5 q
PTENPatterson-UTI Energy Inc0.68%4,230,870$75Madded+1%+0.12 pp3 q
NBLNoble Energy, Inc.0.57%1,977,441$62Mtrimmed−13%−0.10 pp3 q
unresolvedApollo Group Inc Class A0.55%7,401,634$61Mtrimmed−27%−0.14 pp5 q
XECCimarex Energy Co0.54%608,080$59Mtrimmed−21%−0.07 pp5 q
HPHelmerich & Payne, Inc.0.54%1,016,550$60Mtrimmed−25%−0.11 pp5 q
unresolvedRowan Cos PLC0.51%3,467,300$56Mtrimmed−18%−0.13 pp5 q
AANAaron's Inc0.50%2,196,146$55Madded+12%+0.11 pp5 q
AVTAvnet, Inc.0.50%1,251,710$55Mtrimmed−13%−0.05 pp5 q
DANDana Incorporated0.49%3,803,714$54Madded+3%+0.03 pp5 q
ALLYAlly Financial Inc.0.45%2,654,061$50Mnew+0.45 ppnew
unresolvedDevry Ed Group Inc0.43%2,747,221$47Mtrimmed−12%−0.27 pp5 q
ARWArrow Electronics, Inc.0.42%722,050$47Mtrimmed−25%−0.04 pp5 q
AGCOAGCO Corporation0.37%827,259$41Mtrimmed−30%−0.11 pp5 q
BWBabcock & Wilcox Enterprises, Inc.0.34%1,760,740$38Madded+7%+0.03 pp3 q
VECOVeeco Instruments Inc0.31%1,740,820$34Madded+7%+0.01 pp5 q
IPGThe Interpublic Group of Companies, Inc.0.28%1,320,868$30Mtrimmed−87%−1.77 pp5 q
SMSM Energy Company0.26%1,503,298$28Mtrimmed−5%−0.02 pp5 q
CUBLionheart Holdings Class A0.21%590,867$24Mtrimmed−2%−0.05 pp5 q
HMHCHoughton Mifflin Harcourt Company0.18%974,667$19Madded+21%+0.02 pp3 q
OSKOshkosh Corp.0.17%465,920$19Mtrimmed−45%−0.13 pp5 q
RGSRegis Corporation0.16%1,189,106$18Mheld—5 q
unresolvedForest City Rlty Tr Inc0.15%767,070$16Mnew+0.15 ppnew
MCKMcKesson Corporation0.13%90,250$14Madded×2.1+0.05 pp3 q
unresolvedCBS Corp0.10%207,900$11Mtrimmed−13%0.00 pp5 q
CVSCvs Health Corporation0.10%106,140$11Mtrimmed−17%−0.01 pp5 q
RUSHARush Enterprises Inc0.10%587,040$11Madded×2.8+0.06 pp3 q
BIDUBaidu, Inc.0.09%49,300$9Mnew+0.09 ppnew
WOOFoot Locker Inc0.09%148,190$10Mtrimmed−35%−0.04 pp5 q
CORCencora, Inc.0.07%93,690$8Mnew+0.07 ppnew
AMPAmeriprise Financial, Inc.0.07%81,175$8Madded+3%0.00 pp3 q
CAHCardinal Health, Inc.0.07%100,190$8Madded+80%+0.03 pp2 q
CMAComerica Incorporated0.07%198,770$8Mnew+0.07 ppnew
ELVElevance Health, Inc.0.06%49,950$7Madded+20%+0.01 pp2 q
unresolvedKlx Inc0.06%194,150$6Mnew+0.06 ppnew
TWXTime Warner Inc0.06%95,900$7Mtrimmed−26%−0.01 pp3 q
unresolvedTwenty First Centy Fox Inc0.06%255,250$7Mtrimmed−17%−0.01 pp3 q
WHRWhirlpool Corp.0.06%38,200$7Mtrimmed−16%0.00 pp2 q
IVZInvesco LTD0.06%211,950$7Mtrimmed−2%0.00 pp3 q
DISCKDiscovery Inc-c0.05%192,050$5Mtrimmed−3%+0.01 pp3 q
99803EURLaboratory Crp Of Amer Hldgs0.05%50,400$6Mheld—5 q
MSGSMadison Square Garden Sports Corp.0.05%33,100$6Madded+26%+0.01 pp2 q
LUVSouthwest Airlines Co.0.05%115,400$5Mnew+0.05 ppnew
DALDelta Air Lines, Inc.0.04%80,850$4Mtrimmed−7%0.00 pp3 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.0.04%158,000$4Mtrimmed−30%−0.01 pp5 q
WBAWalgreens Boots Alliance, Inc0.04%46,400$4Mtrimmed−91%−0.37 pp5 q
PRGOPerrigo Company PLC0.04%32,600$4Mnew+0.04 ppnew
ABBVAbbvie Inc.0.03%56,050$3Mtrimmed−26%−0.01 pp2 q
unresolvedAetna Inc New0.03%28,400$3Mnew+0.03 ppnew
AAPLApple Inc.0.03%30,500$3Mtrimmed−5%0.00 pp2 q
unresolvedJoy Global Inc0.03%215,900$3Mtrimmed−93%−0.30 pp5 q
SAVEQSpirit Airlines, Inc.0.03%76,400$4Mtrimmed−40%−0.02 pp2 q
unresolvedTwenty First Centy Fox Inc0.03%118,000$3Mheld—3 q
unresolvedIngersoll-Rand Plc0.03%54,300$3Mtrimmed−31%−0.01 pp3 q
unresolvedBarnes & Noble Inc0.02%148,775$2Mtrimmed−92%−0.12 pp4 q
MCDMcDonald's Corporation0.02%20,900$3Mheld—5 q
SGISomnigroup International Inc.0.02%41,100$2Mnew+0.02 ppnew
unresolvedAmerican Intl Group Inc0.01%54,970$1Mnew+0.01 ppnew
EBAYeBay Inc0.01%24,900$594,000held—5 q
unresolvedPoage Bankshares Inc0.01%78,627$1Mtrimmed−32%−0.01 pp5 q
unresolvedSPX Corporation0.01%57,220$859,000added+43%+0.01 pp2 q
UNVRUnivar Solutions Inc.0.01%42,150$724,000new+0.01 ppnew
unresolvedBank Of America Corporation0.00%51,677$201,000held—5 q
Freddie Macconvertible0.00%43,853$125,000held—5 q
Freddie Macconvertible0.00%30,647$66,000held—5 q
Freddie Macconvertible0.00%1,925$8,000held—3 q
unresolvedJpmorgan Chase & Co0.00%10,000$177,000held—5 q
PARRPar Pacific Holdings, Inc.0.00%27,700$520,000held—5 q
BUDAnheuser-Busch INBEV SA/NV—−1,139,097—exited−1.27 pp—
unresolvedArris Group Inc New—−3,532,783—exited−0.96 pp—
RSReliance, Inc.—−280,218—exited−0.14 pp—
unresolvedWalter Invt Mgmt Corp—−882,300—exited−0.11 pp—
SCSCScansource Inc—−288,872—exited−0.08 pp—
HOSHornbeck Offshore Services, Inc.—−732,800—exited−0.07 pp—
ACTAllergan PLC—−24,100—exited−0.07 pp—
AMGNAmgen Inc—−35,640—exited−0.05 pp—
unresolvedExpress Scripts Hldg Co—−56,680—exited−0.04 pp—
FDXFedEx Corporation—−28,300—exited−0.04 pp—
HCAHCA Healthcare, Inc.—−49,770—exited−0.03 pp—
MSGNMSG Networks Inc.—−98,490—exited−0.02 pp—
SF9Sanderson Farms Inc—−36,090—exited−0.02 pp—
TOWNTowne Bank—−86,237—exited−0.02 pp—
unresolvedCascade Bancorp—−253,743—exited−0.01 pp—
CZWICitizens Community Bancorp, Inc.—−108,909—exited−0.01 pp—
unresolvedFirst Advantage Bancorp—−89,600—exited−0.01 pp—
HNIHNI Corporation—−27,782—exited−0.01 pp—
PYPLPayPal Holdings, Inc.—−24,900—exited−0.01 pp—
unresolvedNaugatuck Valley Finl Corp—−24,012—exited0.00 pp—

Other 13(f) securities

Options 2

Contract% of notionalSharesNotional
CIT CALL95.94%64,000$2M
C CALL4.06%2,000$84,000

Notes 3

Issue% of notesPrincipalValue
Ditech Holding Corp44.52%31,283,000$18M
Uti Worldwide Inc37.45%15,135,000$15M
Hornbeck Offshore Serv18.04%12,000,000$7M

Source

Form
13F-HR
Reading
3 defects · 24 unresolved
Accession
0001377581-16-000021
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 2016-03-31
  • A security outside the official 13F list — CUSIP 313400673 not on the Official 13(f) List for 2016-03-31
  • A security outside the official 13F list — CUSIP 313400855 not on the Official 13(f) List for 2016-03-31