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FPA

Q2 2016 13F · by Steven Romick, CEO

As of
Jun 30, 2016
Filed
Aug 8, 2016
US stock
$11.8B · prev $11.0B
Positions
97 · prev 97
Options notional
$3M
Documents
1· no amendments

Picture99.7% US stock

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

  • US stock listed on a US exchange 99.7%
  • Foreign stock not listed in the US 0.0%
  • Notes debt, at principal 0.3%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves93 since the prior filing

+4.7 pp in · −4.6 pp out

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

The book

Focused · behaves like 26 equal-sized positions

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

Low turnover · 17% a year, about 5.9 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions32% of US stock

  1. ORCL Oracle Corp added−0.15 pp added−0.159.2%
  2. UTXZ RTX Corporation added+0.12 pp added+0.126.0%
  3. AIG American International Group, Inc. added+0.20 pp added+0.205.6%
  4. unresolved Aon PLC trimmed−1.15 pp trimmed−1.155.5%
  5. C Citigroup Inc. added+0.40 pp added+0.405.3%

Positions97 in this filing · 8 exited

ORCLOracle Corp9.23%26,667,007$1.1Badded+6%−0.15 pp6 q
UTXZRTX Corporation5.95%6,862,946$704Madded+7%+0.12 pp6 q
AIGAmerican International Group, Inc.5.57%12,441,990$658Madded+14%+0.20 pp6 q
unresolvedAon PLC5.55%6,006,861$656Mtrimmed−15%−1.15 pp6 q
CCitigroup Inc.5.25%14,648,635$621Madded+15%+0.40 pp6 q
unresolvedAlcoa Inc.5.05%64,456,242$598Madded+13%+0.10 pp6 q
CSCOCisco Systems, Inc. (DE)4.76%19,605,880$562Madded+10%+0.16 pp6 q
MSFTMicrosoft Corp4.44%10,261,650$525Madded+8%−0.35 pp6 q
CITCIT Group Inc.3.83%14,186,561$453Madded+10%+0.20 pp6 q
BACBank of America Corporation3.68%32,793,600$435Madded+24%+0.43 pp6 q
0VQJLTe Connectivity Ltd3.34%6,907,710$394Madded+5%−0.36 pp6 q
unresolvedLeucadia National3.30%22,520,090$390Madded+8%+0.22 pp6 q
AXPAmerican Express Company3.10%6,042,364$367Madded+7%−0.06 pp4 q
unresolvedGeneral Electric Co2.84%10,649,460$335Madded+2%−0.17 pp6 q
ADIAnalog Devices, Inc.2.26%4,715,280$267Madded+13%0.00 pp6 q
TMOThermo Fisher Scientific, Inc.2.24%1,788,830$264Madded+6%+0.06 pp6 q
unresolvedEsterline Technologies Corp1.94%3,690,554$229Madded+6%−0.10 pp4 q
QCOMQualcomm Inc1.77%3,916,960$210Madded+12%+0.15 pp6 q
GOOGAlphabet Inc. Class C1.69%288,401$200Madded+13%−0.04 pp6 q
GOOGLAlphabet Inc. Class A1.65%277,197$195Madded+13%−0.06 pp3 q
OIO-I Glass, Inc.1.57%10,303,380$186Mtrimmed−0%+0.07 pp6 q
ALLYAlly Financial Inc.1.55%10,769,760$184Madded×4.1+1.10 pp2 q
unresolvedNexeo Solutions Inc1.55%20,380,574$183Mnew+1.55 ppnew
unresolvedYahoo Inc1.46%4,607,570$173Madded+18%+0.16 pp6 q
HALHalliburton Company1.42%3,702,530$168Madded+13%+0.35 pp4 q
LMLegg Mason, Inc.1.00%4,004,740$118Mtrimmed−0%−0.27 pp4 q
YAlleghany Corporation0.91%196,205$108Mtrimmed−0%+0.02 pp6 q
LPLALPL Financial Holdings Inc.0.87%4,565,570$103Mtrimmed−6%−0.23 pp5 q
WDCWestern Digital Corp.0.85%2,135,040$101Madded+16%+0.06 pp6 q
IDCCInterDigital, Inc.0.68%1,438,101$80Mtrimmed−4%−0.08 pp6 q
unresolvedArris Intl Inc0.66%3,717,862$78Madded0%−0.11 pp2 q
PTENPatterson-UTI Energy Inc0.65%3,616,574$77Mtrimmed−15%−0.03 pp4 q
BIDUBaidu, Inc.0.59%418,916$69Madded×8.5+0.50 pp2 q
NBLNoble Energy, Inc.0.57%1,863,901$67Mtrimmed−6%0.00 pp4 q
XECCimarex Energy Co0.53%528,720$63Mtrimmed−13%−0.01 pp6 q
HPHelmerich & Payne, Inc.0.50%878,305$59Mtrimmed−14%−0.04 pp6 q
OXYOccidental Petroleum Corporation0.50%777,350$59Mtrimmed−77%−1.65 pp6 q
AANAaron's Inc0.45%2,408,789$53Madded+10%−0.05 pp6 q
AVTAvnet, Inc.0.45%1,321,900$54Madded+6%−0.05 pp6 q
DANDana Incorporated0.40%4,473,045$47Madded+18%−0.09 pp6 q
unresolvedRowan Cos PLC0.38%2,516,414$44Mtrimmed−27%−0.13 pp6 q
unresolvedDevry Ed Group Inc0.37%2,435,398$43Mtrimmed−11%−0.06 pp6 q
unresolvedApollo Group Inc Class A0.36%4,692,581$43Mtrimmed−37%−0.19 pp6 q
HMHCHoughton Mifflin Harcourt Company0.32%2,417,224$38Madded×2.5+0.14 pp4 q
ARWArrow Electronics, Inc.0.31%590,963$37Mtrimmed−18%−0.11 pp6 q
AGCOAGCO Corporation0.30%740,371$35Mtrimmed−11%−0.07 pp6 q
BWBabcock & Wilcox Enterprises, Inc.0.26%2,105,860$31Madded+20%−0.08 pp4 q
VECOVeeco Instruments Inc0.26%1,886,986$31Madded+8%−0.05 pp6 q
SMSM Energy Company0.22%964,063$26Mtrimmed−36%−0.04 pp6 q
CUBLionheart Holdings Class A0.19%556,247$22Mtrimmed−6%−0.02 pp6 q
unresolvedKlx Inc0.16%594,620$18Madded×3.1+0.10 pp2 q
OSKOshkosh Corp.0.16%403,860$19Mtrimmed−13%−0.01 pp6 q
unresolvedForest City Rlty Tr Inc0.14%767,070$17Mheld—2 q
MCKMcKesson Corporation0.13%85,300$16Mtrimmed−5%0.00 pp4 q
CORCencora, Inc.0.12%177,270$14Madded+89%+0.05 pp2 q
RGSRegis Corporation0.12%1,107,100$14Mtrimmed−7%−0.04 pp6 q
RUSHARush Enterprises Inc0.11%587,040$13Mheld—4 q
unresolvedCBS Corp0.10%207,900$11Mheld—6 q
SIGSignet Jewelers Limited0.10%148,500$12Mnew+0.10 ppnew
unresolvedAmerican Intl Group Inc0.09%576,733$11Madded×10.5+0.08 pp2 q
CVSCvs Health Corporation0.09%114,190$11Madded+8%−0.01 pp6 q
CAHCardinal Health, Inc.0.07%98,560$8Mtrimmed−2%0.00 pp3 q
CMAComerica Incorporated0.07%198,770$8Mheld—2 q
WOOFoot Locker Inc0.07%152,270$8Madded+3%−0.02 pp6 q
HB6Hibbett Inc0.07%247,100$9Mnew+0.07 ppnew
TWXTime Warner Inc0.06%100,370$7Madded+5%0.00 pp4 q
unresolvedTwenty First Centy Fox Inc0.06%257,500$7Madded+1%0.00 pp4 q
WBAWalgreens Boots Alliance, Inc0.06%84,350$7Madded+82%+0.02 pp6 q
ELVElevance Health, Inc.0.05%41,350$5Mtrimmed−17%−0.01 pp3 q
MSGSMadison Square Garden Sports Corp.0.05%34,100$6Madded+3%0.00 pp3 q
WHRWhirlpool Corp.0.05%35,600$6Mtrimmed−7%−0.01 pp3 q
IVZInvesco LTD0.05%224,100$6Madded+6%−0.01 pp4 q
AMPAmeriprise Financial, Inc.0.04%52,050$5Mtrimmed−36%−0.03 pp4 q
DALDelta Air Lines, Inc.0.04%117,800$4Madded+46%0.00 pp4 q
LUVSouthwest Airlines Co.0.04%106,600$4Mtrimmed−8%−0.01 pp2 q
SAVEQSpirit Airlines, Inc.0.04%100,950$5Madded+32%+0.01 pp3 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.0.04%158,000$4Mheld—6 q
unresolvedAetna Inc New0.03%25,950$3Mtrimmed−9%0.00 pp2 q
DISCKDiscovery Inc-c0.03%144,200$3Mtrimmed−25%−0.02 pp4 q
unresolvedJoy Global Inc0.03%165,900$4Mtrimmed−23%0.00 pp6 q
SGISomnigroup International Inc.0.03%71,500$4Madded+74%+0.01 pp2 q
unresolvedTwenty First Centy Fox Inc0.03%150,000$4Madded+27%0.00 pp4 q
99803EURLaboratory Crp Of Amer Hldgs0.02%20,400$3Mtrimmed−60%−0.03 pp6 q
OMCOmnicom Group Inc.0.02%33,000$3Mnew+0.02 ppnew
RHIRobert Half Inc.0.02%73,500$3Mnew+0.02 ppnew
STCStewart Information Services Corporation0.02%44,283$2Mnew+0.02 ppnew
unresolvedIngersoll-Rand Plc0.02%38,050$2Mtrimmed−30%−0.01 pp4 q
unresolvedSPX Corporation0.01%57,220$850,000held—3 q
TRNTrinity Industries, Inc.0.01%74,080$1Mnew+0.01 ppnew
unresolvedBank Of America Corporation0.00%51,677$180,000held—6 q
EBAYeBay Inc0.00%24,900$583,000held—6 q
Freddie Macconvertible0.00%43,853$145,000held—6 q
Freddie Macconvertible0.00%30,647$101,000held—6 q
Freddie Macconvertible0.00%1,925$12,000held—4 q
unresolvedJpmorgan Chase & Co0.00%10,000$202,000held—6 q
unresolvedNexeo Solutions Inc0.00%89,388$62,000new0.00 ppnew
PARRPar Pacific Holdings, Inc.0.00%27,700$425,000held—6 q
IPGThe Interpublic Group of Companies, Inc.—−1,320,868—exited−0.28 pp—
PRGOPerrigo Company PLC—−32,600—exited−0.04 pp—
ABBVAbbvie Inc.—−56,050—exited−0.03 pp—
AAPLApple Inc.—−30,500—exited−0.03 pp—
unresolvedBarnes & Noble Inc—−148,775—exited−0.02 pp—
MCDMcDonald's Corporation—−20,900—exited−0.02 pp—
unresolvedPoage Bankshares Inc—−78,627—exited−0.01 pp—
UNVRUnivar Solutions Inc.—−42,150—exited−0.01 pp—

Other 13(f) securities

Options 3

Contract% of notionalSharesNotional
CIT CALL77.79%64,000$2M
BAC CALL19.01%37,600$499,000
C CALL3.20%2,000$84,000

Notes 3

Issue% of notesPrincipalValue
Uti Worldwide Inc44.72%15,135,000$15M
Ditech Holding Corp29.82%31,283,000$10M
Hornbeck Offshore Serv25.46%15,375,000$9M

Source

Form
13F-HR
Reading
4 defects · 24 unresolved
Accession
0001377581-16-000022
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 2016-06-30
  • A security outside the official 13F list — CUSIP 313400673 not on the Official 13(f) List for 2016-06-30
  • A security outside the official 13F list — CUSIP 313400855 not on the Official 13(f) List for 2016-06-30
  • A security outside the official 13F list — CUSIP 90349LAB0 not on the Official 13(f) List for 2016-06-30