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FPA

Q3 2016 13F · by Steven Romick, CEO

As of
Sep 30, 2016
Filed
Nov 14, 2016
US stock
$12.0B · prev $11.8B
Positions
102 · prev 97
Options notional
$1M
Documents
1· no amendments

Picture94.5% US stock

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

  • US stock listed on a US exchange 94.5%
  • Foreign stock not listed in the US 5.2%
  • Notes debt, at principal 0.3%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves91 since the prior filing

+9.7 pp in · −9.6 pp out

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

The book

Focused · behaves like 28 equal-sized positions

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

Moderate turnover · 28% a year, about 3.6 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions29% of US stock

  1. ORCL Oracle Corp trimmed−2.08 pp trimmed−2.087.2%
  2. AIG American International Group, Inc. trimmed+0.13 pp trimmed+0.135.7%
  3. UTXZ RTX Corporation trimmed−0.46 pp trimmed−0.465.5%
  4. C Citigroup Inc. trimmed+0.19 pp trimmed+0.195.4%
  5. unresolved Alcoa Inc new+5.19 pp new+5.195.2%

Positions102 in this filing · 4 exited

ORCLOracle Corp7.15%21,866,286$859Mtrimmed−18%−2.08 pp7 q
AIGAmerican International Group, Inc.5.70%11,534,120$684Mtrimmed−7%+0.13 pp7 q
UTXZRTX Corporation5.49%6,493,336$660Mtrimmed−5%−0.46 pp7 q
CCitigroup Inc.5.44%13,840,775$654Mtrimmed−6%+0.19 pp7 q
unresolvedAlcoa Inc5.19%61,482,080$623Mnew+5.19 ppnew
unresolvedAon PLC5.12%5,469,440$615Mtrimmed−9%−0.43 pp7 q
CSCOCisco Systems, Inc. (DE)4.42%16,747,990$531Mtrimmed−15%−0.34 pp7 q
CITCIT Group Inc.4.36%14,422,976$524Madded+2%+0.53 pp7 q
BACBank of America Corporation4.29%32,943,120$516Madded0%+0.61 pp7 q
MSFTMicrosoft Corp4.11%8,575,770$494Mtrimmed−16%−0.33 pp7 q
0VQJLTe Connectivity Ltd3.59%6,698,190$431Mtrimmed−3%+0.25 pp7 q
unresolvedLeucadia National3.55%22,424,270$427Mtrimmed−0%+0.25 pp7 q
AXPAmerican Express Company3.14%5,884,304$377Mtrimmed−3%+0.04 pp5 q
ADIAnalog Devices, Inc.2.55%4,756,330$307Madded+1%+0.29 pp7 q
unresolvedEsterline Technologies Corp2.34%3,690,744$281Madded0%+0.40 pp5 q
unresolvedGeneral Electric Co2.34%9,505,660$282Mtrimmed−11%−0.50 pp7 q
TMOThermo Fisher Scientific, Inc.2.22%1,676,150$267Mtrimmed−6%−0.02 pp7 q
unresolvedYahoo Inc1.94%5,404,500$233Madded+17%+0.48 pp7 q
GOOGAlphabet Inc. Class C1.88%290,834$226Madded+1%+0.19 pp7 q
GOOGLAlphabet Inc. Class A1.87%279,620$225Madded+1%+0.22 pp4 q
ALLYAlly Financial Inc.1.75%10,794,780$210Madded0%+0.20 pp3 q
OIO-I Glass, Inc.1.50%9,770,590$180Mtrimmed−5%−0.07 pp7 q
BIDUBaidu, Inc.1.44%950,402$173Madded×2.3+0.85 pp3 q
HALHalliburton Company1.40%3,734,710$168Madded+1%−0.02 pp5 q
unresolvedNexeo Solutions Inc1.40%20,380,574$168Mheld—2 q
QCOMQualcomm Inc1.33%2,341,120$160Mtrimmed−40%−0.44 pp7 q
LPLALPL Financial Holdings Inc.1.14%4,565,690$137Madded0%+0.27 pp6 q
LMLegg Mason, Inc.1.12%4,013,940$134Madded0%+0.12 pp5 q
WDCWestern Digital Corp.0.92%1,885,230$110Mtrimmed−12%+0.07 pp7 q
unresolvedArris Intl Inc0.74%3,117,814$88Mtrimmed−16%+0.08 pp3 q
YAlleghany Corporation0.73%167,868$88Mtrimmed−14%−0.18 pp7 q
PTENPatterson-UTI Energy Inc0.56%3,005,667$67Mtrimmed−17%−0.09 pp5 q
NBLNoble Energy, Inc.0.53%1,771,151$63Mtrimmed−5%−0.04 pp5 q
AANAaron's Inc0.49%2,313,039$59Mtrimmed−4%+0.04 pp7 q
AVTAvnet, Inc.0.49%1,430,230$59Madded+8%+0.04 pp7 q
DANDana Incorporated0.48%3,734,105$58Mtrimmed−17%+0.08 pp7 q
OXYOccidental Petroleum Corporation0.48%783,250$57Madded+1%−0.02 pp7 q
IDCCInterDigital, Inc.0.45%683,814$54Mtrimmed−52%−0.23 pp7 q
BWBabcock & Wilcox Enterprises, Inc.0.43%3,097,759$51Madded+47%+0.17 pp5 q
unresolvedDevry Ed Group Inc0.42%2,192,507$51Mtrimmed−10%+0.05 pp7 q
XECCimarex Energy Co0.41%370,990$50Mtrimmed−30%−0.12 pp7 q
HPHelmerich & Payne, Inc.0.41%735,193$49Mtrimmed−16%−0.09 pp7 q
unresolvedRowan Cos PLC0.35%2,807,566$43Madded+12%−0.03 pp7 q
AGCOAGCO Corporation0.30%721,511$36Mtrimmed−3%0.00 pp7 q
ARWArrow Electronics, Inc.0.30%559,353$36Mtrimmed−5%−0.01 pp7 q
HMHCHoughton Mifflin Harcourt Company0.30%2,707,399$36Madded+12%−0.02 pp5 q
VECOVeeco Instruments Inc0.30%1,831,856$36Mtrimmed−3%+0.04 pp7 q
SMSM Energy Company0.21%645,659$25Mtrimmed−33%−0.01 pp7 q
unresolvedAmerican Intl Group Inc0.20%1,117,716$24Madded+94%+0.11 pp3 q
unresolvedApollo Group Inc Class A0.20%3,016,689$24Mtrimmed−36%−0.16 pp7 q
CUBLionheart Holdings Class A0.20%525,647$25Mtrimmed−6%+0.01 pp7 q
unresolvedKlx Inc0.17%594,620$21Mheld—3 q
unresolvedForest City Rlty Tr Inc0.15%767,070$18Mheld—3 q
OSKOshkosh Corp.0.15%315,040$18Mtrimmed−22%−0.01 pp7 q
CORCencora, Inc.0.12%172,600$14Mtrimmed−3%0.00 pp3 q
MCKMcKesson Corporation0.12%83,080$14Mtrimmed−3%−0.01 pp5 q
SIGSignet Jewelers Limited0.12%189,560$14Madded+28%+0.02 pp2 q
RGSRegis Corporation0.11%1,032,067$13Mtrimmed−7%−0.01 pp7 q
RUSHARush Enterprises Inc0.11%528,320$13Mtrimmed−10%0.00 pp5 q
CVSCvs Health Corporation0.10%131,530$12Madded+15%+0.01 pp7 q
unresolvedCBS Corp0.09%204,220$11Mtrimmed−2%−0.01 pp7 q
CMAComerica Incorporated0.08%198,770$9Mheld—3 q
WOOFoot Locker Inc0.08%144,830$10Mtrimmed−5%+0.01 pp7 q
HB6Hibbett Inc0.08%238,950$10Mtrimmed−3%+0.01 pp2 q
VSTOVista Outdoor Inc.0.07%199,610$8Mnew+0.07 ppnew
CAHCardinal Health, Inc.0.06%98,560$8Mheld—4 q
TWXTime Warner Inc0.06%92,438$7Mtrimmed−8%0.00 pp5 q
WBAWalgreens Boots Alliance, Inc0.06%86,550$7Madded+3%0.00 pp7 q
MSGSMadison Square Garden Sports Corp.0.05%32,950$6Mtrimmed−3%0.00 pp4 q
unresolvedTwenty First Centy Fox Inc0.05%255,000$6Mtrimmed−1%−0.01 pp5 q
IVZInvesco LTD0.05%180,150$6Mtrimmed−20%0.00 pp5 q
unresolvedJoy Global Inc0.04%165,900$5Mheld—7 q
WHRWhirlpool Corp.0.04%26,200$4Mtrimmed−26%−0.01 pp4 q
AMPAmeriprise Financial, Inc.0.03%37,900$4Mtrimmed−27%−0.01 pp5 q
ELVElevance Health, Inc.0.03%32,450$4Mtrimmed−22%−0.02 pp4 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.0.03%124,100$4Mtrimmed−21%−0.01 pp7 q
SGISomnigroup International Inc.0.03%67,070$4Mtrimmed−6%0.00 pp3 q
unresolvedTwenty First Centy Fox Inc0.03%150,000$4Mheld—5 q
NCLHNorwegian Cruise Line Holdings Ltd.0.03%87,450$3Mnew+0.03 ppnew
DALDelta Air Lines, Inc.0.02%71,450$3Mtrimmed−39%−0.02 pp5 q
99803EURLaboratory Crp Of Amer Hldgs0.02%20,400$3Mheld—7 q
OMCOmnicom Group Inc.0.02%33,000$3Mheld—2 q
RHIRobert Half Inc.0.02%73,500$3Mheld—2 q
LUVSouthwest Airlines Co.0.02%72,900$3Mtrimmed−32%−0.02 pp3 q
SAVEQSpirit Airlines, Inc.0.02%66,850$3Mtrimmed−34%−0.02 pp4 q
unresolvedIngersoll-Rand Plc0.02%32,050$2Mtrimmed−16%0.00 pp5 q
EBAYeBay Inc0.01%24,900$819,000held—7 q
MDPediatrix Medical Group, Inc.0.01%23,570$2Mnew+0.01 ppnew
unresolvedPriceline Grp Inc0.01%500$736,000new+0.01 ppnew
unresolvedSPX Corporation0.01%57,220$1Mheld—4 q
TRNTrinity Industries, Inc.0.01%74,080$2Mheld—2 q
unresolvedBank Of America Corporation0.00%51,677$239,000held—7 q
Freddie Macconvertible0.00%26,000$62,000new0.00 ppnew
Freddie Macconvertible0.00%44,052$105,000added0%0.00 pp7 q
Freddie Macconvertible0.00%31,047$73,000added+1%0.00 pp7 q
Freddie Macconvertible0.00%9,580$44,000new0.00 ppnew
Freddie Macconvertible0.00%13,725$63,000added×7.10.00 pp5 q
Freddie Macconvertible0.00%6,023$27,000new0.00 ppnew
unresolvedForesight Energy LLC Wt Exp 100.00%16,260$0new0.00 ppnew
unresolvedJpmorgan Chase & Co0.00%10,000$246,000held—7 q
unresolvedNexeo Solutions Inc0.00%89,388$55,000held—2 q
PARRPar Pacific Holdings, Inc.0.00%38,479$503,000added+39%0.00 pp7 q
unresolvedAlcoa Inc.—−64,456,242—exited−5.05 pp—
unresolvedAetna Inc New—−25,950—exited−0.03 pp—
DISCKDiscovery Inc-c—−144,200—exited−0.03 pp—
STCStewart Information Services Corporation—−44,283—exited−0.02 pp—

Other 13(f) securities

Options 3

Contract% of notionalSharesNotional
CIT CALL50.26%19,000$689,000
BAC CALL42.89%37,600$588,000
C CALL6.86%2,000$94,000

Notes 3

Issue% of notesPrincipalValue
Ditech Holding Corp47.73%31,283,000$19M
Uti Worldwide Inc39.98%15,135,000$16M
Hornbeck Offshore Serv12.29%8,481,000$5M

Source

Form
13F-HR
Reading
9 defects · 25 unresolved
Accession
0001377581-16-000023
SEC cross-check
SEC data set not published yet
  • A security outside the official 13F list — CUSIP 013817507 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP 313400640 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP 313400665 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP 313400673 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP 313400731 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP 313400855 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP 313400863 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP 345525117 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP 90349LAB0 not on the Official 13(f) List for 2016-09-30