FPA

Q4 2016 13F · by Steven Romick, CEO

As of: Dec 31, 2016
Filed: Feb 14, 2017
US stock: $12.5B · prev $12.0B
Positions: 105 · prev 102
Options notional: $949,000
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%

Moves99 since the prior filing

+8.2 pp in · −8.4 pp out

New 15 +6.63 pp
Added 27 +1.59 pp
Trimmed 44 −1.62 pp
Exited 12 −6.82 pp

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

The book

Focused · behaves like 29 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 36% a year, about 2.8 years per position

Low
Moderate
High

Top 5 positions28% of US stock

ORCL Oracle Corp trimmed−0.46 pp trimmed−0.466.7%
AIG American International Group, Inc. trimmed−0.01 pp trimmed−0.015.7%
UTXZ RTX Corporation trimmed+0.05 pp trimmed+0.055.5%
C Citigroup Inc. trimmed−0.12 pp trimmed−0.125.3%
unresolved Aon PLC trimmed−0.28 pp trimmed−0.284.8%

Positions105 in this filing · 12 exited


ORCLOracle Corp	6.69%	21,784,700	$838M	trimmed−0%	−0.46 pp	8 q
AIGAmerican International Group, Inc.	5.69%	10,905,410	$712M	trimmed−5%	−0.01 pp	8 q
UTXZRTX Corporation	5.54%	6,320,626	$693M	trimmed−3%	+0.05 pp	8 q
CCitigroup Inc.	5.32%	11,203,455	$666M	trimmed−19%	−0.12 pp	8 q
unresolvedAon PLC	4.84%	5,435,140	$606M	trimmed−1%	−0.28 pp	8 q
BACBank of America Corporation	4.81%	27,239,510	$602M	trimmed−17%	+0.52 pp	8 q
CITCIT Group Inc.	4.65%	13,642,498	$582M	trimmed−5%	+0.29 pp	8 q
MSFTMicrosoft Corp	4.24%	8,540,650	$531M	trimmed−0%	+0.13 pp	8 q
unresolvedLeucadia National	4.04%	21,739,887	$505M	trimmed−3%	+0.49 pp	8 q
CSCOCisco Systems, Inc. (DE)	3.69%	15,269,920	$461M	trimmed−9%	−0.73 pp	8 q
0VQJLTe Connectivity Ltd	3.48%	6,276,860	$435M	trimmed−6%	−0.11 pp	8 q
AXPAmerican Express Company	3.40%	5,751,094	$426M	trimmed−2%	+0.26 pp	6 q
ARNCHowmet Aerospace Inc.	3.04%	20,525,546	$381M	new	+3.04 pp	new
ADIAnalog Devices, Inc.	2.77%	4,774,970	$347M	added0%	+0.22 pp	8 q
unresolvedEsterline Technologies Corp	2.60%	3,649,114	$326M	trimmed−1%	+0.26 pp	6 q
BIDUBaidu, Inc.	2.30%	1,751,000	$288M	added+84%	+0.86 pp	4 q
unresolvedYahoo Inc	2.24%	7,263,460	$281M	added+34%	+0.30 pp	8 q
unresolvedGeneral Electric Co	2.07%	8,182,110	$259M	trimmed−14%	−0.27 pp	8 q
GOOGAlphabet Inc. Class C	1.81%	293,897	$227M	added+1%	−0.07 pp	8 q
GOOGLAlphabet Inc. Class A	1.78%	280,721	$222M	added0%	−0.09 pp	5 q
ALLYAlly Financial Inc.	1.65%	10,844,420	$206M	added0%	−0.10 pp	4 q
TMOThermo Fisher Scientific, Inc.	1.65%	1,460,100	$206M	trimmed−13%	−0.57 pp	8 q
unresolvedNexeo Solutions Inc	1.52%	20,380,574	$190M	held	—	3 q
AAAlcoa Corporation	1.46%	6,514,702	$183M	new	+1.46 pp	new
OIO-I Glass, Inc.	1.36%	9,794,580	$171M	added0%	−0.14 pp	8 q
LPLALPL Financial Holdings Inc.	1.29%	4,586,490	$161M	added0%	+0.15 pp	7 q
QCOMQualcomm Inc	1.21%	2,330,270	$152M	trimmed−0%	−0.12 pp	8 q
LMLegg Mason, Inc.	0.96%	4,032,260	$121M	added0%	−0.16 pp	6 q
MYLMylan NV	0.94%	3,085,731	$118M	new	+0.94 pp	new
WDCWestern Digital Corp.	0.93%	1,720,010	$117M	trimmed−9%	+0.01 pp	8 q
PRGOPerrigo Company PLC	0.86%	1,297,550	$108M	new	+0.86 pp	new
YAlleghany Corporation	0.82%	168,185	$102M	added0%	+0.09 pp	8 q
unresolvedArris Intl Inc	0.76%	3,145,682	$95M	added+1%	+0.02 pp	4 q
AVTAvnet, Inc.	0.67%	1,760,140	$84M	added+23%	+0.18 pp	8 q
AANAaron's Inc	0.62%	2,413,329	$77M	added+4%	+0.13 pp	8 q
BWBabcock & Wilcox Enterprises, Inc.	0.52%	3,952,609	$66M	added+28%	+0.09 pp	6 q
NBLNoble Energy, Inc.	0.52%	1,715,931	$65M	trimmed−3%	−0.01 pp	6 q
DANDana Incorporated	0.48%	3,191,334	$61M	trimmed−15%	0.00 pp	8 q
OXYOccidental Petroleum Corporation	0.45%	786,590	$56M	added0%	−0.03 pp	8 q
unresolvedDevry Ed Group Inc	0.41%	1,649,619	$51M	trimmed−25%	−0.01 pp	8 q
XECCimarex Energy Co	0.39%	358,614	$49M	trimmed−3%	−0.02 pp	8 q
PTENPatterson-UTI Energy Inc	0.36%	1,670,853	$45M	trimmed−44%	−0.20 pp	6 q
VECOVeeco Instruments Inc	0.36%	1,531,780	$45M	trimmed−16%	+0.06 pp	8 q
IDCCInterDigital, Inc.	0.35%	482,879	$44M	trimmed−29%	−0.10 pp	8 q
ARWArrow Electronics, Inc.	0.30%	524,523	$37M	trimmed−6%	0.00 pp	8 q
AGCOAGCO Corporation	0.28%	594,891	$34M	trimmed−18%	−0.02 pp	8 q
HMHCHoughton Mifflin Harcourt Company	0.26%	2,972,377	$32M	added+10%	−0.04 pp	6 q
unresolvedRowan Cos PLC	0.26%	1,724,488	$33M	trimmed−39%	−0.09 pp	8 q
HPHelmerich & Payne, Inc.	0.25%	405,009	$31M	trimmed−45%	−0.16 pp	8 q
unresolvedAmerican Intl Group Inc	0.21%	1,117,716	$26M	held	—	4 q
CUBLionheart Holdings Class A	0.21%	553,408	$27M	added+5%	+0.01 pp	8 q
unresolvedKlx Inc	0.21%	594,620	$27M	held	—	4 q
unresolvedForest City Rlty Tr Inc	0.19%	1,144,060	$24M	added+49%	+0.04 pp	4 q
WUBA58.COM Inc	0.16%	715,110	$20M	new	+0.16 pp	new
SMSM Energy Company	0.16%	568,673	$20M	trimmed−12%	−0.05 pp	8 q
VSTOVista Outdoor Inc.	0.16%	541,292	$20M	added×2.7	+0.09 pp	2 q
OSKOshkosh Corp.	0.13%	242,890	$16M	trimmed−23%	−0.02 pp	8 q
CORCencora, Inc.	0.11%	172,600	$13M	held	—	4 q
CVSCvs Health Corporation	0.10%	161,800	$13M	added+23%	0.00 pp	8 q
CMAComerica Incorporated	0.10%	188,830	$13M	trimmed−5%	+0.02 pp	4 q
RUSHARush Enterprises Inc	0.10%	379,613	$12M	trimmed−28%	−0.01 pp	6 q
WOOFoot Locker Inc	0.08%	146,740	$10M	added+1%	0.00 pp	8 q
RGSRegis Corporation	0.08%	731,831	$11M	trimmed−29%	−0.03 pp	8 q
unresolvedApollo Group Inc Class A	0.07%	840,714	$8M	trimmed−72%	−0.13 pp	8 q
HB6Hibbett Inc	0.07%	250,840	$9M	added+5%	−0.01 pp	3 q
SIGSignet Jewelers Limited	0.07%	92,790	$9M	trimmed−51%	−0.05 pp	3 q
CAHCardinal Health, Inc.	0.06%	98,560	$7M	held	—	5 q
MCKMcKesson Corporation	0.06%	57,200	$8M	trimmed−31%	−0.06 pp	6 q
SGISomnigroup International Inc.	0.06%	117,300	$8M	added+75%	+0.03 pp	4 q
unresolvedCBS Corp	0.05%	97,440	$6M	trimmed−52%	−0.04 pp	8 q
MSGSMadison Square Garden Sports Corp.	0.05%	32,950	$6M	held	—	5 q
TWXTime Warner Inc	0.05%	67,380	$7M	trimmed−27%	−0.01 pp	6 q
unresolvedTwenty First Centy Fox Inc	0.05%	229,500	$6M	trimmed−10%	0.00 pp	6 q
ELVElevance Health, Inc.	0.04%	37,700	$5M	added+16%	+0.01 pp	5 q
DGDollar General Corp.	0.04%	61,000	$5M	new	+0.04 pp	new
unresolvedJoy Global Inc	0.04%	165,900	$5M	held	—	8 q
WHRWhirlpool Corp.	0.04%	27,625	$5M	added+5%	0.00 pp	5 q
RHIRobert Half Inc.	0.03%	73,500	$4M	held	—	3 q
unresolvedTwenty First Centy Fox Inc	0.03%	150,000	$4M	held	—	6 q
ACTAllergan PLC	0.03%	16,500	$3M	new	+0.03 pp	new
AKRXAkorn, Inc.	0.02%	136,990	$3M	new	+0.02 pp	new
DALDelta Air Lines, Inc.	0.02%	52,500	$3M	trimmed−27%	0.00 pp	6 q
DISThe Walt Disney Company	0.02%	22,763	$2M	new	+0.02 pp	new
99803EURLaboratory Crp Of Amer Hldgs	0.02%	20,400	$3M	held	—	8 q
MDPediatrix Medical Group, Inc.	0.02%	36,570	$2M	added+55%	+0.01 pp	2 q
LUVSouthwest Airlines Co.	0.02%	41,850	$2M	trimmed−43%	0.00 pp	4 q
AMCXAMC Global Media Inc. Class A	0.01%	35,200	$2M	new	+0.01 pp	new
AAPLApple Inc.	0.01%	15,600	$2M	new	+0.01 pp	new
DISCKDiscovery Inc-c	0.01%	44,500	$1M	new	+0.01 pp	new
HCAHCA Healthcare, Inc.	0.01%	16,500	$1M	new	+0.01 pp	new
OMCOmnicom Group Inc.	0.01%	20,500	$2M	trimmed−38%	−0.01 pp	3 q
PDCOPatterson Companies, Inc.	0.01%	45,000	$2M	new	+0.01 pp	new
unresolvedPriceline Grp Inc	0.01%	1,000	$1M	added×2.0	0.00 pp	2 q
unresolvedRite Aid Corp	0.01%	169,000	$1M	new	+0.01 pp	new
unresolvedSPX Corporation	0.01%	39,970	$948,000	trimmed−30%	0.00 pp	5 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.01%	35,820	$1M	trimmed−71%	−0.02 pp	8 q
Freddie Macconvertible	0.00%	26,000	$174,000	held	—	2 q
Freddie Macconvertible	0.00%	44,052	$264,000	held	—	8 q
Freddie Macconvertible	0.00%	31,047	$183,000	held	—	8 q
Freddie Macconvertible	0.00%	9,580	$113,000	held	—	2 q
Freddie Macconvertible	0.00%	13,725	$161,000	held	—	6 q
Freddie Macconvertible	0.00%	6,023	$72,000	held	—	2 q
unresolvedForesight Energy LLC Wt Exp 10	0.00%	16,260	$0	held	—	2 q
unresolvedNexeo Solutions Inc	0.00%	89,388	$63,000	held	—	3 q
PARRPar Pacific Holdings, Inc.	0.00%	38,479	$559,000	held	—	8 q
unresolvedAlcoa Inc	—	−61,482,080	—	exited	−5.19 pp	—
HALHalliburton Company	—	−3,734,710	—	exited	−1.40 pp	—
WBAWalgreens Boots Alliance, Inc	—	−86,550	—	exited	−0.06 pp	—
IVZInvesco LTD	—	−180,150	—	exited	−0.05 pp	—
AMPAmeriprise Financial, Inc.	—	−37,900	—	exited	−0.03 pp	—
NCLHNorwegian Cruise Line Holdings Ltd.	—	−87,450	—	exited	−0.03 pp	—
SAVEQSpirit Airlines, Inc.	—	−66,850	—	exited	−0.02 pp	—
unresolvedIngersoll-Rand Plc	—	−32,050	—	exited	−0.02 pp	—
EBAYeBay Inc	—	−24,900	—	exited	−0.01 pp	—
TRNTrinity Industries, Inc.	—	−74,080	—	exited	−0.01 pp	—
unresolvedBank Of America Corporation	—	−51,677	—	exited	0.00 pp	—
unresolvedJpmorgan Chase & Co	—	−10,000	—	exited	0.00 pp	—

Other 13(f) securities

Options 2

Contract	% of notional	Shares	Notional
BAC CALL	87.57%	37,600	$831,000
C CALL	12.43%	2,000	$118,000

Notes 4

Issue	% of notes	Principal	Value
Ditech Holding Corp	55.65%	31,283,000	$22M
Standard Biotools Inc	27.12%	15,000,000	$11M
Hornbeck Offshore Serv	11.82%	6,491,000	$5M
Uti Worldwide Inc	5.40%	2,035,000	$2M

Source

Form: 13F-HR
Reading: 8 defects · 22 unresolved
Accession: 0001377581-17-000001
SEC cross-check: SEC data set not published yet

A security outside the official 13F list — CUSIP 313400640 not on the Official 13(f) List for 2016-12-31
A security outside the official 13F list — CUSIP 313400665 not on the Official 13(f) List for 2016-12-31
A security outside the official 13F list — CUSIP 313400673 not on the Official 13(f) List for 2016-12-31
A security outside the official 13F list — CUSIP 313400731 not on the Official 13(f) List for 2016-12-31
A security outside the official 13F list — CUSIP 313400855 not on the Official 13(f) List for 2016-12-31
A security outside the official 13F list — CUSIP 313400863 not on the Official 13(f) List for 2016-12-31
A security outside the official 13F list — CUSIP 345525117 not on the Official 13(f) List for 2016-12-31
A security outside the official 13F list — CUSIP 90349LAB0 not on the Official 13(f) List for 2016-12-31

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