FPA

Q1 2017 13F · by Steven Romick, CEO

As of: Mar 31, 2017
Filed: May 12, 2017
US stock: $12.4B · prev $12.5B
Positions: 107 · prev 105
Options notional: $1M
Documents: 1· no amendments

Picture99.8% US stock

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

US stock listed on a US exchange 99.8%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.2%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves92 since the prior filing

+1.8 pp in · −1.8 pp out

New 9 +0.13 pp
Added 18 +1.70 pp
Trimmed 58 +0.05 pp
Exited 7 −1.81 pp

The book

Focused · behaves like 28 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 8.0% a year, about 12.6 years per position

Low
Moderate
High

Top 5 positions29% of US stock

ORCL Oracle Corp trimmed+0.99 pp trimmed+0.997.7%
UTXZ RTX Corporation trimmed−0.10 pp trimmed−0.105.4%
C Citigroup Inc. trimmed−0.03 pp trimmed−0.035.3%
AIG American International Group, Inc. trimmed−0.45 pp trimmed−0.455.2%
unresolved Aon PLC trimmed+0.10 pp trimmed+0.104.9%

Positions107 in this filing · 7 exited


ORCLOracle Corp	7.68%	21,408,250	$955M	trimmed−2%	+0.99 pp	9 q
UTXZRTX Corporation	5.44%	6,028,955	$677M	trimmed−5%	−0.10 pp	9 q
CCitigroup Inc.	5.29%	11,008,185	$659M	trimmed−2%	−0.03 pp	9 q
AIGAmerican International Group, Inc.	5.24%	10,442,410	$652M	trimmed−4%	−0.45 pp	9 q
unresolvedAon PLC	4.94%	5,173,540	$614M	trimmed−5%	+0.10 pp	9 q
BACBank of America Corporation	4.76%	25,112,040	$592M	trimmed−8%	−0.05 pp	9 q
CITCIT Group Inc.	4.61%	13,355,434	$573M	trimmed−2%	−0.04 pp	9 q
ARNCHowmet Aerospace Inc.	4.27%	20,159,291	$531M	trimmed−2%	+1.23 pp	2 q
unresolvedLeucadia National	4.24%	20,277,227	$527M	trimmed−7%	+0.20 pp	9 q
MSFTMicrosoft Corp	4.15%	7,844,100	$517M	trimmed−8%	−0.09 pp	9 q
CSCOCisco Systems, Inc. (DE)	3.57%	13,143,350	$444M	trimmed−14%	−0.12 pp	9 q
0VQJLTe Connectivity Ltd	3.41%	5,683,860	$424M	trimmed−9%	−0.07 pp	9 q
unresolvedYahoo Inc	2.73%	7,315,040	$339M	added+1%	+0.49 pp	9 q
ADIAnalog Devices, Inc.	2.66%	4,030,130	$330M	trimmed−16%	−0.11 pp	9 q
BIDUBaidu, Inc.	2.41%	1,738,870	$300M	trimmed−1%	+0.11 pp	5 q
unresolvedEsterline Technologies Corp	2.36%	3,417,331	$294M	trimmed−6%	−0.24 pp	7 q
AXPAmerican Express Company	2.13%	3,344,880	$265M	trimmed−42%	−1.27 pp	7 q
GOOGAlphabet Inc. Class C	1.93%	289,474	$240M	trimmed−2%	+0.12 pp	9 q
unresolvedGeneral Electric Co	1.93%	8,069,920	$240M	trimmed−1%	−0.14 pp	9 q
GOOGLAlphabet Inc. Class A	1.89%	276,974	$235M	trimmed−1%	+0.11 pp	6 q
TMOThermo Fisher Scientific, Inc.	1.78%	1,441,070	$221M	trimmed−1%	+0.13 pp	9 q
ALLYAlly Financial Inc.	1.77%	10,825,750	$220M	trimmed−0%	+0.12 pp	5 q
unresolvedNexeo Solutions Inc	1.77%	24,803,969	$220M	added+22%	+0.25 pp	4 q
MYLMylan NV	1.68%	5,349,600	$209M	added+73%	+0.74 pp	2 q
OIO-I Glass, Inc.	1.60%	9,770,700	$199M	trimmed−0%	+0.24 pp	9 q
LPLALPL Financial Holdings Inc.	1.46%	4,572,670	$182M	trimmed−0%	+0.17 pp	8 q
AAAlcoa Corporation	1.40%	5,076,278	$175M	trimmed−22%	−0.06 pp	2 q
QCOMQualcomm Inc	1.26%	2,722,640	$156M	added+17%	+0.05 pp	9 q
LMLegg Mason, Inc.	1.17%	4,022,150	$145M	trimmed−0%	+0.21 pp	7 q
WDCWestern Digital Corp.	0.95%	1,432,770	$118M	trimmed−17%	+0.02 pp	9 q
unresolvedArris Intl Inc	0.70%	3,308,504	$88M	added+5%	−0.06 pp	5 q
AVTAvnet, Inc.	0.64%	1,734,330	$79M	trimmed−1%	−0.03 pp	9 q
AANAaron's Inc	0.53%	2,236,759	$67M	trimmed−7%	−0.09 pp	9 q
NBLNoble Energy, Inc.	0.46%	1,673,881	$57M	trimmed−2%	−0.06 pp	7 q
OXYOccidental Petroleum Corporation	0.40%	776,600	$49M	trimmed−1%	−0.05 pp	9 q
VECOVeeco Instruments Inc	0.37%	1,528,720	$46M	trimmed−0%	+0.01 pp	9 q
BWBabcock & Wilcox Enterprises, Inc.	0.36%	4,857,739	$45M	added+23%	−0.16 pp	7 q
XECCimarex Energy Co	0.36%	375,444	$45M	added+5%	−0.03 pp	9 q
HMHCHoughton Mifflin Harcourt Company	0.35%	4,257,337	$43M	added+43%	+0.09 pp	7 q
DANDana Incorporated	0.34%	2,179,564	$42M	trimmed−32%	−0.14 pp	9 q
PTENPatterson-UTI Energy Inc	0.32%	1,647,213	$40M	trimmed−1%	−0.04 pp	7 q
ARWArrow Electronics, Inc.	0.31%	523,323	$38M	trimmed−0%	+0.01 pp	9 q
IDCCInterDigital, Inc.	0.31%	442,289	$38M	trimmed−8%	−0.04 pp	9 q
unresolvedDevry Ed Group Inc	0.30%	1,052,702	$37M	trimmed−36%	−0.11 pp	9 q
unresolvedRowan Cos PLC	0.25%	1,958,070	$31M	added+14%	−0.01 pp	9 q
AGCOAGCO Corporation	0.23%	473,291	$28M	trimmed−20%	−0.05 pp	9 q
CUBLionheart Holdings Class A	0.23%	536,585	$28M	trimmed−3%	+0.02 pp	9 q
WUBA58.COM Inc	0.22%	761,654	$27M	added+7%	+0.06 pp	2 q
unresolvedForest City Rlty Tr Inc	0.22%	1,235,480	$27M	added+8%	+0.03 pp	5 q
HPHelmerich & Payne, Inc.	0.22%	404,569	$27M	trimmed−0%	−0.03 pp	9 q
unresolvedAmerican Intl Group Inc	0.19%	1,117,716	$24M	held	—	5 q
SMSM Energy Company	0.18%	915,253	$22M	added+61%	+0.02 pp	9 q
HB6Hibbett Inc	0.16%	663,137	$20M	added×2.6	+0.09 pp	4 q
AKRXAkorn, Inc.	0.15%	775,680	$19M	added×5.7	+0.13 pp	2 q
VSTOVista Outdoor Inc.	0.15%	913,830	$19M	added+69%	−0.01 pp	3 q
OSKOshkosh Corp.	0.13%	242,160	$17M	trimmed−0%	0.00 pp	9 q
CORCencora, Inc.	0.11%	154,490	$14M	trimmed−10%	0.00 pp	5 q
CVSCvs Health Corporation	0.10%	163,580	$13M	added+1%	0.00 pp	9 q
CMAComerica Incorporated	0.10%	179,380	$12M	trimmed−5%	0.00 pp	5 q
RUSHARush Enterprises Inc	0.10%	379,613	$13M	held	—	7 q
WOOFoot Locker Inc	0.08%	127,350	$10M	trimmed−13%	0.00 pp	9 q
RGSRegis Corporation	0.07%	722,281	$8M	trimmed−1%	−0.01 pp	9 q
CAHCardinal Health, Inc.	0.06%	90,500	$7M	trimmed−8%	0.00 pp	6 q
MCKMcKesson Corporation	0.06%	48,300	$7M	trimmed−16%	0.00 pp	7 q
unresolvedCBS Corp	0.05%	97,440	$7M	held	—	9 q
unresolvedTwenty First Centy Fox Inc	0.05%	203,000	$7M	trimmed−12%	0.00 pp	7 q
WHRWhirlpool Corp.	0.05%	33,500	$6M	added+21%	+0.01 pp	6 q
unresolvedJoy Global Inc	0.04%	165,900	$5M	held	—	9 q
MSGSMadison Square Garden Sports Corp.	0.04%	26,700	$5M	trimmed−19%	−0.01 pp	6 q
SGISomnigroup International Inc.	0.04%	117,300	$5M	held	—	5 q
TWXTime Warner Inc	0.04%	57,200	$6M	trimmed−15%	−0.01 pp	7 q
unresolvedTwenty First Centy Fox Inc	0.04%	150,000	$5M	held	—	7 q
SIGSignet Jewelers Limited	0.03%	61,640	$4M	trimmed−34%	−0.04 pp	4 q
ELVElevance Health, Inc.	0.02%	14,600	$2M	trimmed−61%	−0.02 pp	6 q
AAPLApple Inc.	0.02%	15,600	$2M	held	—	2 q
DALDelta Air Lines, Inc.	0.02%	52,500	$2M	held	—	7 q
DISThe Walt Disney Company	0.02%	22,763	$3M	held	—	2 q
DGDollar General Corp.	0.02%	34,280	$2M	trimmed−44%	−0.02 pp	2 q
unresolvedExpress Scripts Hldg Co	0.02%	33,700	$2M	new	+0.02 pp	new
99803EURLaboratory Crp Of Amer Hldgs	0.02%	16,560	$2M	trimmed−19%	0.00 pp	9 q
MPTMedical Properties Trust, Inc.	0.02%	150,000	$2M	new	+0.02 pp	new
MDPediatrix Medical Group, Inc.	0.02%	36,570	$3M	held	—	3 q
HOUSAnywhere Real Estate Inc.	0.02%	68,000	$2M	new	+0.02 pp	new
LUVSouthwest Airlines Co.	0.02%	41,850	$2M	held	—	5 q
ACTAllergan PLC	0.02%	10,400	$2M	trimmed−37%	−0.01 pp	2 q
AXTAAxalta Coating Systems Ltd.	0.02%	64,300	$2M	new	+0.02 pp	new
WTWWillis Towers Watson Public Limited Company	0.02%	16,700	$2M	new	+0.02 pp	new
AMCXAMC Global Media Inc. Class A	0.01%	31,750	$2M	trimmed−10%	0.00 pp	2 q
DISCKDiscovery Inc-c	0.01%	44,500	$1M	held	—	2 q
HCAHCA Healthcare, Inc.	0.01%	16,500	$1M	held	—	2 q
HDSHD Supply Holdings, Inc.	0.01%	30,500	$1M	new	+0.01 pp	new
JLLJones Lang LaSalle, Inc.	0.01%	11,600	$1M	new	+0.01 pp	new
PARRPar Pacific Holdings, Inc.	0.01%	98,111	$2M	added×2.5	+0.01 pp	9 q
PDCOPatterson Companies, Inc.	0.01%	26,050	$1M	trimmed−42%	0.00 pp	2 q
unresolvedPriceline Grp Inc	0.01%	1,000	$2M	held	—	3 q
unresolvedSPX Corporation	0.01%	26,880	$652,000	trimmed−33%	0.00 pp	6 q
TRIPTripAdvisor, Inc.	0.01%	33,100	$1M	new	+0.01 pp	new
Freddie Macconvertible	0.00%	26,000	$140,000	held	—	3 q
Freddie Macconvertible	0.00%	44,052	$229,000	held	—	9 q
Freddie Macconvertible	0.00%	31,047	$161,000	held	—	9 q
Freddie Macconvertible	0.00%	9,580	$97,000	held	—	3 q
Freddie Macconvertible	0.00%	13,725	$142,000	held	—	7 q
Freddie Macconvertible	0.00%	6,023	$59,000	held	—	3 q
unresolvedForesight Energy LLC Wt Exp 10	0.00%	16,260	$0	held	—	3 q
unresolvedKlx Inc	0.00%	5,810	$260,000	trimmed−99%	−0.21 pp	5 q
unresolvedNexeo Solutions Inc	0.00%	89,388	$63,000	held	—	4 q
unresolvedWalter Invt Mgmt Corp	0.00%	279,750	$302,000	new	0.00 pp	new
PRGOPerrigo Company PLC	—	−1,297,550	—	exited	−0.86 pp	—
YAlleghany Corporation	—	−168,185	—	exited	−0.82 pp	—
unresolvedApollo Group Inc Class A	—	−840,714	—	exited	−0.07 pp	—
RHIRobert Half Inc.	—	−73,500	—	exited	−0.03 pp	—
OMCOmnicom Group Inc.	—	−20,500	—	exited	−0.01 pp	—
unresolvedRite Aid Corp	—	−169,000	—	exited	−0.01 pp	—
TSMTaiwan Semiconductor Manufacturing Company Ltd.	—	−35,820	—	exited	−0.01 pp	—

Other 13(f) securities

Options 2

Contract	% of notional	Shares	Notional
BAC CALL	88.08%	37,600	$887,000
C CALL	11.92%	2,000	$120,000

Notes 3

Issue	% of notes	Principal	Value
Standard Biotools Inc	44.31%	15,000,000	$10M
Ditech Holding Corp	41.81%	31,168,000	$10M
Hornbeck Offshore Serv	13.88%	4,991,000	$3M

Source

Form: 13F-HR
Reading: 7 defects · 22 unresolved
Accession: 0001377581-17-000013
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 2017-03-31
A security outside the official 13F list — CUSIP 313400665 not on the Official 13(f) List for 2017-03-31
A security outside the official 13F list — CUSIP 313400673 not on the Official 13(f) List for 2017-03-31
A security outside the official 13F list — CUSIP 313400731 not on the Official 13(f) List for 2017-03-31
A security outside the official 13F list — CUSIP 313400855 not on the Official 13(f) List for 2017-03-31
A security outside the official 13F list — CUSIP 313400863 not on the Official 13(f) List for 2017-03-31
A security outside the official 13F list — CUSIP 345525117 not on the Official 13(f) List for 2017-03-31

Search