FPA

Q2 2017 13F · by Steven Romick, CEO

As of: Jun 30, 2017
Filed: Aug 14, 2017
US stock: $13.2B · prev $12.4B
Positions: 104 · prev 107
Options notional: $1M
Documents: 1· no amendments

Picture99.9% US stock

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

US stock listed on a US exchange 99.9%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.1%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves100 since the prior filing

+5.7 pp in · −5.5 pp out

New 11 +3.74 pp
Added 38 +1.98 pp
Trimmed 37 −2.13 pp
Exited 14 −3.41 pp

The book

Focused · behaves like 28 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 26% a year, about 3.8 years per position

Low
Moderate
High

Top 5 positions29% of US stock

ORCL Oracle Corp trimmed+0.46 pp trimmed+0.468.1%
C Citigroup Inc. added+0.37 pp added+0.375.7%
UTXZ RTX Corporation trimmed−0.21 pp trimmed−0.215.2%
AIG American International Group, Inc. added−0.24 pp added−0.245.0%
unresolved Aon PLC trimmed−0.02 pp trimmed−0.024.9%

Positions104 in this filing · 14 exited


ORCLOracle Corp	8.14%	21,402,219	$1.1B	trimmed−0%	+0.46 pp	10 q
CCitigroup Inc.	5.66%	11,161,085	$746M	added+1%	+0.37 pp	10 q
UTXZRTX Corporation	5.23%	5,645,435	$689M	trimmed−6%	−0.21 pp	10 q
AIGAmerican International Group, Inc.	5.00%	10,544,770	$659M	added+1%	−0.24 pp	10 q
unresolvedAon PLC	4.92%	4,876,090	$648M	trimmed−6%	−0.02 pp	10 q
BACBank of America Corporation	4.68%	25,444,990	$617M	added+1%	−0.08 pp	10 q
MSFTMicrosoft Corp	4.17%	7,974,369	$550M	added+2%	+0.02 pp	10 q
CITCIT Group Inc.	4.04%	10,944,251	$533M	trimmed−18%	−0.57 pp	10 q
unresolvedLeucadia National	4.00%	20,145,397	$527M	trimmed−1%	−0.24 pp	10 q
ARNCHowmet Aerospace Inc.	3.54%	20,577,731	$466M	added+2%	−0.73 pp	3 q
0VQJLTe Connectivity Ltd	3.44%	5,763,830	$453M	added+1%	+0.03 pp	10 q
CSCOCisco Systems, Inc. (DE)	3.42%	14,389,050	$450M	added+9%	−0.15 pp	10 q
unresolvedGeneral Electric Co	3.35%	16,364,720	$442M	added×2.0	+1.42 pp	10 q
AABAAltaba Inc.	3.11%	7,524,430	$410M	new	+3.11 pp	new
unresolvedEsterline Technologies Corp	2.43%	3,376,171	$320M	trimmed−1%	+0.07 pp	8 q
ADIAnalog Devices, Inc.	2.41%	4,088,680	$318M	added+1%	−0.25 pp	10 q
BIDUBaidu, Inc.	2.41%	1,773,400	$317M	added+2%	0.00 pp	6 q
MYLMylan NV	2.41%	8,187,380	$318M	added+53%	+0.73 pp	3 q
AXPAmerican Express Company	2.17%	3,397,590	$286M	added+2%	+0.04 pp	8 q
ALLYAlly Financial Inc.	2.03%	12,787,000	$267M	added+18%	+0.26 pp	6 q
GOOGAlphabet Inc. Class C	2.03%	293,669	$267M	added+1%	+0.10 pp	10 q
GOOGLAlphabet Inc. Class A	1.98%	281,157	$261M	added+2%	+0.09 pp	7 q
TMOThermo Fisher Scientific, Inc.	1.94%	1,462,520	$255M	added+1%	+0.16 pp	10 q
OIO-I Glass, Inc.	1.76%	9,720,830	$233M	trimmed−1%	+0.16 pp	10 q
unresolvedNexeo Solutions Inc	1.56%	24,803,969	$206M	held	—	5 q
LPLALPL Financial Holdings Inc.	1.47%	4,549,350	$193M	trimmed−1%	+0.01 pp	9 q
AAAlcoa Corporation	1.27%	5,144,858	$168M	added+1%	−0.13 pp	3 q
QCOMQualcomm Inc	1.27%	3,020,180	$167M	added+11%	+0.01 pp	10 q
LMLegg Mason, Inc.	1.16%	4,001,620	$153M	trimmed−1%	−0.01 pp	8 q
WDCWestern Digital Corp.	0.59%	882,000	$78M	trimmed−38%	−0.36 pp	10 q
unresolvedArris Intl Inc	0.58%	2,732,334	$77M	trimmed−17%	−0.12 pp	6 q
BWBabcock & Wilcox Enterprises, Inc.	0.44%	4,918,669	$58M	added+1%	+0.08 pp	8 q
AVTAvnet, Inc.	0.40%	1,349,130	$52M	trimmed−22%	−0.24 pp	10 q
NBLNoble Energy, Inc.	0.37%	1,720,505	$49M	added+3%	−0.09 pp	8 q
OXYOccidental Petroleum Corporation	0.36%	788,390	$47M	added+2%	−0.04 pp	10 q
AANAaron's Inc	0.35%	1,200,369	$47M	trimmed−46%	−0.18 pp	10 q
HMHCHoughton Mifflin Harcourt Company	0.34%	3,619,997	$45M	trimmed−15%	−0.01 pp	8 q
XECCimarex Energy Co	0.32%	453,200	$43M	added+21%	−0.04 pp	10 q
PTENPatterson-UTI Energy Inc	0.27%	1,759,675	$36M	added+7%	−0.05 pp	8 q
CVSCvs Health Corporation	0.26%	433,092	$35M	added×2.6	+0.16 pp	10 q
ARWArrow Electronics, Inc.	0.25%	421,113	$33M	trimmed−20%	−0.06 pp	10 q
WUBA58.COM Inc	0.25%	761,654	$34M	held	—	3 q
VECOVeeco Instruments Inc	0.23%	1,109,817	$31M	trimmed−27%	−0.14 pp	10 q
HPHelmerich & Payne, Inc.	0.22%	526,299	$29M	added+30%	0.00 pp	10 q
IDCCInterDigital, Inc.	0.22%	380,377	$29M	trimmed−14%	−0.09 pp	10 q
SMSM Energy Company	0.22%	1,724,380	$29M	added+88%	+0.04 pp	10 q
unresolvedRowan Cos PLC	0.20%	2,534,252	$26M	added+29%	−0.05 pp	10 q
unresolvedAmerican Intl Group Inc	0.18%	1,117,716	$24M	held	—	6 q
DANDana Incorporated	0.18%	1,072,214	$24M	trimmed−51%	−0.16 pp	10 q
DGDollar General Corp.	0.18%	336,341	$24M	added×9.8	+0.16 pp	3 q
unresolvedForest City Rlty Tr Inc	0.18%	986,897	$24M	trimmed−20%	−0.04 pp	6 q
AGCOAGCO Corporation	0.16%	314,591	$21M	trimmed−34%	−0.07 pp	10 q
CUBLionheart Holdings Class A	0.16%	447,858	$21M	trimmed−17%	−0.07 pp	10 q
XOMExxon Mobil Corp	0.16%	263,751	$21M	new	+0.16 pp	new
ALGTAllegiant Travel Company	0.15%	148,450	$20M	new	+0.15 pp	new
VSTOVista Outdoor Inc.	0.13%	755,690	$17M	trimmed−17%	−0.02 pp	4 q
WOOFoot Locker Inc	0.12%	332,980	$16M	added×2.6	+0.04 pp	10 q
CMECME Group Inc.	0.11%	111,486	$14M	new	+0.11 pp	new
SIGSignet Jewelers Limited	0.11%	230,090	$15M	added×3.7	+0.08 pp	5 q
CMAComerica Incorporated	0.10%	175,260	$13M	trimmed−2%	0.00 pp	6 q
PMPhilip Morris International Inc.	0.09%	98,973	$12M	new	+0.09 pp	new
RUSHARush Enterprises Inc	0.09%	325,313	$12M	trimmed−14%	−0.01 pp	8 q
CORCencora, Inc.	0.08%	114,890	$11M	trimmed−26%	−0.03 pp	6 q
FHIFederated Hermes, Inc.	0.07%	309,670	$9M	new	+0.07 pp	new
OSKOshkosh Corp.	0.06%	105,430	$7M	trimmed−56%	−0.07 pp	10 q
RGSRegis Corporation	0.06%	737,261	$8M	added+2%	−0.01 pp	10 q
unresolvedCBS Corp	0.05%	98,850	$6M	added+1%	0.00 pp	10 q
99803EURLaboratory Crp Of Amer Hldgs	0.04%	31,630	$5M	added+91%	+0.02 pp	10 q
MSGSMadison Square Garden Sports Corp.	0.04%	26,700	$5M	held	—	7 q
TWXTime Warner Inc	0.04%	57,200	$6M	held	—	8 q
unresolvedTwenty First Centy Fox Inc	0.04%	203,000	$6M	held	—	8 q
CAHCardinal Health, Inc.	0.03%	52,300	$4M	trimmed−42%	−0.03 pp	7 q
MCKMcKesson Corporation	0.03%	26,550	$4M	trimmed−45%	−0.03 pp	8 q
MDPediatrix Medical Group, Inc.	0.03%	56,570	$3M	added+55%	+0.01 pp	4 q
SGISomnigroup International Inc.	0.03%	78,300	$4M	trimmed−33%	−0.01 pp	6 q
unresolvedTwenty First Centy Fox Inc	0.03%	150,000	$4M	held	—	8 q
WHRWhirlpool Corp.	0.03%	20,500	$4M	trimmed−39%	−0.02 pp	7 q
ELVElevance Health, Inc.	0.02%	12,750	$2M	trimmed−13%	0.00 pp	7 q
AAPLApple Inc.	0.02%	15,600	$2M	held	—	3 q
DALDelta Air Lines, Inc.	0.02%	45,200	$2M	trimmed−14%	0.00 pp	8 q
unresolvedExpress Scripts Hldg Co	0.02%	40,000	$3M	added+19%	0.00 pp	2 q
GTGoodyear Tire & Rubber	0.02%	65,200	$2M	new	+0.02 pp	new
HDSHD Supply Holdings, Inc.	0.02%	78,500	$2M	added×2.6	+0.01 pp	2 q
JLLJones Lang LaSalle, Inc.	0.02%	16,850	$2M	added+45%	+0.01 pp	2 q
LUVSouthwest Airlines Co.	0.02%	39,800	$2M	trimmed−5%	0.00 pp	6 q
ACTAllergan PLC	0.02%	9,700	$2M	trimmed−7%	0.00 pp	3 q
AXTAAxalta Coating Systems Ltd.	0.02%	64,300	$2M	held	—	2 q
WTWWillis Towers Watson Public Limited Company	0.02%	16,400	$2M	trimmed−2%	0.00 pp	2 q
AMCXAMC Global Media Inc. Class A	0.01%	31,750	$2M	held	—	3 q
DISCKDiscovery Inc-c	0.01%	71,200	$2M	added+60%	0.00 pp	3 q
HCAHCA Healthcare, Inc.	0.01%	16,500	$1M	held	—	3 q
unresolvedKkr & Co L P DEL	0.01%	63,700	$1M	new	+0.01 pp	new
MPTMedical Properties Trust, Inc.	0.01%	140,500	$2M	trimmed−6%	−0.01 pp	2 q
PARRPar Pacific Holdings, Inc.	0.01%	98,111	$2M	held	—	10 q
PDCOPatterson Companies, Inc.	0.01%	26,050	$1M	held	—	3 q
PAAPlains All American Pipeline, L.P. Common Units representing Limited Partner Interests	0.01%	61,300	$2M	new	+0.01 pp	new
unresolvedPriceline Grp Inc	0.01%	1,000	$2M	held	—	4 q
HOUSAnywhere Real Estate Inc.	0.01%	37,500	$1M	trimmed−45%	−0.01 pp	2 q
unresolvedSPX Corporation	0.01%	26,880	$676,000	held	—	7 q
NCLHNorwegian Cruise Line Holdings Ltd.	0.01%	36,000	$2M	new	+0.01 pp	new
unresolvedKlx Inc	0.00%	5,810	$290,000	held	—	6 q
unresolvedNexeo Solutions Inc	0.00%	89,388	$49,000	held	—	5 q
PHIIKPHI, Inc. Non-Voting	0.00%	15,500	$151,000	new	0.00 pp	new
unresolvedWalter Invt Mgmt Corp	0.00%	279,750	$265,000	held	—	2 q
unresolvedYahoo Inc	—	−7,315,040	—	exited	−2.73 pp	—
unresolvedDevry Ed Group Inc	—	−1,052,702	—	exited	−0.30 pp	—
HB6Hibbett Inc	—	−663,137	—	exited	−0.16 pp	—
AKRXAkorn, Inc.	—	−775,680	—	exited	−0.15 pp	—
unresolvedJoy Global Inc	—	−165,900	—	exited	−0.04 pp	—
DISThe Walt Disney Company	—	−22,763	—	exited	−0.02 pp	—
TRIPTripAdvisor, Inc.	—	−33,100	—	exited	−0.01 pp	—
Freddie Macconvertible	—	−26,000	—	exited	0.00 pp	—
Freddie Macconvertible	—	−44,052	—	exited	0.00 pp	—
Freddie Macconvertible	—	−31,047	—	exited	0.00 pp	—
Freddie Macconvertible	—	−9,580	—	exited	0.00 pp	—
Freddie Macconvertible	—	−13,725	—	exited	0.00 pp	—
Freddie Macconvertible	—	−6,023	—	exited	0.00 pp	—
unresolvedForesight Energy LLC Wt Exp 10	—	−16,260	—	exited	0.00 pp	—