FPA

Q3 2017 13F · by Steven Romick, CEO

As of: Sep 30, 2017
Filed: Nov 14, 2017
US stock: $13.0B · prev $13.2B
Positions: 102 · prev 104
Options notional: $953,000
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%

Moves102 since the prior filing

+2.0 pp in · −2.0 pp out

New 9 +0.59 pp
Added 24 +1.46 pp
Trimmed 57 −1.30 pp
Exited 11 −0.73 pp

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

The book

Focused · behaves like 28 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 8.2% a year, about 12.3 years per position

Low
Moderate
High

Top 5 positions27% of US stock

ORCL Oracle Corp trimmed−0.28 pp trimmed−0.287.9%
unresolved Aon PLC trimmed+0.11 pp trimmed+0.115.0%
AIG American International Group, Inc. trimmed−0.07 pp trimmed−0.074.9%
BAC Bank of America Corporation trimmed+0.17 pp trimmed+0.174.8%
UTXZ RTX Corporation trimmed−0.55 pp trimmed−0.554.7%

Positions102 in this filing · 11 exited


ORCLOracle Corp	7.86%	21,133,029	$1.0B	trimmed−1%	−0.28 pp	11 q
unresolvedAon PLC	5.03%	4,481,690	$655M	trimmed−8%	+0.11 pp	11 q
AIGAmerican International Group, Inc.	4.93%	10,448,920	$641M	trimmed−1%	−0.07 pp	11 q
BACBank of America Corporation	4.85%	24,911,010	$631M	trimmed−2%	+0.17 pp	11 q
UTXZRTX Corporation	4.68%	5,240,990	$608M	trimmed−7%	−0.55 pp	11 q
CCitigroup Inc.	4.56%	8,156,076	$593M	trimmed−27%	−1.10 pp	11 q
MSFTMicrosoft Corp	4.48%	7,825,249	$583M	trimmed−2%	+0.31 pp	11 q
CITCIT Group Inc.	4.07%	10,787,084	$529M	trimmed−1%	+0.03 pp	11 q
ARNCHowmet Aerospace Inc.	3.91%	20,445,425	$509M	trimmed−1%	+0.37 pp	4 q
AABAAltaba Inc.	3.87%	7,600,200	$503M	added+1%	+0.76 pp	2 q
unresolvedLeucadia National	3.74%	19,271,390	$487M	trimmed−4%	−0.26 pp	11 q
CSCOCisco Systems, Inc. (DE)	3.67%	14,186,260	$477M	trimmed−1%	+0.25 pp	11 q
0VQJLTe Connectivity Ltd	3.63%	5,682,480	$472M	trimmed−1%	+0.19 pp	11 q
BIDUBaidu, Inc.	3.27%	1,718,200	$426M	trimmed−3%	+0.86 pp	7 q
ADIAnalog Devices, Inc.	2.67%	4,032,060	$347M	trimmed−1%	+0.26 pp	11 q
ALLYAlly Financial Inc.	2.35%	12,617,200	$306M	trimmed−1%	+0.32 pp	7 q
unresolvedEsterline Technologies Corp	2.34%	3,372,571	$304M	trimmed−0%	−0.09 pp	9 q
AXPAmerican Express Company	2.33%	3,345,940	$303M	trimmed−2%	+0.16 pp	9 q
MYLMylan NV	2.28%	9,469,120	$297M	added+16%	−0.13 pp	4 q
GOOGAlphabet Inc. Class C	2.14%	289,981	$278M	trimmed−1%	+0.11 pp	11 q
GOOGLAlphabet Inc. Class A	2.08%	277,477	$270M	trimmed−1%	+0.10 pp	8 q
TMOThermo Fisher Scientific, Inc.	1.93%	1,329,880	$252M	trimmed−9%	−0.01 pp	11 q
OIO-I Glass, Inc.	1.88%	9,696,560	$244M	trimmed−0%	+0.12 pp	11 q
unresolvedGeneral Electric Co	1.82%	9,764,929	$236M	trimmed−40%	−1.53 pp	11 q
LPLALPL Financial Holdings Inc.	1.80%	4,537,680	$234M	trimmed−0%	+0.33 pp	10 q
unresolvedNexeo Solutions Inc	1.43%	25,529,169	$186M	added+3%	−0.13 pp	6 q
QCOMQualcomm Inc	1.28%	3,209,940	$166M	added+6%	+0.01 pp	11 q
LMLegg Mason, Inc.	1.21%	3,991,742	$157M	trimmed−0%	+0.05 pp	9 q
AAAlcoa Corporation	0.75%	2,087,667	$97M	trimmed−59%	−0.52 pp	4 q
unresolvedArris Intl Inc	0.54%	2,445,300	$70M	trimmed−11%	−0.04 pp	7 q
AXTAAxalta Coating Systems Ltd.	0.54%	2,430,188	$70M	added×37.8	+0.52 pp	3 q
WDCWestern Digital Corp.	0.51%	764,090	$66M	trimmed−13%	−0.08 pp	11 q
NBLNoble Energy, Inc.	0.39%	1,771,821	$50M	added+3%	+0.02 pp	9 q
ALGTAllegiant Travel Company	0.38%	371,662	$49M	added×2.5	+0.23 pp	2 q
XECCimarex Energy Co	0.38%	434,080	$49M	trimmed−4%	+0.06 pp	11 q
OXYOccidental Petroleum Corporation	0.38%	777,980	$50M	trimmed−1%	+0.02 pp	11 q
AVTAvnet, Inc.	0.37%	1,231,280	$48M	trimmed−9%	−0.03 pp	11 q
WUBA58.COM Inc	0.34%	693,664	$44M	trimmed−9%	+0.09 pp	4 q
HMHCHoughton Mifflin Harcourt Company	0.32%	3,460,047	$42M	trimmed−4%	−0.02 pp	9 q
PTENPatterson-UTI Energy Inc	0.29%	1,804,525	$38M	added+3%	+0.02 pp	9 q
CVSCvs Health Corporation	0.27%	424,652	$35M	trimmed−2%	+0.01 pp	11 q
CARSCars.com Inc.	0.26%	1,274,750	$34M	new	+0.26 pp	new
HPHelmerich & Payne, Inc.	0.26%	650,167	$34M	added+24%	+0.04 pp	11 q
SMSM Energy Company	0.26%	1,880,100	$33M	added+9%	+0.04 pp	11 q
IDCCInterDigital, Inc.	0.23%	397,850	$29M	added+5%	+0.01 pp	11 q
ARWArrow Electronics, Inc.	0.22%	349,740	$28M	trimmed−17%	−0.03 pp	11 q
DGDollar General Corp.	0.22%	345,241	$28M	added+3%	+0.04 pp	4 q
AANAaron's Inc	0.21%	617,999	$27M	trimmed−49%	−0.14 pp	11 q
unresolvedAmerican Intl Group Inc	0.21%	1,344,536	$27M	added+20%	+0.03 pp	7 q
VECOVeeco Instruments Inc	0.21%	1,305,244	$28M	added+18%	−0.02 pp	11 q
CUBLionheart Holdings Class A	0.18%	470,620	$24M	added+5%	+0.02 pp	11 q
XOMExxon Mobil Corp	0.17%	263,751	$22M	held	—	2 q
SAVEQSpirit Airlines, Inc.	0.15%	603,045	$20M	new	+0.15 pp	new
DANDana Incorporated	0.14%	642,614	$18M	trimmed−40%	−0.04 pp	11 q
unresolvedRowan Cos PLC	0.14%	1,412,460	$18M	trimmed−44%	−0.06 pp	11 q
AGCOAGCO Corporation	0.13%	230,300	$17M	trimmed−27%	−0.03 pp	11 q
CMECME Group Inc.	0.12%	111,486	$15M	held	—	2 q
CMAComerica Incorporated	0.10%	175,260	$13M	held	—	7 q
WOOFoot Locker Inc	0.09%	336,648	$12M	added+1%	−0.03 pp	11 q
PMPhilip Morris International Inc.	0.09%	107,573	$12M	added+9%	0.00 pp	2 q
RUSHARush Enterprises Inc	0.09%	259,423	$12M	trimmed−20%	0.00 pp	9 q
FHIFederated Hermes, Inc.	0.07%	296,470	$9M	trimmed−4%	0.00 pp	2 q
unresolvedForest City Rlty Tr Inc	0.07%	349,692	$9M	trimmed−65%	−0.11 pp	7 q
RGSRegis Corporation	0.07%	660,756	$9M	trimmed−10%	+0.01 pp	11 q
unresolvedFranks Intl N V	0.06%	1,023,290	$8M	new	+0.06 pp	new
TWXTime Warner Inc	0.05%	57,200	$6M	held	—	9 q
unresolvedCBS Corp	0.04%	98,850	$6M	held	—	11 q
MSGSMadison Square Garden Sports Corp.	0.04%	26,700	$6M	held	—	8 q
SBHSally Beauty Holdings, Inc.	0.04%	261,240	$5M	new	+0.04 pp	new
unresolvedTwenty First Centy Fox Inc	0.04%	203,000	$5M	held	—	9 q
unresolvedExpress Scripts Hldg Co	0.03%	54,100	$3M	added+35%	+0.01 pp	3 q
MCKMcKesson Corporation	0.03%	26,550	$4M	held	—	9 q
ORLYO'Reilly Automotive, Inc.	0.03%	16,000	$3M	new	+0.03 pp	new
unresolvedTwenty First Centy Fox Inc	0.03%	150,000	$4M	held	—	9 q
WHRWhirlpool Corp.	0.03%	24,400	$5M	added+19%	0.00 pp	8 q
CORCencora, Inc.	0.02%	32,500	$3M	trimmed−72%	−0.06 pp	7 q
ELVElevance Health, Inc.	0.02%	11,050	$2M	trimmed−13%	0.00 pp	8 q
CAHCardinal Health, Inc.	0.02%	43,000	$3M	trimmed−18%	−0.01 pp	8 q
DALDelta Air Lines, Inc.	0.02%	49,400	$2M	added+9%	0.00 pp	9 q
DISCKDiscovery Inc-c	0.02%	159,800	$3M	added×2.2	+0.01 pp	4 q
99803EURLaboratory Crp Of Amer Hldgs	0.02%	16,560	$3M	trimmed−48%	−0.02 pp	11 q
MDPediatrix Medical Group, Inc.	0.02%	56,570	$2M	held	—	5 q
PARRPar Pacific Holdings, Inc.	0.02%	95,359	$2M	trimmed−3%	+0.01 pp	11 q
unresolvedPriceline Grp Inc	0.02%	1,200	$2M	added+20%	+0.01 pp	5 q
RYAAYRyanair Holdings plc	0.02%	29,033	$3M	new	+0.02 pp	new
SGISomnigroup International Inc.	0.02%	42,600	$3M	trimmed−46%	−0.01 pp	7 q
AAPLApple Inc.	0.01%	12,200	$2M	trimmed−22%	−0.01 pp	4 q
FDXFedEx Corporation	0.01%	5,600	$1M	new	+0.01 pp	new
HCAHCA Healthcare, Inc.	0.01%	20,500	$2M	added+24%	0.00 pp	4 q
HDSHD Supply Holdings, Inc.	0.01%	29,600	$1M	trimmed−62%	−0.01 pp	3 q
unresolvedKkr & Co L P DEL	0.01%	62,400	$1M	trimmed−2%	0.00 pp	2 q
LOWLowe's Companies Inc.	0.01%	22,900	$2M	new	+0.01 pp	new
MPTMedical Properties Trust, Inc.	0.01%	140,500	$2M	held	—	3 q
ACTAllergan PLC	0.01%	9,500	$2M	trimmed−2%	−0.01 pp	4 q
unresolvedIngersoll-Rand Plc	0.01%	14,000	$1M	new	+0.01 pp	new
NCLHNorwegian Cruise Line Holdings Ltd.	0.01%	20,100	$1M	trimmed−44%	0.00 pp	2 q
SIGSignet Jewelers Limited	0.01%	28,020	$2M	trimmed−88%	−0.10 pp	6 q
WTWWillis Towers Watson Public Limited Company	0.01%	7,900	$1M	trimmed−52%	−0.01 pp	3 q
unresolvedNexeo Solutions Inc	0.00%	89,388	$39,000	held	—	6 q
PHIIKPHI, Inc. Non-Voting	0.00%	49,773	$585,000	added×3.2	0.00 pp	2 q
unresolvedSPX Corporation	0.00%	11,529	$338,000	trimmed−57%	−0.01 pp	8 q
unresolvedWalter Invt Mgmt Corp	0.00%	221,049	$131,000	trimmed−21%	0.00 pp	3 q
BWBabcock & Wilcox Enterprises, Inc.	—	−4,918,669	—	exited	−0.44 pp	—
VSTOVista Outdoor Inc.	—	−755,690	—	exited	−0.13 pp	—
OSKOshkosh Corp.	—	−105,430	—	exited	−0.06 pp	—
GTGoodyear Tire & Rubber	—	−65,200	—	exited	−0.02 pp	—
JLLJones Lang LaSalle, Inc.	—	−16,850	—	exited	−0.02 pp	—
LUVSouthwest Airlines Co.	—	−39,800	—	exited	−0.02 pp	—
AMCXAMC Global Media Inc. Class A	—	−31,750	—	exited	−0.01 pp	—
PDCOPatterson Companies, Inc.	—	−26,050	—	exited	−0.01 pp	—
PAAPlains All American Pipeline, L.P. Common Units representing Limited Partner Interests	—	−61,300	—	exited	−0.01 pp	—
HOUSAnywhere Real Estate Inc.	—	−37,500	—	exited	−0.01 pp	—
unresolvedKlx Inc	—	−5,810	—	exited	0.00 pp	—