FPA

Q4 2017 13F · by Steven Romick, CEO

As of: Dec 31, 2017
Filed: Feb 9, 2018
US stock: $13.4B · prev $13.0B
Positions: 133 · prev 102
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%

Moves138 since the prior filing

+5.5 pp in · −5.8 pp out

New 41 +3.31 pp
Added 28 +2.17 pp
Trimmed 59 −3.94 pp
Exited 10 −1.89 pp

The book

Focused · behaves like 28 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 17% a year, about 5.8 years per position

Low
Moderate
High

Top 5 positions27% of US stock

Positions133 in this filing · 10 exited


ORCLOracle Corp	7.47%	21,103,495	$998M	trimmed−0%	−0.39 pp	12 q
BACBank of America Corporation	5.06%	22,904,921	$676M	trimmed−8%	+0.21 pp	12 q
UTXZRTX Corporation	5.03%	5,270,120	$672M	added+1%	+0.35 pp	12 q
MSFTMicrosoft Corp	4.97%	7,765,145	$664M	trimmed−1%	+0.49 pp	12 q
AIGAmerican International Group, Inc.	4.69%	10,526,370	$627M	added+1%	−0.24 pp	12 q
unresolvedAon PLC	4.29%	4,273,760	$573M	trimmed−5%	−0.74 pp	12 q
ARNCHowmet Aerospace Inc.	4.22%	20,688,345	$564M	added+1%	+0.31 pp	5 q
CCitigroup Inc.	4.19%	7,530,949	$560M	trimmed−8%	−0.37 pp	12 q
CSCOCisco Systems, Inc. (DE)	4.09%	14,257,110	$546M	added+1%	+0.42 pp	12 q
0VQJLTe Connectivity Ltd	4.07%	5,724,280	$544M	added+1%	+0.44 pp	12 q
AABAAltaba Inc.	3.99%	7,634,130	$533M	added0%	+0.12 pp	3 q
CITCIT Group Inc.	3.99%	10,824,256	$533M	added0%	−0.08 pp	12 q
unresolvedLeucadia National	3.82%	19,288,883	$511M	added0%	+0.08 pp	12 q
BIDUBaidu, Inc.	3.03%	1,726,627	$404M	added0%	−0.24 pp	8 q
MYLMylan NV	3.01%	9,509,860	$402M	added0%	+0.73 pp	5 q
ADIAnalog Devices, Inc.	2.71%	4,068,640	$362M	added+1%	+0.04 pp	12 q
ALLYAlly Financial Inc.	2.60%	11,930,129	$348M	trimmed−5%	+0.25 pp	8 q
GOOGAlphabet Inc. Class C	2.45%	312,355	$327M	added+8%	+0.31 pp	12 q
EXPEExpedia Group, Inc.	2.39%	2,661,820	$319M	new	+2.39 pp	new
GOOGLAlphabet Inc. Class A	2.22%	281,448	$296M	added+1%	+0.14 pp	9 q
AXPAmerican Express Company	1.96%	2,632,167	$261M	trimmed−21%	−0.37 pp	10 q
TMOThermo Fisher Scientific, Inc.	1.90%	1,338,070	$254M	added+1%	−0.03 pp	12 q
LPLALPL Financial Holdings Inc.	1.81%	4,224,080	$241M	trimmed−7%	+0.01 pp	11 q
unresolvedNexeo Solutions Inc	1.74%	25,529,169	$232M	held	—	7 q
unresolvedEsterline Technologies Corp	1.73%	3,090,985	$231M	trimmed−8%	−0.61 pp	10 q
OIO-I Glass, Inc.	1.63%	9,802,770	$217M	added+1%	−0.25 pp	12 q
unresolvedGeneral Electric Co	1.28%	9,793,662	$171M	added0%	−0.54 pp	12 q
QCOMQualcomm Inc	0.84%	1,750,839	$112M	trimmed−45%	−0.44 pp	12 q
AXTAAxalta Coating Systems Ltd.	0.82%	3,384,335	$110M	added+39%	+0.28 pp	4 q
AAAlcoa Corporation	0.47%	1,171,012	$63M	trimmed−44%	−0.28 pp	5 q
OXYOccidental Petroleum Corporation	0.43%	788,960	$58M	added+1%	+0.05 pp	12 q
ALGTAllegiant Travel Company	0.38%	328,014	$51M	trimmed−12%	0.00 pp	3 q
XECCimarex Energy Co	0.38%	416,562	$51M	trimmed−4%	0.00 pp	12 q
WUBA58.COM Inc	0.37%	690,636	$49M	trimmed−0%	+0.03 pp	5 q
NBLNoble Energy, Inc.	0.35%	1,610,322	$47M	trimmed−9%	−0.04 pp	10 q
WDCWestern Digital Corp.	0.35%	580,201	$46M	trimmed−24%	−0.16 pp	12 q
IDCCInterDigital, Inc.	0.32%	561,302	$43M	added+41%	+0.09 pp	12 q
AVTAvnet, Inc.	0.31%	1,060,454	$42M	trimmed−14%	−0.06 pp	12 q
PTENPatterson-UTI Energy Inc	0.30%	1,725,476	$40M	trimmed−4%	+0.01 pp	10 q
SMSM Energy Company	0.30%	1,790,607	$40M	trimmed−5%	+0.04 pp	12 q
unresolvedArris Intl Inc	0.29%	1,509,978	$39M	trimmed−38%	−0.25 pp	8 q
OECOrion S.A.	0.29%	1,527,513	$39M	new	+0.29 pp	new
unresolvedRowan Cos PLC	0.28%	2,409,991	$38M	added+71%	+0.14 pp	12 q
unresolvedAmerican Intl Group Inc	0.20%	1,442,058	$26M	added+7%	−0.01 pp	8 q
HPHelmerich & Payne, Inc.	0.20%	413,445	$27M	trimmed−36%	−0.06 pp	12 q
HMHCHoughton Mifflin Harcourt Company	0.20%	2,847,871	$26M	trimmed−18%	−0.12 pp	10 q
AANAaron's Inc	0.18%	594,002	$24M	trimmed−4%	−0.03 pp	12 q
SAVEQSpirit Airlines, Inc.	0.18%	532,463	$24M	trimmed−12%	+0.03 pp	2 q
ARWArrow Electronics, Inc.	0.16%	270,526	$22M	trimmed−23%	−0.06 pp	12 q
DGDollar General Corp.	0.12%	175,445	$16M	trimmed−49%	−0.10 pp	5 q
VECOVeeco Instruments Inc	0.12%	1,077,739	$16M	trimmed−17%	−0.09 pp	12 q
MATXMatsons, Inc.	0.11%	476,266	$14M	new	+0.11 pp	new
TNNTenneco Inc-class A	0.11%	250,893	$15M	new	+0.11 pp	new
CFFNCapitol Federal Financial, Inc.	0.10%	962,683	$13M	new	+0.10 pp	new
CMAComerica Incorporated	0.10%	157,760	$14M	trimmed−10%	0.00 pp	8 q
XOMExxon Mobil Corp	0.10%	160,008	$13M	trimmed−39%	−0.07 pp	3 q
RUSHARush Enterprises Inc	0.10%	258,623	$13M	trimmed−0%	+0.01 pp	10 q
AGCOAGCO Corporation	0.09%	168,668	$12M	trimmed−27%	−0.04 pp	12 q
CUBLionheart Holdings Class A	0.09%	211,337	$12M	trimmed−55%	−0.09 pp	12 q
PMPhilip Morris International Inc.	0.09%	117,332	$12M	added+9%	0.00 pp	3 q
unresolvedFranks Intl N V	0.08%	1,535,143	$10M	added+50%	+0.02 pp	2 q
RGSRegis Corporation	0.07%	621,618	$10M	trimmed−6%	0.00 pp	12 q
unresolvedForest City Rlty Tr Inc	0.05%	278,605	$7M	trimmed−20%	−0.02 pp	8 q
GPKGraphic Packaging Holding Company	0.05%	463,595	$7M	new	+0.05 pp	new
METAMeta Platforms, Inc. Class A	0.04%	29,300	$5M	new	+0.04 pp	new
GNTXGentex Corp	0.04%	262,643	$6M	new	+0.04 pp	new
unresolvedPriceline Grp Inc	0.04%	2,740	$5M	added×2.3	+0.02 pp	6 q
CVSCvs Health Corporation	0.03%	61,560	$4M	trimmed−86%	−0.24 pp	12 q
WOOFoot Locker Inc	0.03%	94,195	$4M	trimmed−72%	−0.06 pp	12 q
ORLYO'Reilly Automotive, Inc.	0.03%	16,020	$4M	added0%	0.00 pp	2 q
RYAAYRyanair Holdings plc	0.03%	34,533	$4M	added+19%	+0.01 pp	2 q
unresolvedTwenty First Centy Fox Inc	0.03%	121,500	$4M	trimmed−19%	0.00 pp	10 q
AAPLApple Inc.	0.02%	13,700	$2M	added+12%	+0.01 pp	5 q
99803EURLaboratory Crp Of Amer Hldgs	0.02%	19,560	$3M	added+18%	0.00 pp	12 q
MDPediatrix Medical Group, Inc.	0.02%	56,570	$3M	held	—	6 q
CORCencora, Inc.	0.01%	13,700	$1M	trimmed−58%	−0.01 pp	8 q
ELVElevance Health, Inc.	0.01%	7,350	$2M	trimmed−33%	−0.01 pp	9 q
BRK.ABerkshire Hathaway Inc.	0.01%	3	$893,000	new	+0.01 pp	new
BLQADBlackrock Inc	0.01%	2,250	$1M	new	+0.01 pp	new
BABoeing Company	0.01%	2,800	$826,000	new	+0.01 pp	new
unresolvedCBS Corp	0.01%	21,350	$1M	trimmed−78%	−0.03 pp	12 q
CMCSAComcast Corp	0.01%	45,000	$2M	new	+0.01 pp	new
DALDelta Air Lines, Inc.	0.01%	21,500	$1M	trimmed−56%	−0.01 pp	10 q
unresolvedDowdupont Inc	0.01%	12,200	$869,000	new	+0.01 pp	new
FDXFedEx Corporation	0.01%	5,600	$1M	held	—	2 q
HDHome Depot, Inc.	0.01%	4,400	$834,000	new	+0.01 pp	new
JPMJPMorgan Chase & Co.	0.01%	16,000	$2M	new	+0.01 pp	new
JDJD.com, Inc.	0.01%	22,300	$924,000	new	+0.01 pp	new
JNJJohnson & Johnson	0.01%	9,700	$1M	new	+0.01 pp	new
unresolvedKkr & Co L P DEL	0.01%	33,300	$701,000	trimmed−47%	0.00 pp	3 q
LENLennar Corporation Class A	0.01%	19,700	$1M	new	+0.01 pp	new
LOWLowe's Companies Inc.	0.01%	13,500	$1M	trimmed−41%	0.00 pp	2 q
MSGSMadison Square Garden Sports Corp.	0.01%	4,025	$849,000	trimmed−85%	−0.03 pp	9 q
MAMastercard Incorporated	0.01%	5,700	$863,000	new	+0.01 pp	new
MPTMedical Properties Trust, Inc.	0.01%	93,500	$1M	trimmed−33%	0.00 pp	4 q
MSMorgan Stanley	0.01%	21,700	$1M	new	+0.01 pp	new
PARRPar Pacific Holdings, Inc.	0.01%	92,946	$2M	trimmed−3%	−0.01 pp	12 q
SNASnap-on Incorporated	0.01%	5,400	$941,000	new	+0.01 pp	new
STTState Street Corporation	0.01%	8,700	$849,000	new	+0.01 pp	new
TWXTime Warner Inc	0.01%	12,300	$1M	trimmed−79%	−0.04 pp	10 q
UNPUnion Pacific Corp.	0.01%	9,800	$1M	new	+0.01 pp	new
UPSUnited Parcel Service, Inc. Class B	0.01%	7,300	$870,000	new	+0.01 pp	new
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.01%	3,800	$838,000	new	+0.01 pp	new
VVISA Inc.	0.01%	10,650	$1M	new	+0.01 pp	new
unresolvedIngersoll-Rand Plc	0.01%	12,700	$1M	trimmed−9%	0.00 pp	2 q
WTWWillis Towers Watson Public Limited Company	0.01%	7,550	$1M	trimmed−4%	0.00 pp	4 q
ABTAbbott Laboratories	0.00%	7,700	$439,000	new	0.00 pp	new
ABBVAbbvie Inc.	0.00%	6,850	$662,000	new	0.00 pp	new
BNYBank of New York Mellon Corporation	0.00%	8,700	$469,000	new	0.00 pp	new
BXBlackstone Inc.	0.00%	13,600	$435,000	new	0.00 pp	new
CCLCarnival Corporation Ltd.	0.00%	9,900	$657,000	new	0.00 pp	new
CELGCelgene Corp	0.00%	4,175	$436,000	new	0.00 pp	new
DISThe Walt Disney Company	0.00%	4,500	$484,000	new	0.00 pp	new
DISCKDiscovery Inc-c	0.00%	25,000	$529,000	trimmed−84%	−0.02 pp	5 q
unresolvedExpress Scripts Hldg Co	0.00%	6,250	$466,000	trimmed−88%	−0.03 pp	4 q
HCAHCA Healthcare, Inc.	0.00%	6,000	$527,000	trimmed−71%	−0.01 pp	5 q
HDSHD Supply Holdings, Inc.	0.00%	13,000	$520,000	trimmed−56%	−0.01 pp	4 q
HONHoneywell International, Inc.	0.00%	2,800	$429,000	new	0.00 pp	new
LEN.BLennar Corporation Class B	0.00%	394	$20,000	new	0.00 pp	new
MCKMcKesson Corporation	0.00%	3,100	$483,000	trimmed−88%	−0.03 pp	10 q
unresolvedNexeo Solutions Inc	0.00%	89,388	$58,000	held	—	7 q
PHIIKPHI, Inc. Non-Voting	0.00%	49,773	$576,000	held	—	3 q
PFEPfizer Inc.	0.00%	13,000	$471,000	new	0.00 pp	new
unresolvedTwenty First Centy Fox Inc	0.00%	15,000	$518,000	trimmed−93%	−0.04 pp	10 q
WBAWalgreens Boots Alliance, Inc	0.00%	6,400	$465,000	new	0.00 pp	new
unresolvedWalter Invt Mgmt Corp	0.00%	162,995	$137,000	trimmed−26%	0.00 pp	4 q
WHRWhirlpool Corp.	0.00%	2,800	$472,000	trimmed−89%	−0.03 pp	9 q
ACTAllergan PLC	0.00%	2,500	$409,000	trimmed−74%	−0.01 pp	5 q
ACNAccenture PLC	0.00%	2,900	$444,000	new	0.00 pp	new
IVZInvesco LTD	0.00%	18,100	$661,000	new	0.00 pp	new
JCIJohnson Controls International plc	0.00%	12,000	$457,000	new	0.00 pp	new
MDTMedtronic plc	0.00%	5,250	$424,000	new	0.00 pp	new
NCLHNorwegian Cruise Line Holdings Ltd.	0.00%	8,400	$447,000	trimmed−58%	−0.01 pp	3 q
LMLegg Mason, Inc.	—	−3,991,742	—	exited	−1.21 pp	—
CARSCars.com Inc.	—	−1,274,750	—	exited	−0.26 pp	—
DANDana Incorporated	—	−642,614	—	exited	−0.14 pp	—
CMECME Group Inc.	—	−111,486	—	exited	−0.12 pp	—
FHIFederated Hermes, Inc.	—	−296,470	—	exited	−0.07 pp	—
SBHSally Beauty Holdings, Inc.	—	−261,240	—	exited	−0.04 pp	—
CAHCardinal Health, Inc.	—	−43,000	—	exited	−0.02 pp	—
SGISomnigroup International Inc.	—	−42,600	—	exited	−0.02 pp	—
SIGSignet Jewelers Limited	—	−28,020	—	exited	−0.01 pp	—
unresolvedSPX Corporation	—	−11,529	—	exited	0.00 pp	—