FPA

Q1 2018 13F · by Steven Romick, CEO

As of: Mar 31, 2018
Filed: May 11, 2018
US stock: $13.1B · prev $13.4B
Positions: 122 · prev 133
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

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

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves117 since the prior filing

+8.2 pp in · −8.5 pp out

New 10 +3.27 pp
Added 31 +4.89 pp
Trimmed 54 −7.15 pp
Exited 21 −1.38 pp

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

The book

Focused · behaves like 30 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 35% a year, about 2.9 years per position

Low
Moderate
High

Top 5 positions26% of US stock

Positions122 in this filing · 21 exited


ORCLOracle Corp	6.50%	18,639,019	$853M	trimmed−12%	−0.97 pp	13 q
AIGAmerican International Group, Inc.	5.24%	12,629,362	$687M	added+20%	+0.55 pp	13 q
MSFTMicrosoft Corp	5.17%	7,438,523	$679M	trimmed−4%	+0.20 pp	13 q
BACBank of America Corporation	4.83%	21,116,209	$633M	trimmed−8%	−0.23 pp	13 q
UTXZRTX Corporation	4.64%	4,835,775	$608M	trimmed−8%	−0.39 pp	13 q
unresolvedAon PLC	4.53%	4,236,250	$594M	trimmed−1%	+0.24 pp	13 q
AABAAltaba Inc.	3.89%	6,894,574	$510M	trimmed−10%	−0.10 pp	4 q
0VQJLTe Connectivity Ltd	3.80%	4,996,774	$499M	trimmed−13%	−0.27 pp	13 q
CITCIT Group Inc.	3.68%	9,386,475	$483M	trimmed−13%	−0.31 pp	13 q
ARNCHowmet Aerospace Inc.	3.59%	20,458,465	$471M	trimmed−1%	−0.63 pp	6 q
BIDUBaidu, Inc.	3.56%	2,091,171	$467M	added+21%	+0.53 pp	9 q
CCitigroup Inc.	3.56%	6,925,941	$468M	trimmed−8%	−0.63 pp	13 q
unresolvedLeucadia National	3.28%	18,907,897	$430M	trimmed−2%	−0.54 pp	13 q
ADIAnalog Devices, Inc.	3.03%	4,369,161	$398M	added+7%	+0.32 pp	13 q
MYLMylan NV	2.96%	9,446,830	$389M	trimmed−1%	−0.05 pp	6 q
GOOGAlphabet Inc. Class C	2.67%	339,765	$351M	added+9%	+0.22 pp	13 q
CSCOCisco Systems, Inc. (DE)	2.47%	7,563,441	$324M	trimmed−47%	−1.62 pp	13 q
METAMeta Platforms, Inc. Class A	2.46%	2,023,239	$323M	added×69.1	+2.42 pp	2 q
GOOGLAlphabet Inc. Class A	2.45%	309,431	$321M	added+10%	+0.23 pp	10 q
EXPEExpedia Group, Inc.	2.45%	2,909,233	$321M	added+9%	+0.06 pp	2 q
ALLYAlly Financial Inc.	2.18%	10,540,353	$286M	trimmed−12%	−0.42 pp	9 q
TMOThermo Fisher Scientific, Inc.	2.09%	1,329,109	$274M	trimmed−1%	+0.19 pp	13 q
unresolvedNexeo Solutions Inc	2.08%	25,529,169	$273M	held	—	8 q
KMIKinder Morgan, Inc.	1.88%	16,389,950	$247M	new	+1.88 pp	new
LPLALPL Financial Holdings Inc.	1.80%	3,877,402	$237M	trimmed−8%	−0.01 pp	12 q
unresolvedEsterline Technologies Corp	1.72%	3,084,985	$226M	trimmed−0%	−0.01 pp	11 q
OIO-I Glass, Inc.	1.62%	9,783,970	$212M	trimmed−0%	−0.01 pp	13 q
AXPAmerican Express Company	1.55%	2,181,960	$204M	trimmed−17%	−0.41 pp	11 q
PCGPG&E Corporation	1.26%	3,777,295	$166M	new	+1.26 pp	new
AXTAAxalta Coating Systems Ltd.	0.78%	3,375,483	$102M	trimmed−0%	−0.04 pp	5 q
QCOMQualcomm Inc	0.73%	1,736,572	$96M	trimmed−1%	−0.11 pp	13 q
ALGTAllegiant Travel Company	0.46%	352,783	$61M	added+8%	+0.08 pp	4 q
WDCWestern Digital Corp.	0.41%	589,718	$54M	added+2%	+0.06 pp	13 q
AAAlcoa Corporation	0.40%	1,161,042	$52M	trimmed−1%	−0.07 pp	6 q
NBLNoble Energy, Inc.	0.36%	1,540,843	$47M	trimmed−4%	+0.01 pp	11 q
unresolvedArris Intl Inc	0.36%	1,776,442	$47M	added+18%	+0.07 pp	9 q
XECCimarex Energy Co	0.35%	486,905	$46M	added+17%	−0.03 pp	13 q
IDCCInterDigital, Inc.	0.34%	613,898	$45M	added+9%	+0.02 pp	13 q
AVTAvnet, Inc.	0.33%	1,029,941	$43M	trimmed−3%	+0.02 pp	13 q
SMSM Energy Company	0.33%	2,396,620	$43M	added+34%	+0.03 pp	13 q
WUBA58.COM Inc	0.32%	528,564	$42M	trimmed−23%	−0.05 pp	6 q
OECOrion S.A.	0.30%	1,452,665	$39M	trimmed−5%	+0.01 pp	2 q
AANAaron's Inc	0.26%	721,592	$34M	added+21%	+0.08 pp	13 q
unresolvedRowan Cos PLC	0.25%	2,880,948	$33M	added+20%	−0.03 pp	13 q
PTENPatterson-UTI Energy Inc	0.19%	1,451,909	$25M	trimmed−16%	−0.11 pp	11 q
unresolvedAmerican Intl Group Inc	0.17%	1,358,494	$22M	trimmed−6%	−0.03 pp	9 q
CFFNCapitol Federal Financial, Inc.	0.15%	1,546,593	$19M	added+61%	+0.05 pp	2 q
TNNTenneco Inc-class A	0.15%	370,626	$20M	added+48%	+0.04 pp	2 q
VECOVeeco Instruments Inc	0.15%	1,166,071	$20M	added+8%	+0.03 pp	13 q
HPHelmerich & Payne, Inc.	0.14%	279,408	$19M	trimmed−32%	−0.06 pp	13 q
SAVEQSpirit Airlines, Inc.	0.14%	496,057	$19M	trimmed−7%	−0.04 pp	3 q
ARWArrow Electronics, Inc.	0.13%	213,789	$16M	trimmed−21%	−0.03 pp	13 q
DGDollar General Corp.	0.12%	172,245	$16M	trimmed−2%	0.00 pp	6 q
HMHCHoughton Mifflin Harcourt Company	0.12%	2,300,932	$16M	trimmed−19%	−0.08 pp	11 q
GNTXGentex Corp	0.11%	605,518	$14M	added×2.3	+0.07 pp	2 q
AGCOAGCO Corporation	0.10%	195,528	$13M	added+16%	+0.01 pp	13 q
CMAComerica Incorporated	0.09%	122,405	$12M	trimmed−22%	−0.01 pp	9 q
XOMExxon Mobil Corp	0.09%	160,008	$12M	held	—	4 q
GPKGraphic Packaging Holding Company	0.09%	802,407	$12M	added+73%	+0.04 pp	2 q
PMPhilip Morris International Inc.	0.09%	117,332	$12M	held	—	4 q
MATXMatsons, Inc.	0.08%	387,779	$11M	trimmed−19%	−0.03 pp	2 q
OXYOccidental Petroleum Corporation	0.07%	139,565	$9M	trimmed−82%	−0.36 pp	13 q
RGSRegis Corporation	0.07%	613,118	$9M	trimmed−1%	0.00 pp	13 q
CUBLionheart Holdings Class A	0.05%	109,033	$7M	trimmed−48%	−0.04 pp	13 q
CISNCision Ltd	0.05%	605,827	$7M	new	+0.05 pp	new
unresolvedFranks Intl N V	0.05%	1,306,377	$7M	trimmed−15%	−0.03 pp	3 q
BKNGBooking Holdings Inc.	0.04%	2,300	$5M	new	+0.04 pp	new
unresolvedForest City Rlty Tr Inc	0.04%	270,605	$5M	trimmed−3%	−0.01 pp	9 q
RUSHARush Enterprises Inc	0.04%	115,223	$5M	trimmed−55%	−0.06 pp	11 q
ORLYO'Reilly Automotive, Inc.	0.03%	16,020	$4M	held	—	3 q
RYAAYRyanair Holdings plc	0.03%	34,533	$4M	held	—	3 q
unresolvedTwenty First Centy Fox Inc	0.03%	121,500	$4M	held	—	11 q
AAPLApple Inc.	0.02%	17,000	$3M	added+24%	0.00 pp	6 q
CVSCvs Health Corporation	0.02%	52,660	$3M	trimmed−14%	−0.01 pp	13 q
DHCPQDitech Holding Corp	0.02%	276,467	$2M	new	+0.02 pp	new
99803EURLaboratory Crp Of Amer Hldgs	0.02%	16,930	$3M	trimmed−13%	0.00 pp	13 q
MDPediatrix Medical Group, Inc.	0.02%	56,570	$3M	held	—	7 q
ABTAbbott Laboratories	0.01%	20,800	$1M	added×2.7	+0.01 pp	2 q
unresolvedAetna Inc New	0.01%	6,800	$1M	new	+0.01 pp	new
AMZNAmazon.Com Inc	0.01%	600	$868,000	new	+0.01 pp	new
ELVElevance Health, Inc.	0.01%	7,350	$2M	held	—	10 q
BRK.ABerkshire Hathaway Inc.	0.01%	5	$1M	added+67%	0.00 pp	2 q
BLQADBlackrock Inc	0.01%	2,250	$1M	held	—	2 q
BABoeing Company	0.01%	2,500	$820,000	trimmed−11%	0.00 pp	2 q
CCLCarnival Corporation Ltd.	0.01%	11,800	$774,000	added+19%	+0.01 pp	2 q
CMCSAComcast Corp	0.01%	34,000	$1M	trimmed−24%	0.00 pp	2 q
unresolvedDowdupont Inc	0.01%	27,300	$2M	added×2.2	0.00 pp	2 q
FDXFedEx Corporation	0.01%	5,600	$1M	held	—	3 q
HDHome Depot, Inc.	0.01%	4,400	$784,000	held	—	2 q
HONHoneywell International, Inc.	0.01%	9,100	$1M	added×3.3	+0.01 pp	2 q
JPMJPMorgan Chase & Co.	0.01%	16,000	$2M	held	—	2 q
JDJD.com, Inc.	0.01%	19,400	$786,000	trimmed−13%	0.00 pp	2 q
JNJJohnson & Johnson	0.01%	10,400	$1M	added+7%	0.00 pp	2 q
LENLennar Corporation Class A	0.01%	19,700	$1M	held	—	2 q
LOWLowe's Companies Inc.	0.01%	13,500	$1M	held	—	3 q
MSGSMadison Square Garden Sports Corp.	0.01%	4,025	$989,000	held	—	10 q
MAMastercard Incorporated	0.01%	5,700	$998,000	held	—	2 q
MSMorgan Stanley	0.01%	21,700	$1M	held	—	2 q
PARRPar Pacific Holdings, Inc.	0.01%	92,946	$2M	held	—	13 q
STTState Street Corporation	0.01%	8,300	$828,000	trimmed−5%	0.00 pp	2 q
UNPUnion Pacific Corp.	0.01%	9,800	$1M	held	—	2 q
UPSUnited Parcel Service, Inc. Class B	0.01%	15,000	$2M	added×2.1	0.00 pp	2 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.01%	4,400	$942,000	added+16%	0.00 pp	2 q
VVISA Inc.	0.01%	10,650	$1M	held	—	2 q
unresolvedIngersoll-Rand Plc	0.01%	12,700	$1M	held	—	3 q
MDTMedtronic plc	0.01%	16,400	$1M	added×3.1	+0.01 pp	2 q
CORCencora, Inc.	0.00%	4,400	$379,000	trimmed−68%	−0.01 pp	9 q
BXBlackstone Inc.	0.00%	12,200	$390,000	trimmed−10%	0.00 pp	2 q
unresolvedCBS Corp	0.00%	8,200	$421,000	trimmed−62%	−0.01 pp	13 q
DALDelta Air Lines, Inc.	0.00%	8,300	$455,000	trimmed−61%	−0.01 pp	11 q
DISThe Walt Disney Company	0.00%	4,500	$452,000	held	—	2 q
GDGeneral Dynamics Corporation	0.00%	1,850	$409,000	new	0.00 pp	new
HCAHCA Healthcare, Inc.	0.00%	4,200	$407,000	trimmed−30%	0.00 pp	6 q
unresolvedKkr & Co L P DEL	0.00%	19,600	$398,000	trimmed−41%	−0.01 pp	4 q
LMTLockheed Martin Corp.	0.00%	1,200	$406,000	new	0.00 pp	new
unresolvedNexeo Solutions Inc	0.00%	89,388	$65,000	held	—	8 q
PHIIKPHI, Inc. Non-Voting	0.00%	49,773	$510,000	held	—	4 q
LUVSouthwest Airlines Co.	0.00%	7,300	$418,000	new	0.00 pp	new
unresolvedTwenty First Centy Fox Inc	0.00%	15,000	$550,000	held	—	11 q
ACNAccenture PLC	0.00%	2,900	$445,000	held	—	2 q
NCLHNorwegian Cruise Line Holdings Ltd.	0.00%	8,400	$445,000	held	—	4 q
WTWWillis Towers Watson Public Limited Company	0.00%	4,100	$624,000	trimmed−46%	−0.01 pp	5 q
unresolvedGeneral Electric Co	—	−9,793,662	—	exited	−1.28 pp	—
unresolvedPriceline Grp Inc	—	−2,740	—	exited	−0.04 pp	—
WOOFoot Locker Inc	—	−94,195	—	exited	−0.03 pp	—
MPTMedical Properties Trust, Inc.	—	−93,500	—	exited	−0.01 pp	—
SNASnap-on Incorporated	—	−5,400	—	exited	−0.01 pp	—
TWXTime Warner Inc	—	−12,300	—	exited	−0.01 pp	—
ABBVAbbvie Inc.	—	−6,850	—	exited	0.00 pp	—
BNYBank of New York Mellon Corporation	—	−8,700	—	exited	0.00 pp	—
CELGCelgene Corp	—	−4,175	—	exited	0.00 pp	—
DISCKDiscovery Inc-c	—	−25,000	—	exited	0.00 pp	—
unresolvedExpress Scripts Hldg Co	—	−6,250	—	exited	0.00 pp	—
HDSHD Supply Holdings, Inc.	—	−13,000	—	exited	0.00 pp	—
LEN.BLennar Corporation Class B	—	−394	—	exited	0.00 pp	—
MCKMcKesson Corporation	—	−3,100	—	exited	0.00 pp	—
PFEPfizer Inc.	—	−13,000	—	exited	0.00 pp	—
WBAWalgreens Boots Alliance, Inc	—	−6,400	—	exited	0.00 pp	—
unresolvedWalter Invt Mgmt Corp	—	−162,995	—	exited	0.00 pp	—
WHRWhirlpool Corp.	—	−2,800	—	exited	0.00 pp	—
ACTAllergan PLC	—	−2,500	—	exited	0.00 pp	—
IVZInvesco LTD	—	−18,100	—	exited	0.00 pp	—
JCIJohnson Controls International plc	—	−12,000	—	exited	0.00 pp	—