FPA

Q2 2018 13F · by Steven Romick, CEO

As of: Jun 30, 2018
Filed: Aug 13, 2018
US stock: $13.9B · prev $13.1B
Positions: 128 · prev 122
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%

Moves116 since the prior filing

+14.1 pp in · −13.6 pp out

New 24 +10.80 pp
Added 26 +3.26 pp
Trimmed 48 −9.29 pp
Exited 18 −4.31 pp

The book

Focused · behaves like 35 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 39% a year, about 2.6 years per position

Low
Moderate
High

Top 5 positions22% of US stock

ORCL Oracle Corp trimmed−0.92 pp trimmed−0.925.6%
AIG American International Group, Inc. added−0.27 pp added−0.275.0%
BAC Bank of America Corporation trimmed−0.86 pp trimmed−0.864.0%
UTXZ RTX Corporation trimmed−0.81 pp trimmed−0.813.8%
unresolved Aon PLC trimmed−0.77 pp trimmed−0.773.8%

Positions128 in this filing · 18 exited


ORCLOracle Corp	5.58%	17,634,720	$777M	trimmed−5%	−0.92 pp	14 q
AIGAmerican International Group, Inc.	4.97%	13,053,487	$692M	added+3%	−0.27 pp	14 q
BACBank of America Corporation	3.97%	19,578,624	$552M	trimmed−7%	−0.86 pp	14 q
UTXZRTX Corporation	3.83%	4,265,550	$533M	trimmed−12%	−0.81 pp	14 q
unresolvedAon PLC	3.76%	3,818,837	$524M	trimmed−10%	−0.77 pp	14 q
AABAAltaba Inc.	3.61%	6,861,114	$502M	trimmed−0%	−0.28 pp	5 q
BIDUBaidu, Inc.	3.61%	2,069,178	$503M	trimmed−1%	+0.05 pp	10 q
CITCIT Group Inc.	3.39%	9,364,608	$472M	trimmed−0%	−0.29 pp	14 q
CCitigroup Inc.	3.30%	6,869,503	$460M	trimmed−1%	−0.26 pp	14 q
MSFTMicrosoft Corp	3.26%	4,603,300	$454M	trimmed−38%	−1.91 pp	14 q
ARNCHowmet Aerospace Inc.	3.23%	26,440,922	$450M	added+29%	−0.36 pp	7 q
0VQJLTe Connectivity Ltd	3.21%	4,962,690	$447M	trimmed−1%	−0.59 pp	14 q
JEFJefferies Financial Group Inc.	3.18%	19,484,947	$443M	new	+3.18 pp	new
ADIAnalog Devices, Inc.	2.98%	4,328,204	$415M	trimmed−1%	−0.05 pp	14 q
METAMeta Platforms, Inc. Class A	2.81%	2,015,321	$392M	trimmed−0%	+0.35 pp	3 q
GOOGAlphabet Inc. Class C	2.78%	346,894	$387M	added+2%	+0.11 pp	14 q
CMCSAComcast Corp	2.74%	11,609,705	$381M	added×341.5	+2.73 pp	3 q
EXPEExpedia Group, Inc.	2.50%	2,893,713	$348M	trimmed−1%	+0.05 pp	3 q
GOOGLAlphabet Inc. Class A	2.48%	305,185	$345M	trimmed−1%	+0.03 pp	11 q
MYLMylan NV	2.43%	9,369,310	$339M	trimmed−1%	−0.53 pp	7 q
WFCWells Fargo & Co.	2.14%	5,372,257	$298M	new	+2.14 pp	new
CHTRCharter Comm Inc Del CL A New	2.13%	1,011,256	$297M	new	+2.13 pp	new
KMIKinder Morgan, Inc.	2.07%	16,282,820	$288M	trimmed−1%	+0.19 pp	2 q
ALLYAlly Financial Inc.	1.97%	10,451,523	$275M	trimmed−1%	−0.21 pp	10 q
TMOThermo Fisher Scientific, Inc.	1.86%	1,248,706	$259M	trimmed−6%	−0.23 pp	14 q
unresolvedNexeo Solutions Inc	1.67%	25,529,169	$233M	held	—	9 q
AVGOBroadcom Inc.	1.64%	941,316	$228M	new	+1.64 pp	new
unresolvedEsterline Technologies Corp	1.64%	3,084,985	$228M	held	—	12 q
LPLALPL Financial Holdings Inc.	1.64%	3,477,302	$228M	trimmed−10%	−0.16 pp	13 q
MDLZMondelez International, Inc. Class A	1.60%	5,442,594	$223M	new	+1.60 pp	new
CSCOCisco Systems, Inc. (DE)	1.54%	4,987,295	$215M	trimmed−34%	−0.93 pp	14 q
AXPAmerican Express Company	1.52%	2,162,723	$212M	trimmed−1%	−0.03 pp	12 q
PCGPG&E Corporation	1.46%	4,784,862	$204M	added+27%	+0.20 pp	2 q
OIO-I Glass, Inc.	1.18%	9,769,610	$164M	trimmed−0%	−0.44 pp	14 q
AXTAAxalta Coating Systems Ltd.	0.73%	3,356,608	$102M	trimmed−1%	−0.05 pp	6 q
ALGTAllegiant Travel Company	0.51%	509,199	$71M	added+44%	+0.05 pp	5 q
JDJD.com, Inc.	0.47%	1,688,741	$66M	added×87.0	+0.46 pp	3 q
AAAlcoa Corporation	0.39%	1,151,267	$54M	trimmed−1%	−0.01 pp	7 q
XECCimarex Energy Co	0.38%	525,240	$53M	added+8%	+0.03 pp	14 q
SMSM Energy Company	0.37%	2,024,522	$52M	trimmed−16%	+0.04 pp	14 q
IDCCInterDigital, Inc.	0.35%	609,544	$49M	trimmed−1%	+0.01 pp	14 q
WDCWestern Digital Corp.	0.34%	618,089	$48M	added+5%	−0.07 pp	14 q
AVTAvnet, Inc.	0.33%	1,075,830	$46M	added+4%	0.00 pp	14 q
OECOrion S.A.	0.32%	1,452,665	$45M	held	—	3 q
unresolvedArris Intl Inc	0.31%	1,746,099	$43M	trimmed−2%	−0.05 pp	10 q
unresolvedRowan Cos PLC	0.26%	2,215,468	$36M	trimmed−23%	+0.01 pp	14 q
NBLNoble Energy, Inc.	0.25%	998,159	$35M	trimmed−35%	−0.11 pp	12 q
WUBA58.COM Inc	0.24%	483,741	$34M	trimmed−8%	−0.08 pp	7 q
unresolvedAmerican Intl Group Inc	0.23%	2,216,715	$32M	added+63%	+0.06 pp	10 q
AANAaron's Inc	0.21%	674,007	$29M	trimmed−7%	−0.05 pp	14 q
SAVEQSpirit Airlines, Inc.	0.20%	772,620	$28M	added+56%	+0.06 pp	4 q
GPKGraphic Packaging Holding Company	0.18%	1,690,861	$25M	added×2.1	+0.09 pp	3 q
CFFNCapitol Federal Financial, Inc.	0.17%	1,804,248	$24M	added+17%	+0.02 pp	3 q
PTENPatterson-UTI Energy Inc	0.17%	1,330,599	$24M	trimmed−8%	−0.02 pp	12 q
TNNTenneco Inc-class A	0.16%	504,965	$22M	added+36%	+0.01 pp	3 q
AGCOAGCO Corporation	0.15%	334,665	$20M	added+71%	+0.05 pp	14 q
DGDollar General Corp.	0.12%	172,245	$17M	held	—	7 q
VECOVeeco Instruments Inc	0.12%	1,145,525	$16M	trimmed−2%	−0.03 pp	14 q
GNTXGentex Corp	0.11%	655,427	$15M	added+8%	0.00 pp	3 q
XOMExxon Mobil Corp	0.10%	160,008	$13M	held	—	5 q
unresolvedFranks Intl N V	0.10%	1,842,530	$14M	added+41%	+0.05 pp	4 q
CISNCision Ltd	0.09%	848,242	$13M	added+40%	+0.04 pp	2 q
PMPhilip Morris International Inc.	0.08%	142,862	$12M	added+22%	−0.01 pp	5 q
RGSRegis Corporation	0.07%	607,088	$10M	trimmed−1%	0.00 pp	14 q
BKNGBooking Holdings Inc.	0.04%	2,485	$5M	added+8%	0.00 pp	2 q
unresolvedForest City Rlty Tr Inc	0.04%	270,605	$6M	held	—	10 q
MATXMatsons, Inc.	0.04%	147,293	$6M	trimmed−62%	−0.04 pp	3 q
RUSHARush Enterprises Inc	0.04%	115,223	$5M	held	—	12 q
unresolvedTwenty First Centy Fox Inc	0.04%	113,710	$6M	trimmed−6%	+0.01 pp	12 q
CNDTConduent Incorporated	0.03%	215,968	$4M	new	+0.03 pp	new
ORLYO'Reilly Automotive, Inc.	0.03%	14,170	$4M	trimmed−12%	0.00 pp	4 q
RYAAYRyanair Holdings plc	0.03%	37,123	$4M	added+8%	0.00 pp	4 q
AMZNAmazon.Com Inc	0.02%	1,570	$3M	added×2.6	+0.01 pp	2 q
AAPLApple Inc.	0.02%	17,000	$3M	held	—	7 q
ARWArrow Electronics, Inc.	0.02%	35,642	$3M	trimmed−83%	−0.11 pp	14 q
CVSCvs Health Corporation	0.02%	52,660	$3M	held	—	14 q
CMAComerica Incorporated	0.02%	36,228	$3M	trimmed−70%	−0.07 pp	10 q
99803EURLaboratory Crp Of Amer Hldgs	0.02%	17,980	$3M	added+6%	0.00 pp	14 q
MDPediatrix Medical Group, Inc.	0.02%	56,570	$2M	held	—	8 q
SERVTerminix Global Holdings Inc	0.02%	41,174	$2M	new	+0.02 pp	new
ABTAbbott Laboratories	0.01%	14,000	$854,000	trimmed−33%	0.00 pp	3 q
ELVElevance Health, Inc.	0.01%	7,350	$2M	held	—	11 q
BLQADBlackrock Inc	0.01%	2,250	$1M	held	—	3 q
BABoeing Company	0.01%	2,500	$839,000	held	—	3 q
DHCPQDitech Holding Corp	0.01%	276,417	$1M	trimmed−0%	−0.01 pp	2 q
unresolvedDowdupont Inc	0.01%	17,700	$1M	trimmed−35%	0.00 pp	3 q
FDXFedEx Corporation	0.01%	7,700	$2M	added+38%	0.00 pp	4 q
HDHome Depot, Inc.	0.01%	4,400	$858,000	held	—	3 q
HONHoneywell International, Inc.	0.01%	9,100	$1M	held	—	3 q
HMHCHoughton Mifflin Harcourt Company	0.01%	179,222	$1M	trimmed−92%	−0.11 pp	12 q
JPMJPMorgan Chase & Co.	0.01%	16,000	$2M	held	—	3 q
KKRKKR & Co. Inc.	0.01%	35,000	$870,000	new	+0.01 pp	new
LENLennar Corporation Class A	0.01%	15,900	$835,000	trimmed−19%	0.00 pp	3 q
LOWLowe's Companies Inc.	0.01%	13,500	$1M	held	—	4 q
MSGSMadison Square Garden Sports Corp.	0.01%	4,025	$1M	held	—	11 q
MAMastercard Incorporated	0.01%	5,700	$1M	held	—	3 q
NOCNorthrop Grumman Corp.	0.01%	2,350	$723,000	new	+0.01 pp	new
PARRPar Pacific Holdings, Inc.	0.01%	92,946	$2M	held	—	14 q
RTNRaytheon Company	0.01%	3,650	$705,000	new	+0.01 pp	new
TCEHYTencent Hldgs UNSP/	0.01%	15,800	$794,000	new	+0.01 pp	new
unresolvedTwenty First Centy Fox Inc	0.01%	15,000	$745,000	held	—	12 q
UNPUnion Pacific Corp.	0.01%	9,800	$1M	held	—	3 q
UPSUnited Parcel Service, Inc. Class B	0.01%	7,700	$818,000	trimmed−49%	0.00 pp	3 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.01%	6,500	$2M	added+48%	0.00 pp	3 q
VVISA Inc.	0.01%	10,650	$1M	held	—	3 q
unresolvedIngersoll-Rand Plc	0.01%	12,700	$1M	held	—	4 q
MDTMedtronic plc	0.01%	8,950	$766,000	trimmed−45%	0.00 pp	3 q
CAAPCorporacion America Airports S.A.	0.01%	106,709	$901,000	new	+0.01 pp	new
RCLRoyal Caribbean Group	0.01%	7,250	$751,000	new	+0.01 pp	new
AIYActivision Blizzard Inc	0.00%	5,350	$408,000	new	0.00 pp	new
ADBEAdobe Inc.	0.00%	1,700	$414,000	new	0.00 pp	new
BABAAlibaba Group Holding Limited	0.00%	2,225	$413,000	new	0.00 pp	new
BRK.ABerkshire Hathaway Inc.	0.00%	2	$564,000	trimmed−60%	−0.01 pp	3 q
unresolvedCBS Corp	0.00%	8,200	$461,000	held	—	14 q
CERNCerner Corp	0.00%	6,475	$387,000	new	0.00 pp	new
EAElectronic Arts Inc	0.00%	2,850	$402,000	new	0.00 pp	new
HCAHCA Healthcare, Inc.	0.00%	4,200	$431,000	held	—	7 q
IQVIQVIA Holdings Inc.	0.00%	3,725	$372,000	new	0.00 pp	new
MARMarriott International Class A	0.00%	2,800	$354,000	new	0.00 pp	new
MSMorgan Stanley	0.00%	11,400	$540,000	trimmed−47%	−0.01 pp	3 q
NPSNYNaspers Ltd S/	0.00%	8,325	$417,000	new	0.00 pp	new
NFLXNetFlix Inc	0.00%	1,400	$548,000	new	0.00 pp	new
unresolvedNexeo Solutions Inc	0.00%	89,388	$51,000	held	—	9 q
PHIIKPHI, Inc. Non-Voting	0.00%	49,773	$506,000	held	—	5 q
PYPLPayPal Holdings, Inc.	0.00%	4,700	$391,000	new	0.00 pp	new
CRMSalesforce, Inc.	0.00%	3,000	$409,000	new	0.00 pp	new
ACNAccenture PLC	0.00%	2,900	$474,000	held	—	3 q
WTWWillis Towers Watson Public Limited Company	0.00%	4,100	$622,000	held	—	6 q
unresolvedLeucadia National	—	−18,907,897	—	exited	−3.28 pp	—
QCOMQualcomm Inc	—	−1,736,572	—	exited	−0.73 pp	—
HPHelmerich & Payne, Inc.	—	−279,408	—	exited	−0.14 pp	—
OXYOccidental Petroleum Corporation	—	−139,565	—	exited	−0.07 pp	—
CUBLionheart Holdings Class A	—	−109,033	—	exited	−0.05 pp	—
unresolvedAetna Inc New	—	−6,800	—	exited	−0.01 pp	—
CCLCarnival Corporation Ltd.	—	−11,800	—	exited	−0.01 pp	—
JNJJohnson & Johnson	—	−10,400	—	exited	−0.01 pp	—
STTState Street Corporation	—	−8,300	—	exited	−0.01 pp	—
CORCencora, Inc.	—	−4,400	—	exited	0.00 pp	—
BXBlackstone Inc.	—	−12,200	—	exited	0.00 pp	—
DALDelta Air Lines, Inc.	—	−8,300	—	exited	0.00 pp	—
DISThe Walt Disney Company	—	−4,500	—	exited	0.00 pp	—
GDGeneral Dynamics Corporation	—	−1,850	—	exited	0.00 pp	—
unresolvedKkr & Co L P DEL	—	−19,600	—	exited	0.00 pp	—
LMTLockheed Martin Corp.	—	−1,200	—	exited	0.00 pp	—
LUVSouthwest Airlines Co.	—	−7,300	—	exited	0.00 pp	—
NCLHNorwegian Cruise Line Holdings Ltd.	—	−8,400	—	exited	0.00 pp	—