FPA

Q3 2018 13F · by Steven Romick, CEO

As of: Sep 30, 2018
Filed: Nov 13, 2018
US stock: $13.8B · prev $13.9B
Positions: 134 · prev 128
Options notional: $0
Documents: 1· no amendments

Picture99.8% US stock

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

US stock listed on a US exchange 99.8%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.2%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves103 since the prior filing

+6.9 pp in · −7.5 pp out

New 17 +2.51 pp
Added 22 +4.37 pp
Trimmed 53 −7.16 pp
Exited 11 −0.35 pp

The book

Focused · behaves like 36 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 28% a year, about 3.5 years per position

Low
Moderate
High

Top 5 positions20% of US stock

AIG American International Group, Inc. added+0.09 pp added+0.095.1%
ARNC Howmet Aerospace Inc. trimmed+0.97 pp trimmed+0.974.2%
UTXZ RTX Corporation trimmed+0.06 pp trimmed+0.063.9%
BIDU Baidu, Inc. added+0.06 pp added+0.063.7%
AVGO Broadcom Inc. added+1.99 pp added+1.993.6%

Positions134 in this filing · 11 exited


AIGAmerican International Group, Inc.	5.06%	13,090,695	$697M	added0%	+0.09 pp	15 q
ARNCHowmet Aerospace Inc.	4.20%	26,282,952	$578M	trimmed−1%	+0.97 pp	8 q
UTXZRTX Corporation	3.89%	3,832,088	$536M	trimmed−10%	+0.06 pp	15 q
BIDUBaidu, Inc.	3.67%	2,210,684	$506M	added+7%	+0.06 pp	11 q
AVGOBroadcom Inc.	3.63%	2,029,323	$501M	added×2.2	+1.99 pp	2 q
CCitigroup Inc.	3.56%	6,845,859	$491M	trimmed−0%	+0.26 pp	15 q
CITCIT Group Inc.	3.50%	9,343,679	$482M	trimmed−0%	+0.11 pp	15 q
unresolvedAon PLC	3.45%	3,091,129	$475M	trimmed−19%	−0.31 pp	15 q
ORCLOracle Corp	3.42%	9,136,968	$471M	trimmed−48%	−2.16 pp	15 q
AABAAltaba Inc.	3.37%	6,812,813	$464M	trimmed−1%	−0.24 pp	6 q
BACBank of America Corporation	3.22%	15,062,357	$444M	trimmed−23%	−0.75 pp	15 q
CMCSAComcast Corp	3.13%	12,199,764	$432M	added+5%	+0.39 pp	4 q
JEFJefferies Financial Group Inc.	3.10%	19,436,161	$427M	trimmed−0%	−0.08 pp	2 q
GOOGAlphabet Inc. Class C	2.98%	344,663	$411M	trimmed−1%	+0.20 pp	15 q
ADIAnalog Devices, Inc.	2.89%	4,312,925	$399M	trimmed−0%	−0.09 pp	15 q
0VQJLTe Connectivity Ltd	2.82%	4,418,043	$388M	trimmed−11%	−0.39 pp	15 q
MSFTMicrosoft Corp	2.71%	3,266,548	$374M	trimmed−29%	−0.55 pp	15 q
GOOGLAlphabet Inc. Class A	2.66%	304,083	$367M	trimmed−0%	+0.18 pp	12 q
CHTRCharter Comm Inc Del CL A New	2.50%	1,056,460	$344M	added+4%	+0.37 pp	2 q
MYLMylan NV	2.48%	9,336,870	$342M	trimmed−0%	+0.05 pp	8 q
METAMeta Platforms, Inc. Class A	2.41%	2,022,496	$333M	added0%	−0.40 pp	4 q
unresolvedNexeo Solutions Inc	2.27%	25,529,169	$313M	held	—	10 q
EXPEExpedia Group, Inc.	2.13%	2,248,627	$293M	trimmed−22%	−0.37 pp	4 q
KMIKinder Morgan, Inc.	2.08%	16,209,838	$287M	trimmed−0%	+0.01 pp	3 q
unresolvedEsterline Technologies Corp	2.03%	3,082,985	$280M	trimmed−0%	+0.39 pp	13 q
WFCWells Fargo & Co.	2.02%	5,309,044	$279M	trimmed−1%	−0.12 pp	2 q
MHKMohawk Industries, Inc.	2.01%	1,580,190	$277M	new	+2.01 pp	new
JDJD.com, Inc.	1.77%	9,369,029	$244M	added×5.5	+1.30 pp	4 q
MDLZMondelez International, Inc. Class A	1.69%	5,421,528	$233M	trimmed−0%	+0.09 pp	2 q
PCGPG&E Corporation	1.65%	4,956,686	$228M	added+4%	+0.19 pp	3 q
LPLALPL Financial Holdings Inc.	1.62%	3,467,716	$224M	trimmed−0%	−0.02 pp	14 q
ALLYAlly Financial Inc.	1.47%	7,644,921	$202M	trimmed−27%	−0.50 pp	11 q
OIO-I Glass, Inc.	1.33%	9,747,200	$183M	trimmed−0%	+0.15 pp	15 q
AXPAmerican Express Company	1.22%	1,583,145	$169M	trimmed−27%	−0.30 pp	13 q
AXTAAxalta Coating Systems Ltd.	0.71%	3,348,967	$98M	trimmed−0%	−0.02 pp	7 q
ALGTAllegiant Travel Company	0.51%	554,850	$70M	added+9%	0.00 pp	6 q
XECCimarex Energy Co	0.35%	521,919	$49M	trimmed−1%	−0.03 pp	15 q
TMOThermo Fisher Scientific, Inc.	0.35%	195,662	$48M	trimmed−84%	−1.51 pp	15 q
AAAlcoa Corporation	0.34%	1,147,374	$46M	trimmed−0%	−0.05 pp	8 q
WDCWestern Digital Corp.	0.34%	809,357	$47M	added+31%	0.00 pp	15 q
OECOrion S.A.	0.34%	1,452,665	$47M	held	—	4 q
IDCCInterDigital, Inc.	0.30%	513,233	$41M	trimmed−16%	−0.05 pp	15 q
unresolvedArris Intl Inc	0.30%	1,570,753	$41M	trimmed−10%	−0.01 pp	11 q
WUBA58.COM Inc	0.29%	550,565	$41M	added+14%	+0.05 pp	8 q
NBLNoble Energy, Inc.	0.27%	1,180,674	$37M	added+18%	+0.02 pp	13 q
SMSM Energy Company	0.27%	1,178,671	$37M	trimmed−42%	−0.10 pp	15 q
AVTAvnet, Inc.	0.26%	806,686	$36M	trimmed−25%	−0.07 pp	15 q
unresolvedAmerican Intl Group Inc	0.24%	2,253,492	$33M	added+2%	+0.01 pp	11 q
GPKGraphic Packaging Holding Company	0.23%	2,227,531	$31M	added+32%	+0.05 pp	4 q
PTENPatterson-UTI Energy Inc	0.23%	1,883,836	$32M	added+42%	+0.06 pp	13 q
AGCOAGCO Corporation	0.20%	452,540	$28M	added+35%	+0.05 pp	15 q
CFFNCapitol Federal Financial, Inc.	0.17%	1,802,119	$23M	trimmed−0%	0.00 pp	4 q
unresolvedRowan Cos PLC	0.16%	1,201,529	$23M	trimmed−46%	−0.10 pp	15 q
DANDana Incorporated	0.14%	1,039,855	$19M	new	+0.14 pp	new
GNTXGentex Corp	0.14%	911,634	$20M	added+39%	+0.03 pp	4 q
AANAaron's Inc	0.13%	334,484	$18M	trimmed−50%	−0.08 pp	15 q
DGDollar General Corp.	0.13%	166,525	$18M	trimmed−3%	+0.01 pp	8 q
unresolvedFranks Intl N V	0.12%	1,842,530	$16M	held	—	5 q
XOMExxon Mobil Corp	0.10%	160,008	$14M	held	—	6 q
MKSIMKS Inc.	0.10%	165,225	$13M	new	+0.10 pp	new
SAVEQSpirit Airlines, Inc.	0.09%	263,975	$12M	trimmed−66%	−0.11 pp	5 q
ISBCInvestors Bancorp, Inc.	0.08%	936,202	$11M	new	+0.08 pp	new
PMPhilip Morris International Inc.	0.08%	142,862	$12M	held	—	6 q
RGSRegis Corporation	0.08%	554,978	$11M	trimmed−9%	+0.01 pp	15 q
AMBAAmbarella, Inc.	0.08%	293,927	$11M	new	+0.08 pp	new
CISNCision Ltd	0.08%	685,405	$12M	trimmed−19%	−0.01 pp	3 q
ARWArrow Electronics, Inc.	0.06%	115,986	$9M	added×3.3	+0.04 pp	15 q
BABAAlibaba Group Holding Limited	0.05%	45,071	$7M	added×20.3	+0.05 pp	2 q
ORLYO'Reilly Automotive, Inc.	0.04%	14,150	$5M	trimmed−0%	+0.01 pp	5 q
RYAAYRyanair Holdings plc	0.04%	51,413	$5M	added+38%	+0.01 pp	5 q
unresolvedTwenty First Centy Fox Inc	0.04%	107,985	$5M	trimmed−5%	0.00 pp	13 q
AAPLApple Inc.	0.03%	17,000	$4M	held	—	8 q
BKNGBooking Holdings Inc.	0.03%	2,385	$5M	trimmed−4%	−0.01 pp	3 q
BLDRBuilders FirstSource, Inc.	0.03%	263,510	$4M	new	+0.03 pp	new
CRICarter's Inc.	0.03%	45,012	$4M	new	+0.03 pp	new
CSCOCisco Systems, Inc. (DE)	0.03%	74,930	$4M	trimmed−99%	−1.51 pp	15 q
RUSHARush Enterprises Inc	0.03%	115,223	$5M	held	—	13 q
SERVTerminix Global Holdings Inc	0.03%	56,969	$4M	added+38%	+0.01 pp	2 q
VECOVeeco Instruments Inc	0.03%	368,160	$4M	trimmed−68%	−0.09 pp	15 q
AMZNAmazon.Com Inc	0.02%	1,570	$3M	held	—	3 q
99803EURLaboratory Crp Of Amer Hldgs	0.02%	17,980	$3M	held	—	15 q
RVIRetail Value Inc	0.02%	70,497	$2M	new	+0.02 pp	new
RNRRenaissanceRe Holdings Ltd.	0.02%	19,985	$3M	new	+0.02 pp	new
ABTAbbott Laboratories	0.01%	14,000	$1M	held	—	4 q
ELVElevance Health, Inc.	0.01%	7,350	$2M	held	—	12 q
BABoeing Company	0.01%	2,500	$930,000	held	—	4 q
DHCPQDitech Holding Corp	0.01%	276,097	$1M	trimmed−0%	0.00 pp	3 q
unresolvedDowdupont Inc	0.01%	11,850	$762,000	trimmed−33%	0.00 pp	4 q
FDXFedEx Corporation	0.01%	7,700	$2M	held	—	5 q
HDHome Depot, Inc.	0.01%	4,400	$911,000	held	—	4 q
HONHoneywell International, Inc.	0.01%	9,100	$2M	held	—	4 q
JPMJPMorgan Chase & Co.	0.01%	16,000	$2M	held	—	4 q
KKRKKR & Co. Inc.	0.01%	35,000	$954,000	held	—	2 q
LENLennar Corporation Class A	0.01%	15,900	$742,000	held	—	4 q
LOWLowe's Companies Inc.	0.01%	13,500	$2M	held	—	5 q
MSGSMadison Square Garden Sports Corp.	0.01%	4,025	$1M	held	—	12 q
MAMastercard Incorporated	0.01%	5,700	$1M	held	—	4 q
PARRPar Pacific Holdings, Inc.	0.01%	92,946	$2M	held	—	15 q
unresolvedTwenty First Centy Fox Inc	0.01%	15,000	$695,000	held	—	13 q
UNPUnion Pacific Corp.	0.01%	9,800	$2M	held	—	4 q
UPSUnited Parcel Service, Inc. Class B	0.01%	7,700	$899,000	held	—	4 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.01%	6,500	$2M	held	—	4 q
VVISA Inc.	0.01%	10,650	$2M	held	—	4 q
unresolvedIngersoll-Rand Plc	0.01%	12,700	$1M	held	—	5 q
MDTMedtronic plc	0.01%	8,950	$880,000	held	—	4 q
CAAPCorporacion America Airports S.A.	0.01%	89,677	$766,000	trimmed−16%	0.00 pp	2 q
RCLRoyal Caribbean Group	0.01%	7,250	$942,000	held	—	2 q
AIYActivision Blizzard Inc	0.00%	5,350	$445,000	held	—	2 q
ADBEAdobe Inc.	0.00%	1,700	$459,000	held	—	2 q
BRK.ABerkshire Hathaway Inc.	0.00%	2	$640,000	held	—	4 q
BLQADBlackrock Inc	0.00%	800	$377,000	trimmed−64%	−0.01 pp	4 q
BXBlackstone Inc.	0.00%	9,850	$375,000	new	0.00 pp	new
unresolvedCBS Corp	0.00%	8,200	$471,000	held	—	15 q
CCLCarnival Corporation Ltd.	0.00%	6,350	$405,000	new	0.00 pp	new
CERNCerner Corp	0.00%	6,475	$417,000	held	—	2 q
unresolvedDITECH HOLDING - Warrant A	0.00%	472,319	$128,000	new	0.00 pp	new
unresolvedDITECH HOLDING - Warrant B	0.00%	374,771	$49,000	new	0.00 pp	new
GDGeneral Dynamics Corporation	0.00%	2,000	$409,000	new	0.00 pp	new
HCAHCA Healthcare, Inc.	0.00%	4,200	$584,000	held	—	8 q
IQVIQVIA Holdings Inc.	0.00%	3,725	$483,000	held	—	2 q
LMTLockheed Martin Corp.	0.00%	1,220	$422,000	new	0.00 pp	new
MARMarriott International Class A	0.00%	3,300	$436,000	added+18%	0.00 pp	2 q
MSMorgan Stanley	0.00%	8,150	$380,000	trimmed−29%	0.00 pp	4 q
NFLXNetFlix Inc	0.00%	1,400	$524,000	held	—	2 q
unresolvedNexeo Solutions Inc	0.00%	89,388	$91,000	held	—	10 q
NOCNorthrop Grumman Corp.	0.00%	1,950	$619,000	trimmed−17%	−0.01 pp	2 q
PHIIKPHI, Inc. Non-Voting	0.00%	39,773	$371,000	trimmed−20%	0.00 pp	6 q
PYPLPayPal Holdings, Inc.	0.00%	4,700	$413,000	held	—	2 q
RTNRaytheon Company	0.00%	2,975	$615,000	trimmed−18%	−0.01 pp	2 q
CRMSalesforce, Inc.	0.00%	3,000	$477,000	held	—	2 q
ACNAccenture PLC	0.00%	2,900	$494,000	held	—	4 q
BPY-UCADBrookfield Property Partners	0.00%	4,767	$100,000	new	0.00 pp	new
NCLHNorwegian Cruise Line Holdings Ltd.	0.00%	8,100	$465,000	new	0.00 pp	new
WTWWillis Towers Watson Public Limited Company	0.00%	2,625	$370,000	trimmed−36%	0.00 pp	7 q
TNNTenneco Inc-class A	—	−504,965	—	exited	−0.16 pp	—
unresolvedForest City Rlty Tr Inc	—	−270,605	—	exited	−0.04 pp	—
MATXMatsons, Inc.	—	−147,293	—	exited	−0.04 pp	—
CNDTConduent Incorporated	—	−215,968	—	exited	−0.03 pp	—
CVSCvs Health Corporation	—	−52,660	—	exited	−0.02 pp	—
CMAComerica Incorporated	—	−36,228	—	exited	−0.02 pp	—
MDPediatrix Medical Group, Inc.	—	−56,570	—	exited	−0.02 pp	—
HMHCHoughton Mifflin Harcourt Company	—	−179,222	—	exited	−0.01 pp	—
TCEHYTencent Hldgs UNSP/	—	−15,800	—	exited	−0.01 pp	—
EAElectronic Arts Inc	—	−2,850	—	exited	0.00 pp	—
NPSNYNaspers Ltd S/	—	−8,325	—	exited	0.00 pp	—