FPA

Q4 2018 13F · by Steven Romick, CEO

As of: Dec 31, 2018
Filed: Feb 12, 2019
US stock: $10.5B · prev $13.8B
Positions: 131 · prev 134
Options notional: $35M
Documents: 1· no amendments

Picture99.6% US stock

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

US stock listed on a US exchange 99.6%
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 0.3%

Moves136 since the prior filing

+8.8 pp in · −8.8 pp out

New 12 +1.13 pp
Added 53 +7.67 pp
Trimmed 54 −6.57 pp
Exited 15 −2.20 pp

Options: 2 moves on a notional base, in the table below.

The book

Focused · behaves like 32 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 25% a year, about 4.0 years per position

Low
Moderate
High

Top 5 positions23% of US stock

AIG American International Group, Inc. added+0.76 pp added+0.765.8%
AVGO Broadcom Inc. trimmed+0.77 pp trimmed+0.774.4%
ARNC Howmet Aerospace Inc. trimmed+0.01 pp trimmed+0.014.2%
CMCSA Comcast Corp added+0.93 pp added+0.934.1%
AABA Altaba Inc. added+0.66 pp added+0.664.0%

Positions131 in this filing · 15 exited


AIGAmerican International Group, Inc.	5.82%	15,473,754	$610M	added+18%	+0.76 pp	16 q
AVGOBroadcom Inc.	4.40%	1,815,318	$462M	trimmed−11%	+0.77 pp	3 q
ARNCHowmet Aerospace Inc.	4.21%	26,188,451	$442M	trimmed−0%	+0.01 pp	9 q
CMCSAComcast Corp	4.06%	12,496,285	$425M	added+2%	+0.93 pp	5 q
AABAAltaba Inc.	4.03%	7,287,333	$422M	added+7%	+0.66 pp	7 q
BIDUBaidu, Inc.	3.66%	2,419,474	$384M	added+9%	−0.01 pp	12 q
UTXZRTX Corporation	3.66%	3,608,902	$384M	trimmed−6%	−0.23 pp	16 q
ADIAnalog Devices, Inc.	3.64%	4,442,440	$381M	added+3%	+0.75 pp	16 q
GOOGAlphabet Inc. Class C	3.59%	363,388	$376M	added+5%	+0.61 pp	16 q
BACBank of America Corporation	3.54%	15,060,184	$371M	trimmed−0%	+0.32 pp	16 q
CCitigroup Inc.	3.49%	7,028,622	$366M	added+3%	−0.07 pp	16 q
CITCIT Group Inc.	3.46%	9,479,882	$363M	added+1%	−0.04 pp	16 q
JEFJefferies Financial Group Inc.	3.42%	20,663,842	$359M	added+6%	+0.32 pp	3 q
0VQJLTe Connectivity Ltd	3.21%	4,444,171	$336M	added+1%	+0.39 pp	16 q
MSFTMicrosoft Corp	3.16%	3,258,944	$331M	trimmed−0%	+0.45 pp	16 q
METAMeta Platforms, Inc. Class A	3.15%	2,515,873	$330M	added+24%	+0.74 pp	5 q
GOOGLAlphabet Inc. Class A	3.12%	312,721	$327M	added+3%	+0.46 pp	13 q
CHTRCharter Comm Inc Del CL A New	2.86%	1,052,373	$300M	trimmed−0%	+0.36 pp	3 q
WFCWells Fargo & Co.	2.73%	6,206,787	$286M	added+17%	+0.71 pp	3 q
unresolvedAon PLC	2.60%	1,875,117	$273M	trimmed−39%	−0.85 pp	16 q
KMIKinder Morgan, Inc.	2.53%	17,276,391	$266M	added+7%	+0.45 pp	4 q
MYLMylan NV	2.52%	9,627,840	$264M	added+3%	+0.04 pp	9 q
MHKMohawk Industries, Inc.	2.32%	2,084,326	$244M	added+32%	+0.31 pp	2 q
unresolvedNexeo Solutions Inc	2.09%	25,527,687	$219M	trimmed−0%	−0.18 pp	11 q
LPLALPL Financial Holdings Inc.	2.01%	3,443,300	$210M	trimmed−1%	+0.39 pp	15 q
JDJD.com, Inc.	1.98%	9,927,757	$208M	added+6%	+0.21 pp	5 q
ALLYAlly Financial Inc.	1.97%	9,114,381	$207M	added+19%	+0.50 pp	12 q
ORCLOracle Corp	1.68%	3,897,217	$176M	trimmed−57%	−1.74 pp	16 q
OIO-I Glass, Inc.	1.65%	10,031,040	$173M	added+3%	+0.32 pp	16 q
EXPEExpedia Group, Inc.	1.57%	1,464,748	$165M	trimmed−35%	−0.56 pp	5 q
PCGPG&E Corporation	1.13%	4,984,228	$118M	added+1%	−0.52 pp	4 q
SBNYSignature Bank (NY)	0.80%	811,210	$83M	new	+0.80 pp	new
AXTAAxalta Coating Systems Ltd.	0.69%	3,067,818	$72M	trimmed−8%	−0.02 pp	8 q
ALGTAllegiant Travel Company	0.42%	435,060	$44M	trimmed−22%	−0.09 pp	7 q
OECOrion S.A.	0.35%	1,452,665	$37M	held	—	5 q
AAAlcoa Corporation	0.30%	1,181,980	$31M	added+3%	−0.04 pp	9 q
WUBA58.COM Inc	0.29%	554,937	$30M	added+1%	0.00 pp	9 q
TDWTidewater, Inc.	0.24%	1,290,970	$25M	new	+0.24 pp	new
DGDollar General Corp.	0.17%	162,325	$18M	trimmed−3%	+0.04 pp	9 q
unresolvedEsterline Technologies Corp	0.17%	150,918	$18M	trimmed−95%	−1.86 pp	14 q
AVTAvnet, Inc.	0.16%	451,461	$16M	trimmed−44%	−0.10 pp	16 q
WDCWestern Digital Corp.	0.16%	458,867	$17M	trimmed−43%	−0.18 pp	16 q
XECCimarex Energy Co	0.15%	254,837	$16M	trimmed−51%	−0.20 pp	16 q
IDCCInterDigital, Inc.	0.15%	240,048	$16M	trimmed−53%	−0.15 pp	16 q
NBLNoble Energy, Inc.	0.14%	759,596	$14M	trimmed−36%	−0.13 pp	14 q
SMSM Energy Company	0.14%	967,451	$15M	trimmed−18%	−0.13 pp	16 q
PTENPatterson-UTI Energy Inc	0.13%	1,277,645	$13M	trimmed−32%	−0.10 pp	14 q
AGCOAGCO Corporation	0.12%	234,845	$13M	trimmed−48%	−0.08 pp	16 q
CFFNCapitol Federal Financial, Inc.	0.11%	931,121	$12M	trimmed−48%	−0.06 pp	5 q
XOMExxon Mobil Corp	0.10%	151,568	$10M	trimmed−5%	0.00 pp	7 q
ISBCInvestors Bancorp, Inc.	0.10%	999,811	$10M	added+7%	+0.02 pp	2 q
unresolvedRowan Cos PLC	0.10%	1,210,200	$10M	added+1%	−0.06 pp	16 q
unresolvedFranks Intl N V	0.10%	2,102,830	$11M	added+14%	−0.02 pp	6 q
AANAaron's Inc	0.09%	213,003	$9M	trimmed−36%	−0.04 pp	16 q
GPKGraphic Packaging Holding Company	0.09%	884,179	$9M	trimmed−60%	−0.14 pp	5 q
MKSIMKS Inc.	0.09%	146,616	$9M	trimmed−11%	−0.01 pp	2 q
PMPhilip Morris International Inc.	0.09%	139,592	$9M	trimmed−2%	+0.01 pp	7 q
RGSRegis Corporation	0.09%	554,978	$9M	held	—	16 q
BABAAlibaba Group Holding Limited	0.07%	51,000	$7M	added+13%	+0.02 pp	3 q
AMBAAmbarella, Inc.	0.07%	220,150	$8M	trimmed−25%	−0.01 pp	2 q
unresolvedAmerican Intl Group Inc	0.06%	1,126,424	$6M	trimmed−50%	−0.18 pp	12 q
SERVTerminix Global Holdings Inc	0.06%	179,527	$7M	added×3.2	+0.03 pp	3 q
BKNGBooking Holdings Inc.	0.05%	2,785	$5M	added+17%	+0.02 pp	4 q
CRICarter's Inc.	0.05%	66,089	$5M	added+47%	+0.02 pp	2 q
DANDana Incorporated	0.05%	361,693	$5M	trimmed−65%	−0.09 pp	2 q
RUSHARush Enterprises Inc	0.05%	144,655	$5M	added+26%	+0.02 pp	14 q
RYAAYRyanair Holdings plc	0.05%	71,613	$5M	added+39%	+0.01 pp	6 q
CISNCision Ltd	0.05%	406,616	$5M	trimmed−41%	−0.03 pp	4 q
ARWArrow Electronics, Inc.	0.04%	61,595	$4M	trimmed−47%	−0.02 pp	16 q
FHBFirst Hawaiian, Inc.	0.04%	195,192	$4M	new	+0.04 pp	new
GNTXGentex Corp	0.04%	212,835	$4M	trimmed−77%	−0.10 pp	5 q
RRyder System, Inc.	0.04%	93,295	$4M	new	+0.04 pp	new
AMZNAmazon.Com Inc	0.03%	2,217	$3M	added+41%	+0.01 pp	4 q
AAPLApple Inc.	0.03%	19,817	$3M	added+17%	0.00 pp	9 q
99803EURLaboratory Crp Of Amer Hldgs	0.03%	22,130	$3M	added+23%	+0.01 pp	16 q
ORLYO'Reilly Automotive, Inc.	0.03%	10,400	$4M	trimmed−27%	−0.01 pp	6 q
VVISA Inc.	0.03%	19,900	$3M	added+87%	+0.02 pp	5 q
RNRRenaissanceRe Holdings Ltd.	0.03%	27,215	$4M	added+36%	+0.01 pp	2 q
ELVElevance Health, Inc.	0.02%	7,350	$2M	held	—	13 q
CSCOCisco Systems, Inc. (DE)	0.02%	60,000	$3M	trimmed−20%	−0.01 pp	16 q
RVIRetail Value Inc	0.02%	87,563	$2M	added+24%	0.00 pp	2 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.02%	8,625	$2M	added+33%	+0.01 pp	5 q
ADBEAdobe Inc.	0.01%	2,800	$633,000	added+65%	+0.01 pp	3 q
AXPAmerican Express Company	0.01%	5,700	$543,000	trimmed−100%	−1.21 pp	14 q
BRK.ABerkshire Hathaway Inc.	0.01%	4	$1M	added×2.0	+0.01 pp	5 q
BXBlackstone Inc.	0.01%	21,300	$635,000	added×2.2	+0.01 pp	2 q
BABoeing Company	0.01%	2,500	$806,000	held	—	5 q
FDXFedEx Corporation	0.01%	3,850	$621,000	trimmed−50%	0.00 pp	6 q
HDHome Depot, Inc.	0.01%	3,750	$644,000	trimmed−15%	0.00 pp	5 q
JPMJPMorgan Chase & Co.	0.01%	15,900	$2M	trimmed−1%	0.00 pp	5 q
KKRKKR & Co. Inc.	0.01%	65,250	$1M	added+86%	0.00 pp	3 q
LEN.BLennar Corporation Class B	0.01%	20,900	$655,000	new	+0.01 pp	new
LOWLowe's Companies Inc.	0.01%	11,000	$1M	trimmed−19%	0.00 pp	6 q
MSGSMadison Square Garden Sports Corp.	0.01%	4,025	$1M	held	—	13 q
MARMarriott International Class A	0.01%	4,950	$537,000	added+50%	+0.01 pp	3 q
MAMastercard Incorporated	0.01%	7,950	$2M	added+39%	0.00 pp	5 q
MSMorgan Stanley	0.01%	16,550	$656,000	added×2.0	+0.01 pp	5 q
NFLXNetFlix Inc	0.01%	2,500	$669,000	added+79%	+0.01 pp	3 q
PARRPar Pacific Holdings, Inc.	0.01%	97,615	$1M	added+5%	0.00 pp	16 q
PYPLPayPal Holdings, Inc.	0.01%	8,300	$698,000	added+77%	+0.01 pp	3 q
TMOThermo Fisher Scientific, Inc.	0.01%	2,350	$526,000	trimmed−99%	−0.34 pp	16 q
unresolvedTwenty First Centy Fox Inc	0.01%	15,000	$722,000	held	—	14 q
UNPUnion Pacific Corp.	0.01%	5,500	$760,000	trimmed−44%	0.00 pp	5 q
UPSUnited Parcel Service, Inc. Class B	0.01%	5,650	$551,000	trimmed−27%	0.00 pp	5 q
ABTAbbott Laboratories	0.00%	4,950	$358,000	trimmed−65%	−0.01 pp	5 q
AIYActivision Blizzard Inc	0.00%	9,925	$462,000	added+86%	0.00 pp	3 q
ADSKAutodesk Inc	0.00%	3,700	$476,000	new	0.00 pp	new
unresolvedCBS Corp	0.00%	8,200	$359,000	held	—	16 q
CIThe Cigna Group	0.00%	2,700	$513,000	new	0.00 pp	new
CCLCarnival Corporation Ltd.	0.00%	6,350	$313,000	held	—	2 q
STZConstellation Brands, Inc.	0.00%	2,225	$358,000	new	0.00 pp	new
DISThe Walt Disney Company	0.00%	3,100	$340,000	new	0.00 pp	new
DHCPQDitech Holding Corp	0.00%	8,863	$1,000	trimmed−97%	−0.01 pp	4 q
unresolvedDITECH HOLDING - Warrant A	0.00%	472,319	$0	held	—	2 q
unresolvedDITECH HOLDING - Warrant B	0.00%	374,771	$0	held	—	2 q
unresolvedDowdupont Inc	0.00%	6,500	$348,000	trimmed−45%	−0.01 pp	5 q
EAElectronic Arts Inc	0.00%	5,900	$466,000	new	0.00 pp	new
GDGeneral Dynamics Corporation	0.00%	2,850	$448,000	added+43%	0.00 pp	2 q
HDSHD Supply Holdings, Inc.	0.00%	10,150	$381,000	new	0.00 pp	new
HONHoneywell International, Inc.	0.00%	2,100	$277,000	trimmed−77%	−0.01 pp	5 q
HIIHuntington Ingalls Industries, Inc.	0.00%	1,670	$318,000	new	0.00 pp	new
IQVIQVIA Holdings Inc.	0.00%	2,825	$328,000	trimmed−24%	0.00 pp	3 q
LMTLockheed Martin Corp.	0.00%	1,875	$491,000	added+54%	0.00 pp	2 q
unresolvedNexeo Solutions Inc	0.00%	89,388	$36,000	held	—	11 q
NOCNorthrop Grumman Corp.	0.00%	1,775	$435,000	trimmed−9%	0.00 pp	3 q
RTNRaytheon Company	0.00%	3,160	$485,000	added+6%	0.00 pp	3 q
CRMSalesforce, Inc.	0.00%	3,400	$466,000	added+13%	0.00 pp	3 q
unresolvedIngersoll-Rand Plc	0.00%	3,350	$306,000	trimmed−74%	−0.01 pp	6 q
MDTMedtronic plc	0.00%	3,800	$346,000	trimmed−58%	−0.01 pp	5 q
NCLHNorwegian Cruise Line Holdings Ltd.	0.00%	8,100	$343,000	held	—	2 q
RCLRoyal Caribbean Group	0.00%	3,150	$308,000	trimmed−57%	−0.01 pp	3 q
MDLZMondelez International, Inc. Class A	—	−5,421,528	—	exited	−1.69 pp	—
unresolvedArris Intl Inc	—	−1,570,753	—	exited	−0.30 pp	—
SAVEQSpirit Airlines, Inc.	—	−263,975	—	exited	−0.09 pp	—
unresolvedTwenty First Centy Fox Inc	—	−107,985	—	exited	−0.04 pp	—
BLDRBuilders FirstSource, Inc.	—	−263,510	—	exited	−0.03 pp	—
VECOVeeco Instruments Inc	—	−368,160	—	exited	−0.03 pp	—
LENLennar Corporation Class A	—	−15,900	—	exited	−0.01 pp	—
CAAPCorporacion America Airports S.A.	—	−89,677	—	exited	−0.01 pp	—
BLQADBlackrock Inc	—	−800	—	exited	0.00 pp	—
CERNCerner Corp	—	−6,475	—	exited	0.00 pp	—
HCAHCA Healthcare, Inc.	—	−4,200	—	exited	0.00 pp	—
PHIIKPHI, Inc. Non-Voting	—	−39,773	—	exited	0.00 pp	—
ACNAccenture PLC	—	−2,900	—	exited	0.00 pp	—
BPY-UCADBrookfield Property Partners	—	−4,767	—	exited	0.00 pp	—
WTWWillis Towers Watson Public Limited Company	—	−2,625	—	exited	0.00 pp	—