FPA

Q1 2019 13F · by Steven Romick, CEO

As of: Mar 31, 2019
Filed: May 24, 2019
US stock: $11.4B · prev $10.5B
Positions: 129 · prev 131
Options notional: $41M
Documents: 1· 1 amendment

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 0.4%

Moves112 since the prior filing

+3.0 pp in · −3.1 pp out

New 10 +1.84 pp
Added 15 +1.20 pp
Trimmed 74 +0.81 pp
Exited 12 −3.94 pp

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

The book

Focused · behaves like 29 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 9.2% a year, about 10.9 years per position

Low
Moderate
High

Top 5 positions24% of US stock

AIG American International Group, Inc. trimmed+0.01 pp trimmed+0.015.8%
AVGO Broadcom Inc. trimmed+0.37 pp trimmed+0.374.8%
AABA Altaba Inc. trimmed+0.69 pp trimmed+0.694.7%
ARNC Howmet Aerospace Inc. added+0.21 pp added+0.214.4%
CMCSA Comcast Corp trimmed+0.31 pp trimmed+0.314.4%

Revealed late, restated

restated 2 rows corrected by the filer · US stock 0.00%; later quarters recomputed 13F-HR/A · May 24, 2019 ↗

Positions129 in this filing · 12 exited


AIGAmerican International Group, Inc.	5.83%	15,382,996	$662M	trimmed−1%	+0.01 pp	17 q
AVGOBroadcom Inc.	4.77%	1,803,466	$542M	trimmed−1%	+0.37 pp	4 q
AABAAltaba Inc.	4.72%	7,233,766	$536M	trimmed−1%	+0.69 pp	8 q
ARNCHowmet Aerospace Inc.	4.42%	26,330,018	$503M	added+1%	+0.21 pp	10 q
CMCSAComcast Corp	4.37%	12,436,957	$497M	trimmed−0%	+0.31 pp	6 q
UTXZRTX Corporation	4.11%	3,623,180	$467M	added0%	+0.45 pp	17 q
ADIAnalog Devices, Inc.	4.10%	4,427,970	$466M	trimmed−0%	+0.46 pp	17 q
CITCIT Group Inc.	3.92%	9,288,357	$446M	trimmed−2%	+0.46 pp	17 q
CCitigroup Inc.	3.85%	7,036,745	$438M	added0%	+0.36 pp	17 q
GOOGAlphabet Inc. Class C	3.74%	362,947	$426M	trimmed−0%	+0.15 pp	17 q
METAMeta Platforms, Inc. Class A	3.64%	2,480,351	$413M	trimmed−1%	+0.49 pp	6 q
BACBank of America Corporation	3.53%	14,534,759	$401M	trimmed−3%	−0.01 pp	17 q
BIDUBaidu, Inc.	3.50%	2,413,871	$398M	trimmed−0%	−0.16 pp	13 q
JEFJefferies Financial Group Inc.	3.38%	20,457,362	$384M	trimmed−1%	−0.04 pp	4 q
MSFTMicrosoft Corp	3.36%	3,239,169	$382M	trimmed−1%	+0.20 pp	17 q
CHTRCharter Comm Inc Del CL A New	3.34%	1,094,858	$380M	added+4%	+0.48 pp	4 q
GOOGLAlphabet Inc. Class A	3.23%	311,722	$367M	trimmed−0%	+0.11 pp	14 q
0VQJLTe Connectivity Ltd	3.14%	4,417,205	$357M	trimmed−1%	−0.07 pp	17 q
KMIKinder Morgan, Inc.	3.03%	17,196,175	$344M	trimmed−0%	+0.50 pp	5 q
WFCWells Fargo & Co.	2.77%	6,521,081	$315M	added+5%	+0.04 pp	4 q
JDJD.com, Inc.	2.57%	9,687,785	$292M	trimmed−2%	+0.59 pp	6 q
unresolvedAon PLC	2.52%	1,680,925	$287M	trimmed−10%	−0.08 pp	17 q
MYLMylan NV	2.32%	9,319,837	$264M	trimmed−3%	−0.20 pp	10 q
ALLYAlly Financial Inc.	2.20%	9,080,463	$250M	trimmed−0%	+0.23 pp	13 q
MHKMohawk Industries, Inc.	1.82%	1,639,191	$207M	trimmed−21%	−0.50 pp	3 q
LPLALPL Financial Holdings Inc.	1.79%	2,924,662	$204M	trimmed−15%	−0.22 pp	16 q
OIO-I Glass, Inc.	1.66%	9,971,320	$189M	trimmed−1%	+0.01 pp	17 q
UNVRUnivar Solutions Inc.	1.52%	7,785,944	$173M	new	+1.52 pp	new
SBNYSignature Bank (NY)	0.91%	810,290	$104M	trimmed−0%	+0.11 pp	2 q
PCGPG&E Corporation	0.83%	5,329,333	$95M	added+7%	−0.30 pp	5 q
ALGTAllegiant Travel Company	0.39%	346,860	$45M	trimmed−20%	−0.03 pp	8 q
WUBA58.COM Inc	0.31%	540,670	$36M	trimmed−3%	+0.02 pp	10 q
AAAlcoa Corporation	0.29%	1,178,230	$33M	trimmed−0%	−0.01 pp	10 q
OECOrion S.A.	0.27%	1,590,292	$30M	added+9%	−0.08 pp	6 q
ORCLOracle Corp	0.24%	511,755	$27M	trimmed−87%	−1.44 pp	17 q
TDWTidewater, Inc.	0.24%	1,175,197	$27M	trimmed−9%	0.00 pp	2 q
CBTCabot Corporation	0.19%	529,143	$22M	new	+0.19 pp	new
DGDollar General Corp.	0.17%	161,450	$19M	trimmed−1%	0.00 pp	10 q
AXTAAxalta Coating Systems Ltd.	0.16%	735,731	$19M	trimmed−76%	−0.53 pp	9 q
WDCWestern Digital Corp.	0.14%	325,997	$16M	trimmed−29%	−0.02 pp	17 q
XECCimarex Energy Co	0.12%	200,185	$14M	trimmed−21%	−0.03 pp	17 q
AVTAvnet, Inc.	0.11%	300,037	$13M	trimmed−34%	−0.05 pp	17 q
XOMExxon Mobil Corp	0.11%	151,568	$12M	held	—	8 q
PMPhilip Morris International Inc.	0.11%	139,592	$12M	held	—	8 q
IDCCInterDigital, Inc.	0.10%	169,147	$11M	trimmed−30%	−0.05 pp	17 q
ISBCInvestors Bancorp, Inc.	0.09%	831,502	$10M	trimmed−17%	−0.01 pp	3 q
PTENPatterson-UTI Energy Inc	0.09%	692,710	$10M	trimmed−46%	−0.04 pp	15 q
RGSRegis Corporation	0.09%	535,635	$11M	trimmed−3%	0.00 pp	17 q
unresolvedFranks Intl N V	0.09%	1,614,544	$10M	trimmed−23%	−0.01 pp	7 q
AGCOAGCO Corporation	0.08%	123,928	$9M	trimmed−47%	−0.04 pp	17 q
BABAAlibaba Group Holding Limited	0.08%	48,000	$9M	trimmed−6%	+0.01 pp	4 q
CFFNCapitol Federal Financial, Inc.	0.08%	719,243	$10M	trimmed−23%	−0.03 pp	6 q
NBLNoble Energy, Inc.	0.08%	362,165	$9M	trimmed−52%	−0.06 pp	15 q
SMSM Energy Company	0.07%	427,544	$7M	trimmed−56%	−0.07 pp	17 q
SERVTerminix Global Holdings Inc	0.07%	179,527	$8M	held	—	4 q
AANAaron's Inc	0.06%	122,590	$6M	trimmed−42%	−0.03 pp	17 q
unresolvedAmerican Intl Group Inc	0.06%	1,126,424	$6M	held	—	13 q
DANDana Incorporated	0.06%	377,753	$7M	added+4%	+0.01 pp	3 q
GPKGraphic Packaging Holding Company	0.06%	535,475	$7M	trimmed−39%	−0.03 pp	6 q
AMBAAmbarella, Inc.	0.06%	167,088	$7M	trimmed−24%	−0.01 pp	3 q
FHBFirst Hawaiian, Inc.	0.05%	237,526	$6M	added+22%	+0.01 pp	2 q
MKSIMKS Inc.	0.05%	62,401	$6M	trimmed−57%	−0.04 pp	3 q
RUSHARush Enterprises Inc	0.05%	144,655	$6M	held	—	15 q
RYAAYRyanair Holdings plc	0.05%	78,303	$6M	added+9%	0.00 pp	7 q
ARWArrow Electronics, Inc.	0.04%	55,531	$4M	trimmed−10%	0.00 pp	17 q
BKNGBooking Holdings Inc.	0.04%	2,620	$5M	trimmed−6%	−0.01 pp	5 q
CRICarter's Inc.	0.04%	44,808	$5M	trimmed−32%	−0.01 pp	3 q
RRyder System, Inc.	0.04%	71,935	$4M	trimmed−23%	0.00 pp	2 q
AMZNAmazon.Com Inc	0.03%	2,217	$4M	held	—	5 q
CAKECheesecake Factory (The)	0.03%	63,582	$3M	new	+0.03 pp	new
GNTXGentex Corp	0.03%	148,021	$3M	trimmed−30%	−0.01 pp	6 q
LGIHLGI Homes, Inc.	0.03%	50,439	$3M	new	+0.03 pp	new
99803EURLaboratory Crp Of Amer Hldgs	0.03%	24,600	$4M	added+11%	0.00 pp	17 q
ORLYO'Reilly Automotive, Inc.	0.03%	9,300	$4M	trimmed−11%	0.00 pp	7 q
RVIRetail Value Inc	0.03%	91,705	$3M	added+5%	+0.01 pp	3 q
MTNVail Resorts, Inc.	0.03%	17,689	$4M	new	+0.03 pp	new
VMIValmont Industries, Inc.	0.03%	27,003	$4M	new	+0.03 pp	new
VVISA Inc.	0.03%	19,900	$3M	held	—	6 q
CISNCision Ltd	0.03%	231,353	$3M	trimmed−43%	−0.02 pp	5 q
RNRRenaissanceRe Holdings Ltd.	0.03%	24,557	$4M	trimmed−10%	0.00 pp	3 q
AAPLApple Inc.	0.02%	14,700	$3M	trimmed−26%	−0.01 pp	10 q
CSCOCisco Systems, Inc. (DE)	0.02%	51,250	$3M	trimmed−15%	0.00 pp	17 q
MAMastercard Incorporated	0.02%	7,950	$2M	held	—	6 q
PARRPar Pacific Holdings, Inc.	0.02%	97,615	$2M	held	—	17 q
ADBEAdobe Inc.	0.01%	2,800	$746,000	held	—	4 q
AXPAmerican Express Company	0.01%	5,700	$623,000	held	—	15 q
ELVElevance Health, Inc.	0.01%	5,475	$2M	trimmed−26%	−0.01 pp	14 q
BRK.ABerkshire Hathaway Inc.	0.01%	4	$1M	held	—	6 q
BXBlackstone Inc.	0.01%	21,300	$745,000	held	—	3 q
BABoeing Company	0.01%	2,875	$1M	added+15%	0.00 pp	6 q
DISThe Walt Disney Company	0.01%	8,092	$898,000	added×2.6	+0.01 pp	2 q
FDXFedEx Corporation	0.01%	3,550	$644,000	trimmed−8%	0.00 pp	7 q
HDHome Depot, Inc.	0.01%	3,150	$604,000	trimmed−16%	0.00 pp	6 q
INTCIntel Corp	0.01%	12,500	$671,000	new	+0.01 pp	new
JPMJPMorgan Chase & Co.	0.01%	15,900	$2M	held	—	6 q
KKRKKR & Co. Inc.	0.01%	65,250	$2M	held	—	4 q
LEN.BLennar Corporation Class B	0.01%	20,900	$818,000	held	—	2 q
LOWLowe's Companies Inc.	0.01%	5,500	$602,000	trimmed−50%	0.00 pp	7 q
MSGSMadison Square Garden Sports Corp.	0.01%	4,025	$1M	held	—	14 q
NFLXNetFlix Inc	0.01%	2,500	$891,000	held	—	4 q
PYPLPayPal Holdings, Inc.	0.01%	8,300	$862,000	held	—	4 q
TMOThermo Fisher Scientific, Inc.	0.01%	2,350	$643,000	held	—	17 q
UNPUnion Pacific Corp.	0.01%	5,500	$920,000	held	—	6 q
UPSUnited Parcel Service, Inc. Class B	0.01%	5,650	$631,000	held	—	6 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.01%	6,500	$2M	trimmed−25%	−0.01 pp	6 q
ABTAbbott Laboratories	0.00%	4,850	$388,000	trimmed−2%	0.00 pp	6 q
AIYActivision Blizzard Inc	0.00%	10,000	$455,000	added+1%	0.00 pp	4 q
ADSKAutodesk Inc	0.00%	1,600	$249,000	trimmed−57%	0.00 pp	2 q
unresolvedCBS Corp	0.00%	8,200	$390,000	held	—	17 q
CCLCarnival Corporation Ltd.	0.00%	6,350	$322,000	held	—	3 q
EAElectronic Arts Inc	0.00%	4,300	$437,000	trimmed−27%	0.00 pp	2 q
FOXAFox Corporation Class A	0.00%	1	$0	new	0.00 pp	new
GDGeneral Dynamics Corporation	0.00%	2,000	$339,000	trimmed−30%	0.00 pp	3 q
HDSHD Supply Holdings, Inc.	0.00%	7,900	$342,000	trimmed−22%	0.00 pp	2 q
HONHoneywell International, Inc.	0.00%	2,000	$318,000	trimmed−5%	0.00 pp	6 q
HIIHuntington Ingalls Industries, Inc.	0.00%	1,670	$346,000	held	—	2 q
IQVIQVIA Holdings Inc.	0.00%	2,400	$345,000	trimmed−15%	0.00 pp	4 q
LMTLockheed Martin Corp.	0.00%	1,875	$563,000	held	—	3 q
MARMarriott International Class A	0.00%	2,700	$338,000	trimmed−45%	−0.01 pp	4 q
MSMorgan Stanley	0.00%	12,550	$530,000	trimmed−24%	−0.01 pp	6 q
NOCNorthrop Grumman Corp.	0.00%	1,775	$479,000	held	—	4 q
RTNRaytheon Company	0.00%	1,850	$337,000	trimmed−41%	0.00 pp	4 q
CRMSalesforce, Inc.	0.00%	3,400	$538,000	held	—	4 q
ACNAccenture PLC	0.00%	2,000	$352,000	new	0.00 pp	new
MRKTIhs Markit Ltd	0.00%	6,250	$340,000	new	0.00 pp	new
unresolvedIngersoll-Rand Plc	0.00%	3,200	$345,000	trimmed−4%	0.00 pp	7 q
MDTMedtronic plc	0.00%	3,700	$337,000	trimmed−3%	0.00 pp	6 q
NCLHNorwegian Cruise Line Holdings Ltd.	0.00%	8,100	$445,000	held	—	3 q
RCLRoyal Caribbean Group	0.00%	3,150	$361,000	held	—	4 q
unresolvedNexeo Solutions Inc	—	−25,527,687	—	exited	−2.09 pp	—
EXPEExpedia Group, Inc.	—	−1,464,748	—	exited	−1.57 pp	—
unresolvedEsterline Technologies Corp	—	−150,918	—	exited	−0.17 pp	—
unresolvedRowan Cos PLC	—	−1,210,200	—	exited	−0.10 pp	—
unresolvedTwenty First Centy Fox Inc	—	−15,000	—	exited	−0.01 pp	—
CIThe Cigna Group	—	−2,700	—	exited	0.00 pp	—
STZConstellation Brands, Inc.	—	−2,225	—	exited	0.00 pp	—
DHCPQDitech Holding Corp	—	−8,863	—	exited	0.00 pp	—
unresolvedDITECH HOLDING - Warrant A	—	−472,319	—	exited	0.00 pp	—
unresolvedDITECH HOLDING - Warrant B	—	−374,771	—	exited	0.00 pp	—
unresolvedDowdupont Inc	—	−6,500	—	exited	0.00 pp	—
unresolvedNexeo Solutions Inc	—	−89,388	—	exited	0.00 pp	—