FPA

Q2 2019 13F · by Steven Romick, CEO

As of: Jun 30, 2019
Filed: Aug 13, 2019
US stock: $11.4B · prev $11.4B
Positions: 119 · prev 129
Options notional: $47M
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 0.4%

Moves107 since the prior filing

−0.5 pp in · +0.4 pp out

New 5 +0.08 pp
Added 30 −0.54 pp
Trimmed 55 +1.17 pp
Exited 15 −0.78 pp

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

The book

Focused · behaves like 28 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 2.7% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions26% of US stock

AIG American International Group, Inc. trimmed+1.09 pp trimmed+1.096.9%
ARNC Howmet Aerospace Inc. trimmed+1.53 pp trimmed+1.536.0%
AVGO Broadcom Inc. trimmed−0.36 pp trimmed−0.364.4%
AABA Altaba Inc. trimmed−0.33 pp trimmed−0.334.4%
C Citigroup Inc. added+0.47 pp added+0.474.3%

Positions119 in this filing · 15 exited


AIGAmerican International Group, Inc.	6.92%	14,842,677	$791M	trimmed−4%	+1.09 pp	18 q
ARNCHowmet Aerospace Inc.	5.95%	26,306,284	$679M	trimmed−0%	+1.53 pp	11 q
AVGOBroadcom Inc.	4.41%	1,749,437	$504M	trimmed−3%	−0.36 pp	5 q
AABAAltaba Inc.	4.39%	7,226,636	$501M	trimmed−0%	−0.33 pp	9 q
CCitigroup Inc.	4.32%	7,049,355	$494M	added0%	+0.47 pp	18 q
CMCSAComcast Corp	4.29%	11,579,072	$490M	trimmed−7%	−0.08 pp	7 q
ADIAnalog Devices, Inc.	4.21%	4,263,280	$481M	trimmed−4%	+0.11 pp	18 q
METAMeta Platforms, Inc. Class A	4.11%	2,432,920	$470M	trimmed−2%	+0.47 pp	7 q
CITCIT Group Inc.	4.05%	8,799,011	$462M	trimmed−5%	+0.13 pp	18 q
UTXZRTX Corporation	3.66%	3,211,817	$418M	trimmed−11%	−0.45 pp	18 q
MSFTMicrosoft Corp	3.62%	3,086,575	$413M	trimmed−5%	+0.26 pp	18 q
BACBank of America Corporation	3.54%	13,934,990	$404M	trimmed−4%	+0.01 pp	18 q
CHTRCharter Comm Inc Del CL A New	3.46%	1,000,769	$395M	trimmed−9%	+0.12 pp	5 q
JEFJefferies Financial Group Inc.	3.46%	20,538,992	$395M	added0%	+0.08 pp	5 q
GOOGAlphabet Inc. Class C	3.44%	363,450	$393M	added0%	−0.30 pp	18 q
0VQJLTe Connectivity Ltd	3.40%	4,049,170	$388M	trimmed−8%	+0.26 pp	18 q
KMIKinder Morgan, Inc.	3.10%	16,981,656	$355M	trimmed−1%	+0.07 pp	6 q
GOOGLAlphabet Inc. Class A	2.96%	312,301	$338M	added0%	−0.27 pp	15 q
WFCWells Fargo & Co.	2.87%	6,935,668	$328M	added+6%	+0.10 pp	5 q
unresolvedAon PLC	2.51%	1,484,898	$287M	trimmed−12%	−0.01 pp	18 q
BIDUBaidu, Inc.	2.46%	2,391,074	$281M	trimmed−1%	−1.04 pp	14 q
ALLYAlly Financial Inc.	2.30%	8,473,258	$263M	trimmed−7%	+0.10 pp	14 q
JDJD.com, Inc.	2.21%	8,349,513	$253M	trimmed−14%	−0.36 pp	7 q
LPLALPL Financial Holdings Inc.	2.07%	2,903,256	$237M	trimmed−1%	+0.28 pp	17 q
MYLMylan NV	1.56%	9,330,379	$178M	added0%	−0.76 pp	11 q
UNVRUnivar Solutions Inc.	1.53%	7,951,030	$175M	added+2%	+0.01 pp	2 q
OIO-I Glass, Inc.	1.51%	10,016,320	$173M	added0%	−0.15 pp	18 q
MHKMohawk Industries, Inc.	1.16%	899,098	$133M	trimmed−45%	−0.66 pp	4 q
PCGPG&E Corporation	1.07%	5,319,653	$122M	trimmed−0%	+0.24 pp	6 q
SBNYSignature Bank (NY)	0.86%	813,940	$98M	added0%	−0.05 pp	3 q
ALGTAllegiant Travel Company	0.44%	346,671	$50M	trimmed−0%	+0.05 pp	9 q
OECOrion S.A.	0.34%	1,832,538	$39M	added+15%	+0.07 pp	7 q
CBTCabot Corporation	0.28%	668,086	$32M	added+26%	+0.09 pp	2 q
WUBA58.COM Inc	0.27%	488,140	$30M	trimmed−10%	−0.04 pp	11 q
ORCLOracle Corp	0.25%	502,955	$29M	trimmed−2%	+0.01 pp	18 q
TDWTidewater, Inc.	0.25%	1,195,543	$28M	added+2%	+0.01 pp	3 q
DGDollar General Corp.	0.18%	156,045	$21M	trimmed−3%	+0.01 pp	11 q
unresolvedAmerican Intl Group Inc	0.12%	1,126,424	$14M	held	—	14 q
XECCimarex Energy Co	0.12%	227,975	$14M	added+14%	0.00 pp	18 q
IDCCInterDigital, Inc.	0.11%	195,903	$13M	added+16%	+0.01 pp	18 q
PMPhilip Morris International Inc.	0.10%	139,592	$11M	held	—	9 q
ISBCInvestors Bancorp, Inc.	0.09%	910,366	$10M	added+9%	0.00 pp	4 q
BABAAlibaba Group Holding Limited	0.08%	55,900	$9M	added+16%	0.00 pp	5 q
CFFNCapitol Federal Financial, Inc.	0.08%	648,418	$9M	trimmed−10%	0.00 pp	7 q
DANDana Incorporated	0.08%	445,587	$9M	added+18%	+0.02 pp	4 q
NBLNoble Energy, Inc.	0.08%	393,455	$9M	added+9%	0.00 pp	16 q
RGSRegis Corporation	0.08%	516,218	$9M	trimmed−4%	−0.01 pp	18 q
WDCWestern Digital Corp.	0.08%	194,096	$9M	trimmed−40%	−0.06 pp	18 q
MKSIMKS Inc.	0.07%	101,042	$8M	added+62%	+0.02 pp	4 q
SERVTerminix Global Holdings Inc	0.07%	143,621	$7M	trimmed−20%	0.00 pp	5 q
AANAaron's Inc	0.06%	112,469	$7M	trimmed−8%	0.00 pp	18 q
AVTAvnet, Inc.	0.06%	155,193	$7M	trimmed−48%	−0.05 pp	18 q
AGCOAGCO Corporation	0.05%	76,794	$6M	trimmed−38%	−0.03 pp	18 q
CRICarter's Inc.	0.05%	57,286	$6M	added+28%	+0.01 pp	4 q
CAKECheesecake Factory (The)	0.05%	119,983	$5M	added+89%	+0.02 pp	2 q
FHBFirst Hawaiian, Inc.	0.05%	236,749	$6M	trimmed−0%	0.00 pp	3 q
GPKGraphic Packaging Holding Company	0.05%	429,112	$6M	trimmed−20%	−0.01 pp	7 q
RUSHARush Enterprises Inc	0.05%	144,655	$5M	held	—	16 q
RYAAYRyanair Holdings plc	0.05%	86,223	$6M	added+10%	0.00 pp	8 q
RRyder System, Inc.	0.05%	100,741	$6M	added+40%	+0.01 pp	3 q
VMIValmont Industries, Inc.	0.05%	46,117	$6M	added+71%	+0.02 pp	2 q
AMBAAmbarella, Inc.	0.05%	132,960	$6M	trimmed−20%	−0.01 pp	4 q
AIYActivision Blizzard Inc	0.04%	105,610	$5M	added×10.6	+0.04 pp	5 q
AMZNAmazon.Com Inc	0.04%	2,217	$4M	held	—	6 q
ARWArrow Electronics, Inc.	0.04%	57,615	$4M	added+4%	0.00 pp	18 q
BKNGBooking Holdings Inc.	0.04%	2,627	$5M	added0%	0.00 pp	6 q
unresolvedFranks Intl N V	0.04%	907,570	$5M	trimmed−44%	−0.05 pp	8 q
GNTXGentex Corp	0.03%	147,757	$4M	trimmed−0%	0.00 pp	7 q
99803EURLaboratory Crp Of Amer Hldgs	0.03%	22,000	$4M	trimmed−11%	0.00 pp	18 q
MGLNMagellan Health Services, Inc.	0.03%	44,709	$3M	new	+0.03 pp	new
ORLYO'Reilly Automotive, Inc.	0.03%	8,000	$3M	trimmed−14%	0.00 pp	8 q
RVIRetail Value Inc	0.03%	91,705	$3M	held	—	4 q
SAICScience Applications International Corporation	0.03%	37,929	$3M	new	+0.03 pp	new
MTNVail Resorts, Inc.	0.03%	17,646	$4M	trimmed−0%	0.00 pp	2 q
VVISA Inc.	0.03%	19,900	$3M	held	—	7 q
AAPLApple Inc.	0.02%	13,300	$3M	trimmed−10%	0.00 pp	11 q
BABoeing Company	0.02%	6,365	$2M	added×2.2	+0.01 pp	7 q
CSCOCisco Systems, Inc. (DE)	0.02%	49,150	$3M	trimmed−4%	0.00 pp	18 q
MAMastercard Incorporated	0.02%	7,950	$2M	held	—	7 q
PARRPar Pacific Holdings, Inc.	0.02%	97,615	$2M	held	—	18 q
THOThor Industries, Inc.	0.02%	43,677	$3M	new	+0.02 pp	new
CISNCision Ltd	0.02%	231,353	$3M	held	—	6 q
RNRRenaissanceRe Holdings Ltd.	0.02%	15,881	$3M	trimmed−35%	−0.01 pp	4 q
ADBEAdobe Inc.	0.01%	2,800	$825,000	held	—	5 q
AXPAmerican Express Company	0.01%	5,700	$704,000	held	—	16 q
BXBlackstone Inc.	0.01%	19,700	$875,000	trimmed−8%	0.00 pp	4 q
DISThe Walt Disney Company	0.01%	8,092	$1M	held	—	3 q
HDHome Depot, Inc.	0.01%	3,150	$655,000	held	—	7 q
INTCIntel Corp	0.01%	12,500	$598,000	held	—	2 q
JPMJPMorgan Chase & Co.	0.01%	12,750	$1M	trimmed−20%	0.00 pp	7 q
KKRKKR & Co. Inc.	0.01%	57,350	$1M	trimmed−12%	0.00 pp	5 q
LMTLockheed Martin Corp.	0.01%	1,725	$627,000	trimmed−8%	+0.01 pp	4 q
MSGSMadison Square Garden Sports Corp.	0.01%	4,025	$1M	held	—	15 q
NFLXNetFlix Inc	0.01%	1,928	$708,000	trimmed−23%	0.00 pp	5 q
PYPLPayPal Holdings, Inc.	0.01%	8,300	$950,000	held	—	5 q
TMOThermo Fisher Scientific, Inc.	0.01%	2,350	$690,000	held	—	18 q
UNPUnion Pacific Corp.	0.01%	5,500	$930,000	held	—	7 q
UPSUnited Parcel Service, Inc. Class B	0.01%	5,650	$583,000	held	—	7 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.01%	3,950	$964,000	trimmed−39%	0.00 pp	7 q
ABTAbbott Laboratories	0.00%	4,850	$408,000	held	—	7 q
ELVElevance Health, Inc.	0.00%	1,200	$339,000	trimmed−78%	−0.01 pp	15 q
ADSKAutodesk Inc	0.00%	2,650	$432,000	added+66%	0.00 pp	3 q
EAElectronic Arts Inc	0.00%	1,750	$177,000	trimmed−59%	0.00 pp	3 q
GDGeneral Dynamics Corporation	0.00%	1,000	$182,000	trimmed−50%	0.00 pp	4 q
HONHoneywell International, Inc.	0.00%	2,000	$349,000	held	—	7 q
HUMHumana Inc.	0.00%	1,075	$285,000	new	0.00 pp	new
HIIHuntington Ingalls Industries, Inc.	0.00%	1,100	$247,000	trimmed−34%	0.00 pp	3 q
IQVIQVIA Holdings Inc.	0.00%	2,400	$386,000	held	—	5 q
LOWLowe's Companies Inc.	0.00%	5,250	$530,000	trimmed−5%	−0.01 pp	8 q
MARMarriott International Class A	0.00%	2,700	$379,000	held	—	5 q
MSMorgan Stanley	0.00%	12,550	$550,000	held	—	7 q
NOCNorthrop Grumman Corp.	0.00%	1,600	$517,000	trimmed−10%	0.00 pp	5 q
CRMSalesforce, Inc.	0.00%	3,400	$516,000	held	—	5 q
VMWVMware, Inc	0.00%	2,050	$343,000	new	0.00 pp	new
ACNAccenture PLC	0.00%	2,000	$370,000	held	—	2 q
MRKTIhs Markit Ltd	0.00%	6,250	$398,000	held	—	2 q
MDTMedtronic plc	0.00%	3,950	$385,000	added+7%	0.00 pp	7 q
NCLHNorwegian Cruise Line Holdings Ltd.	0.00%	8,100	$434,000	held	—	4 q
RCLRoyal Caribbean Group	0.00%	3,150	$382,000	held	—	5 q
AAAlcoa Corporation	—	−1,178,230	—	exited	−0.29 pp	—
AXTAAxalta Coating Systems Ltd.	—	−735,731	—	exited	−0.16 pp	—
XOMExxon Mobil Corp	—	−151,568	—	exited	−0.11 pp	—
PTENPatterson-UTI Energy Inc	—	−692,710	—	exited	−0.09 pp	—
SMSM Energy Company	—	−427,544	—	exited	−0.07 pp	—
LGIHLGI Homes, Inc.	—	−50,439	—	exited	−0.03 pp	—
BRK.ABerkshire Hathaway Inc.	—	−4	—	exited	−0.01 pp	—
FDXFedEx Corporation	—	−3,550	—	exited	−0.01 pp	—
LEN.BLennar Corporation Class B	—	−20,900	—	exited	−0.01 pp	—
unresolvedCBS Corp	—	−8,200	—	exited	0.00 pp	—
CCLCarnival Corporation Ltd.	—	−6,350	—	exited	0.00 pp	—
FOXAFox Corporation Class A	—	−1	—	exited	0.00 pp	—
HDSHD Supply Holdings, Inc.	—	−7,900	—	exited	0.00 pp	—
RTNRaytheon Company	—	−1,850	—	exited	0.00 pp	—
unresolvedIngersoll-Rand Plc	—	−3,200	—	exited	0.00 pp	—