FPA

Q4 2019 13F · by Steven Romick, CEO

As of: Dec 31, 2019
Filed: Feb 13, 2020
US stock: $10.3B · prev $10.4B
Positions: 125 · prev 131
Options notional: $243M
Documents: 1· no amendments

Picture97.7% US stock

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

US stock listed on a US exchange 97.7%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 1.9%
Calls at notional value 0.4%

Moves106 since the prior filing

+3.2 pp in · −3.2 pp out

New 5 +1.23 pp
Added 23 +1.95 pp
Trimmed 65 +0.88 pp
Exited 11 −4.09 pp

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

The book

Focused · behaves like 26 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 10.0% a year, about 10.0 years per position

Low
Moderate
High

Top 5 positions27% of US stock

ARNC Howmet Aerospace Inc. trimmed+0.55 pp trimmed+0.556.8%
AIG American International Group, Inc. trimmed−0.57 pp trimmed−0.576.6%
ADI Analog Devices, Inc. trimmed+0.25 pp trimmed+0.254.6%
CMCSA Comcast Corp trimmed0.00 pp trimmed0.004.6%
AVGO Broadcom Inc. trimmed+0.36 pp trimmed+0.364.5%

Positions125 in this filing · 11 exited


ARNCHowmet Aerospace Inc.	6.81%	22,715,945	$699M	trimmed−9%	+0.55 pp	13 q
AIGAmerican International Group, Inc.	6.63%	13,263,286	$681M	trimmed−1%	−0.57 pp	20 q
ADIAnalog Devices, Inc.	4.57%	3,948,290	$469M	trimmed−2%	+0.25 pp	20 q
CMCSAComcast Corp	4.56%	10,407,058	$468M	trimmed−1%	0.00 pp	9 q
AVGOBroadcom Inc.	4.51%	1,464,507	$463M	trimmed−6%	+0.36 pp	7 q
GOOGAlphabet Inc. Class C	4.45%	341,497	$457M	trimmed−6%	+0.19 pp	20 q
METAMeta Platforms, Inc. Class A	4.44%	2,224,265	$457M	trimmed−6%	+0.39 pp	9 q
CCitigroup Inc.	4.38%	5,632,804	$450M	trimmed−16%	−0.07 pp	20 q
JEFJefferies Financial Group Inc.	4.25%	20,404,904	$436M	trimmed−1%	+0.58 pp	7 q
GOOGLAlphabet Inc. Class A	4.19%	321,324	$430M	added+2%	+0.47 pp	17 q
CITCIT Group Inc.	3.80%	8,562,042	$391M	trimmed−2%	0.00 pp	20 q
CHTRCharter Comm Inc Del CL A New	3.75%	794,788	$386M	trimmed−13%	+0.13 pp	7 q
MSFTMicrosoft Corp	3.74%	2,437,281	$384M	trimmed−3%	+0.36 pp	20 q
WFCWells Fargo & Co.	3.64%	6,947,996	$374M	added+1%	+0.30 pp	7 q
UTXZRTX Corporation	3.60%	2,469,938	$370M	trimmed−15%	−0.21 pp	20 q
0VQJLTe Connectivity Ltd	3.53%	3,782,108	$362M	added+1%	+0.18 pp	20 q
BACBank of America Corporation	3.00%	8,753,657	$308M	trimmed−35%	−0.79 pp	20 q
KMIKinder Morgan, Inc.	2.97%	14,429,046	$305M	trimmed−8%	−0.13 pp	8 q
JDJD.com, Inc.	2.74%	7,999,528	$282M	trimmed−5%	+0.45 pp	9 q
BIDUBaidu, Inc.	2.29%	1,857,532	$235M	trimmed−22%	−0.08 pp	16 q
UNVRUnivar Solutions Inc.	1.96%	8,286,404	$201M	trimmed−2%	+0.27 pp	4 q
ALLYAlly Financial Inc.	1.94%	6,505,334	$199M	added+2%	−0.10 pp	16 q
unresolvedAon PLC	1.84%	908,680	$189M	trimmed−20%	−0.28 pp	20 q
LPLALPL Financial Holdings Inc.	1.70%	1,897,246	$175M	trimmed−27%	−0.36 pp	19 q
DELLDell Technologies Inc.	1.41%	2,825,671	$145M	trimmed−0%	−0.01 pp	2 q
OIO-I Glass, Inc.	1.16%	9,996,350	$119M	new	+1.16 pp	new
SBNYSignature Bank (NY)	1.08%	812,316	$111M	trimmed−1%	+0.14 pp	5 q
BABAAlibaba Group Holding Limited	1.01%	490,116	$104M	added×8.1	+0.91 pp	7 q
MHKMohawk Industries, Inc.	0.71%	537,246	$73M	trimmed−41%	−0.37 pp	6 q
PCGPG&E Corporation	0.54%	5,112,658	$56M	trimmed−4%	+0.03 pp	8 q
ALGTAllegiant Travel Company	0.52%	305,237	$53M	trimmed−9%	+0.03 pp	11 q
OECOrion S.A.	0.46%	2,429,614	$47M	trimmed−7%	+0.04 pp	9 q
CBTCabot Corporation	0.31%	666,322	$32M	trimmed−1%	+0.02 pp	4 q
WUBA58.COM Inc	0.31%	487,084	$32M	trimmed−3%	+0.07 pp	13 q
TDWTidewater, Inc.	0.27%	1,427,193	$28M	added+18%	+0.09 pp	5 q
ORCLOracle Corp	0.21%	400,665	$21M	trimmed−3%	−0.01 pp	20 q
DGDollar General Corp.	0.18%	120,685	$19M	trimmed−7%	−0.02 pp	13 q
unresolvedOaktree Acquisition Corp	0.15%	1,550,000	$16M	held	—	2 q
NBLNoble Energy, Inc.	0.13%	524,701	$13M	held	—	18 q
IDCCInterDigital, Inc.	0.12%	223,325	$12M	trimmed−0%	+0.01 pp	20 q
unresolvedAmerican Intl Group Inc	0.11%	1,097,148	$11M	trimmed−3%	−0.04 pp	16 q
ISBCInvestors Bancorp, Inc.	0.09%	782,209	$9M	trimmed−3%	0.00 pp	6 q
PMPhilip Morris International Inc.	0.08%	99,962	$9M	trimmed−6%	0.00 pp	11 q
AANAaron's Inc	0.07%	118,530	$7M	added+6%	0.00 pp	20 q
CNCCentene Corporation	0.07%	109,672	$7M	added×2.0	+0.05 pp	2 q
RYAAYRyanair Holdings plc	0.07%	84,083	$7M	trimmed−4%	+0.01 pp	10 q
AIYActivision Blizzard Inc	0.06%	96,260	$6M	trimmed−4%	+0.01 pp	7 q
CFFNCapitol Federal Financial, Inc.	0.06%	417,878	$6M	trimmed−24%	−0.01 pp	9 q
CRICarter's Inc.	0.06%	52,858	$6M	trimmed−0%	+0.01 pp	6 q
CAKECheesecake Factory (The)	0.06%	161,405	$6M	trimmed−0%	−0.01 pp	4 q
DANDana Incorporated	0.06%	365,576	$7M	trimmed−26%	−0.01 pp	6 q
FHBFirst Hawaiian, Inc.	0.06%	198,738	$6M	trimmed−4%	+0.01 pp	5 q
GPKGraphic Packaging Holding Company	0.06%	355,404	$6M	trimmed−23%	−0.01 pp	9 q
RUSHARush Enterprises Inc	0.06%	125,580	$6M	trimmed−13%	+0.01 pp	18 q
SERVTerminix Global Holdings Inc	0.06%	165,767	$6M	added+77%	+0.01 pp	7 q
WDCWestern Digital Corp.	0.06%	103,656	$7M	added+19%	+0.01 pp	20 q
ARWArrow Electronics, Inc.	0.05%	58,498	$5M	trimmed−34%	−0.01 pp	20 q
BKNGBooking Holdings Inc.	0.05%	2,505	$5M	trimmed−5%	0.00 pp	8 q
RGSRegis Corporation	0.05%	299,899	$5M	trimmed−22%	−0.02 pp	20 q
ACIWACI Worldwide, Inc.	0.04%	121,033	$5M	trimmed−0%	0.00 pp	2 q
AMZNAmazon.Com Inc	0.04%	2,185	$4M	trimmed−1%	0.00 pp	8 q
99803EURLaboratory Crp Of Amer Hldgs	0.04%	21,470	$4M	trimmed−2%	0.00 pp	20 q
MTNVail Resorts, Inc.	0.04%	15,710	$4M	trimmed−0%	+0.01 pp	4 q
AAPLApple Inc.	0.03%	11,000	$3M	trimmed−14%	0.00 pp	13 q
GNTXGentex Corp	0.03%	89,278	$3M	trimmed−0%	+0.01 pp	9 q
PIImpinj, Inc.	0.03%	136,265	$4M	new	+0.03 pp	new
MKSIMKS Inc.	0.03%	29,280	$3M	trimmed−46%	−0.02 pp	6 q
ORLYO'Reilly Automotive, Inc.	0.03%	7,327	$3M	trimmed−8%	0.00 pp	10 q
RVIRetail Value Inc	0.03%	91,705	$3M	held	—	6 q
SAICScience Applications International Corporation	0.03%	37,926	$3M	added+11%	0.00 pp	3 q
SAVEQSpirit Airlines, Inc.	0.03%	66,381	$3M	added×4.6	+0.02 pp	2 q
VMIValmont Industries, Inc.	0.03%	17,982	$3M	added+1%	+0.01 pp	4 q
VVISA Inc.	0.03%	16,810	$3M	trimmed−9%	0.00 pp	9 q
VGVonage Holdings Corp	0.03%	462,346	$3M	added+78%	0.00 pp	2 q
AMBAAmbarella, Inc.	0.03%	51,694	$3M	trimmed−35%	−0.02 pp	6 q
AGCOAGCO Corporation	0.02%	32,740	$3M	trimmed−22%	−0.01 pp	20 q
CSCOCisco Systems, Inc. (DE)	0.02%	49,900	$2M	added+2%	0.00 pp	20 q
MAMastercard Incorporated	0.02%	7,715	$2M	trimmed−3%	0.00 pp	9 q
PARRPar Pacific Holdings, Inc.	0.02%	91,776	$2M	trimmed−6%	0.00 pp	20 q
THSTreehouse Foods, Inc.	0.02%	52,035	$3M	new	+0.02 pp	new
unresolvedViper Energy Partners LP	0.02%	90,879	$2M	new	+0.02 pp	new
ADBEAdobe Inc.	0.01%	2,800	$923,000	held	—	7 q
AXPAmerican Express Company	0.01%	6,620	$824,000	added+16%	0.00 pp	18 q
ADSKAutodesk Inc	0.01%	3,750	$688,000	held	—	5 q
BRK.ABerkshire Hathaway Inc.	0.01%	3	$1M	held	—	2 q
BXBlackstone Inc.	0.01%	19,700	$1M	held	—	6 q
BABoeing Company	0.01%	3,275	$1M	trimmed−5%	0.00 pp	9 q
DISThe Walt Disney Company	0.01%	8,800	$1M	held	—	5 q
HDHome Depot, Inc.	0.01%	3,315	$724,000	added+5%	0.00 pp	9 q
JPMJPMorgan Chase & Co.	0.01%	10,050	$1M	trimmed−10%	0.00 pp	9 q
KKRKKR & Co. Inc.	0.01%	44,220	$1M	trimmed−4%	0.00 pp	7 q
LMTLockheed Martin Corp.	0.01%	1,725	$672,000	held	—	6 q
LOWLowe's Companies Inc.	0.01%	5,250	$629,000	held	—	10 q
MSGSMadison Square Garden Sports Corp.	0.01%	4,025	$1M	held	—	17 q
NKENike, Inc.	0.01%	6,250	$633,000	held	—	2 q
NOCNorthrop Grumman Corp.	0.01%	1,600	$550,000	held	—	7 q
PYPLPayPal Holdings, Inc.	0.01%	8,890	$962,000	added+7%	0.00 pp	7 q
CRMSalesforce, Inc.	0.01%	4,350	$707,000	added+16%	0.00 pp	7 q
TMOThermo Fisher Scientific, Inc.	0.01%	2,350	$763,000	held	—	20 q
UNPUnion Pacific Corp.	0.01%	4,100	$741,000	held	—	9 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.01%	4,780	$1M	trimmed−2%	0.00 pp	9 q
DBDeutsche Bank Aktiengesellschaft	0.01%	75,587	$588,000	held	—	2 q
ABTAbbott Laboratories	0.00%	4,850	$421,000	held	—	9 q
ELVElevance Health, Inc.	0.00%	1,200	$362,000	held	—	17 q
ADPAutomatic Data Processing	0.00%	1,475	$251,000	added+9%	0.00 pp	2 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	1,885	$427,000	held	—	2 q
CBRECbre Group, Inc.	0.00%	3,850	$236,000	new	0.00 pp	new
EAElectronic Arts Inc	0.00%	1,750	$188,000	held	—	5 q
GDGeneral Dynamics Corporation	0.00%	1,000	$176,000	held	—	6 q
GDDYGoDaddy Inc	0.00%	6,300	$428,000	added+47%	0.00 pp	2 q
HONHoneywell International, Inc.	0.00%	2,000	$354,000	held	—	9 q
HUMHumana Inc.	0.00%	1,075	$394,000	held	—	3 q
HIIHuntington Ingalls Industries, Inc.	0.00%	1,130	$283,000	added+3%	0.00 pp	5 q
INTCIntel Corp	0.00%	6,025	$361,000	held	—	4 q
IQVIQVIA Holdings Inc.	0.00%	2,400	$371,000	held	—	7 q
MARMarriott International Class A	0.00%	2,700	$409,000	held	—	7 q
MSMorgan Stanley	0.00%	8,550	$437,000	held	—	9 q
RTNRaytheon Company	0.00%	1,900	$418,000	held	—	2 q
NOWServicenow, Inc.	0.00%	750	$212,000	trimmed−20%	0.00 pp	2 q
WDAYWorkday, Inc. Class A	0.00%	2,125	$349,000	added+2%	0.00 pp	2 q
ACNAccenture PLC	0.00%	2,000	$421,000	held	—	4 q
MRKTIhs Markit Ltd	0.00%	6,250	$471,000	held	—	4 q
unresolvedIngersoll-Rand Plc	0.00%	2,600	$346,000	held	—	2 q
MDTMedtronic plc	0.00%	3,950	$448,000	held	—	9 q
SPOTSpotify Technology S.A.	0.00%	171	$26,000	trimmed−23%	0.00 pp	2 q
MYLMylan NV	—	−8,113,720	—	exited	−1.55 pp	—
AABAAltaba Inc.	—	−7,274,596	—	exited	−1.37 pp	—
OIO-I Glass, Inc.	—	−10,101,890	—	exited	−1.00 pp	—
AVTAvnet, Inc.	—	−99,938	—	exited	−0.04 pp	—
CISNCision Ltd	—	−537,347	—	exited	−0.04 pp	—
RRyder System, Inc.	—	−51,575	—	exited	−0.03 pp	—
unresolvedFranks Intl N V	—	−562,494	—	exited	−0.03 pp	—
MGLNMagellan Health Services, Inc.	—	−38,235	—	exited	−0.02 pp	—
RNRRenaissanceRe Holdings Ltd.	—	−7,539	—	exited	−0.01 pp	—
QADAQad Inc-a	—	−500	—	exited	0.00 pp	—
UPSUnited Parcel Service, Inc. Class B	—	−3,550	—	exited	0.00 pp	—