FPA

Q1 2020 13F · by Steven Romick, CEO

As of: Mar 31, 2020
Filed: May 7, 2020
US stock: $6.9B · prev $10.3B
Positions: 125 · prev 125
Options notional: $176M
Documents: 1· no amendments

Picture97.5% US stock

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

US stock listed on a US exchange 97.5%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 2.2%
Calls at notional value 0.3%

Moves142 since the prior filing

+9.8 pp in · −9.9 pp out

New 23 +5.05 pp
Added 48 +4.77 pp
Trimmed 46 −6.42 pp
Exited 23 −3.46 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

Moderate turnover · 49% a year, about 2.0 years per position

Low
Moderate
High

Top 5 positions27% of US stock

CMCSA Comcast Corp added+1.59 pp added+1.596.2%
AVGO Broadcom Inc. added+0.97 pp added+0.975.5%
GOOG Alphabet Inc. Class C trimmed+0.97 pp trimmed+0.975.4%
ADI Analog Devices, Inc. trimmed+0.51 pp trimmed+0.515.1%
GOOGL Alphabet Inc. Class A trimmed+0.79 pp trimmed+0.795.0%

Positions125 in this filing · 23 exited


CMCSAComcast Corp	6.15%	12,367,492	$425M	added+19%	+1.59 pp	10 q
AVGOBroadcom Inc.	5.48%	1,598,639	$379M	added+9%	+0.97 pp	8 q
GOOGAlphabet Inc. Class C	5.42%	322,211	$375M	trimmed−6%	+0.97 pp	21 q
ADIAnalog Devices, Inc.	5.08%	3,917,342	$351M	trimmed−1%	+0.51 pp	21 q
GOOGLAlphabet Inc. Class A	4.98%	296,229	$344M	trimmed−8%	+0.79 pp	18 q
AIGAmerican International Group, Inc.	4.82%	13,750,147	$333M	added+4%	−1.81 pp	21 q
METAMeta Platforms, Inc. Class A	4.79%	1,986,115	$331M	trimmed−11%	+0.35 pp	10 q
CHTRCharter Comm Inc Del CL A New	4.54%	718,905	$314M	trimmed−10%	+0.79 pp	8 q
MSFTMicrosoft Corp	4.10%	1,798,682	$284M	trimmed−26%	+0.36 pp	21 q
0VQJLTe Connectivity Ltd	3.88%	4,265,700	$269M	added+13%	+0.35 pp	21 q
JEFJefferies Financial Group Inc.	3.75%	18,992,051	$260M	trimmed−7%	−0.50 pp	8 q
WFCWells Fargo & Co.	3.35%	8,080,271	$232M	added+16%	−0.29 pp	8 q
CCitigroup Inc.	3.25%	5,337,275	$225M	trimmed−5%	−1.13 pp	21 q
UTXZRTX Corporation	3.10%	2,269,645	$214M	trimmed−8%	−0.50 pp	21 q
BIDUBaidu, Inc.	3.08%	2,113,394	$213M	added+14%	+0.79 pp	17 q
KMIKinder Morgan, Inc.	3.08%	15,321,824	$213M	added+6%	+0.11 pp	9 q
ARNCHowmet Aerospace Inc.	3.05%	13,122,502	$211M	trimmed−42%	−3.76 pp	14 q
BKNGBooking Holdings Inc.	2.58%	132,444	$178M	added×52.9	+2.53 pp	9 q
BACBank of America Corporation	2.52%	8,204,630	$174M	trimmed−6%	−0.48 pp	21 q
JDJD.com, Inc.	1.90%	3,248,187	$132M	trimmed−59%	−0.84 pp	10 q
WABWabtec Inc.	1.82%	2,619,631	$126M	new	+1.82 pp	new
DDDuPont de Nemours, Inc.	1.81%	3,662,992	$125M	new	+1.81 pp	new
unresolvedAon PLC	1.80%	752,130	$124M	trimmed−17%	−0.04 pp	21 q
CITCIT Group Inc.	1.72%	6,892,265	$119M	trimmed−20%	−2.08 pp	21 q
DELLDell Technologies Inc.	1.62%	2,825,671	$112M	held	—	3 q
UNVRUnivar Solutions Inc.	1.61%	10,399,741	$111M	added+26%	−0.35 pp	5 q
BABAAlibaba Group Holding Limited	1.35%	481,662	$94M	trimmed−2%	+0.34 pp	8 q
LPLALPL Financial Holdings Inc.	1.29%	1,642,898	$89M	trimmed−13%	−0.41 pp	20 q
NXPINXP Semiconductors N.V.	1.14%	952,639	$79M	new	+1.14 pp	new
SBNYSignature Bank (NY)	0.95%	815,540	$66M	added0%	−0.13 pp	6 q
PCGPG&E Corporation	0.65%	4,989,970	$45M	trimmed−2%	+0.11 pp	9 q
OIO-I Glass, Inc.	0.63%	6,116,800	$43M	trimmed−39%	−0.53 pp	2 q
MARMarriott International Class A	0.54%	501,083	$37M	added×185.6	+0.54 pp	8 q
OECOrion S.A.	0.38%	3,554,693	$27M	added+46%	−0.08 pp	10 q
WUBA58.COM Inc	0.37%	525,952	$26M	added+8%	+0.06 pp	14 q
ORCLOracle Corp	0.26%	374,645	$18M	trimmed−6%	+0.05 pp	21 q
DGDollar General Corp.	0.25%	112,665	$17M	trimmed−7%	+0.07 pp	14 q
TDWTidewater, Inc.	0.20%	1,932,493	$14M	added+35%	−0.07 pp	6 q
IDCCInterDigital, Inc.	0.15%	235,295	$11M	added+5%	+0.03 pp	21 q
ALGTAllegiant Travel Company	0.13%	107,221	$9M	trimmed−65%	−0.39 pp	12 q
CNCCentene Corporation	0.12%	137,081	$8M	added+25%	+0.05 pp	3 q
SERVTerminix Global Holdings Inc	0.12%	298,660	$8M	added+80%	+0.06 pp	8 q
VGVonage Holdings Corp	0.11%	1,063,633	$8M	added×2.3	+0.08 pp	3 q
NBLNoble Energy, Inc.	0.10%	1,176,697	$7M	added×2.2	−0.03 pp	19 q
PMPhilip Morris International Inc.	0.10%	93,862	$7M	trimmed−6%	+0.02 pp	12 q
GPKGraphic Packaging Holding Company	0.09%	532,488	$6M	added+50%	+0.03 pp	10 q
ISBCInvestors Bancorp, Inc.	0.09%	782,392	$6M	added0%	0.00 pp	7 q
SAICScience Applications International Corporation	0.09%	82,591	$6M	added×2.2	+0.06 pp	4 q
AIYActivision Blizzard Inc	0.08%	88,900	$5M	trimmed−8%	+0.02 pp	8 q
THSTreehouse Foods, Inc.	0.08%	119,747	$5M	added×2.3	+0.06 pp	2 q
WDCWestern Digital Corp.	0.08%	130,361	$5M	added+26%	+0.02 pp	21 q
ACIWACI Worldwide, Inc.	0.07%	191,743	$5M	added+58%	+0.03 pp	3 q
AMZNAmazon.Com Inc	0.06%	2,010	$4M	trimmed−8%	+0.02 pp	9 q
DANDana Incorporated	0.06%	539,052	$4M	added+47%	0.00 pp	7 q
RUSHARush Enterprises Inc	0.06%	135,276	$4M	added+8%	0.00 pp	19 q
VYXNCR Voyix Corporation	0.05%	177,840	$3M	new	+0.05 pp	new
OSKOshkosh Corp.	0.05%	50,581	$3M	new	+0.05 pp	new
AMBAAmbarella, Inc.	0.05%	66,283	$3M	added+28%	+0.02 pp	7 q
AGCOAGCO Corporation	0.04%	54,702	$3M	added+67%	+0.02 pp	21 q
AANAaron's Inc	0.04%	136,443	$3M	added+15%	−0.03 pp	21 q
AAPLApple Inc.	0.04%	10,285	$3M	trimmed−7%	+0.01 pp	14 q
ARWArrow Electronics, Inc.	0.04%	52,700	$3M	trimmed−10%	−0.01 pp	21 q
CRICarter's Inc.	0.04%	41,868	$3M	trimmed−21%	−0.02 pp	7 q
99803EURLaboratory Crp Of Amer Hldgs	0.04%	21,400	$3M	trimmed−0%	0.00 pp	21 q
CHNGChange Healthcare Inc.	0.03%	187,358	$2M	new	+0.03 pp	new
GLIBAGci Liberty Inc - Class A	0.03%	37,408	$2M	new	+0.03 pp	new
GNTXGentex Corp	0.03%	79,045	$2M	trimmed−11%	0.00 pp	10 q
MKSIMKS Inc.	0.03%	21,901	$2M	trimmed−25%	0.00 pp	7 q
MAMastercard Incorporated	0.03%	7,510	$2M	trimmed−3%	+0.01 pp	10 q
ORLYO'Reilly Automotive, Inc.	0.03%	6,190	$2M	trimmed−16%	0.00 pp	11 q
MTNVail Resorts, Inc.	0.03%	15,270	$2M	trimmed−3%	−0.01 pp	5 q
unresolvedViper Energy Partners LP	0.03%	292,207	$2M	added×3.2	+0.01 pp	2 q
VVISA Inc.	0.03%	14,785	$2M	trimmed−12%	0.00 pp	10 q
RNRRenaissanceRe Holdings Ltd.	0.03%	12,880	$2M	new	+0.03 pp	new
ADBEAdobe Inc.	0.02%	3,830	$1M	added+37%	+0.01 pp	8 q
ADSKAutodesk Inc	0.02%	8,035	$1M	added×2.1	+0.01 pp	6 q
CSCOCisco Systems, Inc. (DE)	0.02%	35,000	$1M	trimmed−30%	0.00 pp	21 q
DISThe Walt Disney Company	0.02%	12,095	$1M	added+37%	+0.01 pp	6 q
NKENike, Inc.	0.02%	18,695	$2M	added×3.0	+0.01 pp	3 q
PYPLPayPal Holdings, Inc.	0.02%	13,100	$1M	added+47%	+0.01 pp	8 q
CRMSalesforce, Inc.	0.02%	8,550	$1M	added+97%	+0.01 pp	8 q
NOWServicenow, Inc.	0.02%	4,215	$1M	added×5.6	+0.02 pp	3 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.02%	5,900	$1M	added+23%	+0.01 pp	10 q
ACNAccenture PLC	0.02%	7,880	$1M	added×3.9	+0.02 pp	5 q
ABTAbbott Laboratories	0.01%	4,850	$383,000	held	—	10 q
unresolvedAmerican Intl Group Inc	0.01%	1,097,148	$878,000	held	—	17 q
ELVElevance Health, Inc.	0.01%	2,220	$504,000	added+85%	+0.01 pp	18 q
CACCCredit Acceptance Corp	0.01%	1,542	$394,000	new	+0.01 pp	new
GDGeneral Dynamics Corporation	0.01%	5,600	$741,000	added×5.6	+0.01 pp	7 q
HDHome Depot, Inc.	0.01%	5,075	$948,000	added+53%	0.00 pp	10 q
HONHoneywell International, Inc.	0.01%	2,780	$372,000	added+39%	+0.01 pp	10 q
HUMHumana Inc.	0.01%	1,685	$529,000	added+57%	+0.01 pp	4 q
ISRGIntuitive Surgical Inc.	0.01%	1,535	$760,000	new	+0.01 pp	new
IQVIQVIA Holdings Inc.	0.01%	3,490	$376,000	added+45%	+0.01 pp	8 q
JPMJPMorgan Chase & Co.	0.01%	6,380	$574,000	trimmed−37%	0.00 pp	10 q
KKRKKR & Co. Inc.	0.01%	27,365	$642,000	trimmed−38%	0.00 pp	8 q
BATRKAtlanta Braves Holdings, Inc. Series C	0.01%	47,804	$911,000	new	+0.01 pp	new
MSCIMSCI, Inc.	0.01%	1,255	$363,000	new	+0.01 pp	new
MSGSMadison Square Garden Sports Corp.	0.01%	4,025	$851,000	held	—	18 q
NFLXNetFlix Inc	0.01%	2,615	$982,000	new	+0.01 pp	new
NVDANvidia Corp	0.01%	2,465	$650,000	new	+0.01 pp	new
PARRPar Pacific Holdings, Inc.	0.01%	135,209	$960,000	added+47%	−0.01 pp	21 q
RGSRegis Corporation	0.01%	172,866	$1M	trimmed−42%	−0.04 pp	21 q
SKYWSkywest Inc	0.01%	39,241	$1M	new	+0.01 pp	new
SYKStryker Corporation	0.01%	3,900	$649,000	new	+0.01 pp	new
TMOThermo Fisher Scientific, Inc.	0.01%	2,350	$666,000	held	—	21 q
ZTSZoetis Inc.	0.01%	3,910	$460,000	new	+0.01 pp	new
DBDeutsche Bank Aktiengesellschaft	0.01%	75,587	$485,000	held	—	3 q
MDTMedtronic plc	0.01%	3,950	$356,000	held	—	10 q
AXPAmerican Express Company	0.00%	2,125	$182,000	trimmed−68%	−0.01 pp	19 q
ADPAutomatic Data Processing	0.00%	2,320	$317,000	added+57%	0.00 pp	3 q
CBRECbre Group, Inc.	0.00%	3,815	$144,000	trimmed−1%	0.00 pp	2 q
DHRDanaher Corporation	0.00%	1,820	$252,000	new	0.00 pp	new
EWEdwards Lifesciences Corp	0.00%	625	$118,000	new	0.00 pp	new
EAElectronic Arts Inc	0.00%	1,750	$175,000	held	—	6 q
GDDYGoDaddy Inc	0.00%	5,800	$331,000	trimmed−8%	0.00 pp	3 q
HCAHCA Healthcare, Inc.	0.00%	2,500	$225,000	new	0.00 pp	new
HIIHuntington Ingalls Industries, Inc.	0.00%	1,000	$182,000	trimmed−12%	0.00 pp	6 q
LMTLockheed Martin Corp.	0.00%	720	$244,000	trimmed−58%	−0.01 pp	7 q
NOCNorthrop Grumman Corp.	0.00%	425	$129,000	trimmed−73%	−0.01 pp	8 q
RYAAYRyanair Holdings plc	0.00%	4,493	$239,000	trimmed−95%	−0.07 pp	11 q
SLRCSLR Investment Corp.	0.00%	2,200	$26,000	new	0.00 pp	new
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.00%	270	$13,000	new	0.00 pp	new
WHFWhiteHorse Finance, Inc.	0.00%	9,361	$66,000	new	0.00 pp	new
SPOTSpotify Technology S.A.	0.00%	154	$19,000	trimmed−10%	0.00 pp	3 q
ALLYAlly Financial Inc.	—	−6,505,334	—	exited	−1.94 pp	—
MHKMohawk Industries, Inc.	—	−537,246	—	exited	−0.71 pp	—
CBTCabot Corporation	—	−666,322	—	exited	−0.31 pp	—
unresolvedOaktree Acquisition Corp	—	−1,550,000	—	exited	−0.15 pp	—
CFFNCapitol Federal Financial, Inc.	—	−417,878	—	exited	−0.06 pp	—
CAKECheesecake Factory (The)	—	−161,405	—	exited	−0.06 pp	—
FHBFirst Hawaiian, Inc.	—	−198,738	—	exited	−0.06 pp	—
PIImpinj, Inc.	—	−136,265	—	exited	−0.03 pp	—
RVIRetail Value Inc	—	−91,705	—	exited	−0.03 pp	—
SAVEQSpirit Airlines, Inc.	—	−66,381	—	exited	−0.03 pp	—
VMIValmont Industries, Inc.	—	−17,982	—	exited	−0.03 pp	—
BRK.ABerkshire Hathaway Inc.	—	−3	—	exited	−0.01 pp	—
BXBlackstone Inc.	—	−19,700	—	exited	−0.01 pp	—
BABoeing Company	—	−3,275	—	exited	−0.01 pp	—
LOWLowe's Companies Inc.	—	−5,250	—	exited	−0.01 pp	—
UNPUnion Pacific Corp.	—	−4,100	—	exited	−0.01 pp	—
BRK.BBERKSHIRE HATHAWAY Class B	—	−1,885	—	exited	0.00 pp	—
INTCIntel Corp	—	−6,025	—	exited	0.00 pp	—
MSMorgan Stanley	—	−8,550	—	exited	0.00 pp	—
RTNRaytheon Company	—	−1,900	—	exited	0.00 pp	—
WDAYWorkday, Inc. Class A	—	−2,125	—	exited	0.00 pp	—
MRKTIhs Markit Ltd	—	−6,250	—	exited	0.00 pp	—
unresolvedIngersoll-Rand Plc	—	−2,600	—	exited	0.00 pp	—