FPA

Q2 2020 13F · by Steven Romick, CEO

As of: Jun 30, 2020
Filed: Aug 11, 2020
US stock: $7.2B · prev $6.9B
Positions: 139 · prev 125
Options notional: $217M
Documents: 1· no amendments

Picture97.1% US stock

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

US stock listed on a US exchange 97.1%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 2.7%
Calls at notional value 0.2%

Moves132 since the prior filing

+6.9 pp in · −7.6 pp out

New 30 +3.52 pp
Added 21 +3.35 pp
Trimmed 64 +1.84 pp
Exited 16 −9.42 pp

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

The book

Focused · behaves like 26 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 21% a year, about 4.7 years per position

Low
Moderate
High

Top 5 positions29% of US stock

CMCSA Comcast Corp trimmed+0.22 pp trimmed+0.226.4%
AIG American International Group, Inc. trimmed+0.96 pp trimmed+0.965.8%
AVGO Broadcom Inc. trimmed+0.28 pp trimmed+0.285.8%
GOOG Alphabet Inc. Class C trimmed−0.05 pp trimmed−0.055.4%
ADI Analog Devices, Inc. trimmed+0.14 pp trimmed+0.145.2%

Positions139 in this filing · 16 exited


CMCSAComcast Corp	6.37%	11,782,326	$459M	trimmed−5%	+0.22 pp	11 q
AIGAmerican International Group, Inc.	5.78%	13,369,270	$417M	trimmed−3%	+0.96 pp	22 q
AVGOBroadcom Inc.	5.76%	1,317,848	$416M	trimmed−18%	+0.28 pp	9 q
GOOGAlphabet Inc. Class C	5.37%	274,104	$387M	trimmed−15%	−0.05 pp	22 q
ADIAnalog Devices, Inc.	5.22%	3,070,121	$377M	trimmed−22%	+0.14 pp	22 q
GOOGLAlphabet Inc. Class A	5.20%	264,783	$375M	trimmed−11%	+0.22 pp	19 q
METAMeta Platforms, Inc. Class A	5.18%	1,646,531	$374M	trimmed−17%	+0.39 pp	11 q
CHTRCharter Comm Inc Del CL A New	4.75%	671,236	$342M	trimmed−7%	+0.21 pp	9 q
0VQJLTe Connectivity Ltd	4.49%	3,973,175	$324M	trimmed−7%	+0.61 pp	22 q
MSFTMicrosoft Corp	3.96%	1,404,752	$286M	trimmed−22%	−0.14 pp	22 q
JEFJefferies Financial Group Inc.	3.89%	18,054,637	$281M	trimmed−5%	+0.14 pp	9 q
CCitigroup Inc.	3.79%	5,357,560	$274M	added0%	+0.54 pp	22 q
BIDUBaidu, Inc.	3.44%	2,070,502	$248M	trimmed−2%	+0.36 pp	18 q
BKNGBooking Holdings Inc.	3.27%	148,270	$236M	added+12%	+0.69 pp	10 q
KMIKinder Morgan, Inc.	3.13%	14,873,524	$226M	trimmed−3%	+0.05 pp	10 q
HWMHowmet Aerospace Inc.	2.83%	12,879,824	$204M	trimmed−2%	−0.22 pp	15 q
WFCWells Fargo & Co.	2.74%	7,731,508	$198M	trimmed−4%	−0.61 pp	9 q
AONAon plc Class A	2.37%	888,523	$171M	new	+2.37 pp	new
WABWabtec Inc.	2.27%	2,839,238	$163M	added+8%	+0.45 pp	2 q
UNVRUnivar Solutions Inc.	2.22%	9,515,765	$160M	trimmed−9%	+0.61 pp	6 q
DELLDell Technologies Inc.	2.15%	2,825,671	$155M	held	—	4 q
BACBank of America Corporation	1.74%	5,295,844	$126M	trimmed−35%	−0.78 pp	22 q
CITCIT Group Inc.	1.72%	6,000,547	$124M	trimmed−13%	0.00 pp	22 q
MARMarriott International Class A	1.56%	1,309,271	$112M	added×2.6	+1.02 pp	9 q
LPLALPL Financial Holdings Inc.	1.52%	1,402,316	$110M	trimmed−15%	+0.23 pp	21 q
BABAAlibaba Group Holding Limited	1.45%	484,524	$105M	added+1%	+0.10 pp	9 q
NXPINXP Semiconductors N.V.	1.27%	801,150	$91M	trimmed−16%	+0.13 pp	2 q
SBNYSignature Bank (NY)	1.21%	819,800	$88M	added+1%	+0.26 pp	7 q
OTISOtis Worldwide Corporation	0.90%	1,143,522	$65M	new	+0.90 pp	new
PCGPG&E Corporation	0.50%	4,029,460	$36M	trimmed−19%	−0.15 pp	10 q
OECOrion S.A.	0.25%	1,697,620	$18M	trimmed−52%	−0.13 pp	11 q
WUBA58.COM Inc	0.22%	294,643	$16M	trimmed−44%	−0.15 pp	15 q
DGDollar General Corp.	0.21%	79,075	$15M	trimmed−30%	−0.04 pp	15 q
ORCLOracle Corp	0.21%	270,980	$15M	trimmed−28%	−0.05 pp	22 q
IDCCInterDigital, Inc.	0.18%	235,295	$13M	held	—	22 q
ACNAccenture PLC	0.17%	56,762	$12M	added×7.2	+0.15 pp	6 q
VGVonage Holdings Corp	0.14%	1,024,988	$10M	trimmed−4%	+0.03 pp	4 q
CNCCentene Corporation	0.13%	147,581	$9M	added+8%	+0.01 pp	4 q
GPKGraphic Packaging Holding Company	0.10%	497,217	$7M	trimmed−7%	+0.01 pp	11 q
SAICScience Applications International Corporation	0.09%	79,232	$6M	trimmed−4%	0.00 pp	5 q
AIYActivision Blizzard Inc	0.08%	77,450	$6M	trimmed−13%	0.00 pp	9 q
RUSHARush Enterprises Inc	0.08%	135,276	$6M	held	—	20 q
ACIWACI Worldwide, Inc.	0.07%	191,743	$5M	held	—	4 q
AMZNAmazon.Com Inc	0.07%	1,933	$5M	trimmed−4%	+0.01 pp	10 q
NBLNoble Energy, Inc.	0.07%	601,419	$5M	trimmed−49%	−0.03 pp	20 q
TDWTidewater, Inc.	0.07%	960,618	$5M	trimmed−50%	−0.13 pp	7 q
THSTreehouse Foods, Inc.	0.07%	110,109	$5M	trimmed−8%	−0.01 pp	3 q
UPWKUpwork Inc.	0.07%	335,805	$5M	new	+0.07 pp	new
DANDana Incorporated	0.06%	366,010	$4M	trimmed−32%	0.00 pp	8 q
VYXNCR Voyix Corporation	0.06%	268,975	$5M	added+51%	+0.01 pp	2 q
PMPhilip Morris International Inc.	0.06%	62,000	$4M	trimmed−34%	−0.04 pp	13 q
WDCWestern Digital Corp.	0.06%	101,511	$4M	trimmed−22%	−0.02 pp	22 q
AAPLApple Inc.	0.05%	10,105	$4M	trimmed−2%	+0.01 pp	15 q
CRICarter's Inc.	0.05%	41,868	$3M	held	—	8 q
DLTRDollar Tree Inc.	0.05%	39,243	$4M	new	+0.05 pp	new
ISBCInvestors Bancorp, Inc.	0.05%	437,388	$4M	trimmed−44%	−0.04 pp	8 q
99803EURLaboratory Crp Of Amer Hldgs	0.05%	20,100	$3M	trimmed−6%	+0.01 pp	22 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.05%	65,136	$4M	added×241.2	+0.05 pp	2 q
AGCOAGCO Corporation	0.04%	54,702	$3M	held	—	22 q
AANAaron's Inc	0.04%	66,149	$3M	trimmed−52%	0.00 pp	22 q
ARWArrow Electronics, Inc.	0.04%	43,892	$3M	trimmed−17%	0.00 pp	22 q
unresolvedBroadmark Rlty Cap Inc	0.04%	319,539	$3M	new	+0.04 pp	new
GLIBAGci Liberty Inc - Class A	0.04%	37,408	$3M	held	—	2 q
NKENike, Inc.	0.04%	30,580	$3M	added+64%	+0.02 pp	4 q
ORLYO'Reilly Automotive, Inc.	0.04%	6,090	$3M	trimmed−2%	+0.01 pp	12 q
OSKOshkosh Corp.	0.04%	37,406	$3M	trimmed−26%	−0.01 pp	2 q
RNRRenaissanceRe Holdings Ltd.	0.04%	16,653	$3M	added+29%	+0.01 pp	2 q
CHNGChange Healthcare Inc.	0.03%	187,358	$2M	held	—	2 q
FHBFirst Hawaiian, Inc.	0.03%	107,091	$2M	new	+0.03 pp	new
GDGeneral Dynamics Corporation	0.03%	12,800	$2M	added×2.3	+0.02 pp	8 q
GNTXGentex Corp	0.03%	79,045	$2M	held	—	11 q
MKSIMKS Inc.	0.03%	18,635	$2M	trimmed−15%	0.00 pp	8 q
MAMastercard Incorporated	0.03%	6,710	$2M	trimmed−11%	0.00 pp	11 q
PYPLPayPal Holdings, Inc.	0.03%	11,435	$2M	trimmed−13%	+0.01 pp	9 q
MTNVail Resorts, Inc.	0.03%	10,792	$2M	trimmed−29%	0.00 pp	6 q
VVISA Inc.	0.03%	11,900	$2M	trimmed−20%	0.00 pp	11 q
VNOVornado Realty Trust	0.03%	51,388	$2M	new	+0.03 pp	new
ADBEAdobe Inc.	0.02%	3,750	$2M	trimmed−2%	0.00 pp	9 q
ADSKAutodesk Inc	0.02%	6,890	$2M	trimmed−14%	0.00 pp	7 q
DISThe Walt Disney Company	0.02%	12,120	$1M	added0%	0.00 pp	7 q
HDHome Depot, Inc.	0.02%	6,500	$2M	added+28%	+0.01 pp	11 q
NFLXNetFlix Inc	0.02%	2,615	$1M	held	—	2 q
PARRPar Pacific Holdings, Inc.	0.02%	135,209	$1M	held	—	22 q
CRMSalesforce, Inc.	0.02%	8,550	$2M	held	—	9 q
NOWServicenow, Inc.	0.02%	3,240	$1M	trimmed−23%	0.00 pp	4 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.02%	5,400	$2M	trimmed−8%	0.00 pp	11 q
unresolvedViper Energy Partners LP	0.02%	161,406	$2M	trimmed−45%	−0.01 pp	3 q
AMBAAmbarella, Inc.	0.02%	34,844	$2M	trimmed−47%	−0.03 pp	8 q
ABTAbbott Laboratories	0.01%	4,850	$443,000	held	—	11 q
ALGTAllegiant Travel Company	0.01%	4,542	$496,000	trimmed−96%	−0.12 pp	13 q
unresolvedAmerican Intl Group Inc	0.01%	299,195	$419,000	trimmed−73%	0.00 pp	18 q
ELVElevance Health, Inc.	0.01%	2,580	$678,000	added+16%	0.00 pp	19 q
DHRDanaher Corporation	0.01%	2,200	$389,000	added+21%	+0.01 pp	2 q
EEFTEuronet Worldwide Inc	0.01%	10,500	$1M	new	+0.01 pp	new
GDDYGoDaddy Inc	0.01%	5,800	$425,000	held	—	4 q
HONHoneywell International, Inc.	0.01%	2,780	$402,000	held	—	11 q
HUMHumana Inc.	0.01%	1,870	$725,000	added+11%	0.00 pp	5 q
INTCIntel Corp	0.01%	9,700	$580,000	new	+0.01 pp	new
IQVIQVIA Holdings Inc.	0.01%	3,490	$495,000	held	—	9 q
LOWLowe's Companies Inc.	0.01%	4,000	$540,000	new	+0.01 pp	new
MSCIMSCI, Inc.	0.01%	1,495	$499,000	added+19%	0.00 pp	2 q
MSGSMadison Square Garden Sports Corp.	0.01%	3,545	$521,000	trimmed−12%	0.00 pp	19 q
NVDANvidia Corp	0.01%	1,560	$593,000	trimmed−37%	0.00 pp	2 q
SYKStryker Corporation	0.01%	3,225	$581,000	trimmed−17%	0.00 pp	2 q
TMOThermo Fisher Scientific, Inc.	0.01%	2,350	$851,000	held	—	22 q
DBDeutsche Bank Aktiengesellschaft	0.01%	75,587	$720,000	held	—	4 q
MDTMedtronic plc	0.01%	5,050	$463,000	added+28%	0.00 pp	11 q
AKAMAkamai Technologies Inc	0.00%	850	$91,000	new	0.00 pp	new
ADPAutomatic Data Processing	0.00%	2,400	$357,000	added+3%	0.00 pp	4 q
BXBlackstone Inc.	0.00%	3,000	$170,000	new	0.00 pp	new
CBRECbre Group, Inc.	0.00%	3,815	$173,000	held	—	3 q
STZConstellation Brands, Inc.	0.00%	1,050	$184,000	new	0.00 pp	new
CRWDCrowdStrike Holdings, Inc. Class A	0.00%	700	$70,000	new	0.00 pp	new
EWEdwards Lifesciences Corp	0.00%	1,875	$130,000	held	—	2 q
EAElectronic Arts Inc	0.00%	1,750	$231,000	held	—	7 q
HCAHCA Healthcare, Inc.	0.00%	2,500	$243,000	held	—	2 q
ILMNIllumina Inc	0.00%	380	$141,000	new	0.00 pp	new
ISRGIntuitive Surgical Inc.	0.00%	610	$348,000	trimmed−60%	−0.01 pp	2 q
JPMJPMorgan Chase & Co.	0.00%	3,280	$309,000	trimmed−49%	−0.01 pp	11 q
KKRKKR & Co. Inc.	0.00%	6,365	$197,000	trimmed−77%	−0.01 pp	9 q
LAMRLamar Advertising Co	0.00%	5,315	$355,000	new	0.00 pp	new
ELThe Estee Lauder Companies Inc. Class A	0.00%	925	$175,000	new	0.00 pp	new
LPSNLivePerson Inc	0.00%	2,300	$95,000	new	0.00 pp	new
LMTLockheed Martin Corp.	0.00%	720	$263,000	held	—	8 q
MTCHMatch Group, Inc	0.00%	1,950	$209,000	new	0.00 pp	new
MCDMcDonald's Corporation	0.00%	1,875	$346,000	new	0.00 pp	new
MCOMoody's Corporation	0.00%	650	$179,000	new	0.00 pp	new
NOCNorthrop Grumman Corp.	0.00%	425	$131,000	held	—	9 q
OMCLOmnicell Inc	0.00%	2,650	$187,000	new	0.00 pp	new
QCOMQualcomm Inc	0.00%	2,875	$262,000	new	0.00 pp	new
RHPRyman Hospitality Properties, Inc	0.00%	100	$3,000	new	0.00 pp	new
SPGIS&P Global Inc.	0.00%	550	$181,000	new	0.00 pp	new
SBUXStarbucks Corp	0.00%	3,000	$221,000	new	0.00 pp	new
TSLATesla, Inc.	0.00%	85	$92,000	new	0.00 pp	new
TWTRTwitter, Inc.	0.00%	5,800	$173,000	new	0.00 pp	new
WDAYWorkday, Inc. Class A	0.00%	1,530	$287,000	new	0.00 pp	new
ZTSZoetis Inc.	0.00%	2,480	$340,000	trimmed−37%	−0.01 pp	2 q
MRKTIhs Markit Ltd	0.00%	2,450	$185,000	new	0.00 pp	new
SPOTSpotify Technology S.A.	0.00%	47	$12,000	trimmed−69%	0.00 pp	4 q
UTXZRTX Corporation	—	−2,269,645	—	exited	−3.10 pp	—
JDJD.com, Inc.	—	−3,248,187	—	exited	−1.90 pp	—
DDDuPont de Nemours, Inc.	—	−3,662,992	—	exited	−1.81 pp	—
unresolvedAon PLC	—	−752,130	—	exited	−1.80 pp	—
OIO-I Glass, Inc.	—	−6,116,800	—	exited	−0.63 pp	—
SERVTerminix Global Holdings Inc	—	−298,660	—	exited	−0.12 pp	—
CSCOCisco Systems, Inc. (DE)	—	−35,000	—	exited	−0.02 pp	—
CACCCredit Acceptance Corp	—	−1,542	—	exited	−0.01 pp	—
BATRKAtlanta Braves Holdings, Inc. Series C	—	−47,804	—	exited	−0.01 pp	—
RGSRegis Corporation	—	−172,866	—	exited	−0.01 pp	—
SKYWSkywest Inc	—	−39,241	—	exited	−0.01 pp	—
AXPAmerican Express Company	—	−2,125	—	exited	0.00 pp	—
HIIHuntington Ingalls Industries, Inc.	—	−1,000	—	exited	0.00 pp	—
RYAAYRyanair Holdings plc	—	−4,493	—	exited	0.00 pp	—
SLRCSLR Investment Corp.	—	−2,200	—	exited	0.00 pp	—
WHFWhiteHorse Finance, Inc.	—	−9,361	—	exited	0.00 pp	—