FPA

Q3 2020 13F · by Steven Romick, CEO

As of: Sep 30, 2020
Filed: Nov 13, 2020
US stock: $7.0B · prev $7.2B
Positions: 141 · prev 139
Options notional: $199M
Documents: 1· no amendments

Picture97.2% US stock

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

US stock listed on a US exchange 97.2%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 2.6%
Calls at notional value 0.2%

Moves105 since the prior filing

−0.0 pp in · −0.7 pp out

New 17 +0.12 pp
Added 24 −0.15 pp
Trimmed 48 +0.55 pp
Exited 15 −1.24 pp

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

The book

Focused · behaves like 25 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 4.6% a year, about 21.6 years per position

Low
Moderate
High

Top 5 positions28% of US stock

Positions141 in this filing · 15 exited


CMCSAComcast Corp	7.00%	10,581,990	$490M	trimmed−10%	+0.63 pp	12 q
AVGOBroadcom Inc.	5.44%	1,044,467	$381M	trimmed−21%	−0.32 pp	10 q
AIGAmerican International Group, Inc.	5.34%	13,559,348	$373M	added+1%	−0.44 pp	23 q
CHTRCharter Comm Inc Del CL A New	5.33%	597,586	$373M	trimmed−11%	+0.58 pp	10 q
GOOGAlphabet Inc. Class C	5.20%	247,263	$363M	trimmed−10%	−0.17 pp	23 q
METAMeta Platforms, Inc. Class A	5.20%	1,388,090	$364M	trimmed−16%	+0.02 pp	12 q
GOOGLAlphabet Inc. Class A	5.03%	240,215	$352M	trimmed−9%	−0.17 pp	20 q
ADIAnalog Devices, Inc.	5.00%	2,996,622	$350M	trimmed−2%	−0.22 pp	23 q
0VQJLTe Connectivity Ltd	4.90%	3,509,514	$343M	trimmed−12%	+0.41 pp	23 q
JEFJefferies Financial Group Inc.	4.43%	17,221,091	$310M	trimmed−5%	+0.54 pp	10 q
BIDUBaidu, Inc.	3.51%	1,941,082	$246M	trimmed−6%	+0.07 pp	19 q
MSFTMicrosoft Corp	3.47%	1,153,275	$243M	trimmed−18%	−0.49 pp	23 q
CCitigroup Inc.	3.36%	5,446,743	$235M	added+2%	−0.43 pp	23 q
BKNGBooking Holdings Inc.	3.06%	125,030	$214M	trimmed−16%	−0.21 pp	11 q
WFCWells Fargo & Co.	2.84%	8,439,139	$198M	added+9%	+0.10 pp	10 q
HWMHowmet Aerospace Inc.	2.82%	11,812,930	$198M	trimmed−8%	−0.01 pp	16 q
DELLDell Technologies Inc.	2.73%	2,825,671	$191M	held	—	5 q
KMIKinder Morgan, Inc.	2.66%	15,078,144	$186M	added+1%	−0.47 pp	11 q
AONAon plc Class A	2.65%	897,090	$185M	added+1%	+0.28 pp	2 q
WABWabtec Inc.	2.55%	2,880,748	$178M	added+1%	+0.28 pp	3 q
UNVRUnivar Solutions Inc.	2.28%	9,438,319	$159M	trimmed−1%	+0.06 pp	7 q
BABAAlibaba Group Holding Limited	2.03%	483,641	$142M	trimmed−0%	+0.58 pp	10 q
MARMarriott International Class A	1.75%	1,320,836	$122M	added+1%	+0.19 pp	10 q
BACBank of America Corporation	1.59%	4,610,375	$111M	trimmed−13%	−0.15 pp	23 q
LPLALPL Financial Holdings Inc.	1.50%	1,372,106	$105M	trimmed−2%	−0.02 pp	22 q
NXPINXP Semiconductors N.V.	1.30%	727,063	$91M	trimmed−9%	+0.03 pp	3 q
CITCIT Group Inc.	1.21%	4,789,245	$85M	trimmed−20%	−0.51 pp	23 q
SBNYSignature Bank (NY)	0.98%	822,460	$68M	added0%	−0.23 pp	8 q
PCGPG&E Corporation	0.85%	6,335,118	$59M	added+57%	+0.35 pp	11 q
DGDollar General Corp.	0.24%	79,075	$17M	held	—	16 q
ACNAccenture PLC	0.24%	74,525	$17M	added+31%	+0.07 pp	7 q
ORCLOracle Corp	0.23%	270,980	$16M	held	—	23 q
OECOrion S.A.	0.21%	1,167,800	$15M	trimmed−31%	−0.04 pp	12 q
IDCCInterDigital, Inc.	0.19%	235,295	$13M	held	—	23 q
CNCCentene Corporation	0.14%	165,984	$10M	added+12%	+0.01 pp	5 q
VGVonage Holdings Corp	0.13%	881,862	$9M	trimmed−14%	−0.01 pp	5 q
ACIWACI Worldwide, Inc.	0.10%	278,948	$7M	added+45%	+0.03 pp	5 q
GPKGraphic Packaging Holding Company	0.10%	497,217	$7M	held	—	12 q
AIYActivision Blizzard Inc	0.09%	77,450	$6M	held	—	10 q
AMZNAmazon.Com Inc	0.09%	1,933	$6M	held	—	11 q
RUSHARush Enterprises Inc	0.09%	126,676	$6M	trimmed−6%	+0.01 pp	21 q
SAICScience Applications International Corporation	0.09%	83,679	$7M	added+6%	0.00 pp	6 q
THSTreehouse Foods, Inc.	0.09%	155,980	$6M	added+42%	+0.02 pp	4 q
CHNGChange Healthcare Inc.	0.08%	377,542	$5M	added×2.0	+0.05 pp	3 q
VYXNCR Voyix Corporation	0.08%	248,723	$6M	trimmed−8%	+0.02 pp	3 q
UPWKUpwork Inc.	0.08%	317,205	$6M	trimmed−6%	+0.01 pp	2 q
AAPLApple Inc.	0.07%	39,375	$5M	trimmed−3%	+0.02 pp	16 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.07%	56,566	$5M	trimmed−13%	+0.02 pp	3 q
TDWTidewater, Inc.	0.07%	721,347	$5M	trimmed−25%	0.00 pp	8 q
CRICarter's Inc.	0.06%	46,122	$4M	added+10%	+0.01 pp	9 q
WDCWestern Digital Corp.	0.06%	122,756	$4M	added+21%	0.00 pp	23 q
unresolvedBroadmark Rlty Cap Inc	0.05%	319,539	$3M	held	—	2 q
DANDana Incorporated	0.05%	283,517	$3M	trimmed−23%	−0.01 pp	9 q
DLTRDollar Tree Inc.	0.05%	39,243	$4M	held	—	2 q
99803EURLaboratory Crp Of Amer Hldgs	0.05%	20,100	$4M	held	—	23 q
NBLNoble Energy, Inc.	0.05%	394,705	$3M	trimmed−34%	−0.02 pp	21 q
PMPhilip Morris International Inc.	0.05%	47,000	$4M	trimmed−24%	−0.01 pp	14 q
ARWArrow Electronics, Inc.	0.04%	32,186	$3M	trimmed−27%	0.00 pp	23 q
ISBCInvestors Bancorp, Inc.	0.04%	367,231	$3M	trimmed−16%	−0.01 pp	9 q
ORLYO'Reilly Automotive, Inc.	0.04%	6,090	$3M	held	—	13 q
OSKOshkosh Corp.	0.04%	37,406	$3M	held	—	3 q
unresolvedViper Energy Partners LP	0.04%	363,039	$3M	added×2.2	+0.02 pp	4 q
RNRRenaissanceRe Holdings Ltd.	0.04%	17,938	$3M	added+8%	0.00 pp	3 q
AGCOAGCO Corporation	0.03%	30,428	$2M	trimmed−44%	−0.01 pp	23 q
AANAaron's Inc	0.03%	34,842	$2M	trimmed−47%	−0.01 pp	23 q
ADBEAdobe Inc.	0.03%	3,750	$2M	held	—	10 q
GLIBAGci Liberty Inc - Class A	0.03%	27,027	$2M	trimmed−28%	−0.01 pp	3 q
GNTXGentex Corp	0.03%	79,045	$2M	held	—	12 q
HDHome Depot, Inc.	0.03%	6,500	$2M	held	—	12 q
MKSIMKS Inc.	0.03%	17,774	$2M	trimmed−5%	0.00 pp	9 q
WEPMagellan Midstream Partners	0.03%	56,081	$2M	new	+0.03 pp	new
MTZMasTec, Inc.	0.03%	44,857	$2M	new	+0.03 pp	new
MAMastercard Incorporated	0.03%	6,050	$2M	trimmed−10%	0.00 pp	12 q
NKENike, Inc.	0.03%	14,540	$2M	trimmed−52%	−0.01 pp	5 q
PYPLPayPal Holdings, Inc.	0.03%	10,700	$2M	trimmed−6%	0.00 pp	10 q
CRMSalesforce, Inc.	0.03%	8,340	$2M	trimmed−2%	+0.01 pp	10 q
VVISA Inc.	0.03%	10,320	$2M	trimmed−13%	0.00 pp	12 q
AMBAAmbarella, Inc.	0.03%	38,886	$2M	added+12%	+0.01 pp	9 q
ADSKAutodesk Inc	0.02%	6,890	$2M	held	—	8 q
GDGeneral Dynamics Corporation	0.02%	12,435	$2M	trimmed−3%	−0.01 pp	9 q
NFLXNetFlix Inc	0.02%	2,615	$1M	held	—	3 q
PARRPar Pacific Holdings, Inc.	0.02%	160,255	$1M	added+19%	0.00 pp	23 q
NOWServicenow, Inc.	0.02%	3,240	$2M	held	—	5 q
SHLXShell Midstream Partners, L.P.	0.02%	141,802	$1M	new	+0.02 pp	new
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.02%	5,400	$2M	held	—	12 q
WTWWillis Towers Watson Public Limited Company	0.02%	6,000	$1M	new	+0.02 pp	new
ABTAbbott Laboratories	0.01%	4,850	$528,000	held	—	12 q
ALGTAllegiant Travel Company	0.01%	4,542	$544,000	held	—	14 q
ELVElevance Health, Inc.	0.01%	2,580	$693,000	held	—	20 q
unresolvedBp Midstream Partners LP	0.01%	86,046	$853,000	new	+0.01 pp	new
DHRDanaher Corporation	0.01%	2,200	$474,000	held	—	3 q
DISThe Walt Disney Company	0.01%	6,100	$757,000	trimmed−50%	−0.01 pp	8 q
EEFTEuronet Worldwide Inc	0.01%	10,500	$957,000	held	—	2 q
GDDYGoDaddy Inc	0.01%	7,500	$570,000	added+29%	0.00 pp	5 q
HUMHumana Inc.	0.01%	1,870	$774,000	held	—	6 q
ISRGIntuitive Surgical Inc.	0.01%	610	$433,000	held	—	3 q
IQVIQVIA Holdings Inc.	0.01%	3,490	$550,000	held	—	10 q
LAMRLamar Advertising Co	0.01%	5,315	$352,000	held	—	2 q
LOWLowe's Companies Inc.	0.01%	4,000	$663,000	held	—	2 q
MCDMcDonald's Corporation	0.01%	1,875	$412,000	held	—	2 q
NVDANvidia Corp	0.01%	1,560	$844,000	held	—	3 q
TMOThermo Fisher Scientific, Inc.	0.01%	2,350	$1M	held	—	23 q
WMTWalmart Inc.	0.01%	7,200	$1M	new	+0.01 pp	new
ZTSZoetis Inc.	0.01%	2,480	$410,000	held	—	3 q
MDTMedtronic plc	0.01%	3,525	$366,000	trimmed−30%	0.00 pp	12 q
AKAMAkamai Technologies Inc	0.00%	850	$94,000	held	—	2 q
unresolvedAmerican Intl Group Inc	0.00%	299,195	$48,000	held	—	19 q
AVLRAvalara, Inc.	0.00%	1,300	$166,000	new	0.00 pp	new
BXBlackstone Inc.	0.00%	6,000	$313,000	added×2.0	0.00 pp	2 q
NETCloudflare, Inc. Class A, par value $0.001 per share	0.00%	2,550	$105,000	new	0.00 pp	new
STZConstellation Brands, Inc.	0.00%	1,050	$199,000	held	—	2 q
CRWDCrowdStrike Holdings, Inc. Class A	0.00%	1,000	$137,000	added+43%	0.00 pp	2 q
DOCUDocuSign, Inc.	0.00%	500	$108,000	new	0.00 pp	new
EWEdwards Lifesciences Corp	0.00%	1,875	$150,000	held	—	3 q
EAElectronic Arts Inc	0.00%	1,750	$228,000	held	—	8 q
HCAHCA Healthcare, Inc.	0.00%	1,060	$132,000	trimmed−58%	0.00 pp	3 q
HONHoneywell International, Inc.	0.00%	1,855	$305,000	trimmed−33%	−0.01 pp	12 q
ILMNIllumina Inc	0.00%	380	$117,000	held	—	2 q
INTUIntuit Inc	0.00%	675	$220,000	new	0.00 pp	new
KKRKKR & Co. Inc.	0.00%	6,365	$219,000	held	—	10 q
ELThe Estee Lauder Companies Inc. Class A	0.00%	925	$202,000	held	—	2 q
LPSNLivePerson Inc	0.00%	2,300	$120,000	held	—	2 q
LMTLockheed Martin Corp.	0.00%	720	$276,000	held	—	9 q
MSCIMSCI, Inc.	0.00%	495	$177,000	trimmed−67%	−0.01 pp	3 q
MTCHMatch Group, Inc	0.00%	1,950	$216,000	new	0.00 pp	new
MCOMoody's Corporation	0.00%	650	$188,000	held	—	2 q
NOCNorthrop Grumman Corp.	0.00%	425	$134,000	held	—	10 q
OKTAOkta, Inc. Class A	0.00%	500	$107,000	new	0.00 pp	new
OMCLOmnicell Inc	0.00%	2,650	$198,000	held	—	2 q
RVTYRevvity, Inc.	0.00%	238	$30,000	new	0.00 pp	new
QCOMQualcomm Inc	0.00%	2,875	$338,000	held	—	2 q
SPGIS&P Global Inc.	0.00%	550	$198,000	held	—	2 q
WORKSlack Technologies, Inc.	0.00%	7,100	$191,000	new	0.00 pp	new
SBUXStarbucks Corp	0.00%	3,000	$258,000	held	—	2 q
SYKStryker Corporation	0.00%	970	$202,000	trimmed−70%	−0.01 pp	3 q
TDOCTeladoc Health, Inc.	0.00%	525	$115,000	new	0.00 pp	new
TWTRTwitter, Inc.	0.00%	5,800	$258,000	held	—	2 q
VEEVVeeva Systems Inc.	0.00%	400	$112,000	new	0.00 pp	new
WDAYWorkday, Inc. Class A	0.00%	1,530	$329,000	held	—	2 q
ZSZscaler, Inc.	0.00%	900	$127,000	new	0.00 pp	new
MRKTIhs Markit Ltd	0.00%	2,450	$192,000	held	—	2 q
OTISOtis Worldwide Corporation	—	−1,143,522	—	exited	−0.90 pp	—
WUBA58.COM Inc	—	−294,643	—	exited	−0.22 pp	—
FHBFirst Hawaiian, Inc.	—	−107,091	—	exited	−0.03 pp	—
MTNVail Resorts, Inc.	—	−10,792	—	exited	−0.03 pp	—
VNOVornado Realty Trust	—	−51,388	—	exited	−0.03 pp	—
INTCIntel Corp	—	−9,700	—	exited	−0.01 pp	—
MSGSMadison Square Garden Sports Corp.	—	−3,545	—	exited	−0.01 pp	—
DBDeutsche Bank Aktiengesellschaft	—	−75,587	—	exited	−0.01 pp	—
ADPAutomatic Data Processing	—	−2,400	—	exited	0.00 pp	—
CBRECbre Group, Inc.	—	−3,815	—	exited	0.00 pp	—
JPMJPMorgan Chase & Co.	—	−3,280	—	exited	0.00 pp	—
MTCHMatch Group, Inc	—	−1,950	—	exited	0.00 pp	—
RHPRyman Hospitality Properties, Inc	—	−100	—	exited	0.00 pp	—
TSLATesla, Inc.	—	−425	—	exited	0.00 pp	—
SPOTSpotify Technology S.A.	—	−47	—	exited	0.00 pp	—