FPA

Q4 2020 13F · by Steven Romick, CEO

As of: Dec 31, 2020
Filed: Feb 9, 2021
US stock: $7.8B · prev $7.0B
Positions: 163 · prev 141
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

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

US stock listed on a US exchange 100.0%
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 0.0%

Moves183 since the prior filing

+8.6 pp in · −8.7 pp out

New 51 +4.17 pp
Added 14 +4.40 pp
Trimmed 87 −7.40 pp
Exited 29 −1.27 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

Moderate turnover · 28% a year, about 3.6 years per position

Low
Moderate
High

Top 5 positions28% of US stock

Positions163 in this filing · 29 exited


CMCSAComcast Corp	6.66%	9,869,170	$517M	trimmed−7%	−0.34 pp	13 q
AIGAmerican International Group, Inc.	5.45%	11,183,298	$423M	trimmed−18%	+0.11 pp	24 q
AVGOBroadcom Inc.	5.43%	963,453	$422M	trimmed−8%	−0.01 pp	11 q
GOOGAlphabet Inc. Class C	5.20%	230,441	$404M	trimmed−7%	0.00 pp	24 q
ADIAnalog Devices, Inc.	5.05%	2,651,430	$392M	trimmed−12%	+0.05 pp	24 q
CHTRCharter Comm Inc Del CL A New	5.02%	588,599	$389M	trimmed−2%	−0.31 pp	11 q
0VQJLTe Connectivity Ltd	4.88%	3,126,352	$379M	trimmed−11%	−0.02 pp	24 q
GOOGLAlphabet Inc. Class A	4.84%	214,167	$375M	trimmed−11%	−0.19 pp	21 q
METAMeta Platforms, Inc. Class A	4.83%	1,372,305	$375M	trimmed−1%	−0.37 pp	13 q
JEFJefferies Financial Group Inc.	4.47%	14,101,744	$347M	trimmed−18%	+0.04 pp	11 q
CCitigroup Inc.	4.32%	5,434,774	$335M	trimmed−0%	+0.96 pp	24 q
BKNGBooking Holdings Inc.	3.67%	127,838	$285M	added+2%	+0.61 pp	12 q
WFCWells Fargo & Co.	3.55%	9,130,541	$276M	added+8%	+0.71 pp	11 q
AONAon plc Class A	3.42%	1,254,963	$265M	added+40%	+0.77 pp	3 q
HWMHowmet Aerospace Inc.	3.41%	9,285,889	$265M	trimmed−21%	+0.59 pp	17 q
WABWabtec Inc.	2.78%	2,952,188	$216M	added+2%	+0.23 pp	4 q
BIDUBaidu, Inc.	2.75%	987,203	$213M	trimmed−49%	−0.76 pp	20 q
KMIKinder Morgan, Inc.	2.30%	13,051,156	$178M	trimmed−13%	−0.36 pp	12 q
MARMarriott International Class A	2.30%	1,352,363	$178M	added+2%	+0.55 pp	11 q
BABAAlibaba Group Holding Limited	2.23%	743,874	$173M	added+54%	+0.20 pp	11 q
DELLDell Technologies Inc.	2.08%	2,206,504	$162M	trimmed−22%	−0.65 pp	6 q
UNVRUnivar Solutions Inc.	1.69%	6,914,035	$131M	trimmed−27%	−0.59 pp	8 q
FEFirstEnergy Corp.	1.66%	4,217,859	$129M	new	+1.66 pp	new
SBNYSignature Bank (NY)	1.64%	938,334	$127M	added+14%	+0.66 pp	9 q
NXPINXP Semiconductors N.V.	1.50%	730,118	$116M	added0%	+0.20 pp	4 q
LPLALPL Financial Holdings Inc.	1.48%	1,099,015	$115M	trimmed−20%	−0.02 pp	23 q
PCGPG&E Corporation	1.06%	6,621,741	$83M	added+5%	+0.21 pp	12 q
BACBank of America Corporation	0.71%	1,819,239	$55M	trimmed−61%	−0.88 pp	24 q
IFFInternational Flavors & Fragrances Inc.	0.60%	429,817	$47M	new	+0.60 pp	new
CITCIT Group Inc.	0.59%	1,281,352	$46M	trimmed−73%	−0.62 pp	24 q
OTEXOpen Text Corp	0.46%	785,999	$36M	new	+0.46 pp	new
WTWWillis Towers Watson Public Limited Company	0.26%	95,147	$20M	added×15.9	+0.24 pp	2 q
OECOrion S.A.	0.24%	1,095,954	$19M	trimmed−6%	+0.03 pp	13 q
IDCCInterDigital, Inc.	0.18%	235,295	$14M	held	—	24 q
SWISolarWinds Corporation	0.14%	724,723	$11M	new	+0.14 pp	new
UPWKUpwork Inc.	0.14%	317,205	$11M	held	—	3 q
GPKGraphic Packaging Holding Company	0.11%	497,217	$8M	held	—	13 q
RUSHARush Enterprises Inc	0.10%	190,013	$8M	trimmed0%	+0.01 pp	22 q
THSTreehouse Foods, Inc.	0.09%	155,980	$7M	held	—	5 q
unresolvedAvanti Acquisition Corp	0.09%	624,000	$7M	new	+0.09 pp	new
AMZNAmazon.Com Inc	0.08%	1,795	$6M	trimmed−7%	−0.01 pp	12 q
EBCEastern Bankshares, Inc.	0.08%	398,805	$7M	new	+0.08 pp	new
HMNHorace Mann Educators Corporation	0.08%	140,098	$6M	new	+0.08 pp	new
MSFTMicrosoft Corp	0.08%	26,660	$6M	trimmed−98%	−3.39 pp	24 q
SAICScience Applications International Corporation	0.08%	69,619	$7M	trimmed−17%	−0.01 pp	7 q
TDWTidewater, Inc.	0.08%	716,469	$6M	trimmed−1%	+0.01 pp	9 q
CRICarter's Inc.	0.07%	58,772	$6M	added+27%	+0.01 pp	10 q
MSMMSC Industrial Direct Co., Inc. Class A	0.07%	61,324	$5M	new	+0.07 pp	new
MATVMativ Holdings, Inc.	0.07%	138,445	$6M	new	+0.07 pp	new
AELAmerican Equity Investment Life Holding Company	0.06%	172,728	$5M	new	+0.06 pp	new
AAPLApple Inc.	0.06%	37,355	$5M	trimmed−5%	−0.01 pp	17 q
CSWCSW Industrials, Inc.	0.06%	41,717	$5M	new	+0.06 pp	new
CHNGChange Healthcare Inc.	0.06%	264,311	$5M	trimmed−30%	−0.02 pp	4 q
SYNASynaptics Inc	0.06%	50,511	$5M	new	+0.06 pp	new
unresolvedCsg Sys Intl Inc	0.05%	84,752	$4M	new	+0.05 pp	new
DLTRDollar Tree Inc.	0.05%	39,243	$4M	held	—	3 q
OSKOshkosh Corp.	0.05%	43,363	$4M	added+16%	+0.01 pp	4 q
PVHPVH Corp.	0.05%	45,166	$4M	new	+0.05 pp	new
FNFabrinet	0.05%	47,416	$4M	new	+0.05 pp	new
ARWArrow Electronics, Inc.	0.04%	31,199	$3M	trimmed−3%	0.00 pp	24 q
unresolvedBroadmark Rlty Cap Inc	0.04%	319,539	$3M	held	—	3 q
GGGGraco Inc	0.04%	43,268	$3M	new	+0.04 pp	new
NJRNew Jersey Resources Corp	0.04%	83,976	$3M	new	+0.04 pp	new
RLIRLI Corp.	0.04%	31,542	$3M	new	+0.04 pp	new
SNXTD SYNNEX Corporation	0.04%	35,731	$3M	new	+0.04 pp	new
VSHVishay Intertechnology, Inc.	0.04%	147,569	$3M	new	+0.04 pp	new
ADSKAutodesk Inc	0.03%	6,360	$2M	trimmed−8%	+0.01 pp	9 q
CNOCNO Financial Group, Inc.	0.03%	101,881	$2M	new	+0.03 pp	new
CNXCConcentrix Corporation	0.03%	25,461	$3M	new	+0.03 pp	new
DARDarling Ingredients Inc.	0.03%	46,301	$3M	new	+0.03 pp	new
GIIIG-Iii Apparel Group Ltd	0.03%	97,799	$2M	new	+0.03 pp	new
ISBCInvestors Bancorp, Inc.	0.03%	209,030	$2M	trimmed−43%	−0.01 pp	10 q
WEPMagellan Midstream Partners	0.03%	56,081	$2M	held	—	2 q
MAMastercard Incorporated	0.03%	5,655	$2M	trimmed−7%	0.00 pp	13 q
ACHAccendra Health, Inc.	0.03%	86,472	$2M	new	+0.03 pp	new
PARRPar Pacific Holdings, Inc.	0.03%	160,255	$2M	held	—	24 q
PYPLPayPal Holdings, Inc.	0.03%	8,950	$2M	trimmed−16%	0.00 pp	11 q
SCHLScholastic Corp	0.03%	78,697	$2M	new	+0.03 pp	new
SFBSServisFirst Bancshares Inc.	0.03%	52,900	$2M	new	+0.03 pp	new
SJISouth Jersey Industries, Inc.	0.03%	124,757	$3M	new	+0.03 pp	new
VVISA Inc.	0.03%	9,210	$2M	trimmed−11%	0.00 pp	13 q
ACNAccenture PLC	0.03%	7,454	$2M	trimmed−90%	−0.21 pp	8 q
AGCOAGCO Corporation	0.02%	12,587	$1M	trimmed−59%	−0.01 pp	24 q
ADBEAdobe Inc.	0.02%	3,637	$2M	trimmed−3%	−0.01 pp	11 q
ANATAmerican National Group, Inc.	0.02%	17,128	$2M	new	+0.02 pp	new
AXAxos Financial, Inc.	0.02%	51,394	$2M	new	+0.02 pp	new
DCODucommun Incorporated	0.02%	27,095	$1M	new	+0.02 pp	new
HDHome Depot, Inc.	0.02%	6,305	$2M	trimmed−3%	−0.01 pp	13 q
LTHMLivent Corporation	0.02%	79,440	$1M	new	+0.02 pp	new
MTZMasTec, Inc.	0.02%	27,895	$2M	trimmed−38%	−0.01 pp	2 q
NFLXNetFlix Inc	0.02%	2,536	$1M	trimmed−3%	0.00 pp	4 q
NKENike, Inc.	0.02%	13,541	$2M	trimmed−7%	−0.01 pp	6 q
CRMSalesforce, Inc.	0.02%	8,089	$2M	trimmed−3%	−0.01 pp	11 q
NOWServicenow, Inc.	0.02%	3,142	$2M	trimmed−3%	0.00 pp	6 q
SHLXShell Midstream Partners, L.P.	0.02%	141,802	$1M	held	—	2 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.02%	5,238	$2M	trimmed−3%	0.00 pp	13 q
ABTAbbott Laboratories	0.01%	4,704	$515,000	trimmed−3%	0.00 pp	13 q
AIYActivision Blizzard Inc	0.01%	6,693	$621,000	trimmed−91%	−0.08 pp	11 q
ALGTAllegiant Travel Company	0.01%	4,542	$860,000	held	—	15 q
ELVElevance Health, Inc.	0.01%	1,915	$615,000	trimmed−26%	0.00 pp	21 q
unresolvedBp Midstream Partners LP	0.01%	76,434	$810,000	trimmed−11%	0.00 pp	2 q
BRK.BBERKSHIRE HATHAWAY Class B	0.01%	1,700	$394,000	new	+0.01 pp	new
CJCDChase Corp	0.01%	6,607	$667,000	new	+0.01 pp	new
unresolvedColfax Corp	0.01%	23,767	$909,000	new	+0.01 pp	new
DHRDanaher Corporation	0.01%	2,134	$474,000	trimmed−3%	0.00 pp	4 q
DISThe Walt Disney Company	0.01%	4,340	$786,000	trimmed−29%	0.00 pp	9 q
FSTRFoster (Lb) Co	0.01%	62,348	$938,000	new	+0.01 pp	new
HUMHumana Inc.	0.01%	1,678	$688,000	trimmed−10%	0.00 pp	7 q
ISRGIntuitive Surgical Inc.	0.01%	592	$484,000	trimmed−3%	0.00 pp	4 q
IQVIQVIA Holdings Inc.	0.01%	3,385	$606,000	trimmed−3%	0.00 pp	11 q
LAMRLamar Advertising Co	0.01%	5,315	$442,000	held	—	3 q
LFUSLittelfuse Inc	0.01%	3,813	$971,000	new	+0.01 pp	new
LOWLowe's Companies Inc.	0.01%	3,880	$623,000	trimmed−3%	0.00 pp	3 q
NVDANvidia Corp	0.01%	1,474	$770,000	trimmed−6%	0.00 pp	4 q
QCOMQualcomm Inc	0.01%	2,788	$425,000	trimmed−3%	+0.01 pp	3 q
TMOThermo Fisher Scientific, Inc.	0.01%	2,279	$1M	trimmed−3%	0.00 pp	24 q
TRIPTripAdvisor, Inc.	0.01%	25,406	$731,000	new	+0.01 pp	new
UNFUnifirst Corp	0.01%	4,923	$1M	new	+0.01 pp	new
WMTWalmart Inc.	0.01%	6,576	$948,000	trimmed−9%	0.00 pp	2 q
ZTSZoetis Inc.	0.01%	2,405	$398,000	trimmed−3%	0.00 pp	4 q
MDTMedtronic plc	0.01%	3,419	$401,000	trimmed−3%	0.00 pp	13 q
unresolvedThe Aarons Company Inc	0.00%	17,421	$330,000	new	0.00 pp	new
AVLRAvalara, Inc.	0.00%	1,261	$208,000	trimmed−3%	0.00 pp	2 q
BLQADBlackrock Inc	0.00%	150	$108,000	new	0.00 pp	new
BXBlackstone Inc.	0.00%	4,146	$269,000	trimmed−31%	0.00 pp	3 q
NETCloudflare, Inc. Class A, par value $0.001 per share	0.00%	2,473	$188,000	trimmed−3%	0.00 pp	2 q
STZConstellation Brands, Inc.	0.00%	451	$99,000	trimmed−57%	0.00 pp	3 q
CRWDCrowdStrike Holdings, Inc. Class A	0.00%	970	$205,000	trimmed−3%	0.00 pp	3 q
DOCUDocuSign, Inc.	0.00%	698	$155,000	added+40%	0.00 pp	2 q
DGDollar General Corp.	0.00%	373	$78,000	trimmed−100%	−0.24 pp	17 q
EWEdwards Lifesciences Corp	0.00%	1,818	$166,000	trimmed−3%	0.00 pp	4 q
ETSYEtsy, Inc.	0.00%	339	$60,000	new	0.00 pp	new
FSLYFastly, Inc. Class A	0.00%	1,552	$136,000	new	0.00 pp	new
GDDYGoDaddy Inc	0.00%	4,534	$376,000	trimmed−40%	−0.01 pp	6 q
GDRXGoodRx Holdings, Inc. Class A	0.00%	2,813	$113,000	new	0.00 pp	new
HONHoneywell International, Inc.	0.00%	1,799	$383,000	trimmed−3%	0.00 pp	13 q
ILMNIllumina Inc	0.00%	368	$136,000	trimmed−3%	0.00 pp	3 q
INTUIntuit Inc	0.00%	654	$248,000	trimmed−3%	0.00 pp	2 q
KKRKKR & Co. Inc.	0.00%	6,174	$250,000	trimmed−3%	0.00 pp	11 q
ELThe Estee Lauder Companies Inc. Class A	0.00%	897	$239,000	trimmed−3%	0.00 pp	3 q
LPSNLivePerson Inc	0.00%	2,231	$139,000	trimmed−3%	0.00 pp	3 q
LMTLockheed Martin Corp.	0.00%	659	$234,000	trimmed−8%	0.00 pp	10 q
LULUlululemon athletica inc.	0.00%	100	$35,000	new	0.00 pp	new
MSCIMSCI, Inc.	0.00%	480	$214,000	trimmed−3%	0.00 pp	4 q
MTCHMatch Group, Inc	0.00%	1,891	$286,000	trimmed−3%	0.00 pp	2 q
MCDMcDonald's Corporation	0.00%	1,779	$382,000	trimmed−5%	−0.01 pp	3 q
MELIMercado Libre, Inc	0.00%	88	$147,000	new	0.00 pp	new
MCOMoody's Corporation	0.00%	436	$127,000	trimmed−33%	0.00 pp	3 q
ORLYO'Reilly Automotive, Inc.	0.00%	848	$384,000	trimmed−86%	−0.04 pp	14 q
OKTAOkta, Inc. Class A	0.00%	485	$123,000	trimmed−3%	0.00 pp	2 q
PLTRPalantir Technologies Inc. Class A	0.00%	4,365	$103,000	new	0.00 pp	new
SPGIS&P Global Inc.	0.00%	169	$56,000	trimmed−69%	0.00 pp	3 q
SSNCSS&C Technologies Inc	0.00%	4,784	$348,000	new	0.00 pp	new
SHOPShopify Inc. Class A subordinate voting shares	0.00%	73	$83,000	new	0.00 pp	new
WORKSlack Technologies, Inc.	0.00%	4,400	$186,000	trimmed−38%	0.00 pp	2 q
XYZBlock, Inc.	0.00%	363	$79,000	new	0.00 pp	new
SBUXStarbucks Corp	0.00%	2,910	$311,000	trimmed−3%	0.00 pp	3 q
SYKStryker Corporation	0.00%	940	$230,000	trimmed−3%	0.00 pp	4 q
TWTRTwitter, Inc.	0.00%	5,626	$305,000	trimmed−3%	0.00 pp	3 q
VSECVSE Corp	0.00%	7,540	$290,000	new	0.00 pp	new
WDAYWorkday, Inc. Class A	0.00%	1,484	$356,000	trimmed−3%	0.00 pp	3 q
ZSZscaler, Inc.	0.00%	931	$186,000	added+3%	0.00 pp	2 q
MRKTIhs Markit Ltd	0.00%	2,376	$213,000	trimmed−3%	0.00 pp	3 q
ORCLOracle Corp	—	−270,980	—	exited	−0.23 pp	—
CNCCentene Corporation	—	−165,984	—	exited	−0.14 pp	—
VGVonage Holdings Corp	—	−881,862	—	exited	−0.13 pp	—
ACIWACI Worldwide, Inc.	—	−278,948	—	exited	−0.10 pp	—
VYXNCR Voyix Corporation	—	−248,723	—	exited	−0.08 pp	—
TSMTaiwan Semiconductor Manufacturing Company Ltd.	—	−56,566	—	exited	−0.07 pp	—
WDCWestern Digital Corp.	—	−122,756	—	exited	−0.06 pp	—
DANDana Incorporated	—	−283,517	—	exited	−0.05 pp	—
99803EURLaboratory Crp Of Amer Hldgs	—	−20,100	—	exited	−0.05 pp	—
NBLNoble Energy, Inc.	—	−394,705	—	exited	−0.05 pp	—
PMPhilip Morris International Inc.	—	−47,000	—	exited	−0.05 pp	—
unresolvedViper Energy Partners LP	—	−363,039	—	exited	−0.04 pp	—
RNRRenaissanceRe Holdings Ltd.	—	−17,938	—	exited	−0.04 pp	—
AANAaron's Inc	—	−34,842	—	exited	−0.03 pp	—
GLIBAGci Liberty Inc - Class A	—	−27,027	—	exited	−0.03 pp	—
GNTXGentex Corp	—	−79,045	—	exited	−0.03 pp	—
MKSIMKS Inc.	—	−17,774	—	exited	−0.03 pp	—
AMBAAmbarella, Inc.	—	−38,886	—	exited	−0.03 pp	—
GDGeneral Dynamics Corporation	—	−12,435	—	exited	−0.02 pp	—
EEFTEuronet Worldwide Inc	—	−10,500	—	exited	−0.01 pp	—
AKAMAkamai Technologies Inc	—	−850	—	exited	0.00 pp	—
unresolvedAmerican Intl Group Inc	—	−299,195	—	exited	0.00 pp	—
EAElectronic Arts Inc	—	−1,750	—	exited	0.00 pp	—
HCAHCA Healthcare, Inc.	—	−1,060	—	exited	0.00 pp	—
NOCNorthrop Grumman Corp.	—	−425	—	exited	0.00 pp	—
OMCLOmnicell Inc	—	−2,650	—	exited	0.00 pp	—
RVTYRevvity, Inc.	—	−238	—	exited	0.00 pp	—
TDOCTeladoc Health, Inc.	—	−525	—	exited	0.00 pp	—
VEEVVeeva Systems Inc.	—	−400	—	exited	0.00 pp	—