FPA

Q1 2021 13F · by Steven Romick, CEO

As of: Mar 31, 2021
Filed: May 11, 2021
US stock: $7.4B · prev $7.8B
Positions: 123 · prev 163
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%

Moves132 since the prior filing

+2.5 pp in · −2.6 pp out

New 11 +0.21 pp
Added 18 +2.32 pp
Trimmed 52 +0.55 pp
Exited 51 −3.14 pp

The book

Focused · behaves like 24 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 7.6% a year, about 13.1 years per position

Low
Moderate
High

Top 5 positions30% of US stock

Positions123 in this filing · 51 exited


CMCSAComcast Corp	6.99%	9,509,463	$515M	trimmed−4%	+0.33 pp	14 q
AIGAmerican International Group, Inc.	5.99%	9,541,396	$441M	trimmed−15%	+0.54 pp	25 q
AVGOBroadcom Inc.	5.70%	905,387	$420M	trimmed−6%	+0.27 pp	12 q
GOOGAlphabet Inc. Class C	5.46%	194,473	$402M	trimmed−16%	+0.26 pp	25 q
METAMeta Platforms, Inc. Class A	5.44%	1,359,570	$400M	trimmed−1%	+0.61 pp	14 q
ADIAnalog Devices, Inc.	5.22%	2,476,143	$384M	trimmed−7%	+0.17 pp	25 q
0VQJLTe Connectivity Ltd	5.16%	2,940,319	$380M	trimmed−6%	+0.28 pp	25 q
CCitigroup Inc.	5.10%	5,164,091	$376M	trimmed−5%	+0.78 pp	25 q
CHTRCharter Comm Inc Del CL A New	4.83%	575,865	$355M	trimmed−2%	−0.19 pp	12 q
GOOGLAlphabet Inc. Class A	4.81%	171,825	$354M	trimmed−20%	−0.03 pp	22 q
WFCWells Fargo & Co.	4.07%	7,675,735	$300M	trimmed−16%	+0.52 pp	12 q
AONAon plc Class A	3.69%	1,179,845	$271M	trimmed−6%	+0.27 pp	4 q
WABWabtec Inc.	3.18%	2,960,455	$234M	added0%	+0.40 pp	5 q
HWMHowmet Aerospace Inc.	3.16%	7,233,534	$232M	trimmed−22%	−0.25 pp	18 q
BKNGBooking Holdings Inc.	3.09%	97,721	$228M	trimmed−24%	−0.58 pp	13 q
JEFJefferies Financial Group Inc.	2.92%	7,131,784	$215M	trimmed−49%	−1.55 pp	12 q
KMIKinder Morgan, Inc.	2.73%	12,061,911	$201M	trimmed−8%	+0.43 pp	13 q
MARMarriott International Class A	2.49%	1,237,725	$183M	trimmed−8%	+0.19 pp	12 q
IFFInternational Flavors & Fragrances Inc.	2.30%	1,215,344	$170M	added×2.8	+1.70 pp	2 q
BABAAlibaba Group Holding Limited	2.25%	730,708	$166M	trimmed−2%	+0.02 pp	12 q
NXPINXP Semiconductors N.V.	1.99%	728,559	$147M	trimmed−0%	+0.49 pp	5 q
FEFirstEnergy Corp.	1.97%	4,176,449	$145M	trimmed−1%	+0.31 pp	2 q
UNVRUnivar Solutions Inc.	1.74%	5,941,480	$128M	trimmed−14%	+0.05 pp	9 q
LPLALPL Financial Holdings Inc.	1.67%	862,918	$123M	trimmed−21%	+0.19 pp	24 q
BIDUBaidu, Inc.	1.53%	518,161	$113M	trimmed−48%	−1.22 pp	21 q
DELLDell Technologies Inc.	1.50%	1,255,446	$111M	trimmed−43%	−0.58 pp	7 q
PCGPG&E Corporation	1.06%	6,672,958	$78M	added+1%	0.00 pp	13 q
SBNYSignature Bank (NY)	0.83%	269,949	$61M	trimmed−71%	−0.81 pp	10 q
OTEXOpen Text Corp	0.51%	785,341	$37M	trimmed−0%	+0.05 pp	2 q
WTWWillis Towers Watson Public Limited Company	0.45%	145,049	$33M	added+52%	+0.19 pp	3 q
OECOrion S.A.	0.25%	941,920	$19M	trimmed−14%	+0.01 pp	14 q
AYXAlteryx, Inc.	0.19%	167,805	$14M	new	+0.19 pp	new
SWISolarWinds Corporation	0.17%	735,254	$13M	added+1%	+0.03 pp	2 q
TDWTidewater, Inc.	0.12%	706,360	$9M	trimmed−1%	+0.04 pp	10 q
UPWKUpwork Inc.	0.12%	201,997	$9M	trimmed−36%	−0.02 pp	4 q
RUSHARush Enterprises Inc	0.11%	162,292	$8M	trimmed−15%	+0.01 pp	23 q
EBCEastern Bankshares, Inc.	0.09%	335,742	$6M	trimmed−16%	+0.01 pp	2 q
MSFTMicrosoft Corp	0.09%	26,660	$6M	held	—	25 q
unresolvedAvanti Acquisition Corp	0.09%	624,000	$6M	held	—	2 q
AMZNAmazon.Com Inc	0.08%	1,795	$6M	held	—	13 q
AAPLApple Inc.	0.06%	35,350	$4M	trimmed−5%	0.00 pp	18 q
CHNGChange Healthcare Inc.	0.06%	186,977	$4M	trimmed−29%	0.00 pp	5 q
unresolvedBroadmark Rlty Cap Inc	0.05%	319,539	$3M	held	—	4 q
DLTRDollar Tree Inc.	0.05%	33,615	$4M	trimmed−14%	0.00 pp	4 q
WEPMagellan Midstream Partners	0.03%	47,939	$2M	trimmed−15%	0.00 pp	3 q
PARRPar Pacific Holdings, Inc.	0.03%	160,255	$2M	held	—	25 q
PYPLPayPal Holdings, Inc.	0.03%	7,955	$2M	trimmed−11%	0.00 pp	12 q
ADBEAdobe Inc.	0.02%	3,637	$2M	held	—	12 q
ADSKAutodesk Inc	0.02%	6,345	$2M	trimmed−0%	−0.01 pp	10 q
HDHome Depot, Inc.	0.02%	5,905	$2M	trimmed−6%	0.00 pp	14 q
MAMastercard Incorporated	0.02%	5,045	$2M	trimmed−11%	−0.01 pp	14 q
NFLXNetFlix Inc	0.02%	2,536	$1M	held	—	5 q
NKENike, Inc.	0.02%	13,541	$2M	held	—	7 q
CRMSalesforce, Inc.	0.02%	8,089	$2M	held	—	12 q
NOWServicenow, Inc.	0.02%	3,142	$2M	held	—	7 q
SHLXShell Midstream Partners, L.P.	0.02%	121,263	$2M	trimmed−14%	0.00 pp	3 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.02%	4,840	$2M	trimmed−8%	0.00 pp	14 q
VVISA Inc.	0.02%	8,505	$2M	trimmed−8%	−0.01 pp	14 q
ACNAccenture PLC	0.02%	6,520	$2M	trimmed−13%	−0.01 pp	9 q
ABTAbbott Laboratories	0.01%	4,704	$564,000	held	—	14 q
AIYActivision Blizzard Inc	0.01%	6,693	$622,000	held	—	12 q
ALGTAllegiant Travel Company	0.01%	3,952	$965,000	trimmed−13%	0.00 pp	16 q
ELVElevance Health, Inc.	0.01%	1,915	$687,000	held	—	22 q
unresolvedBp Midstream Partners LP	0.01%	76,434	$968,000	held	—	3 q
DHRDanaher Corporation	0.01%	2,134	$480,000	held	—	5 q
DISThe Walt Disney Company	0.01%	4,340	$801,000	held	—	10 q
HUMHumana Inc.	0.01%	1,678	$704,000	held	—	8 q
ISRGIntuitive Surgical Inc.	0.01%	592	$437,000	held	—	5 q
IQVIQVIA Holdings Inc.	0.01%	3,385	$654,000	held	—	12 q
URTHiShares MSCI World ETF	0.01%	8,806	$1M	new	+0.01 pp	new
LAMRLamar Advertising Co	0.01%	5,315	$499,000	held	—	4 q
LOWLowe's Companies Inc.	0.01%	4,300	$818,000	added+11%	0.00 pp	4 q
NVDANvidia Corp	0.01%	1,474	$787,000	held	—	5 q
ORLYO'Reilly Automotive, Inc.	0.01%	848	$430,000	held	—	15 q
QCOMQualcomm Inc	0.01%	2,788	$370,000	held	—	4 q
TMOThermo Fisher Scientific, Inc.	0.01%	2,279	$1M	held	—	25 q
WDAYWorkday, Inc. Class A	0.01%	1,484	$369,000	held	—	4 q
ZTSZoetis Inc.	0.01%	2,405	$379,000	held	—	5 q
EROSEros International PLC	0.01%	404,939	$733,000	new	+0.01 pp	new
AVLRAvalara, Inc.	0.00%	1,425	$190,000	added+13%	0.00 pp	3 q
BLQADBlackrock Inc	0.00%	305	$230,000	added×2.0	0.00 pp	2 q
BXBlackstone Inc.	0.00%	4,146	$309,000	held	—	4 q
NETCloudflare, Inc. Class A, par value $0.001 per share	0.00%	2,473	$174,000	held	—	3 q
STZConstellation Brands, Inc.	0.00%	451	$103,000	held	—	4 q
CRWDCrowdStrike Holdings, Inc. Class A	0.00%	1,055	$193,000	added+9%	0.00 pp	4 q
DOCUDocuSign, Inc.	0.00%	920	$186,000	added+32%	0.00 pp	3 q
EWEdwards Lifesciences Corp	0.00%	1,818	$152,000	held	—	5 q
EAElectronic Arts Inc	0.00%	2,285	$309,000	new	0.00 pp	new
ETSYEtsy, Inc.	0.00%	339	$68,000	held	—	2 q
GDDYGoDaddy Inc	0.00%	4,534	$352,000	held	—	7 q
GDRXGoodRx Holdings, Inc. Class A	0.00%	1,575	$61,000	trimmed−44%	0.00 pp	2 q
HCAHCA Healthcare, Inc.	0.00%	760	$143,000	new	0.00 pp	new
HONHoneywell International, Inc.	0.00%	1,540	$334,000	trimmed−14%	0.00 pp	14 q
ILMNIllumina Inc	0.00%	368	$141,000	held	—	4 q
INTUIntuit Inc	0.00%	555	$213,000	trimmed−15%	0.00 pp	3 q
KKRKKR & Co. Inc.	0.00%	6,174	$302,000	held	—	12 q
ELThe Estee Lauder Companies Inc. Class A	0.00%	897	$261,000	held	—	4 q
LPSNLivePerson Inc	0.00%	2,231	$118,000	held	—	4 q
LMTLockheed Martin Corp.	0.00%	594	$219,000	trimmed−10%	0.00 pp	11 q
LULUlululemon athletica inc.	0.00%	435	$133,000	added×4.3	0.00 pp	2 q
MSCIMSCI, Inc.	0.00%	480	$201,000	held	—	5 q
MTCHMatch Group, Inc	0.00%	1,891	$260,000	held	—	3 q
MELIMercado Libre, Inc	0.00%	105	$155,000	added+19%	0.00 pp	2 q
MCOMoody's Corporation	0.00%	385	$115,000	trimmed−12%	0.00 pp	4 q
OKTAOkta, Inc. Class A	0.00%	675	$149,000	added+39%	0.00 pp	3 q
PLTRPalantir Technologies Inc. Class A	0.00%	5,000	$116,000	added+15%	0.00 pp	2 q
SPGIS&P Global Inc.	0.00%	70	$25,000	trimmed−59%	0.00 pp	4 q
SSNCSS&C Technologies Inc	0.00%	4,807	$336,000	added0%	0.00 pp	2 q
SHOPShopify Inc. Class A subordinate voting shares	0.00%	107	$118,000	added+47%	0.00 pp	2 q
WORKSlack Technologies, Inc.	0.00%	4,400	$179,000	held	—	3 q
SFMSprouts Farmers Market, Inc.	0.00%	12,850	$342,000	new	0.00 pp	new
XYZBlock, Inc.	0.00%	535	$121,000	added+47%	0.00 pp	2 q
SBUXStarbucks Corp	0.00%	2,910	$318,000	held	—	4 q
SYKStryker Corporation	0.00%	815	$199,000	trimmed−13%	0.00 pp	5 q
TTWOTake-Two Interactive Software Inc	0.00%	1,755	$310,000	new	0.00 pp	new
TSLATesla, Inc.	0.00%	290	$194,000	new	0.00 pp	new
TWTRTwitter, Inc.	0.00%	5,626	$358,000	held	—	4 q
ZGZillow Group Inc Class A	0.00%	850	$112,000	new	0.00 pp	new
ZSZscaler, Inc.	0.00%	1,095	$188,000	added+18%	0.00 pp	3 q
ZMZoom Communications, Inc. Class A	0.00%	420	$135,000	new	0.00 pp	new
MRKTIhs Markit Ltd	0.00%	2,376	$230,000	held	—	4 q
MDTMedtronic plc	0.00%	2,900	$343,000	trimmed−15%	−0.01 pp	14 q
SPOTSpotify Technology S.A.	0.00%	425	$114,000	new	0.00 pp	new
BACBank of America Corporation	—	−1,819,239	—	exited	−0.71 pp	—
CITCIT Group Inc.	—	−1,281,352	—	exited	−0.59 pp	—
IDCCInterDigital, Inc.	—	−235,295	—	exited	−0.18 pp	—
GPKGraphic Packaging Holding Company	—	−497,217	—	exited	−0.11 pp	—
THSTreehouse Foods, Inc.	—	−155,980	—	exited	−0.09 pp	—
HMNHorace Mann Educators Corporation	—	−140,098	—	exited	−0.08 pp	—
SAICScience Applications International Corporation	—	−69,619	—	exited	−0.08 pp	—
CRICarter's Inc.	—	−58,772	—	exited	−0.07 pp	—
MSMMSC Industrial Direct Co., Inc. Class A	—	−61,324	—	exited	−0.07 pp	—
MATVMativ Holdings, Inc.	—	−138,445	—	exited	−0.07 pp	—
AELAmerican Equity Investment Life Holding Company	—	−172,728	—	exited	−0.06 pp	—
CSWCSW Industrials, Inc.	—	−41,717	—	exited	−0.06 pp	—
SYNASynaptics Inc	—	−50,511	—	exited	−0.06 pp	—
unresolvedCsg Sys Intl Inc	—	−84,752	—	exited	−0.05 pp	—
OSKOshkosh Corp.	—	−43,363	—	exited	−0.05 pp	—
PVHPVH Corp.	—	−45,166	—	exited	−0.05 pp	—
FNFabrinet	—	−47,416	—	exited	−0.05 pp	—
ARWArrow Electronics, Inc.	—	−31,199	—	exited	−0.04 pp	—
GGGGraco Inc	—	−43,268	—	exited	−0.04 pp	—
NJRNew Jersey Resources Corp	—	−83,976	—	exited	−0.04 pp	—
RLIRLI Corp.	—	−31,542	—	exited	−0.04 pp	—
SNXTD SYNNEX Corporation	—	−35,731	—	exited	−0.04 pp	—
VSHVishay Intertechnology, Inc.	—	−147,569	—	exited	−0.04 pp	—
CNOCNO Financial Group, Inc.	—	−101,881	—	exited	−0.03 pp	—
CNXCConcentrix Corporation	—	−25,461	—	exited	−0.03 pp	—
DARDarling Ingredients Inc.	—	−46,301	—	exited	−0.03 pp	—
GIIIG-Iii Apparel Group Ltd	—	−97,799	—	exited	−0.03 pp	—
ISBCInvestors Bancorp, Inc.	—	−209,030	—	exited	−0.03 pp	—
ACHAccendra Health, Inc.	—	−86,472	—	exited	−0.03 pp	—
SCHLScholastic Corp	—	−78,697	—	exited	−0.03 pp	—
SFBSServisFirst Bancshares Inc.	—	−52,900	—	exited	−0.03 pp	—
SJISouth Jersey Industries, Inc.	—	−124,757	—	exited	−0.03 pp	—
AGCOAGCO Corporation	—	−12,587	—	exited	−0.02 pp	—
ANATAmerican National Group, Inc.	—	−17,128	—	exited	−0.02 pp	—
AXAxos Financial, Inc.	—	−51,394	—	exited	−0.02 pp	—
DCODucommun Incorporated	—	−27,095	—	exited	−0.02 pp	—
LTHMLivent Corporation	—	−79,440	—	exited	−0.02 pp	—
MTZMasTec, Inc.	—	−27,895	—	exited	−0.02 pp	—
BRK.BBERKSHIRE HATHAWAY Class B	—	−1,700	—	exited	−0.01 pp	—
CJCDChase Corp	—	−6,607	—	exited	−0.01 pp	—
unresolvedColfax Corp	—	−23,767	—	exited	−0.01 pp	—
FSTRFoster (Lb) Co	—	−62,348	—	exited	−0.01 pp	—
LFUSLittelfuse Inc	—	−3,813	—	exited	−0.01 pp	—
TRIPTripAdvisor, Inc.	—	−25,406	—	exited	−0.01 pp	—
UNFUnifirst Corp	—	−4,923	—	exited	−0.01 pp	—
WMTWalmart Inc.	—	−6,576	—	exited	−0.01 pp	—
unresolvedThe Aarons Company Inc	—	−17,421	—	exited	0.00 pp	—
DGDollar General Corp.	—	−373	—	exited	0.00 pp	—
FSLYFastly, Inc. Class A	—	−1,552	—	exited	0.00 pp	—
MCDMcDonald's Corporation	—	−1,779	—	exited	0.00 pp	—
VSECVSE Corp	—	−7,540	—	exited	0.00 pp	—