FPA

Q2 2021 13F · by Steven Romick, CEO

As of: Jun 30, 2021
Filed: Aug 10, 2021
US stock: $8.0B · prev $7.4B
Positions: 188 · prev 123
Options notional: $0
Documents: 1· no amendments

Picture99.9% US stock

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

US stock listed on a US exchange 99.9%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.1%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves147 since the prior filing

+7.1 pp in · −7.1 pp out

New 72 +4.89 pp
Added 20 +2.23 pp
Trimmed 48 −6.84 pp
Exited 7 −0.25 pp

The book

Focused · behaves like 25 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 24% a year, about 4.1 years per position

Low
Moderate
High

Top 5 positions29% of US stock

Positions188 in this filing · 7 exited


CMCSAComcast Corp	6.76%	9,433,628	$538M	trimmed−1%	−0.23 pp	15 q
METAMeta Platforms, Inc. Class A	6.10%	1,397,649	$486M	added+3%	+0.66 pp	15 q
GOOGAlphabet Inc. Class C	5.62%	178,550	$448M	trimmed−8%	+0.16 pp	26 q
GOOGLAlphabet Inc. Class A	5.39%	175,660	$429M	added+2%	+0.58 pp	23 q
AVGOBroadcom Inc.	5.37%	896,662	$428M	trimmed−1%	−0.33 pp	13 q
ADIAnalog Devices, Inc.	5.35%	2,474,818	$426M	trimmed−0%	+0.13 pp	26 q
CHTRCharter Comm Inc Del CL A New	5.21%	575,136	$415M	trimmed−0%	+0.38 pp	13 q
AIGAmerican International Group, Inc.	5.16%	8,626,931	$411M	trimmed−10%	−0.83 pp	26 q
0VQJLTe Connectivity Ltd	4.98%	2,933,402	$397M	trimmed−0%	−0.18 pp	26 q
CCitigroup Inc.	4.52%	5,088,721	$360M	trimmed−1%	−0.58 pp	26 q
WFCWells Fargo & Co.	4.16%	7,305,938	$331M	trimmed−5%	+0.09 pp	13 q
AONAon plc Class A	3.53%	1,177,528	$281M	trimmed−0%	−0.16 pp	5 q
JEFJefferies Financial Group Inc.	3.04%	7,081,232	$242M	trimmed−1%	+0.12 pp	13 q
HWMHowmet Aerospace Inc.	2.81%	6,489,906	$224M	trimmed−10%	−0.35 pp	19 q
BABAAlibaba Group Holding Limited	2.73%	957,979	$217M	added+31%	+0.48 pp	13 q
WABWabtec Inc.	2.52%	2,441,120	$201M	trimmed−18%	−0.66 pp	6 q
IFFInternational Flavors & Fragrances Inc.	2.28%	1,217,268	$182M	added0%	−0.02 pp	3 q
FEFirstEnergy Corp.	1.95%	4,165,762	$155M	trimmed−0%	−0.02 pp	3 q
NXPINXP Semiconductors N.V.	1.87%	725,226	$149M	trimmed−0%	−0.12 pp	6 q
KMIKinder Morgan, Inc.	1.81%	7,901,215	$144M	trimmed−34%	−0.92 pp	14 q
MARMarriott International Class A	1.74%	1,012,974	$138M	trimmed−18%	−0.75 pp	13 q
DELLDell Technologies Inc.	1.56%	1,249,486	$125M	trimmed−0%	+0.06 pp	8 q
BIDUBaidu, Inc.	1.55%	604,289	$123M	added+17%	+0.02 pp	22 q
BKNGBooking Holdings Inc.	1.46%	53,094	$116M	trimmed−46%	−1.63 pp	14 q
UNVRUnivar Solutions Inc.	1.42%	4,644,613	$113M	trimmed−22%	−0.32 pp	10 q
LPLALPL Financial Holdings Inc.	1.35%	796,684	$108M	trimmed−8%	−0.32 pp	25 q
PCGPG&E Corporation	0.87%	6,821,095	$69M	added+2%	−0.19 pp	14 q
NFLXNetFlix Inc	0.70%	106,044	$56M	added×41.8	+0.68 pp	6 q
SBNYSignature Bank (NY)	0.68%	218,900	$54M	trimmed−19%	−0.15 pp	11 q
OTEXOpen Text Corp	0.50%	785,279	$40M	trimmed−0%	−0.01 pp	3 q
GPORGulfport Energy Corporation	0.46%	561,756	$36M	new	+0.46 pp	new
WTWWillis Towers Watson Public Limited Company	0.33%	114,756	$26M	trimmed−21%	−0.12 pp	4 q
OECOrion S.A.	0.20%	849,620	$16M	trimmed−10%	−0.05 pp	15 q
1ZR0Atlantic Coastal Acquisition	0.19%	1,498,495	$15M	new	+0.19 pp	new
unresolvedHudson Executive Inves III	0.19%	1,499,900	$15M	new	+0.19 pp	new
unresolvedLandcadia Holdings IV Inc	0.19%	1,499,899	$15M	new	+0.19 pp	new
unresolvedTlg Acquisition One Corp	0.19%	1,499,900	$15M	new	+0.19 pp	new
AYXAlteryx, Inc.	0.18%	167,805	$14M	held	—	2 q
unresolvedFlame Acquisition Corp	0.16%	1,248,746	$13M	new	+0.16 pp	new
unresolvedGlenfarne Merger Corp	0.16%	1,248,745	$12M	new	+0.16 pp	new
unresolvedGolden Arrow Merger Corp	0.16%	1,248,745	$12M	new	+0.16 pp	new
unresolvedColonnade Acquisition Corp I	0.16%	1,248,745	$12M	new	+0.16 pp	new
unresolvedDisruptive Acquisition Corp	0.16%	1,248,748	$12M	new	+0.16 pp	new
unresolvedKismet Acquisition Three Cor	0.16%	1,248,745	$12M	new	+0.16 pp	new
unresolvedPine Technology Acquisitn Co	0.15%	1,166,485	$12M	new	+0.15 pp	new
unresolvedTwelve Seas Investment Co II	0.15%	1,185,591	$12M	new	+0.15 pp	new
unresolvedAgile Growth Corp	0.15%	1,176,454	$12M	new	+0.15 pp	new
unresolvedPlum Acquisition Corp I	0.14%	1,163,190	$12M	new	+0.14 pp	new
unresolvedInterprivate IV Infratech Pr	0.13%	1,023,837	$10M	new	+0.13 pp	new
unresolvedGIGCAPITAL4 Inc	0.12%	968,902	$10M	new	+0.12 pp	new
unresolvedMason Industrial Technolgy I	0.12%	916,493	$9M	new	+0.12 pp	new
TDWTidewater, Inc.	0.11%	706,360	$9M	held	—	11 q
SLMUFSlam Corp Uts	0.11%	861,604	$9M	new	+0.11 pp	new
unresolvedBroadscale Acquisition Corp	0.10%	834,458	$8M	new	+0.10 pp	new
unresolvedForest Road Acquisition Cor	0.10%	780,278	$8M	new	+0.10 pp	new
unresolvedGx Acquisition Corp II	0.10%	782,029	$8M	new	+0.10 pp	new
EBCEastern Bankshares, Inc.	0.09%	335,742	$7M	held	—	3 q
MSFTMicrosoft Corp	0.09%	25,937	$7M	trimmed−3%	0.00 pp	26 q
unresolvedMission Advancement Corp	0.09%	741,672	$7M	new	+0.09 pp	new
RUSHARush Enterprises Inc	0.09%	159,352	$7M	trimmed−2%	−0.02 pp	24 q
unresolvedStratim Cloud Acquisition Co	0.09%	694,625	$7M	new	+0.09 pp	new
UPWKUpwork Inc.	0.09%	116,100	$7M	trimmed−43%	−0.03 pp	5 q
unresolvedAngel Pond Holdings Corp	0.09%	746,800	$7M	new	+0.09 pp	new
unresolvedIon Acquisition Corp 3 Ltd	0.09%	715,947	$7M	new	+0.09 pp	new
unresolvedPeridot Acquisition Corp II	0.09%	704,079	$7M	new	+0.09 pp	new
AMZNAmazon.Com Inc	0.08%	1,750	$6M	trimmed−3%	0.00 pp	14 q
unresolvedNorthern Star Invest Corp II	0.08%	664,459	$7M	new	+0.08 pp	new
unresolvedAvanti Acquisition Corp	0.08%	624,000	$6M	held	—	3 q
unresolvedDhc Acquisition Corp	0.08%	629,832	$6M	new	+0.08 pp	new
unresolvedNextgen Acquisition Corp II	0.08%	570,416	$6M	new	+0.08 pp	new
unresolvedChurchill Capital Corp Vii	0.07%	578,358	$6M	new	+0.07 pp	new
AAPLApple Inc.	0.06%	34,617	$5M	trimmed−2%	0.00 pp	19 q
DLTRDollar Tree Inc.	0.06%	44,628	$4M	added+33%	+0.01 pp	5 q
unresolvedNorthern Star Invest Corp IV	0.06%	507,537	$5M	new	+0.06 pp	new
CHNGChange Healthcare Inc.	0.05%	186,977	$4M	held	—	6 q
unresolvedCova Acquisition Corp	0.05%	404,041	$4M	new	+0.05 pp	new
unresolvedGlobal Partner Acqistn Corp	0.05%	430,212	$4M	new	+0.05 pp	new
ATHN.UAthena Technology Acquisitio	0.04%	357,671	$4M	new	+0.04 pp	new
unresolvedAres Acquisition Corporation	0.04%	346,339	$3M	new	+0.04 pp	new
3GK0Tio Tech A	0.04%	357,938	$4M	new	+0.04 pp	new
unresolvedFusion Acquisition Corp II	0.03%	209,875	$2M	new	+0.03 pp	new
unresolvedOrion Acquisition Corp	0.03%	246,287	$2M	new	+0.03 pp	new
PARRPar Pacific Holdings, Inc.	0.03%	160,255	$3M	held	—	26 q
PYPLPayPal Holdings, Inc.	0.03%	7,345	$2M	trimmed−8%	0.00 pp	13 q
POSHPoshmark Inc-class A	0.03%	51,100	$2M	new	+0.03 pp	new
unresolvedAfrican Gold Acquisition Cor	0.03%	211,746	$2M	new	+0.03 pp	new
unresolvedRoss Acquisition Corp II	0.03%	278,923	$3M	new	+0.03 pp	new
ADBEAdobe Inc.	0.02%	3,292	$2M	trimmed−9%	0.00 pp	13 q
ADSKAutodesk Inc	0.02%	5,560	$2M	trimmed−12%	0.00 pp	11 q
HDHome Depot, Inc.	0.02%	5,460	$2M	trimmed−8%	0.00 pp	15 q
MAMastercard Incorporated	0.02%	4,950	$2M	trimmed−2%	0.00 pp	15 q
NKENike, Inc.	0.02%	11,795	$2M	trimmed−13%	0.00 pp	8 q
CRMSalesforce, Inc.	0.02%	7,515	$2M	trimmed−7%	0.00 pp	13 q
NOWServicenow, Inc.	0.02%	3,142	$2M	held	—	8 q
SHLXShell Midstream Partners, L.P.	0.02%	98,221	$1M	trimmed−19%	0.00 pp	4 q
STMPStamps.com, Inc.	0.02%	6,502	$1M	new	+0.02 pp	new
9FKATcw Special Purpose Acquisit	0.02%	138,143	$1M	new	+0.02 pp	new
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.02%	4,535	$2M	trimmed−6%	0.00 pp	15 q
VVISA Inc.	0.02%	7,916	$2M	trimmed−7%	0.00 pp	15 q
ACNAccenture PLC	0.02%	6,245	$2M	trimmed−4%	0.00 pp	10 q
unresolvedFtac Hera Acquisition Corp	0.02%	150,079	$2M	new	+0.02 pp	new
unresolvedLead Edge Growth Oprtunts Lt	0.02%	134,996	$1M	new	+0.02 pp	new
ABTAbbott Laboratories	0.01%	3,829	$444,000	trimmed−19%	0.00 pp	15 q
AIYActivision Blizzard Inc	0.01%	6,693	$639,000	held	—	13 q
ALGTAllegiant Travel Company	0.01%	3,952	$767,000	held	—	17 q
ELVElevance Health, Inc.	0.01%	1,915	$731,000	held	—	23 q
unresolvedBp Midstream Partners LP	0.01%	61,910	$896,000	trimmed−19%	0.00 pp	4 q
BXBlackstone Inc.	0.01%	4,146	$403,000	held	—	5 q
DHRDanaher Corporation	0.01%	2,134	$573,000	held	—	6 q
unresolvedDigital Transformatn Opt Cor	0.01%	87,176	$863,000	new	+0.01 pp	new
DISThe Walt Disney Company	0.01%	4,340	$763,000	held	—	11 q
unresolvedFortress Value Acquisi Corp	0.01%	90,879	$909,000	new	+0.01 pp	new
GDDYGoDaddy Inc	0.01%	5,435	$473,000	added+20%	+0.01 pp	8 q
unresolvedGores Hldgs Viii Inc	0.01%	86,570	$864,000	new	+0.01 pp	new
HUMHumana Inc.	0.01%	1,678	$743,000	held	—	9 q
ISRGIntuitive Surgical Inc.	0.01%	592	$544,000	held	—	6 q
IQVIQVIA Holdings Inc.	0.01%	3,385	$820,000	held	—	13 q
URTHiShares MSCI World ETF	0.01%	8,806	$1M	held	—	2 q
LAMRLamar Advertising Co	0.01%	5,315	$555,000	held	—	5 q
LOWLowe's Companies Inc.	0.01%	4,300	$834,000	held	—	5 q
unresolvedMonument Circle Acquisitn Co	0.01%	84,352	$847,000	new	+0.01 pp	new
unresolvedAlkuri Global Acquisition Co	0.01%	59,877	$593,000	new	+0.01 pp	new
NVDANvidia Corp	0.01%	1,474	$1M	held	—	6 q
ORLYO'Reilly Automotive, Inc.	0.01%	848	$480,000	held	—	16 q
TMOThermo Fisher Scientific, Inc.	0.01%	2,279	$1M	held	—	26 q
ZTSZoetis Inc.	0.01%	2,405	$448,000	held	—	6 q
EROSEros International PLC	0.01%	512,246	$784,000	added+27%	0.00 pp	2 q
unresolvedQueens Gambit Growth Capital	0.01%	99,557	$993,000	new	+0.01 pp	new
unresolvedSilver Spike Acquisitn Corp	0.01%	112,871	$1M	new	+0.01 pp	new
unresolvedAccelerate Acquisition Corp	0.00%	2,200	$22,000	new	0.00 pp	new
AVLRAvalara, Inc.	0.00%	1,220	$197,000	trimmed−14%	0.00 pp	4 q
BLQADBlackrock Inc	0.00%	305	$267,000	held	—	3 q
NETCloudflare, Inc. Class A, par value $0.001 per share	0.00%	2,473	$262,000	held	—	4 q
STZConstellation Brands, Inc.	0.00%	451	$105,000	held	—	5 q
CRWDCrowdStrike Holdings, Inc. Class A	0.00%	1,055	$265,000	held	—	5 q
DOCUDocuSign, Inc.	0.00%	790	$221,000	trimmed−14%	0.00 pp	4 q
EWEdwards Lifesciences Corp	0.00%	1,818	$188,000	held	—	6 q
EAElectronic Arts Inc	0.00%	1,520	$219,000	trimmed−33%	0.00 pp	2 q
0C3Endeavor Group Hold-class A	0.00%	4,250	$118,000	new	0.00 pp	new
ETSYEtsy, Inc.	0.00%	770	$158,000	added×2.3	0.00 pp	3 q
unresolvedGIGCAPITAL4 Inc	0.00%	322,965	$368,000	new	0.00 pp	new
unresolvedGores Holdings Vii Inc	0.00%	2,889	$29,000	new	0.00 pp	new
unresolvedGores Technology Partners II	0.00%	7,830	$79,000	new	0.00 pp	new
HCAHCA Healthcare, Inc.	0.00%	965	$200,000	added+27%	0.00 pp	2 q
unresolvedHaymaker Acquisition Corp II	0.00%	8,853	$89,000	new	0.00 pp	new
HONHoneywell International, Inc.	0.00%	1,540	$338,000	held	—	15 q
ILMNIllumina Inc	0.00%	368	$174,000	held	—	5 q
INTUIntuit Inc	0.00%	555	$272,000	held	—	4 q
KKRKKR & Co. Inc.	0.00%	6,174	$366,000	held	—	13 q
ELThe Estee Lauder Companies Inc. Class A	0.00%	897	$285,000	held	—	5 q
LPSNLivePerson Inc	0.00%	2,231	$141,000	held	—	5 q
LMTLockheed Martin Corp.	0.00%	594	$225,000	held	—	12 q
LULUlululemon athletica inc.	0.00%	540	$197,000	added+24%	0.00 pp	3 q
MSCIMSCI, Inc.	0.00%	480	$256,000	held	—	6 q
MTCHMatch Group, Inc	0.00%	1,990	$321,000	added+5%	0.00 pp	4 q
MELIMercado Libre, Inc	0.00%	125	$195,000	added+19%	0.00 pp	3 q
MCOMoody's Corporation	0.00%	385	$140,000	held	—	5 q
unresolvedAlkuri Global Acquisition Co	0.00%	14,967	$22,000	new	0.00 pp	new
OKTAOkta, Inc. Class A	0.00%	675	$165,000	held	—	4 q
PLTRPalantir Technologies Inc. Class A	0.00%	6,500	$171,000	added+30%	0.00 pp	3 q
PTONPeloton Interactive, Inc. Class A	0.00%	800	$99,000	new	0.00 pp	new
QCOMQualcomm Inc	0.00%	2,788	$398,000	held	—	5 q
unresolvedRxr Acquisition Corp	0.00%	11,931	$119,000	new	0.00 pp	new
RBLXRoblox Corporation	0.00%	1,755	$158,000	new	0.00 pp	new
SPGIS&P Global Inc.	0.00%	70	$29,000	held	—	5 q
SHOPShopify Inc. Class A subordinate voting shares	0.00%	135	$197,000	added+26%	0.00 pp	3 q
WORKSlack Technologies, Inc.	0.00%	4,400	$195,000	held	—	4 q
SFMSprouts Farmers Market, Inc.	0.00%	15,680	$390,000	added+22%	0.00 pp	2 q
XYZBlock, Inc.	0.00%	790	$193,000	added+48%	0.00 pp	3 q
SBUXStarbucks Corp	0.00%	2,910	$325,000	held	—	5 q
SYKStryker Corporation	0.00%	815	$212,000	held	—	6 q
TTWOTake-Two Interactive Software Inc	0.00%	650	$115,000	trimmed−63%	0.00 pp	2 q
TSLATesla, Inc.	0.00%	130	$88,000	trimmed−55%	0.00 pp	2 q
TRMBTrimble Inc.	0.00%	1,400	$115,000	new	0.00 pp	new
TWTRTwitter, Inc.	0.00%	5,626	$387,000	held	—	5 q
VEEVVeeva Systems Inc.	0.00%	500	$155,000	new	0.00 pp	new
WDAYWorkday, Inc. Class A	0.00%	1,484	$354,000	held	—	5 q
ZSZscaler, Inc.	0.00%	1,095	$237,000	held	—	4 q
ZMZoom Communications, Inc. Class A	0.00%	530	$205,000	added+26%	0.00 pp	2 q
unresolvedPathfinder Acquisition Corp	0.00%	30	$0	new	0.00 pp	new
unresolvedAtlassian Corp Plc	0.00%	530	$136,000	new	0.00 pp	new
AVANAvanti Acquisition Corp-a	0.00%	17,071	$166,000	new	0.00 pp	new
unresolvedEsm Acquisition Corporation	0.00%	190	$2,000	new	0.00 pp	new
MRKTIhs Markit Ltd	0.00%	2,376	$268,000	held	—	5 q
unresolvedLazard Growth Acquisition Co	0.00%	25,000	$250,000	new	0.00 pp	new
MDTMedtronic plc	0.00%	2,900	$360,000	held	—	15 q
AURAurora Innovation, Inc. Class A	0.00%	2,423	$24,000	new	0.00 pp	new
AUROWAurora Innovation, Inc.	0.00%	300	$1,000	new	0.00 pp	new
SWISolarWinds Corporation	—	−735,254	—	exited	−0.17 pp	—
unresolvedBroadmark Rlty Cap Inc	—	−319,539	—	exited	−0.05 pp	—
WEPMagellan Midstream Partners	—	−47,939	—	exited	−0.03 pp	—
GDRXGoodRx Holdings, Inc. Class A	—	−1,575	—	exited	0.00 pp	—
SSNCSS&C Technologies Inc	—	−4,807	—	exited	0.00 pp	—
ZGZillow Group Inc Class A	—	−850	—	exited	0.00 pp	—
SPOTSpotify Technology S.A.	—	−425	—	exited	0.00 pp	—