FPA

Q3 2021 13F · by Steven Romick, CEO

As of: Sep 30, 2021
Filed: Nov 3, 2021
US stock: $7.7B · prev $8.0B
Positions: 210 · prev 188
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%

Moves133 since the prior filing

+5.1 pp in · −5.3 pp out

New 35 +0.58 pp
Added 49 +4.51 pp
Trimmed 36 −0.78 pp
Exited 13 −4.53 pp

The book

Focused · behaves like 24 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 17% a year, about 5.7 years per position

Low
Moderate
High

Top 5 positions30% of US stock

CMCSA Comcast Corp trimmed−0.08 pp trimmed−0.086.7%
GOOGL Alphabet Inc. Class A added+0.72 pp added+0.726.1%
META Meta Platforms, Inc. Class A trimmed−0.10 pp trimmed−0.106.0%
AIG American International Group, Inc. trimmed+0.75 pp trimmed+0.755.9%
GOOG Alphabet Inc. Class C trimmed+0.01 pp trimmed+0.015.6%

Positions210 in this filing · 13 exited


CMCSAComcast Corp	6.68%	9,192,262	$514M	trimmed−3%	−0.08 pp	16 q
GOOGLAlphabet Inc. Class A	6.11%	175,906	$470M	added0%	+0.72 pp	24 q
METAMeta Platforms, Inc. Class A	6.00%	1,360,861	$462M	trimmed−3%	−0.10 pp	16 q
AIGAmerican International Group, Inc.	5.91%	8,295,573	$455M	trimmed−4%	+0.75 pp	27 q
GOOGAlphabet Inc. Class C	5.63%	162,802	$434M	trimmed−9%	+0.01 pp	27 q
ADIAnalog Devices, Inc.	5.45%	2,507,661	$420M	added+1%	+0.10 pp	27 q
AVGOBroadcom Inc.	5.34%	848,500	$411M	trimmed−5%	−0.03 pp	14 q
CHTRCharter Comm Inc Del CL A New	5.31%	562,285	$409M	trimmed−2%	+0.10 pp	14 q
0VQJLTe Connectivity Ltd	4.91%	2,756,051	$378M	trimmed−6%	−0.07 pp	27 q
CCitigroup Inc.	4.72%	5,180,473	$364M	added+2%	+0.20 pp	27 q
WFCWells Fargo & Co.	4.48%	7,441,558	$345M	added+2%	+0.32 pp	14 q
AONAon plc Class A	4.05%	1,091,699	$312M	trimmed−7%	+0.52 pp	6 q
JEFJefferies Financial Group Inc.	3.28%	6,797,577	$252M	trimmed−4%	+0.24 pp	14 q
HWMHowmet Aerospace Inc.	2.68%	6,618,745	$207M	added+2%	−0.13 pp	20 q
WABWabtec Inc.	2.25%	2,014,195	$174M	trimmed−17%	−0.27 pp	7 q
AIYActivision Blizzard Inc	2.23%	2,221,492	$172M	added×331.9	+2.22 pp	14 q
IFFInternational Flavors & Fragrances Inc.	2.16%	1,242,357	$166M	added+2%	−0.12 pp	4 q
FEFirstEnergy Corp.	1.97%	4,266,299	$152M	added+2%	+0.02 pp	4 q
MARMarriott International Class A	1.92%	996,894	$148M	trimmed−2%	+0.18 pp	14 q
KMIKinder Morgan, Inc.	1.74%	8,030,814	$134M	added+2%	−0.07 pp	15 q
DELLDell Technologies Inc.	1.69%	1,249,486	$130M	held	—	9 q
NXPINXP Semiconductors N.V.	1.66%	652,870	$128M	trimmed−10%	−0.21 pp	7 q
LPLALPL Financial Holdings Inc.	1.48%	725,628	$114M	trimmed−9%	+0.13 pp	26 q
UNVRUnivar Solutions Inc.	1.44%	4,654,812	$111M	added0%	+0.02 pp	11 q
PCGPG&E Corporation	0.86%	6,871,370	$66M	added+1%	−0.01 pp	15 q
AMZNAmazon.Com Inc	0.69%	16,136	$53M	added×9.2	+0.61 pp	15 q
SBNYSignature Bank (NY)	0.63%	177,773	$48M	trimmed−19%	−0.05 pp	12 q
GPORGulfport Energy Corporation	0.60%	563,681	$46M	added0%	+0.14 pp	2 q
BKNGBooking Holdings Inc.	0.58%	18,933	$45M	trimmed−64%	−0.88 pp	15 q
OTEXOpen Text Corp	0.51%	802,039	$39M	added+2%	+0.01 pp	4 q
unresolvedLandcadia Holdings IV Inc	0.20%	1,499,899	$15M	held	—	2 q
OECOrion S.A.	0.20%	849,020	$15M	trimmed−0%	0.00 pp	16 q
1ZR0Atlantic Coastal Acquisition	0.19%	1,498,495	$15M	held	—	2 q
unresolvedForest Road Acquisition Cor	0.19%	1,499,900	$15M	added+92%	+0.09 pp	2 q
unresolvedHudson Executive Inves III	0.19%	1,499,900	$15M	held	—	2 q
unresolvedTlg Acquisition One Corp	0.19%	1,499,900	$15M	held	—	2 q
AYXAlteryx, Inc.	0.16%	168,978	$12M	added+1%	−0.02 pp	3 q
unresolvedFlame Acquisition Corp	0.16%	1,248,746	$12M	held	—	2 q
unresolvedGlenfarne Merger Corp	0.16%	1,248,745	$12M	held	—	2 q
unresolvedGolden Arrow Merger Corp	0.16%	1,248,745	$12M	held	—	2 q
unresolvedColonnade Acquisition Corp I	0.16%	1,248,745	$12M	held	—	2 q
unresolvedDisruptive Acquisition Corp	0.16%	1,248,748	$12M	held	—	2 q
unresolvedKismet Acquisition Three Cor	0.16%	1,248,745	$12M	held	—	2 q
unresolvedMacondray Cap Acquisitn Corp	0.16%	1,247,500	$12M	new	+0.16 pp	new
unresolvedPine Technology Acquisitn Co	0.15%	1,170,600	$12M	added0%	0.00 pp	2 q
unresolvedTwelve Seas Investment Co II	0.15%	1,197,791	$12M	added+1%	0.00 pp	2 q
unresolvedAgile Growth Corp	0.15%	1,176,454	$12M	held	—	2 q
unresolvedAngel Pond Holdings Corp	0.15%	1,144,612	$11M	added+53%	+0.06 pp	2 q
unresolvedPlum Acquisition Corp I	0.15%	1,169,957	$11M	added+1%	+0.01 pp	2 q
PSTHPershing Square Tontine Holdings, Ltd.	0.14%	534,048	$11M	new	+0.14 pp	new
unresolvedBroadscale Acquisition Corp	0.13%	1,009,809	$10M	added+21%	+0.03 pp	2 q
unresolvedInterprivate IV Infratech Pr	0.13%	1,045,934	$10M	added+2%	0.00 pp	2 q
unresolvedGIGCAPITAL4 Inc	0.12%	968,902	$10M	held	—	2 q
unresolvedMason Industrial Technolgy I	0.12%	917,294	$9M	added0%	0.00 pp	2 q
TDWTidewater, Inc.	0.11%	706,360	$9M	held	—	12 q
SLMUFSlam Corp Uts	0.11%	861,814	$9M	added0%	0.00 pp	2 q
unresolvedChurchill Capital Corp Vii	0.10%	745,996	$7M	added+29%	+0.03 pp	2 q
DLTRDollar Tree Inc.	0.10%	79,872	$8M	added+79%	+0.04 pp	6 q
unresolvedGx Acquisition Corp II	0.10%	782,029	$8M	held	—	2 q
unresolvedStratim Cloud Acquisition Co	0.10%	810,328	$8M	added+17%	+0.01 pp	2 q
EBCEastern Bankshares, Inc.	0.09%	335,742	$7M	held	—	4 q
MSFTMicrosoft Corp	0.09%	25,937	$7M	held	—	27 q
unresolvedMission Advancement Corp	0.09%	741,972	$7M	added0%	0.00 pp	2 q
unresolvedNorthern Star Invest Corp II	0.09%	664,459	$7M	held	—	2 q
RUSHARush Enterprises Inc	0.09%	159,352	$7M	held	—	25 q
unresolvedPeridot Acquisition Corp II	0.09%	704,079	$7M	held	—	2 q
unresolvedAvanti Acquisition Corp	0.08%	624,000	$6M	held	—	4 q
unresolvedDhc Acquisition Corp	0.08%	629,832	$6M	held	—	2 q
unresolvedAres Acquisition Corporation	0.08%	596,451	$6M	added+72%	+0.04 pp	2 q
unresolvedMetals Acquisition Corp	0.08%	654,635	$6M	new	+0.08 pp	new
unresolvedFortress Value Acquisi Corp	0.07%	576,679	$6M	added×6.3	+0.06 pp	2 q
unresolvedNorthern Star Invest Corp IV	0.07%	513,317	$5M	added+1%	+0.01 pp	2 q
UPWKUpwork Inc.	0.07%	117,875	$5M	added+2%	−0.02 pp	6 q
unresolvedNextgen Acquisition Corp II	0.07%	570,416	$6M	new	+0.07 pp	new
AAPLApple Inc.	0.06%	34,617	$5M	held	—	20 q
unresolvedGlobal Partner Acqistn Corp	0.06%	469,039	$5M	added+9%	+0.01 pp	2 q
unresolvedAthena Technology Acquisi Co	0.05%	357,671	$4M	new	+0.05 pp	new
CHNGChange Healthcare Inc.	0.05%	186,977	$4M	held	—	7 q
STMPStamps.com, Inc.	0.05%	10,685	$4M	added+64%	+0.03 pp	2 q
unresolvedCova Acquisition Corp	0.05%	404,041	$4M	held	—	2 q
3GK0Tio Tech A	0.05%	358,437	$4M	added0%	+0.01 pp	2 q
unresolvedGores Hldgs Viii Inc	0.04%	284,080	$3M	added×3.3	+0.03 pp	2 q
NFLXNetFlix Inc	0.04%	5,536	$3M	trimmed−95%	−0.66 pp	7 q
unresolvedOrion Acquisition Corp	0.04%	304,354	$3M	added+24%	+0.01 pp	2 q
unresolvedRoss Acquisition Corp II	0.04%	278,923	$3M	held	—	2 q
unresolvedConvey Hldg Parent Inc	0.03%	253,274	$2M	new	+0.03 pp	new
unresolvedFusion Acquisition Corp II	0.03%	209,875	$2M	held	—	2 q
PARRPar Pacific Holdings, Inc.	0.03%	160,255	$3M	held	—	27 q
POSHPoshmark Inc-class A	0.03%	95,000	$2M	added+86%	0.00 pp	2 q
unresolvedAfrican Gold Acquisition Cor	0.03%	211,746	$2M	held	—	2 q
unresolvedApollo Strategic Grwt Cptl I	0.03%	249,700	$2M	new	+0.03 pp	new
AVANAvanti Acquisition Corp-a	0.03%	228,395	$2M	added×13.4	+0.03 pp	2 q
ADBEAdobe Inc.	0.02%	2,835	$2M	trimmed−14%	0.00 pp	14 q
ADSKAutodesk Inc	0.02%	5,560	$2M	held	—	12 q
HDHome Depot, Inc.	0.02%	4,860	$2M	trimmed−11%	0.00 pp	16 q
MAMastercard Incorporated	0.02%	4,620	$2M	trimmed−7%	0.00 pp	16 q
NKENike, Inc.	0.02%	11,205	$2M	trimmed−5%	0.00 pp	9 q
NVDANvidia Corp	0.02%	5,896	$1M	held	—	7 q
PYPLPayPal Holdings, Inc.	0.02%	6,320	$2M	trimmed−14%	−0.01 pp	14 q
CRMSalesforce, Inc.	0.02%	6,040	$2M	trimmed−20%	0.00 pp	14 q
NOWServicenow, Inc.	0.02%	2,650	$2M	trimmed−16%	0.00 pp	9 q
9FKATcw Special Purpose Acquisit	0.02%	143,217	$1M	added+4%	0.00 pp	2 q
TMOThermo Fisher Scientific, Inc.	0.02%	2,279	$1M	held	—	27 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.02%	4,085	$2M	trimmed−10%	0.00 pp	16 q
VVISA Inc.	0.02%	7,230	$2M	trimmed−9%	0.00 pp	16 q
ACNAccenture PLC	0.02%	5,065	$2M	trimmed−19%	0.00 pp	11 q
unresolvedFtac Hera Acquisition Corp	0.02%	150,079	$1M	held	—	2 q
unresolvedLead Edge Growth Oprtunts Lt	0.02%	134,996	$1M	held	—	2 q
unresolvedSilver Spike Acquisitn Corp	0.02%	157,769	$2M	added+40%	+0.01 pp	2 q
ABTAbbott Laboratories	0.01%	3,829	$452,000	held	—	16 q
ALGTAllegiant Travel Company	0.01%	3,952	$773,000	held	—	18 q
ELVElevance Health, Inc.	0.01%	1,915	$714,000	held	—	24 q
BXBlackstone Inc.	0.01%	4,146	$482,000	held	—	6 q
DHRDanaher Corporation	0.01%	2,134	$650,000	held	—	7 q
unresolvedDigital Transformatn Opt Cor	0.01%	87,176	$854,000	held	—	2 q
DISThe Walt Disney Company	0.01%	4,900	$829,000	added+13%	0.00 pp	12 q
HUMHumana Inc.	0.01%	1,678	$653,000	held	—	10 q
ISRGIntuitive Surgical Inc.	0.01%	592	$589,000	held	—	7 q
IQVIQVIA Holdings Inc.	0.01%	3,385	$811,000	held	—	14 q
URTHiShares MSCI World ETF	0.01%	8,806	$1M	held	—	3 q
LAMRLamar Advertising Co	0.01%	5,315	$603,000	held	—	6 q
LOWLowe's Companies Inc.	0.01%	4,300	$872,000	held	—	6 q
unresolvedMonument Circle Acquisitn Co	0.01%	84,352	$850,000	held	—	2 q
unresolvedAlkuri Global Acquisition Co	0.01%	59,877	$597,000	held	—	2 q
ORLYO'Reilly Automotive, Inc.	0.01%	848	$518,000	held	—	17 q
ZTSZoetis Inc.	0.01%	2,405	$467,000	held	—	7 q
unresolvedLazard Growth Acquisition Co	0.01%	45,190	$448,000	added+81%	+0.01 pp	2 q
unresolvedAlpha Partners Tech Mergr Co	0.01%	48,890	$484,000	new	+0.01 pp	new
unresolvedQueens Gambit Growth Capital	0.01%	99,557	$983,000	new	+0.01 pp	new
unresolvedAccelerate Acquisition Corp	0.00%	2,200	$22,000	held	—	2 q
AMDAdvanced Micro Devices	0.00%	1,530	$157,000	new	0.00 pp	new
PLANAnaplan, Inc.	0.00%	1,280	$78,000	new	0.00 pp	new
APONApollo Asset Management Inc	0.00%	5,880	$362,000	new	0.00 pp	new
unresolvedAthena Technology Acquisi Co	0.00%	119,222	$162,000	new	0.00 pp	new
AVLRAvalara, Inc.	0.00%	1,220	$213,000	held	—	5 q
BLQADBlackrock Inc	0.00%	305	$256,000	held	—	4 q
CIThe Cigna Group	0.00%	380	$76,000	new	0.00 pp	new
CRNCCerence Inc.	0.00%	775	$74,000	new	0.00 pp	new
NETCloudflare, Inc. Class A, par value $0.001 per share	0.00%	2,473	$279,000	held	—	5 q
COINCoinbase Global, Inc. Class A	0.00%	515	$117,000	new	0.00 pp	new
STZConstellation Brands, Inc.	0.00%	451	$95,000	held	—	6 q
CRWDCrowdStrike Holdings, Inc. Class A	0.00%	1,055	$259,000	held	—	6 q
DOCUDocuSign, Inc.	0.00%	790	$203,000	held	—	5 q
EWEdwards Lifesciences Corp	0.00%	1,818	$206,000	held	—	7 q
EAElectronic Arts Inc	0.00%	1,520	$216,000	held	—	3 q
0C3Endeavor Group Hold-class A	0.00%	3,960	$114,000	trimmed−7%	0.00 pp	2 q
ETSYEtsy, Inc.	0.00%	760	$158,000	trimmed−1%	0.00 pp	4 q
EXKExact Sciences Corp	0.00%	850	$81,000	new	0.00 pp	new
unresolvedGIGCAPITAL4 Inc	0.00%	322,965	$339,000	held	—	2 q
GDDYGoDaddy Inc	0.00%	4,534	$316,000	trimmed−17%	−0.01 pp	9 q
unresolvedGores Holdings Vii Inc	0.00%	5,856	$58,000	added×2.0	0.00 pp	2 q
unresolvedGores Technology Partners II	0.00%	7,830	$78,000	held	—	2 q
HCAHCA Healthcare, Inc.	0.00%	965	$234,000	held	—	3 q
unresolvedHaymaker Acquisition Corp II	0.00%	8,853	$87,000	held	—	2 q
HONHoneywell International, Inc.	0.00%	1,540	$327,000	held	—	16 q
ILMNIllumina Inc	0.00%	368	$149,000	held	—	6 q
INTUIntuit Inc	0.00%	555	$299,000	held	—	5 q
KKRKKR & Co. Inc.	0.00%	6,174	$376,000	held	—	14 q
ELThe Estee Lauder Companies Inc. Class A	0.00%	897	$269,000	held	—	6 q
LMTLockheed Martin Corp.	0.00%	594	$205,000	held	—	13 q
LULUlululemon athletica inc.	0.00%	540	$219,000	held	—	4 q
MSCIMSCI, Inc.	0.00%	480	$292,000	held	—	7 q
MTCHMatch Group, Inc	0.00%	1,891	$297,000	trimmed−5%	0.00 pp	5 q
MELIMercado Libre, Inc	0.00%	95	$160,000	trimmed−24%	0.00 pp	4 q
MCOMoody's Corporation	0.00%	385	$137,000	held	—	6 q
unresolvedAlkuri Global Acquisition Co	0.00%	14,967	$21,000	held	—	2 q
OKTAOkta, Inc. Class A	0.00%	675	$160,000	held	—	5 q
PLTRPalantir Technologies Inc. Class A	0.00%	6,500	$156,000	held	—	4 q
PANWPalo Alto Networks, Inc.	0.00%	165	$79,000	new	0.00 pp	new
PTONPeloton Interactive, Inc. Class A	0.00%	1,350	$118,000	added+69%	0.00 pp	2 q
PINGPing Identity Holding Corp	0.00%	3,120	$77,000	new	0.00 pp	new
PCORProcore Technologies, Inc.	0.00%	885	$79,000	new	0.00 pp	new
QCOMQualcomm Inc	0.00%	2,788	$360,000	held	—	6 q
unresolvedRxr Acquisition Corp	0.00%	11,931	$118,000	held	—	2 q
RNGRingcentral, Inc.	0.00%	370	$80,000	new	0.00 pp	new
RBLXRoblox Corporation	0.00%	1,540	$116,000	trimmed−12%	0.00 pp	2 q
SPGIS&P Global Inc.	0.00%	70	$30,000	held	—	6 q
SHWThe Sherwin-Williams Company	0.00%	275	$77,000	new	0.00 pp	new
SHOPShopify Inc. Class A subordinate voting shares	0.00%	135	$183,000	held	—	4 q
SMARSmartsheet Inc.	0.00%	1,115	$77,000	new	0.00 pp	new
SNAPSnap Inc.	0.00%	1,080	$80,000	new	0.00 pp	new
SFMSprouts Farmers Market, Inc.	0.00%	12,850	$298,000	trimmed−18%	0.00 pp	3 q
XYZBlock, Inc.	0.00%	790	$189,000	held	—	4 q
SBUXStarbucks Corp	0.00%	2,910	$321,000	held	—	6 q
SYKStryker Corporation	0.00%	815	$215,000	held	—	7 q
TTWOTake-Two Interactive Software Inc	0.00%	1,270	$196,000	added+95%	0.00 pp	3 q
TSLATesla, Inc.	0.00%	130	$101,000	held	—	3 q
TDUPThredUp Inc. Class A	0.00%	5,700	$124,000	new	0.00 pp	new
TRMBTrimble Inc.	0.00%	1,425	$117,000	added+2%	0.00 pp	2 q
TWTRTwitter, Inc.	0.00%	5,626	$340,000	held	—	6 q
unresolved2U Inc	0.00%	2,295	$77,000	new	0.00 pp	new
PATHUiPath, Inc.	0.00%	1,500	$79,000	new	0.00 pp	new
VEEVVeeva Systems Inc.	0.00%	555	$160,000	added+11%	0.00 pp	2 q
ZZillow Group, Inc. Class C	0.00%	900	$79,000	new	0.00 pp	new
ZSZscaler, Inc.	0.00%	1,095	$287,000	held	—	5 q
ZMZoom Communications, Inc. Class A	0.00%	745	$195,000	added+41%	0.00 pp	3 q
unresolvedArtisan Acquisition Corp	0.00%	38,811	$385,000	new	0.00 pp	new
unresolvedArtisan Acquisition Corp	0.00%	12,934	$15,000	new	0.00 pp	new
unresolvedAtlassian Corp Plc	0.00%	530	$207,000	held	—	2 q
MIMEMimecast Ltd	0.00%	1,220	$78,000	new	0.00 pp	new
unresolvedEsm Acquisition Corporation	0.00%	190	$2,000	held	—	2 q
EROSEros International PLC	0.00%	256,123	$236,000	trimmed−50%	−0.01 pp	3 q
MRKTIhs Markit Ltd	0.00%	2,376	$277,000	held	—	6 q
MDTMedtronic plc	0.00%	2,900	$364,000	held	—	16 q
unresolvedNextgen Acquisition Corp II	0.00%	114,080	$192,000	new	0.00 pp	new
unresolvedQueens Gambit Growth Capital	0.00%	33,184	$28,000	new	0.00 pp	new
AUROWAurora Innovation, Inc.	0.00%	300	$0	held	—	2 q
WTWWillis Towers Watson Public Limited Company	0.00%	940	$219,000	trimmed−99%	−0.33 pp	5 q
SPOTSpotify Technology S.A.	0.00%	535	$121,000	new	0.00 pp	new
FVRRFiverr International Ltd.	0.00%	440	$80,000	new	0.00 pp	new
BABAAlibaba Group Holding Limited	—	−957,979	—	exited	−2.73 pp	—
BIDUBaidu, Inc.	—	−604,289	—	exited	−1.55 pp	—
unresolvedIon Acquisition Corp 3 Ltd	—	−715,947	—	exited	−0.09 pp	—
unresolvedNextgen Acquisition Corp II	—	−570,416	—	exited	−0.08 pp	—
ATHN.UAthena Technology Acquisitio	—	−357,671	—	exited	−0.04 pp	—
SHLXShell Midstream Partners, L.P.	—	−98,221	—	exited	−0.02 pp	—
unresolvedBp Midstream Partners LP	—	−61,910	—	exited	−0.01 pp	—
unresolvedQueens Gambit Growth Capital	—	−99,557	—	exited	−0.01 pp	—
LPSNLivePerson Inc	—	−2,231	—	exited	0.00 pp	—
WORKSlack Technologies, Inc.	—	−4,400	—	exited	0.00 pp	—
WDAYWorkday, Inc. Class A	—	−1,484	—	exited	0.00 pp	—
unresolvedPathfinder Acquisition Corp	—	−30	—	exited	0.00 pp	—
AURAurora Innovation, Inc. Class A	—	−2,423	—	exited	0.00 pp	—