FPA

Q1 2022 13F · by Steven Romick, CEO

As of: Mar 31, 2022
Filed: May 11, 2022
US stock: $7.8B · prev $8.1B
Positions: 195 · prev 198
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%

Moves100 since the prior filing

+4.0 pp in · −4.2 pp out

New 19 +0.97 pp
Added 32 +3.00 pp
Trimmed 27 −4.00 pp
Exited 22 −0.22 pp

The book

Focused · behaves like 27 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 27% a year, about 3.7 years per position

Low
Moderate
High

Top 5 positions30% of US stock

CMCSA Comcast Corp added−0.04 pp added−0.046.6%
GOOGL Alphabet Inc. Class A added+0.03 pp added+0.036.5%
AIG American International Group, Inc. trimmed+0.48 pp trimmed+0.486.0%
AVGO Broadcom Inc. trimmed−1.26 pp trimmed−1.265.3%
ADI Analog Devices, Inc. added−0.07 pp added−0.075.2%

Positions195 in this filing · 22 exited


CMCSAComcast Corp	6.63%	10,997,988	$515M	added+3%	−0.04 pp	18 q
GOOGLAlphabet Inc. Class A	6.45%	180,124	$501M	added+1%	+0.03 pp	26 q
AIGAmerican International Group, Inc.	6.01%	7,428,103	$466M	trimmed−5%	+0.48 pp	29 q
AVGOBroadcom Inc.	5.26%	647,930	$408M	trimmed−18%	−1.26 pp	16 q
ADIAnalog Devices, Inc.	5.21%	2,450,281	$405M	added+1%	−0.07 pp	29 q
GOOGAlphabet Inc. Class C	5.18%	143,937	$402M	added+1%	+0.06 pp	29 q
0VQJLTe Connectivity Ltd	4.65%	2,756,911	$361M	trimmed−2%	−0.97 pp	29 q
METAMeta Platforms, Inc. Class A	4.29%	1,498,817	$333M	added+8%	−1.51 pp	18 q
CHTRCharter Comm Inc Del CL A New	4.12%	586,803	$320M	added+2%	−0.53 pp	16 q
AONAon plc Class A	3.84%	916,257	$298M	trimmed−13%	−0.08 pp	8 q
WFCWells Fargo & Co.	3.78%	6,050,032	$293M	trimmed−17%	−0.56 pp	16 q
CCitigroup Inc.	3.71%	5,400,049	$288M	added+2%	−0.27 pp	29 q
AMZNAmazon.Com Inc	3.53%	84,132	$274M	added×3.5	+2.52 pp	17 q
HWMHowmet Aerospace Inc.	2.70%	5,832,039	$210M	trimmed−14%	+0.03 pp	22 q
FEFirstEnergy Corp.	2.60%	4,392,928	$201M	added+1%	+0.35 pp	6 q
JEFJefferies Financial Group Inc.	2.44%	5,763,735	$189M	added0%	−0.33 pp	16 q
IFFInternational Flavors & Fragrances Inc.	2.41%	1,426,160	$187M	added+12%	+0.03 pp	6 q
NFLXNetFlix Inc	2.12%	439,940	$165M	added×6.8	+1.63 pp	9 q
KMIKinder Morgan, Inc.	2.02%	8,312,674	$157M	added+2%	+0.41 pp	17 q
MARMarriott International Class A	1.93%	851,768	$150M	trimmed−16%	−0.15 pp	16 q
WABWabtec Inc.	1.93%	1,554,256	$149M	trimmed−4%	+0.09 pp	9 q
OTEXOpen Text Corp	1.82%	3,331,800	$141M	added+53%	+0.54 pp	6 q
UNVRUnivar Solutions Inc.	1.76%	4,253,571	$137M	trimmed−4%	+0.20 pp	13 q
NXPINXP Semiconductors N.V.	1.62%	677,807	$125M	added+2%	−0.27 pp	9 q
AIYActivision Blizzard Inc	1.51%	1,461,784	$117M	trimmed−59%	−1.41 pp	16 q
LPLALPL Financial Holdings Inc.	1.49%	633,712	$116M	trimmed−9%	+0.11 pp	28 q
UBERUber Technologies, Inc.	1.03%	2,238,647	$80M	added+32%	+0.15 pp	2 q
PCGPG&E Corporation	0.95%	6,196,117	$74M	added0%	+0.02 pp	17 q
GPORGulfport Energy Corporation	0.70%	607,217	$55M	added+4%	+0.18 pp	4 q
DELLDell Technologies Inc.	0.58%	900,697	$45M	trimmed−28%	−0.29 pp	11 q
HLFHerbalife Ltd.	0.42%	1,073,599	$33M	new	+0.42 pp	new
SBNYSignature Bank (NY)	0.31%	81,539	$24M	trimmed−17%	−0.09 pp	14 q
TDWTidewater, Inc.	0.20%	720,981	$16M	held	—	14 q
ACAHAtlantic Coastal Acquisition Corp. Class A	0.19%	1,498,495	$15M	held	—	2 q
unresolvedForest Road Acquisition Cor	0.19%	1,499,900	$15M	held	—	4 q
unresolvedHudson Executive Inves III	0.19%	1,499,900	$15M	held	—	4 q
unresolvedLandcadia Holdings IV Inc	0.19%	1,499,899	$15M	held	—	4 q
unresolvedTlg Acquisition One Corp	0.19%	1,499,900	$15M	held	—	4 q
OECOrion S.A.	0.17%	849,020	$14M	held	—	18 q
unresolvedBurtech Acquisition Corp	0.16%	1,245,023	$12M	added×2.3	+0.09 pp	2 q
DLTRDollar Tree Inc.	0.16%	79,295	$13M	trimmed−1%	+0.02 pp	8 q
unresolvedFlame Acquisition Corp	0.16%	1,248,746	$12M	held	—	4 q
unresolvedGlenfarne Merger Corp	0.16%	1,248,745	$12M	held	—	4 q
unresolvedGolden Arrow Merger Corp	0.16%	1,248,745	$12M	held	—	4 q
ELMEElme Communities	0.16%	498,578	$13M	new	+0.16 pp	new
unresolvedColonnade Acquisition Corp I	0.16%	1,248,745	$12M	held	—	4 q
unresolvedDisruptive Acquisition Corp	0.16%	1,248,748	$12M	held	—	4 q
unresolvedKismet Acquisition Three Cor	0.16%	1,248,745	$12M	held	—	4 q
unresolvedMacondray Cap Acquisitn Corp	0.16%	1,247,500	$12M	held	—	3 q
unresolvedPine Technology Acquisitn Co	0.15%	1,170,600	$11M	held	—	2 q
unresolvedTwelve Seas Investment Co II	0.15%	1,197,791	$12M	held	—	4 q
unresolvedAgile Growth Corp	0.15%	1,176,454	$12M	held	—	4 q
unresolvedAngel Pond Holdings Corp	0.15%	1,144,612	$11M	new	+0.15 pp	new
unresolvedPlum Acquisition Corp I	0.15%	1,169,957	$12M	held	—	4 q
PSTHPershing Square Tontine Holdings, Ltd.	0.14%	534,048	$11M	held	—	3 q
unresolvedBroadscale Acquisition Corp	0.13%	1,009,809	$10M	held	—	2 q
unresolvedInterprivate IV Infratech Pr	0.13%	1,045,934	$10M	held	—	4 q
unresolvedMason Industrial Technolgy I	0.12%	917,294	$9M	held	—	4 q
RUSHARush Enterprises Inc	0.12%	178,146	$9M	added+12%	+0.01 pp	27 q
SLMUFSlam Corp Uts	0.11%	861,814	$8M	held	—	4 q
unresolvedChurchill Capital Corp Vii	0.10%	745,996	$7M	held	—	4 q
unresolvedGx Acquisition Corp II	0.10%	782,029	$8M	held	—	2 q
MSFTMicrosoft Corp	0.10%	24,200	$7M	trimmed−6%	−0.01 pp	29 q
unresolvedStratim Cloud Acquisition Co	0.10%	810,328	$8M	held	—	4 q
unresolvedMission Advancement Corp	0.09%	741,972	$7M	held	—	4 q
unresolvedMetals Acquisition Corp	0.09%	654,635	$7M	held	—	3 q
unresolvedPeridot Acquisition Corp II	0.09%	704,079	$7M	held	—	4 q
unresolvedFortress Value Acquisi Corp	0.08%	595,881	$6M	held	—	4 q
unresolvedNorthern Star Invest Corp II	0.08%	664,459	$7M	held	—	4 q
unresolvedAvanti Acquisition Corp	0.08%	624,000	$6M	held	—	6 q
unresolvedDhc Acquisition Corp	0.08%	629,832	$6M	held	—	4 q
unresolvedAres Acquisition Corporation	0.08%	596,451	$6M	held	—	4 q
AAPLApple Inc.	0.07%	31,850	$6M	trimmed−7%	−0.01 pp	22 q
unresolvedConvey Hldg Parent Inc	0.06%	747,646	$5M	added+3%	−0.02 pp	3 q
unresolvedNorthern Star Invest Corp IV	0.06%	513,317	$5M	held	—	4 q
unresolvedGlobal Partner Acqistn Corp	0.06%	469,039	$5M	held	—	4 q
unresolvedAtlantic Coastal Aqstn Corp	0.05%	391,800	$4M	new	+0.05 pp	new
CHNGChange Healthcare Inc.	0.05%	171,864	$4M	trimmed−8%	0.00 pp	9 q
unresolvedCova Acquisition Corp	0.05%	404,041	$4M	held	—	4 q
3GK0Tio Tech A	0.05%	358,437	$4M	held	—	4 q
unresolvedC5 Acquisition Corporation	0.04%	299,295	$3M	new	+0.04 pp	new
unresolvedGores Hldgs Viii Inc	0.04%	284,080	$3M	held	—	2 q
PPLIPeople Incorporated	0.04%	29,108	$3M	new	+0.04 pp	new
unresolvedOrion Acquisition Corp	0.04%	304,354	$3M	held	—	4 q
unresolvedRoss Acquisition Corp II	0.04%	278,923	$3M	held	—	4 q
unresolvedFusion Acquisition Corp II	0.03%	209,875	$2M	held	—	4 q
LGIHLGI Homes, Inc.	0.03%	21,413	$2M	added+65%	+0.01 pp	2 q
PARRPar Pacific Holdings, Inc.	0.03%	160,255	$2M	held	—	29 q
STGWStagwell Inc. Class A	0.03%	308,719	$2M	new	+0.03 pp	new
UPWKUpwork Inc.	0.03%	97,157	$2M	held	—	8 q
unresolvedAfrican Gold Acquisition Cor	0.03%	211,746	$2M	held	—	4 q
unresolvedApollo Strategic Grwt Cptl I	0.03%	249,700	$2M	held	—	3 q
AVANAvanti Acquisition Corp-a	0.03%	228,395	$2M	held	—	4 q
POSHPoshmark Inc-class A	0.02%	151,147	$2M	added+59%	0.00 pp	4 q
9FKATcw Special Purpose Acquisit	0.02%	143,217	$1M	held	—	4 q
unresolvedFtac Hera Acquisition Corp	0.02%	150,079	$1M	held	—	4 q
unresolvedLead Edge Growth Oprtunts Lt	0.02%	134,996	$1M	held	—	4 q
unresolvedSilver Spike Acquisitn Corp	0.02%	157,769	$2M	new	+0.02 pp	new
TBPHTheravance Biopharma, Inc.	0.02%	139,774	$1M	new	+0.02 pp	new
ABTAbbott Laboratories	0.01%	3,829	$453,000	held	—	18 q
ADBEAdobe Inc.	0.01%	2,225	$1M	held	—	16 q
ALGTAllegiant Travel Company	0.01%	3,952	$642,000	held	—	20 q
AXPAmerican Express Company	0.01%	3,600	$673,000	added+3%	0.00 pp	2 q
ELVElevance Health, Inc.	0.01%	1,915	$941,000	held	—	26 q
APOApollo Global Management, Inc.	0.01%	8,600	$533,000	new	+0.01 pp	new
ADSKAutodesk Inc	0.01%	4,050	$868,000	held	—	14 q
AZOAutoZone, Inc.	0.01%	280	$572,000	added+10%	0.00 pp	2 q
BLQADBlackrock Inc	0.01%	1,350	$1M	added×4.4	+0.01 pp	6 q
BXBlackstone Inc.	0.01%	4,146	$526,000	held	—	8 q
DHRDanaher Corporation	0.01%	2,134	$626,000	held	—	9 q
unresolvedDigital Transformatn Opt Cor	0.01%	87,176	$855,000	held	—	4 q
DISThe Walt Disney Company	0.01%	6,635	$910,000	trimmed−21%	−0.01 pp	14 q
ETEnergy Transfer LP	0.01%	92,000	$1M	new	+0.01 pp	new
HDHome Depot, Inc.	0.01%	3,195	$956,000	held	—	18 q
HUMHumana Inc.	0.01%	1,678	$730,000	held	—	12 q
ISRGIntuitive Surgical Inc.	0.01%	1,776	$536,000	held	—	9 q
IQVIQVIA Holdings Inc.	0.01%	3,385	$783,000	held	—	16 q
URTHiShares MSCI World ETF	0.01%	8,806	$1M	held	—	5 q
LAMRLamar Advertising Co	0.01%	5,315	$617,000	held	—	8 q
LENLennar Corporation Class A	0.01%	8,300	$674,000	new	+0.01 pp	new
LOWLowe's Companies Inc.	0.01%	4,300	$869,000	held	—	8 q
MAMastercard Incorporated	0.01%	2,945	$1M	trimmed−19%	−0.01 pp	18 q
unresolvedMonument Circle Acquisitn Co	0.01%	84,352	$833,000	held	—	4 q
NKENike, Inc.	0.01%	7,715	$1M	trimmed−1%	−0.01 pp	11 q
NVDANvidia Corp	0.01%	3,845	$1M	trimmed−13%	−0.01 pp	9 q
ORLYO'Reilly Automotive, Inc.	0.01%	848	$581,000	held	—	19 q
PYPLPayPal Holdings, Inc.	0.01%	9,000	$1M	added+32%	−0.01 pp	16 q
PMPhilip Morris International Inc.	0.01%	7,111	$668,000	held	—	2 q
QCOMQualcomm Inc	0.01%	3,270	$500,000	held	—	8 q
SFMSprouts Farmers Market, Inc.	0.01%	12,850	$411,000	held	—	5 q
TMOThermo Fisher Scientific, Inc.	0.01%	1,790	$1M	trimmed−9%	−0.01 pp	29 q
ULTAUlta Beauty, Inc.	0.01%	1,280	$510,000	held	—	2 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.01%	2,055	$1M	trimmed−21%	−0.01 pp	18 q
VTVanguard Total World Stock ETF	0.01%	5,580	$565,000	added×27.9	+0.01 pp	2 q
VVISA Inc.	0.01%	4,780	$1M	trimmed−20%	−0.01 pp	18 q
ZGZillow Group Inc Class A	0.01%	13,700	$661,000	added+63%	0.00 pp	2 q
ZTSZoetis Inc.	0.01%	2,405	$454,000	held	—	9 q
ZMZoom Communications, Inc. Class A	0.01%	5,575	$654,000	added+21%	0.00 pp	5 q
ACNAccenture PLC	0.01%	3,165	$1M	held	—	13 q
unresolvedLazard Growth Acquisition Co	0.01%	45,190	$445,000	held	—	4 q
unresolvedAlpha Partners Tech Mergr Co	0.01%	48,890	$479,000	held	—	3 q
unresolvedPowerup Acquisition Corp	0.01%	57,276	$576,000	new	+0.01 pp	new
unresolvedQueens Gambit Growth Capital	0.01%	99,557	$934,000	held	—	3 q
WTWWillis Towers Watson Public Limited Company	0.01%	2,400	$567,000	held	—	7 q
unresolvedAccelerate Acquisition Corp	0.00%	2,200	$22,000	held	—	4 q
AMDAdvanced Micro Devices	0.00%	1,530	$167,000	held	—	3 q
unresolvedAtlantic Coastal Acquistn Co	0.00%	499,496	$94,000	held	—	2 q
BBAI/WSBigBear.ai Holdings, Inc. Redeemable warrants, each full warrant exercisable for one share of at an exercise price of $11.50 per share	0.00%	322,965	$284,000	held	—	2 q
unresolvedBroadscale Acquisition Corp	0.00%	252,451	$150,000	held	—	2 q
CIThe Cigna Group	0.00%	870	$208,000	held	—	3 q
STZConstellation Brands, Inc.	0.00%	451	$104,000	held	—	8 q
DEIDouglas Emmett, Inc.	0.00%	10,000	$334,000	new	0.00 pp	new
EWEdwards Lifesciences Corp	0.00%	1,818	$214,000	held	—	9 q
EAElectronic Arts Inc	0.00%	1,800	$228,000	held	—	5 q
ETSYEtsy, Inc.	0.00%	525	$65,000	held	—	6 q
FDXFedEx Corporation	0.00%	1,490	$345,000	trimmed−27%	−0.01 pp	2 q
unresolvedGx Acquisition Corp II	0.00%	260,674	$73,000	held	—	2 q
unresolvedGsr II Meteora Acquisitn Cor	0.00%	520	$5,000	new	0.00 pp	new
GDDYGoDaddy Inc	0.00%	4,534	$379,000	held	—	11 q
unresolvedGores Hldgs Viii Inc	0.00%	35,507	$47,000	held	—	2 q
unresolvedGores Holdings Vii Inc	0.00%	5,856	$58,000	held	—	4 q
unresolvedGores Technology Partners II	0.00%	7,830	$77,000	held	—	4 q
HCAHCA Healthcare, Inc.	0.00%	965	$242,000	held	—	5 q
unresolvedHaymaker Acquisition Corp II	0.00%	8,853	$87,000	held	—	2 q
unresolvedHaymaker Acquisition Corp II	0.00%	2,210	$1,000	held	—	2 q
HHRHeadHunter Group PLC	0.00%	35,000	$26,000	new	0.00 pp	new
HLGNWHeliogen Inc -CW28	0.00%	119,222	$147,000	held	—	2 q
HONHoneywell International, Inc.	0.00%	1,540	$300,000	held	—	18 q
ILMNIllumina Inc	0.00%	368	$129,000	held	—	8 q
INTUIntuit Inc	0.00%	555	$267,000	held	—	7 q
KKRKKR & Co. Inc.	0.00%	6,174	$361,000	held	—	16 q
ELThe Estee Lauder Companies Inc. Class A	0.00%	897	$244,000	held	—	8 q
MSCIMSCI, Inc.	0.00%	480	$241,000	held	—	9 q
MTCHMatch Group, Inc	0.00%	1,891	$206,000	held	—	7 q
MCOMoody's Corporation	0.00%	385	$130,000	held	—	8 q
MSMorgan Stanley	0.00%	4,160	$364,000	held	—	2 q
PLTRPalantir Technologies Inc. Class A	0.00%	4,365	$60,000	trimmed−33%	0.00 pp	6 q
unresolvedPine Technology Acquisitn Co	0.00%	390,197	$87,000	held	—	2 q
unresolvedRxr Acquisition Corp	0.00%	11,931	$117,000	held	—	4 q
SPGIS&P Global Inc.	0.00%	744	$305,000	added×10.6	0.00 pp	8 q
CRMSalesforce, Inc.	0.00%	1,745	$370,000	trimmed−66%	−0.02 pp	16 q
SBUXStarbucks Corp	0.00%	2,910	$265,000	held	—	8 q
SYKStryker Corporation	0.00%	815	$218,000	held	—	9 q
TSLATesla, Inc.	0.00%	130	$140,000	held	—	5 q
TDUPThredUp Inc. Class A	0.00%	1	$0	held	—	3 q
unresolvedVirgin Orbit Holdings Inc	0.00%	114,080	$161,000	held	—	2 q
unresolvedAngel Pond Holdings Corp	0.00%	381,535	$258,000	new	0.00 pp	new
unresolvedArtisan Acquisition Corp	0.00%	38,811	$383,000	held	—	3 q
unresolvedArtisan Acquisition Corp	0.00%	12,934	$3,000	held	—	3 q
unresolvedBabylon Hldgs Ltd	0.00%	14,967	$8,000	held	—	2 q
unresolvedEsm Acquisition Corporation	0.00%	190	$2,000	held	—	4 q
unresolvedQueens Gambit Growth Capital	0.00%	33,184	$23,000	held	—	3 q
unresolvedSilver Spike Acquisitn Corp	0.00%	39,440	$12,000	new	0.00 pp	new
SPOTSpotify Technology S.A.	0.00%	600	$91,000	added+12%	0.00 pp	3 q
NBISNebius Group N.V. Class A	0.00%	25,000	$24,000	new	0.00 pp	new
unresolvedAngel Pond Holdings Corp	—	−1,144,612	—	exited	−0.14 pp	—
unresolvedBp Midstream Partners LP	—	−138,946	—	exited	−0.03 pp	—
unresolvedSilver Spike Acquisitn Corp	—	−157,769	—	exited	−0.02 pp	—
APONApollo Asset Management Inc	—	−8,400	—	exited	−0.01 pp	—
PTONPeloton Interactive, Inc. Class A	—	−11,300	—	exited	−0.01 pp	—
PINSPinterest, Inc. Class A	—	−22,650	—	exited	−0.01 pp	—
AVLRAvalara, Inc.	—	−1,220	—	exited	0.00 pp	—
COINCoinbase Global, Inc. Class A	—	−300	—	exited	0.00 pp	—
CRWDCrowdStrike Holdings, Inc. Class A	—	−1,055	—	exited	0.00 pp	—
EBCEastern Bankshares, Inc.	—	−142	—	exited	0.00 pp	—
MELIMercado Libre, Inc	—	−105	—	exited	0.00 pp	—
PANWPalo Alto Networks, Inc.	—	−165	—	exited	0.00 pp	—
QRVOQorvo, Inc.	—	−525	—	exited	0.00 pp	—
RBLXRoblox Corporation	—	−1,540	—	exited	0.00 pp	—
SHWThe Sherwin-Williams Company	—	−275	—	exited	0.00 pp	—
SHOPShopify Inc. Class A subordinate voting shares	—	−135	—	exited	0.00 pp	—
SNAPSnap Inc.	—	−1,700	—	exited	0.00 pp	—
TTWOTake-Two Interactive Software Inc	—	−1,360	—	exited	0.00 pp	—
TRMBTrimble Inc.	—	−1,425	—	exited	0.00 pp	—
VEEVVeeva Systems Inc.	—	−280	—	exited	0.00 pp	—
ZSZscaler, Inc.	—	−1,095	—	exited	0.00 pp	—
MRKTIhs Markit Ltd	—	−2,376	—	exited	0.00 pp	—