FPA

Q2 2022 13F · by Steven Romick, CEO

As of: Jun 30, 2022
Filed: Aug 8, 2022
US stock: $6.7B · prev $7.8B
Positions: 185 · prev 195
Options notional: $0
Documents: 1· no amendments

Picture99.1% US stock

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

US stock listed on a US exchange 99.1%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.9%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves114 since the prior filing

+2.1 pp in · −3.0 pp out

New 21 +3.44 pp
Added 36 −1.30 pp
Trimmed 26 −2.71 pp
Exited 31 −0.27 pp

The book

Focused · behaves like 29 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 9.8% a year, about 10.2 years per position

Low
Moderate
High

Top 5 positions28% of US stock

CMCSA Comcast Corp added−0.02 pp added−0.026.6%
GOOGL Alphabet Inc. Class A added−0.40 pp added−0.406.0%
ADI Analog Devices, Inc. trimmed+0.07 pp trimmed+0.075.3%
AIG American International Group, Inc. trimmed−0.90 pp trimmed−0.905.1%
GOOG Alphabet Inc. Class C added−0.32 pp added−0.324.9%

Positions185 in this filing · 31 exited


CMCSAComcast Corp	6.61%	11,270,764	$442M	added+2%	−0.02 pp	19 q
GOOGLAlphabet Inc. Class A	6.05%	185,929	$405M	added+3%	−0.40 pp	27 q
ADIAnalog Devices, Inc.	5.28%	2,420,424	$354M	trimmed−1%	+0.07 pp	30 q
AIGAmerican International Group, Inc.	5.11%	6,685,302	$342M	trimmed−10%	−0.90 pp	30 q
GOOGAlphabet Inc. Class C	4.86%	148,601	$325M	added+3%	−0.32 pp	30 q
0VQJLTe Connectivity Ltd	4.79%	2,833,669	$321M	added+3%	+0.14 pp	30 q
AVGOBroadcom Inc.	4.56%	628,123	$305M	trimmed−3%	−0.70 pp	17 q
CHTRCharter Comm Inc Del CL A New	4.26%	608,995	$285M	added+4%	+0.14 pp	17 q
CCitigroup Inc.	3.81%	5,547,838	$255M	added+3%	+0.10 pp	30 q
METAMeta Platforms, Inc. Class A	3.69%	1,530,687	$247M	added+2%	−0.60 pp	19 q
WFCWells Fargo & Co.	3.63%	6,205,788	$243M	added+3%	−0.15 pp	17 q
AMZNAmazon.Com Inc	3.62%	2,282,100	$242M	added+36%	+0.09 pp	18 q
AONAon plc Class A	3.46%	858,658	$232M	trimmed−6%	−0.38 pp	9 q
IFFInternational Flavors & Fragrances Inc.	2.80%	1,571,559	$187M	added+10%	+0.39 pp	7 q
HWMHowmet Aerospace Inc.	2.59%	5,521,725	$174M	trimmed−5%	−0.11 pp	23 q
JEFJefferies Financial Group Inc.	2.38%	5,770,645	$159M	added0%	−0.06 pp	17 q
KMIKinder Morgan, Inc.	2.14%	8,525,357	$143M	added+3%	+0.12 pp	18 q
FEFirstEnergy Corp.	2.07%	3,603,491	$138M	trimmed−18%	−0.53 pp	7 q
OTEXOpen Text Corp	2.06%	3,649,657	$138M	added+10%	+0.24 pp	7 q
WABWabtec Inc.	1.96%	1,597,383	$131M	added+3%	+0.03 pp	10 q
KMXCarMax Inc.	1.95%	1,441,894	$130M	new	+1.95 pp	new
AIYActivision Blizzard Inc	1.70%	1,461,530	$114M	trimmed−0%	+0.19 pp	17 q
NXPINXP Semiconductors N.V.	1.66%	752,570	$111M	added+11%	+0.04 pp	10 q
UNVRUnivar Solutions Inc.	1.58%	4,257,517	$106M	added0%	−0.18 pp	14 q
MARMarriott International Class A	1.57%	774,430	$105M	trimmed−9%	−0.36 pp	17 q
LPLALPL Financial Holdings Inc.	1.55%	562,306	$104M	trimmed−11%	+0.06 pp	29 q
NFLXNetFlix Inc	1.28%	490,821	$86M	added+12%	−0.84 pp	10 q
FERGFerguson Enterprises Inc.	1.25%	752,795	$83M	new	+1.25 pp	new
PCGPG&E Corporation	0.95%	6,378,529	$64M	added+3%	0.00 pp	18 q
UBERUber Technologies, Inc.	0.80%	2,600,991	$53M	added+16%	−0.23 pp	3 q
GPORGulfport Energy Corporation	0.72%	609,405	$48M	added0%	+0.02 pp	5 q
DELLDell Technologies Inc.	0.62%	900,697	$42M	held	—	12 q
HLFHerbalife Ltd.	0.57%	1,868,906	$38M	added+74%	+0.15 pp	2 q
ACAHAtlantic Coastal Acquisition Corp. Class A	0.22%	1,498,495	$15M	held	—	3 q
unresolvedForest Road Acquisition Cor	0.22%	1,499,900	$15M	held	—	5 q
unresolvedHudson Executive Inves III	0.22%	1,499,900	$15M	held	—	5 q
unresolvedLandcadia Holdings IV Inc	0.22%	1,499,899	$15M	held	—	5 q
SBNYSignature Bank (NY)	0.22%	81,682	$15M	added0%	−0.09 pp	15 q
unresolvedTlg Acquisition One Corp	0.22%	1,499,900	$15M	held	—	5 q
TDWTidewater, Inc.	0.20%	636,117	$13M	trimmed−12%	0.00 pp	15 q
OECOrion S.A.	0.20%	849,020	$13M	held	—	19 q
unresolvedBurtech Acquisition Corp	0.19%	1,245,023	$12M	held	—	3 q
unresolvedFlame Acquisition Corp	0.18%	1,248,746	$12M	held	—	5 q
unresolvedGlenfarne Merger Corp	0.18%	1,248,745	$12M	held	—	5 q
unresolvedGolden Arrow Merger Corp	0.18%	1,248,745	$12M	held	—	5 q
unresolvedTwelve Seas Investment Co II	0.18%	1,197,791	$12M	held	—	5 q
unresolvedColonnade Acquisition Corp I	0.18%	1,248,745	$12M	held	—	5 q
unresolvedDisruptive Acquisition Corp	0.18%	1,248,748	$12M	held	—	5 q
unresolvedKismet Acquisition Three Cor	0.18%	1,248,745	$12M	held	—	5 q
unresolvedMacondray Cap Acquisitn Corp	0.18%	1,247,500	$12M	held	—	4 q
unresolvedPine Technology Acquisitn Co	0.17%	1,170,600	$11M	held	—	3 q
unresolvedAgile Growth Corp	0.17%	1,176,454	$12M	held	—	5 q
unresolvedAngel Pond Holdings Corp	0.17%	1,144,612	$11M	held	—	2 q
unresolvedPlum Acquisition Corp I	0.17%	1,169,957	$11M	held	—	5 q
PSTHPershing Square Tontine Holdings, Ltd.	0.16%	534,048	$11M	held	—	4 q
ELMEElme Communities	0.16%	498,578	$11M	held	—	2 q
unresolvedBroadscale Acquisition Corp	0.15%	1,009,809	$10M	held	—	3 q
DLTRDollar Tree Inc.	0.15%	63,395	$10M	trimmed−20%	−0.01 pp	9 q
unresolvedInterprivate IV Infratech Pr	0.15%	1,045,934	$10M	held	—	5 q
unresolvedMason Industrial Technolgy I	0.13%	917,294	$9M	held	—	5 q
RUSHARush Enterprises Inc	0.13%	178,146	$9M	held	—	28 q
SLMUFSlam Corp Uts	0.13%	861,814	$8M	held	—	5 q
unresolvedStratim Cloud Acquisition Co	0.12%	810,328	$8M	held	—	5 q
unresolvedChurchill Capital Corp Vii	0.11%	745,996	$7M	held	—	5 q
unresolvedConvey Hldg Parent Inc	0.11%	686,400	$7M	trimmed−8%	+0.05 pp	4 q
unresolvedGx Acquisition Corp II	0.11%	782,029	$8M	held	—	3 q
unresolvedMission Advancement Corp	0.11%	741,972	$7M	held	—	5 q
unresolvedNorthern Star Invest Corp II	0.10%	664,459	$7M	held	—	5 q
unresolvedMetals Acquisition Corp	0.10%	654,635	$6M	new	+0.10 pp	new
unresolvedPeridot Acquisition Corp II	0.10%	704,079	$7M	held	—	5 q
unresolvedFortress Value Acquisi Corp	0.09%	595,881	$6M	held	—	5 q
unresolvedAvanti Acquisition Corp	0.09%	625,000	$6M	added0%	+0.01 pp	7 q
unresolvedDhc Acquisition Corp	0.09%	629,832	$6M	held	—	5 q
unresolvedAres Acquisition Corporation	0.09%	596,451	$6M	held	—	5 q
MSFTMicrosoft Corp	0.08%	22,100	$6M	trimmed−9%	−0.02 pp	30 q
unresolvedNorthern Star Invest Corp IV	0.08%	513,317	$5M	held	—	5 q
AAPLApple Inc.	0.07%	31,850	$4M	held	—	23 q
PPLIPeople Incorporated	0.07%	59,911	$5M	added×2.1	+0.03 pp	2 q
unresolvedGlobal Partner Acqistn Corp	0.07%	469,039	$5M	held	—	5 q
unresolvedAtlantic Coastal Aqstn Corp	0.06%	391,800	$4M	held	—	2 q
unresolvedCova Acquisition Corp	0.06%	404,041	$4M	new	+0.06 pp	new
LGIHLGI Homes, Inc.	0.05%	36,290	$3M	added+69%	+0.02 pp	3 q
UPWKUpwork Inc.	0.05%	161,357	$3M	added+66%	+0.02 pp	9 q
3GK0Tio Tech A	0.05%	358,437	$3M	held	—	5 q
BKNGBooking Holdings Inc.	0.04%	1,700	$3M	new	+0.04 pp	new
unresolvedC5 Acquisition Corporation	0.04%	299,295	$3M	held	—	2 q
unresolvedGores Hldgs Viii Inc	0.04%	284,080	$3M	held	—	3 q
unresolvedOrion Acquisition Corp	0.04%	304,354	$3M	held	—	5 q
PARRPar Pacific Holdings, Inc.	0.04%	160,255	$2M	held	—	30 q
STGWStagwell Inc. Class A	0.04%	537,692	$3M	added+74%	+0.01 pp	2 q
unresolvedApollo Strategic Grwt Cptl I	0.04%	249,700	$2M	held	—	4 q
unresolvedRoss Acquisition Corp II	0.04%	278,923	$3M	held	—	5 q
BLQADBlackrock Inc	0.03%	3,100	$2M	added×2.3	+0.02 pp	7 q
unresolvedFusion Acquisition Corp II	0.03%	209,875	$2M	held	—	5 q
POSHPoshmark Inc-class A	0.03%	174,467	$2M	added+15%	+0.01 pp	5 q
unresolvedAfrican Gold Acquisition Cor	0.03%	211,746	$2M	held	—	5 q
AVANAvanti Acquisition Corp-a	0.03%	228,395	$2M	held	—	5 q
9FKATcw Special Purpose Acquisit	0.02%	143,217	$1M	held	—	5 q
unresolvedFtac Hera Acquisition Corp	0.02%	150,079	$1M	held	—	5 q
unresolvedLead Edge Growth Oprtunts Lt	0.02%	134,996	$1M	held	—	5 q
unresolvedSilver Spike Acquisitn Corp	0.02%	157,769	$2M	held	—	2 q
TBPHTheravance Biopharma, Inc.	0.02%	176,539	$2M	added+26%	0.00 pp	2 q
ABTAbbott Laboratories	0.01%	3,829	$416,000	held	—	19 q
ALGTAllegiant Travel Company	0.01%	5,026	$568,000	added+27%	0.00 pp	21 q
ELVElevance Health, Inc.	0.01%	1,915	$924,000	held	—	27 q
APOApollo Global Management, Inc.	0.01%	9,600	$465,000	added+12%	0.00 pp	2 q
AZOAutoZone, Inc.	0.01%	280	$602,000	held	—	3 q
BACBank of America Corporation	0.01%	12,000	$374,000	new	+0.01 pp	new
BXBlackstone Inc.	0.01%	5,146	$469,000	added+24%	0.00 pp	9 q
DHRDanaher Corporation	0.01%	2,134	$541,000	held	—	10 q
unresolvedDigital Transformatn Opt Cor	0.01%	87,176	$851,000	held	—	5 q
ETEnergy Transfer LP	0.01%	92,000	$918,000	held	—	2 q
EPDEnterprise Products Partners L.P.	0.01%	37,000	$902,000	new	+0.01 pp	new
HDHome Depot, Inc.	0.01%	3,195	$876,000	held	—	19 q
IQVIQVIA Holdings Inc.	0.01%	3,385	$735,000	held	—	17 q
URTHiShares MSCI World ETF	0.01%	8,806	$941,000	held	—	6 q
KKRKKR & Co. Inc.	0.01%	10,200	$472,000	added+65%	+0.01 pp	17 q
LEN.BLennar Corporation Class B	0.01%	9,600	$564,000	new	+0.01 pp	new
LOWLowe's Companies Inc.	0.01%	4,300	$751,000	held	—	9 q
MAMastercard Incorporated	0.01%	2,875	$907,000	trimmed−2%	0.00 pp	19 q
unresolvedMonument Circle Acquisitn Co	0.01%	84,352	$829,000	held	—	5 q
NKENike, Inc.	0.01%	7,715	$788,000	held	—	12 q
NVDANvidia Corp	0.01%	3,845	$583,000	held	—	10 q
ORLYO'Reilly Automotive, Inc.	0.01%	848	$536,000	held	—	20 q
PMPhilip Morris International Inc.	0.01%	7,111	$702,000	held	—	3 q
QCOMQualcomm Inc	0.01%	2,788	$356,000	trimmed−15%	0.00 pp	9 q
TMOThermo Fisher Scientific, Inc.	0.01%	650	$353,000	trimmed−64%	0.00 pp	30 q
TOLToll Brothers, Inc.	0.01%	12,500	$558,000	new	+0.01 pp	new
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.01%	1,805	$927,000	trimmed−12%	0.00 pp	19 q
VTVanguard Total World Stock ETF	0.01%	5,500	$469,000	trimmed−1%	0.00 pp	3 q
VVISA Inc.	0.01%	4,640	$914,000	trimmed−3%	0.00 pp	19 q
unresolvedLazard Growth Acquisition Co	0.01%	45,190	$443,000	held	—	5 q
unresolvedAlpha Partners Tech Mergr Co	0.01%	48,890	$474,000	held	—	4 q
unresolvedPowerup Acquisition Corp	0.01%	57,276	$578,000	held	—	2 q
WTWWillis Towers Watson Public Limited Company	0.01%	2,400	$474,000	held	—	8 q
unresolvedAccelerate Acquisition Corp	0.00%	2,200	$22,000	held	—	5 q
ADBEAdobe Inc.	0.00%	775	$284,000	trimmed−65%	−0.01 pp	17 q
AMDAdvanced Micro Devices	0.00%	2,350	$180,000	added+54%	0.00 pp	4 q
unresolvedAtlantic Coastal Acquistn Co	0.00%	499,496	$40,000	held	—	3 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	$129,000	held	—	3 q
unresolvedBiote Corp	0.00%	2,210	$1,000	new	0.00 pp	new
unresolvedBroadscale Acquisition Corp	0.00%	252,451	$60,000	held	—	3 q
CIThe Cigna Group	0.00%	870	$229,000	held	—	4 q
STZConstellation Brands, Inc.	0.00%	451	$105,000	held	—	9 q
DECKDeckers Outdoor Corp	0.00%	650	$166,000	new	0.00 pp	new
DISThe Walt Disney Company	0.00%	3,000	$283,000	trimmed−55%	−0.01 pp	15 q
unresolvedGx Acquisition Corp II	0.00%	260,674	$36,000	held	—	3 q
unresolvedGsr II Meteora Acquisitn Cor	0.00%	520	$5,000	held	—	2 q
GMGeneral Motors Company	0.00%	5,900	$187,000	new	0.00 pp	new
GDDYGoDaddy Inc	0.00%	4,534	$315,000	held	—	12 q
unresolvedGores Hldgs Viii Inc	0.00%	35,507	$20,000	held	—	3 q
unresolvedGores Holdings Vii Inc	0.00%	5,856	$58,000	held	—	5 q
unresolvedGores Technology Partners II	0.00%	7,830	$77,000	held	—	5 q
HCAHCA Healthcare, Inc.	0.00%	1,100	$185,000	added+14%	0.00 pp	6 q
HHRHeadHunter Group PLC	0.00%	35,000	$0	held	—	2 q
HLGNWHeliogen Inc -CW28	0.00%	119,222	$31,000	held	—	3 q
HONHoneywell International, Inc.	0.00%	1,540	$268,000	held	—	19 q
HUMHumana Inc.	0.00%	475	$222,000	trimmed−72%	−0.01 pp	13 q
JPMJPMorgan Chase & Co.	0.00%	2,400	$270,000	new	0.00 pp	new
MTCHMatch Group, Inc	0.00%	1,891	$132,000	held	—	8 q
MHKMohawk Industries, Inc.	0.00%	1,500	$186,000	new	0.00 pp	new
MCOMoody's Corporation	0.00%	385	$105,000	held	—	9 q
NSCNorfolk Southern Corp.	0.00%	1,150	$261,000	new	0.00 pp	new
PLTRPalantir Technologies Inc. Class A	0.00%	4,365	$40,000	held	—	7 q
PYPLPayPal Holdings, Inc.	0.00%	3,750	$262,000	trimmed−58%	−0.01 pp	17 q
unresolvedPine Technology Acquisitn Co	0.00%	390,197	$20,000	held	—	3 q
unresolvedRxr Acquisition Corp	0.00%	11,931	$116,000	held	—	5 q
SPGIS&P Global Inc.	0.00%	744	$251,000	held	—	9 q
SIX1Six Flags Entertainment Corp.	0.00%	6,600	$143,000	new	0.00 pp	new
SFMSprouts Farmers Market, Inc.	0.00%	12,850	$325,000	held	—	6 q
SYKStryker Corporation	0.00%	815	$162,000	held	—	10 q
TDUPThredUp Inc. Class A	0.00%	1	$0	held	—	4 q
ULTAUlta Beauty, Inc.	0.00%	830	$320,000	trimmed−35%	−0.01 pp	3 q
UPSUnited Parcel Service, Inc. Class B	0.00%	1,800	$329,000	new	0.00 pp	new
unresolvedVirgin Orbit Holdings Inc	0.00%	114,080	$66,000	held	—	3 q
ZMZoom Communications, Inc. Class A	0.00%	1,300	$140,000	trimmed−77%	−0.01 pp	6 q
unresolvedAngel Pond Holdings Corp	0.00%	381,535	$153,000	held	—	2 q
ACNAccenture PLC	0.00%	1,050	$292,000	trimmed−67%	−0.01 pp	14 q
unresolvedCova Acquisition Corp	0.00%	202,019	$20,000	new	0.00 pp	new
unresolvedEsm Acquisition Corporation	0.00%	190	$2,000	held	—	5 q
unresolvedMetals Acquisition Corp	0.00%	218,209	$103,000	new	0.00 pp	new
PRENWPrenetics Global Limited	0.00%	12,934	$2,000	new	0.00 pp	new
unresolvedSilver Spike Acquisitn Corp	0.00%	39,440	$2,000	held	—	2 q
SWVLWSwvl Holdings Corp	0.00%	33,184	$14,000	new	0.00 pp	new
NBISNebius Group N.V. Class A	0.00%	25,000	$0	held	—	2 q
unresolvedMetals Acquisition Corp	—	−654,635	—	exited	−0.09 pp	—
CHNGChange Healthcare Inc.	—	−171,864	—	exited	−0.05 pp	—
unresolvedCova Acquisition Corp	—	−404,041	—	exited	−0.05 pp	—
AXPAmerican Express Company	—	−3,600	—	exited	−0.01 pp	—
ADSKAutodesk Inc	—	−4,050	—	exited	−0.01 pp	—
ISRGIntuitive Surgical Inc.	—	−1,776	—	exited	−0.01 pp	—
LAMRLamar Advertising Co	—	−5,315	—	exited	−0.01 pp	—
LENLennar Corporation Class A	—	−8,300	—	exited	−0.01 pp	—
ZGZillow Group Inc Class A	—	−13,700	—	exited	−0.01 pp	—
ZTSZoetis Inc.	—	−2,405	—	exited	−0.01 pp	—
unresolvedQueens Gambit Growth Capital	—	−99,557	—	exited	−0.01 pp	—
DEIDouglas Emmett, Inc.	—	−10,000	—	exited	0.00 pp	—
EWEdwards Lifesciences Corp	—	−1,818	—	exited	0.00 pp	—
EAElectronic Arts Inc	—	−1,800	—	exited	0.00 pp	—
ETSYEtsy, Inc.	—	−525	—	exited	0.00 pp	—
FDXFedEx Corporation	—	−1,490	—	exited	0.00 pp	—
unresolvedHaymaker Acquisition Corp II	—	−8,853	—	exited	0.00 pp	—
unresolvedHaymaker Acquisition Corp II	—	−2,210	—	exited	0.00 pp	—
ILMNIllumina Inc	—	−368	—	exited	0.00 pp	—
INTUIntuit Inc	—	−555	—	exited	0.00 pp	—
ELThe Estee Lauder Companies Inc. Class A	—	−897	—	exited	0.00 pp	—
MSCIMSCI, Inc.	—	−480	—	exited	0.00 pp	—
MSMorgan Stanley	—	−4,160	—	exited	0.00 pp	—
CRMSalesforce, Inc.	—	−1,745	—	exited	0.00 pp	—
SBUXStarbucks Corp	—	−2,910	—	exited	0.00 pp	—
TSLATesla, Inc.	—	−130	—	exited	0.00 pp	—
unresolvedArtisan Acquisition Corp	—	−38,811	—	exited	0.00 pp	—
unresolvedArtisan Acquisition Corp	—	−12,934	—	exited	0.00 pp	—
unresolvedBabylon Hldgs Ltd	—	−14,967	—	exited	0.00 pp	—
unresolvedQueens Gambit Growth Capital	—	−33,184	—	exited	0.00 pp	—
SPOTSpotify Technology S.A.	—	−600	—	exited	0.00 pp	—