FPA

Q4 2022 13F · by Steven Romick, CEO

As of: Dec 31, 2022
Filed: Feb 7, 2023
US stock: $6.4B · prev $6.2B
Positions: 163 · prev 185
Options notional: $0
Documents: 1· no amendments

Picture98.5% US stock

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

US stock listed on a US exchange 98.5%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 1.5%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves172 since the prior filing

+3.8 pp in · −3.9 pp out

New 21 +1.03 pp
Added 18 +2.76 pp
Trimmed 90 −0.57 pp
Exited 43 −3.30 pp

The book

Focused · behaves like 28 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 13% a year, about 7.9 years per position

Low
Moderate
High

Top 5 positions29% of US stock

AIG American International Group, Inc. trimmed+1.41 pp trimmed+1.416.6%
CMCSA Comcast Corp trimmed+0.74 pp trimmed+0.746.1%
ADI Analog Devices, Inc. trimmed+0.57 pp trimmed+0.576.0%
GOOGL Alphabet Inc. Class A trimmed−0.68 pp trimmed−0.685.1%
0VQJL Te Connectivity Ltd trimmed−0.02 pp trimmed−0.025.0%

Positions163 in this filing · 43 exited


AIGAmerican International Group, Inc.	6.58%	6,686,954	$423M	trimmed−1%	+1.41 pp	32 q
CMCSAComcast Corp	6.11%	11,218,339	$392M	trimmed−1%	+0.74 pp	21 q
ADIAnalog Devices, Inc.	6.03%	2,362,327	$387M	trimmed−3%	+0.57 pp	32 q
GOOGLAlphabet Inc. Class A	5.09%	3,704,581	$327M	trimmed−1%	−0.68 pp	29 q
0VQJLTe Connectivity Ltd	5.05%	2,824,321	$324M	trimmed−1%	−0.02 pp	32 q
IFFInternational Flavors & Fragrances Inc.	4.67%	2,860,128	$300M	added+15%	+1.01 pp	9 q
GOOGAlphabet Inc. Class C	4.09%	2,959,082	$263M	trimmed−1%	−0.54 pp	32 q
CCitigroup Inc.	3.91%	5,560,668	$252M	trimmed−1%	+0.14 pp	32 q
WFCWells Fargo & Co.	3.91%	6,079,373	$251M	trimmed−1%	−0.09 pp	19 q
AONAon plc Class A	3.71%	793,205	$238M	trimmed−6%	+0.06 pp	11 q
AVGOBroadcom Inc.	3.59%	412,218	$230M	trimmed−35%	−0.95 pp	19 q
CHTRCharter Comm Inc Del CL A New	3.23%	612,320	$208M	trimmed−1%	+0.21 pp	19 q
JEFJefferies Financial Group Inc.	3.04%	5,701,168	$195M	trimmed−1%	+0.31 pp	19 q
AMZNAmazon.Com Inc	2.83%	2,163,397	$182M	trimmed−1%	−1.14 pp	20 q
METAMeta Platforms, Inc. Class A	2.76%	1,471,908	$177M	trimmed−2%	−0.54 pp	21 q
KMIKinder Morgan, Inc.	2.39%	8,497,573	$154M	trimmed−1%	+0.09 pp	20 q
FEFirstEnergy Corp.	2.36%	3,612,545	$152M	trimmed−1%	+0.19 pp	9 q
HWMHowmet Aerospace Inc.	2.30%	3,757,141	$148M	trimmed−15%	+0.09 pp	25 q
KMXCarMax Inc.	2.25%	2,369,207	$144M	added+22%	+0.18 pp	3 q
FERGFerguson Enterprises Inc.	2.22%	1,121,498	$142M	added+15%	+0.60 pp	3 q
NXPINXP Semiconductors N.V.	2.08%	844,054	$133M	added+11%	+0.27 pp	12 q
UNVRUnivar Solutions Inc.	2.07%	4,186,308	$133M	trimmed−1%	+0.52 pp	16 q
WABWabtec Inc.	2.07%	1,333,922	$133M	trimmed−17%	−0.05 pp	12 q
MARMarriott International Class A	1.81%	781,851	$116M	trimmed−1%	+0.03 pp	19 q
NFLXNetFlix Inc	1.81%	393,266	$116M	trimmed−2%	+0.29 pp	12 q
AIYActivision Blizzard Inc	1.79%	1,500,092	$115M	added+2%	+0.03 pp	19 q
LPLALPL Financial Holdings Inc.	1.67%	497,118	$107M	trimmed−11%	−0.29 pp	31 q
ICLRIcon Plc	1.09%	359,236	$70M	added×2.1	+0.58 pp	2 q
UBERUber Technologies, Inc.	1.01%	2,617,912	$65M	trimmed−1%	−0.12 pp	5 q
GPORGulfport Energy Corporation	0.69%	603,250	$44M	trimmed−0%	−0.17 pp	7 q
DELLDell Technologies Inc.	0.56%	900,697	$36M	held	—	14 q
PCGPG&E Corporation	0.55%	2,155,509	$35M	trimmed−47%	−0.27 pp	20 q
HLFHerbalife Ltd.	0.43%	1,841,285	$27M	trimmed−1%	−0.17 pp	4 q
TDWTidewater, Inc.	0.33%	574,581	$21M	trimmed−9%	+0.11 pp	17 q
VNOVornado Realty Trust	0.32%	992,186	$21M	trimmed−1%	−0.05 pp	2 q
ACAHAtlantic Coastal Acquisition Corp. Class A	0.23%	1,490,099	$15M	trimmed−1%	−0.01 pp	5 q
unresolvedForest Road Acquisition Cor	0.23%	1,491,463	$15M	new	+0.23 pp	new
OECOrion S.A.	0.23%	845,193	$15M	added+2%	+0.05 pp	21 q
unresolvedBurtech Acquisition Corp	0.20%	1,245,023	$13M	new	+0.20 pp	new
unresolvedFlame Acquisition Corp	0.19%	1,241,751	$12M	new	+0.19 pp	new
unresolvedGolden Arrow Merger Corp	0.19%	1,248,745	$13M	new	+0.19 pp	new
unresolvedTwelve Seas Investment Co II	0.19%	1,191,077	$12M	trimmed−1%	0.00 pp	7 q
unresolvedAgile Growth Corp	0.19%	1,169,862	$12M	trimmed−1%	0.00 pp	7 q
unresolvedColonnade Acquisition Corp I	0.19%	1,241,747	$13M	trimmed−1%	−0.01 pp	2 q
unresolvedDisruptive Acquisition Corp	0.19%	1,241,750	$13M	trimmed−1%	−0.01 pp	7 q
unresolvedMacondray Cap Acquisitn Corp	0.19%	1,240,359	$12M	trimmed−1%	−0.01 pp	6 q
unresolvedPine Technology Acquisitn Co	0.18%	1,164,041	$12M	trimmed−1%	−0.01 pp	5 q
unresolvedPlum Acquisition Corp I	0.18%	1,163,374	$12M	trimmed−1%	−0.01 pp	7 q
RUSHARush Enterprises Inc	0.17%	204,258	$11M	trimmed−2%	+0.02 pp	30 q
unresolvedMason Industrial Technolgy I	0.14%	912,133	$9M	trimmed−1%	0.00 pp	7 q
SBNYSignature Bank (NY)	0.14%	80,502	$9M	trimmed−1%	−0.06 pp	17 q
unresolvedStratim Cloud Acquisition Co	0.13%	805,760	$8M	trimmed−1%	0.00 pp	7 q
SLMUFSlam Corp Uts	0.13%	856,956	$9M	trimmed−1%	−0.01 pp	7 q
unresolvedChurchill Capital Corp Vii	0.12%	741,812	$7M	trimmed−1%	0.00 pp	7 q
unresolvedGx Acquisition Corp II	0.12%	777,620	$8M	trimmed−1%	0.00 pp	5 q
unresolvedPeridot Acquisition Corp II	0.11%	700,121	$7M	trimmed−1%	0.00 pp	7 q
unresolvedNorthern Star Invest Corp II	0.10%	664,459	$7M	new	+0.10 pp	new
BNAIBrand Engagement Network Inc.	0.10%	626,304	$6M	trimmed−1%	0.00 pp	2 q
unresolvedMetals Acquisition Corp	0.10%	650,840	$7M	trimmed−1%	0.00 pp	3 q
unresolvedAres Acquisition Corporation	0.09%	593,095	$6M	trimmed−1%	−0.01 pp	7 q
MSFTMicrosoft Corp	0.08%	22,100	$5M	held	—	32 q
unresolvedNorthern Star Invest Corp IV	0.08%	513,317	$5M	new	+0.08 pp	new
PPLIPeople Incorporated	0.07%	96,692	$4M	added+8%	−0.01 pp	4 q
STGWStagwell Inc. Class A	0.07%	761,537	$5M	trimmed−4%	−0.02 pp	4 q
ELMEElme Communities	0.07%	239,986	$4M	trimmed−52%	−0.07 pp	4 q
unresolvedGlobal Partner Acqistn Corp	0.07%	466,409	$5M	trimmed−1%	−0.01 pp	7 q
AAPLApple Inc.	0.06%	31,850	$4M	held	—	25 q
unresolvedAtlantic Coastal Aqstn Corp	0.06%	389,560	$4M	trimmed−1%	0.00 pp	4 q
DLTRDollar Tree Inc.	0.06%	29,278	$4M	held	—	11 q
PARRPar Pacific Holdings, Inc.	0.06%	152,869	$4M	trimmed−5%	+0.02 pp	32 q
3GK0Tio Tech A	0.06%	356,419	$4M	trimmed−1%	0.00 pp	7 q
unresolvedC5 Acquisition Corporation	0.05%	297,586	$3M	trimmed−1%	0.00 pp	4 q
LGIHLGI Homes, Inc.	0.04%	29,441	$3M	trimmed−19%	−0.01 pp	5 q
unresolvedApollo Strategic Grwt Cptl I	0.04%	248,292	$2M	trimmed−1%	0.00 pp	6 q
unresolvedRoss Acquisition Corp II	0.04%	277,353	$3M	trimmed−1%	0.00 pp	7 q
ALGTAllegiant Travel Company	0.03%	24,810	$2M	added+30%	+0.01 pp	23 q
unresolvedFusion Acquisition Corp II	0.03%	208,692	$2M	trimmed−1%	0.00 pp	7 q
UPWKUpwork Inc.	0.03%	161,357	$2M	held	—	11 q
unresolvedAfrican Gold Acquisition Cor	0.03%	210,552	$2M	trimmed−1%	0.00 pp	7 q
ELVElevance Health, Inc.	0.02%	1,915	$982,338	held	—	29 q
BLQADBlackrock Inc	0.02%	1,400	$992,082	trimmed−34%	0.00 pp	9 q
ETEnergy Transfer LP	0.02%	125,000	$1M	added+3%	0.00 pp	4 q
EPDEnterprise Products Partners L.P.	0.02%	42,000	$1M	held	—	3 q
HDHome Depot, Inc.	0.02%	3,200	$1M	added0%	+0.01 pp	21 q
PDLBPonce Financial Group, Inc.	0.02%	152,064	$1M	added+41%	0.00 pp	2 q
VVISA Inc.	0.02%	4,640	$964,006	held	—	21 q
unresolvedFtac Hera Acquisition Corp	0.02%	149,233	$2M	trimmed−1%	0.00 pp	7 q
unresolvedLead Edge Growth Oprtunts Lt	0.02%	134,235	$1M	trimmed−1%	0.00 pp	7 q
unresolvedSilver Spike Acquisitn Corp	0.02%	156,878	$2M	trimmed−1%	−0.01 pp	4 q
APOApollo Global Management, Inc.	0.01%	6,000	$382,740	trimmed−38%	0.00 pp	4 q
AZOAutoZone, Inc.	0.01%	280	$690,530	held	—	5 q
BACBank of America Corporation	0.01%	21,000	$695,520	held	—	3 q
BXBlackstone Inc.	0.01%	6,800	$504,492	added+32%	0.00 pp	11 q
CIThe Cigna Group	0.01%	1,750	$579,845	added×2.0	+0.01 pp	6 q
CIGIColliers International Group Inc. Subordinate Voting Shares	0.01%	5,500	$506,220	new	+0.01 pp	new
DHRDanaher Corporation	0.01%	2,100	$557,382	held	—	12 q
DECKDeckers Outdoor Corp	0.01%	815	$325,315	added+9%	+0.01 pp	3 q
unresolvedDigital Transformatn Opt Cor	0.01%	86,684	$870,741	new	+0.01 pp	new
0C3Endeavor Group Hold-class A	0.01%	33,700	$759,598	new	+0.01 pp	new
unresolvedFlame Acquisition Corp	0.01%	620,874	$403,568	new	+0.01 pp	new
HCAHCA Healthcare, Inc.	0.01%	1,400	$335,944	added+14%	+0.01 pp	8 q
IQVIQVIA Holdings Inc.	0.01%	3,385	$693,553	held	—	19 q
URTHiShares MSCI World ETF	0.01%	8,806	$962,056	held	—	8 q
JPMJPMorgan Chase & Co.	0.01%	7,000	$938,700	held	—	3 q
KKRKKR & Co. Inc.	0.01%	11,600	$538,472	held	—	19 q
LEN.BLennar Corporation Class B	0.01%	9,600	$717,888	held	—	3 q
LOWLowe's Companies Inc.	0.01%	4,300	$856,732	held	—	11 q
MAMastercard Incorporated	0.01%	2,760	$959,735	held	—	21 q
PMPhilip Morris International Inc.	0.01%	6,715	$679,625	held	—	5 q
SFMSprouts Farmers Market, Inc.	0.01%	12,850	$415,955	held	—	8 q
TMOThermo Fisher Scientific, Inc.	0.01%	650	$357,949	held	—	32 q
TOLToll Brothers, Inc.	0.01%	11,500	$574,080	trimmed−8%	0.00 pp	3 q
ULTAUlta Beauty, Inc.	0.01%	830	$389,328	held	—	5 q
UPSUnited Parcel Service, Inc. Class B	0.01%	2,300	$399,832	held	—	3 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.01%	1,510	$800,572	held	—	21 q
VTVanguard Total World Stock ETF	0.01%	10,700	$922,233	added×2.2	0.00 pp	5 q
unresolvedLazard Growth Acquisition Co	0.01%	44,935	$452,945	trimmed−1%	0.00 pp	7 q
unresolvedAlpha Partners Tech Mergr Co	0.01%	48,607	$490,931	trimmed−1%	0.00 pp	6 q
unresolvedPowerup Acquisition Corp	0.01%	56,966	$586,750	trimmed−1%	0.00 pp	4 q
WTWWillis Towers Watson Public Limited Company	0.01%	2,400	$586,992	held	—	10 q
ABTAbbott Laboratories	0.00%	2,800	$307,412	trimmed−27%	−0.01 pp	21 q
UHALU-Haul Holding Company	0.00%	500	$30,095	held	—	2 q
UHAL.BU-Haul Holding Company	0.00%	4,500	$247,410	new	0.00 pp	new
unresolvedAtlantic Coastal Acquistn Co	0.00%	496,698	$24,835	trimmed−1%	0.00 pp	5 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%	321,156	$9,859	trimmed−1%	0.00 pp	5 q
unresolvedBiote Corp	0.00%	2,198	$550	trimmed−1%	0.00 pp	3 q
unresolvedBurtech Acquisition Corp	0.00%	1,238,082	$7,552	new	0.00 pp	new
STZConstellation Brands, Inc.	0.00%	451	$104,519	held	—	11 q
unresolvedDigital Transformatn Opt Cor	0.00%	21,670	$1,391	new	0.00 pp	new
DISThe Walt Disney Company	0.00%	2,750	$238,920	trimmed−11%	0.00 pp	17 q
unresolvedForest Road Acquisition Cor	0.00%	298,291	$99,629	new	0.00 pp	new
unresolvedGx Acquisition Corp II	0.00%	259,205	$202,180	trimmed−1%	0.00 pp	5 q
unresolvedGsr II Meteora Acquisitn Cor	0.00%	517	$5,245	trimmed−1%	0.00 pp	2 q
unresolvedGsr II Meteora Acquisitn Cor	0.00%	30	$28	held	—	2 q
unresolvedGsr II Meteora Acquisitn Cor	0.00%	517	$33	trimmed−1%	0.00 pp	2 q
GMGeneral Motors Company	0.00%	6,700	$225,388	held	—	3 q
unresolvedGolden Arrow Merger Corp	0.00%	413,915	$2,732	new	0.00 pp	new
HHRHeadHunter Group PLC	0.00%	35,000	$0	held	—	4 q
HLGNWHeliogen Inc -CW28	0.00%	118,552	$8,891	trimmed−1%	0.00 pp	5 q
HUMHumana Inc.	0.00%	475	$243,290	held	—	15 q
unresolvedInterprivate IV Infratech Pr	0.00%	208,003	$8,320	new	0.00 pp	new
unresolvedLandcadia Holdings IV Inc	0.00%	372,861	$50,187	new	0.00 pp	new
MCOMoody's Corporation	0.00%	115	$32,041	trimmed−70%	0.00 pp	11 q
NSCNorfolk Southern Corp.	0.00%	1,300	$320,346	added+11%	0.00 pp	3 q
unresolvedNorthern Star Invest Corp IV	0.00%	85,068	$1,982	new	0.00 pp	new
PYPLPayPal Holdings, Inc.	0.00%	1,925	$137,099	trimmed−49%	−0.01 pp	19 q
PTONPeloton Interactive, Inc. Class A	0.00%	1	$8	new	0.00 pp	new
unresolvedPine Technology Acquisitn Co	0.00%	388,011	$660	trimmed−1%	0.00 pp	5 q
QCOMQualcomm Inc	0.00%	1,710	$187,997	trimmed−39%	−0.01 pp	11 q
SPGIS&P Global Inc.	0.00%	744	$249,195	held	—	11 q
SIX1Six Flags Entertainment Corp.	0.00%	1	$23	trimmed−100%	0.00 pp	3 q
TDUPThredUp Inc. Class A	0.00%	1	$1	held	—	6 q
unresolvedVirgin Orbit Holdings Inc	0.00%	113,437	$20,419	trimmed−1%	0.00 pp	5 q
unresolvedColonnade Acquisition Corp I	0.00%	248,347	$5,588	trimmed−1%	0.00 pp	2 q
unresolvedDhc Acquisition Corp	0.00%	208,766	$2,088	trimmed−1%	0.00 pp	2 q
ECXWWECARX Holdings Inc.	0.00%	200,881	$19,706	new	0.00 pp	new
unresolvedEsm Acquisition Corporation	0.00%	189	$1,901	trimmed−1%	0.00 pp	7 q
unresolvedMariadb PLC	0.00%	379,386	$113,816	new	0.00 pp	new
unresolvedMetals Acquisition Corp	0.00%	216,944	$106,411	trimmed−1%	0.00 pp	3 q
PRENWPrenetics Global Limited	0.00%	12,860	$2,058	trimmed−1%	0.00 pp	3 q
unresolvedSilver Spike Acquisitn Corp	0.00%	39,218	$1,169	trimmed−1%	0.00 pp	4 q
SWVLWSwvl Holdings Corp	0.00%	32,998	$657	trimmed−1%	0.00 pp	3 q
NBISNebius Group N.V. Class A	0.00%	25,000	$0	held	—	4 q
unresolvedForest Road Acquisition Cor	—	−1,499,900	—	exited	−0.24 pp	—
unresolvedHudson Executive Inves III	—	−1,499,900	—	exited	−0.24 pp	—
unresolvedLandcadia Holdings IV Inc	—	−1,499,899	—	exited	−0.24 pp	—
unresolvedTlg Acquisition One Corp	—	−1,499,900	—	exited	−0.24 pp	—
unresolvedBurtech Acquisition Corp	—	−1,245,023	—	exited	−0.20 pp	—
unresolvedFlame Acquisition Corp	—	−1,248,746	—	exited	−0.20 pp	—
unresolvedGlenfarne Merger Corp	—	−1,248,745	—	exited	−0.20 pp	—
unresolvedGolden Arrow Merger Corp	—	−1,248,745	—	exited	−0.20 pp	—
unresolvedKismet Acquisition Three Cor	—	−1,248,745	—	exited	−0.20 pp	—
unresolvedAngel Pond Holdings Corp	—	−1,144,612	—	exited	−0.18 pp	—
unresolvedInterprivate IV Infratech Pr	—	−1,045,934	—	exited	−0.17 pp	—
unresolvedBroadscale Acquisition Corp	—	−1,009,809	—	exited	−0.16 pp	—
unresolvedMission Advancement Corp	—	−741,972	—	exited	−0.12 pp	—
unresolvedNorthern Star Invest Corp II	—	−664,459	—	exited	−0.11 pp	—
unresolvedAvanti Acquisition Corp	—	−625,000	—	exited	−0.10 pp	—
unresolvedFortress Value Acquisi Corp	—	−595,881	—	exited	−0.09 pp	—
unresolvedNorthern Star Invest Corp IV	—	−513,317	—	exited	−0.08 pp	—
unresolvedConvey Hldg Parent Inc	—	−433,126	—	exited	−0.07 pp	—
unresolvedCova Acquisition Corp	—	−404,041	—	exited	−0.06 pp	—
unresolvedGores Hldgs Viii Inc	—	−284,080	—	exited	−0.05 pp	—
unresolvedOrion Acquisition Corp	—	−304,354	—	exited	−0.05 pp	—
AVANAvanti Acquisition Corp-a	—	−228,395	—	exited	−0.04 pp	—
9FKATcw Special Purpose Acquisit	—	−143,217	—	exited	−0.02 pp	—
unresolvedDigital Transformatn Opt Cor	—	−87,176	—	exited	−0.01 pp	—
unresolvedMonument Circle Acquisitn Co	—	−84,352	—	exited	−0.01 pp	—
NKENike, Inc.	—	−7,700	—	exited	−0.01 pp	—
ORLYO'Reilly Automotive, Inc.	—	−848	—	exited	−0.01 pp	—
unresolvedAccelerate Acquisition Corp	—	−2,200	—	exited	0.00 pp	—
AMDAdvanced Micro Devices	—	−2,350	—	exited	0.00 pp	—
unresolvedBroadscale Acquisition Corp	—	−252,451	—	exited	0.00 pp	—
CBRECbre Group, Inc.	—	−2,100	—	exited	0.00 pp	—
CECelanese Corporation	—	−1,700	—	exited	0.00 pp	—
unresolvedGores Hldgs Viii Inc	—	−35,507	—	exited	0.00 pp	—
unresolvedGores Holdings Vii Inc	—	−5,856	—	exited	0.00 pp	—
unresolvedGores Technology Partners II	—	−7,830	—	exited	0.00 pp	—
HONHoneywell International, Inc.	—	−1,500	—	exited	0.00 pp	—
MHKMohawk Industries, Inc.	—	−2,700	—	exited	0.00 pp	—
PLTRPalantir Technologies Inc. Class A	—	−4,365	—	exited	0.00 pp	—
unresolvedRxr Acquisition Corp	—	−11,931	—	exited	0.00 pp	—
HSICHenry Schein Inc	—	−2,000	—	exited	0.00 pp	—
unresolvedAngel Pond Holdings Corp	—	−381,535	—	exited	0.00 pp	—
ACNAccenture PLC	—	−1,050	—	exited	0.00 pp	—
unresolvedCova Acquisition Corp	—	−202,019	—	exited	0.00 pp	—

Other 13(f) securities

Options 0

None in this filing

Notes 8

Issue	% of notes	Principal	Value
Wayfair Inc	68.25%	104,978,000	$68M
Zillow Group Inc	14.61%	14,421,000	$15M
Upwork Inc	6.71%	8,900,000	$7M
Colliers Intl Group Inc	3.73%	2,223,000	$4M
Wayfair Inc	2.83%	4,976,000	$3M
Zillow Group Inc	1.90%	1,990,000	$2M
The Realreal Inc	1.20%	2,000,000	$1M
Farfetch Ltd	0.75%	1,000,000	$750,000

Source

Form: 13F-HR
Reading: 1 defect · 56 unresolved
Accession: 0001377581-23-000002
Options: none in this filing
SEC cross-check: SEC data set not published yet

The filing disagrees with its own cover page — cover page declares value 6523713; table sums 6523713429 (cover in thousands, table in dollars) — kept, the table is the record

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