FPA

Q2 2023 13F · by Steven Romick, CEO

As of: Jun 30, 2023
Filed: Aug 11, 2023
US stock: $6.7B · prev $6.3B
Positions: 131 · prev 140
Options notional: $0
Documents: 1· no amendments

Picture98.2% US stock

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

US stock listed on a US exchange 98.2%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 1.8%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves78 since the prior filing

+0.8 pp in · −0.8 pp out

New 9 +0.09 pp
Added 9 +0.72 pp
Trimmed 42 −0.24 pp
Exited 18 −0.59 pp

The book

Focused · behaves like 25 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 6.7% a year, about 14.9 years per position

Low
Moderate
High

Top 5 positions30% of US stock

CMCSA Comcast Corp trimmed−0.03 pp trimmed−0.036.5%
ADI Analog Devices, Inc. trimmed−0.65 pp trimmed−0.656.5%
GOOGL Alphabet Inc. Class A trimmed−0.14 pp trimmed−0.145.9%
META Meta Platforms, Inc. Class A trimmed+0.93 pp trimmed+0.935.8%
0VQJL Te Connectivity Ltd trimmed−0.08 pp trimmed−0.085.7%

Positions131 in this filing · 18 exited


CMCSAComcast Corp	6.54%	10,594,355	$440M	trimmed−3%	−0.03 pp	23 q
ADIAnalog Devices, Inc.	6.48%	2,237,280	$436M	trimmed−2%	−0.65 pp	34 q
GOOGLAlphabet Inc. Class A	5.91%	3,320,150	$397M	trimmed−10%	−0.14 pp	31 q
METAMeta Platforms, Inc. Class A	5.78%	1,353,975	$389M	trimmed−7%	+0.93 pp	23 q
0VQJLTe Connectivity Ltd	5.74%	2,756,396	$386M	trimmed−2%	−0.08 pp	34 q
AIGAmerican International Group, Inc.	5.51%	6,434,964	$370M	trimmed−3%	+0.25 pp	34 q
GOOGAlphabet Inc. Class C	4.58%	2,548,672	$308M	trimmed−13%	−0.21 pp	34 q
IFFInternational Flavors & Fragrances Inc.	3.98%	3,362,532	$268M	added+9%	−0.50 pp	11 q
AONAon plc Class A	3.85%	749,842	$259M	trimmed−2%	+0.05 pp	13 q
AMZNAmazon.Com Inc	3.81%	1,965,808	$256M	trimmed−8%	+0.34 pp	22 q
WFCWells Fargo & Co.	3.69%	5,815,831	$248M	trimmed−4%	+0.13 pp	21 q
CCitigroup Inc.	3.65%	5,338,542	$246M	trimmed−3%	−0.42 pp	34 q
CHTRCharter Comm Inc Del CL A New	3.27%	599,533	$220M	trimmed−2%	−0.18 pp	21 q
AVGOBroadcom Inc.	3.23%	250,063	$217M	trimmed−27%	−0.23 pp	21 q
KMXCarMax Inc.	2.89%	2,325,644	$195M	trimmed−2%	+0.49 pp	5 q
JEFJefferies Financial Group Inc.	2.72%	5,512,011	$183M	trimmed−2%	−0.09 pp	21 q
FERGFerguson Enterprises Inc.	2.56%	1,093,240	$172M	trimmed−2%	+0.20 pp	5 q
NXPINXP Semiconductors N.V.	2.42%	795,422	$163M	trimmed−4%	−0.01 pp	14 q
KMIKinder Morgan, Inc.	2.04%	7,985,154	$138M	trimmed−4%	−0.26 pp	22 q
FEFirstEnergy Corp.	2.01%	3,469,750	$135M	trimmed−3%	−0.25 pp	11 q
HWMHowmet Aerospace Inc.	1.84%	2,500,037	$124M	trimmed−10%	−0.03 pp	27 q
MARMarriott International Class A	1.82%	666,526	$122M	trimmed−5%	−0.02 pp	21 q
AIYActivision Blizzard Inc	1.77%	1,409,535	$119M	trimmed−4%	−0.22 pp	21 q
NFLXNetFlix Inc	1.75%	266,609	$117M	trimmed−18%	−0.02 pp	14 q
WABWabtec Inc.	1.72%	1,052,117	$115M	trimmed−2%	+0.01 pp	14 q
LPLALPL Financial Holdings Inc.	1.56%	481,500	$105M	trimmed−0%	+0.02 pp	33 q
UBERUber Technologies, Inc.	1.52%	2,367,567	$102M	trimmed−9%	+0.21 pp	7 q
ICLRIcon Plc	1.31%	351,000	$88M	trimmed−2%	+0.10 pp	4 q
DEIDouglas Emmett, Inc.	0.94%	5,030,826	$63M	added×10.0	+0.84 pp	2 q
GPORGulfport Energy Corporation	0.94%	602,180	$63M	trimmed−0%	+0.18 pp	9 q
DELLDell Technologies Inc.	0.72%	897,425	$49M	trimmed−0%	+0.15 pp	16 q
VNOVornado Realty Trust	0.52%	1,941,911	$35M	trimmed−0%	+0.05 pp	4 q
PCGPG&E Corporation	0.46%	1,771,091	$31M	trimmed−5%	−0.02 pp	22 q
VYXNCR Voyix Corporation	0.38%	1,021,954	$26M	added×9.6	+0.34 pp	2 q
HLFHerbalife Ltd.	0.36%	1,839,085	$24M	trimmed−0%	−0.11 pp	6 q
TDWTidewater, Inc.	0.19%	233,285	$13M	trimmed−36%	−0.06 pp	19 q
RUSHARush Enterprises Inc	0.18%	198,085	$12M	held	—	32 q
LAURLaureate Education, Inc.	0.10%	561,210	$7M	added+26%	+0.02 pp	2 q
STGWStagwell Inc. Class A	0.10%	975,983	$7M	added+10%	0.00 pp	6 q
OECOrion S.A.	0.10%	318,477	$7M	trimmed−42%	−0.13 pp	23 q
AAPLApple Inc.	0.09%	31,850	$6M	held	—	27 q
PPLIPeople Incorporated	0.09%	96,692	$6M	held	—	6 q
MSFTMicrosoft Corp	0.09%	17,500	$6M	trimmed−21%	−0.01 pp	34 q
CIGIColliers International Group Inc. Subordinate Voting Shares	0.06%	42,913	$4M	new	+0.06 pp	new
DLTRDollar Tree Inc.	0.06%	27,301	$4M	held	—	13 q
LGIHLGI Homes, Inc.	0.06%	29,441	$4M	held	—	7 q
PARRPar Pacific Holdings, Inc.	0.06%	148,940	$4M	trimmed−3%	−0.01 pp	34 q
ALGTAllegiant Travel Company	0.05%	24,810	$3M	held	—	25 q
VTSVitesse Energy, Inc..	0.05%	138,584	$3M	trimmed−78%	−0.14 pp	2 q
6PMParamount Group Inc	0.03%	491,096	$2M	trimmed−19%	−0.01 pp	2 q
EBCEastern Bankshares, Inc.	0.02%	82,756	$1M	new	+0.02 pp	new
MAMastercard Incorporated	0.02%	2,760	$1M	held	—	23 q
PDLBPonce Financial Group, Inc.	0.02%	181,562	$2M	held	—	4 q
UPWKUpwork Inc.	0.02%	161,357	$2M	held	—	13 q
VVISA Inc.	0.02%	4,640	$1M	held	—	23 q
ELVElevance Health, Inc.	0.01%	1,915	$850,815	held	—	31 q
APOApollo Global Management, Inc.	0.01%	6,000	$460,860	held	—	6 q
AZOAutoZone, Inc.	0.01%	280	$698,141	held	—	7 q
AVBAvalonBay Communities, Inc.	0.01%	5,000	$946,350	new	+0.01 pp	new
BACBank of America Corporation	0.01%	12,100	$347,149	trimmed−42%	0.00 pp	5 q
BLQADBlackrock Inc	0.01%	1,400	$967,596	held	—	11 q
BXBlackstone Inc.	0.01%	6,800	$632,196	held	—	13 q
CIThe Cigna Group	0.01%	2,875	$806,725	added+8%	0.00 pp	8 q
DHRDanaher Corporation	0.01%	2,100	$504,000	held	—	14 q
DECKDeckers Outdoor Corp	0.01%	815	$430,043	held	—	5 q
ETEnergy Transfer LP	0.01%	75,000	$952,500	held	—	6 q
EPDEnterprise Products Partners L.P.	0.01%	22,400	$590,240	trimmed−37%	0.00 pp	5 q
HCAHCA Healthcare, Inc.	0.01%	1,400	$424,872	held	—	10 q
HDHome Depot, Inc.	0.01%	3,200	$994,048	held	—	23 q
HUMHumana Inc.	0.01%	900	$402,417	added+89%	+0.01 pp	17 q
IQVIQVIA Holdings Inc.	0.01%	3,385	$760,846	held	—	21 q
JPMJPMorgan Chase & Co.	0.01%	4,450	$647,208	held	—	5 q
KKRKKR & Co. Inc.	0.01%	11,600	$649,600	held	—	21 q
LOWLowe's Companies Inc.	0.01%	4,300	$970,510	held	—	13 q
PYPLPayPal Holdings, Inc.	0.01%	14,750	$984,268	added×7.7	+0.01 pp	21 q
SFMSprouts Farmers Market, Inc.	0.01%	12,850	$471,981	held	—	10 q
TMOThermo Fisher Scientific, Inc.	0.01%	650	$339,138	held	—	34 q
ULTAUlta Beauty, Inc.	0.01%	830	$390,594	held	—	7 q
UPSUnited Parcel Service, Inc. Class B	0.01%	2,300	$412,275	held	—	5 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.01%	1,810	$869,958	added+20%	0.00 pp	23 q
VTVanguard Total World Stock ETF	0.01%	6,850	$664,313	trimmed−34%	−0.01 pp	7 q
unresolvedAlpha Partners Tech Mergr Co	0.01%	48,607	$504,055	held	—	8 q
unresolvedPowerup Acquisition Corp	0.01%	56,966	$595,295	held	—	6 q
ABTAbbott Laboratories	0.00%	2,800	$305,256	held	—	23 q
ADBEAdobe Inc.	0.00%	680	$332,513	new	0.00 pp	new
UHALU-Haul Holding Company	0.00%	500	$27,660	held	—	4 q
UHAL.BU-Haul Holding Company	0.00%	4,500	$228,015	held	—	3 q
unresolvedAtlantic Coastal Acquistn Co	0.00%	496,698	$11,225	held	—	7 q
unresolvedAtlantic Coastal Aqstn Corp	0.00%	194,779	$2,941	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%	321,156	$70,654	held	—	7 q
BTMDBiote Corp. Class A	0.00%	503	$3,399	new	0.00 pp	new
unresolvedBurtech Acquisition Corp	0.00%	1,238,082	$21,666	held	—	3 q
unresolvedC5 Acquisition Corporation	0.00%	148,792	$7,350	held	—	2 q
CSXCSX Corporation	0.00%	9,000	$306,900	held	—	2 q
unresolvedChurchill Capital Corp Vii	0.00%	148,361	$20,771	held	—	2 q
STZConstellation Brands, Inc.	0.00%	451	$111,005	held	—	13 q
unresolvedDigital Transformatn Opt Cor	0.00%	21,670	$2,787	held	—	3 q
unresolvedFlame Acquisition Corp	0.00%	620,874	$193,961	held	—	3 q
unresolvedForest Road Acquisition Cor	0.00%	298,291	$44,744	held	—	3 q
unresolvedGsr II Meteora Acquisitn Cor	0.00%	30	$94	held	—	4 q
unresolvedGsr II Meteora Acquisitn Cor	0.00%	517	$70	held	—	4 q
unresolvedGolden Arrow Merger Corp	0.00%	413,915	$14,487	held	—	3 q
HLGNWHeliogen Inc -CW28	0.00%	118,552	$4,754	held	—	7 q
unresolvedLandcadia Holdings IV Inc	0.00%	372,861	$61,149	held	—	3 q
NIOBWNioCorp Developments Ltd.	0.00%	259,205	$175,585	held	—	2 q
unresolvedNorthern Star Invest Corp IV	0.00%	85,068	$4,253	held	—	3 q
NOCNorthrop Grumman Corp.	0.00%	500	$227,900	new	0.00 pp	new
PTONPeloton Interactive, Inc. Class A	0.00%	1	$8	held	—	3 q
QCOMQualcomm Inc	0.00%	1,710	$203,558	held	—	13 q
SPGIS&P Global Inc.	0.00%	744	$298,262	held	—	13 q
SIX1Six Flags Entertainment Corp.	0.00%	1	$26	held	—	5 q
unresolvedStratim Cloud Acquisition Co	0.00%	268,586	$537	held	—	2 q
TDUPThredUp Inc. Class A	0.00%	1	$2	held	—	8 q
unresolvedTwelve Seas Investment Co II	0.00%	397,025	$23,027	held	—	2 q
VEEVVeeva Systems Inc.	0.00%	175	$34,603	new	0.00 pp	new
unresolvedApollo Strategic Grwt Cptl I	0.00%	49,656	$6,088	new	0.00 pp	new
ACNAccenture PLC	0.00%	1,000	$308,580	held	—	2 q
unresolvedDhc Acquisition Corp	0.00%	208,766	$8,184	held	—	4 q
unresolvedDisruptive Acquisition Corp	0.00%	413,916	$33,113	held	—	2 q
ECXWWECARX Holdings Inc.	0.00%	200,881	$14,905	held	—	3 q
unresolvedAres Acquisition Corporation	0.00%	118,617	$94,894	held	—	2 q
unresolvedGlobal Partner Acqistn Corp	0.00%	77,733	$2,721	held	—	2 q
unresolvedMariadb PLC	0.00%	379,386	$49,320	held	—	3 q
unresolvedMetals Acquisition Limited	0.00%	216,944	$303,722	new	0.00 pp	new
VEEAWVeea Inc.	0.00%	232,673	$7,795	held	—	2 q
PRENWPrenetics Global Limited	0.00%	12,860	$1,047	held	—	5 q
unresolvedRoss Acquisition Corp II	0.00%	92,449	$15,655	held	—	2 q
unresolvedSlam Corp	0.00%	214,237	$40,705	held	—	2 q
SWVLWSwvl Holdings Corp	0.00%	32,998	$551	held	—	5 q
WTWWillis Towers Watson Public Limited Company	0.00%	940	$221,370	trimmed−61%	−0.01 pp	12 q
NBISNebius Group N.V. Class A	0.00%	25,000	$0	held	—	6 q
unresolvedChurchill Capital Corp Vii	—	−741,812	—	exited	−0.12 pp	—
unresolvedMetals Acquisition Corp	—	−650,840	—	exited	−0.11 pp	—
unresolvedNorthern Star Invest Corp IV	—	−510,423	—	exited	−0.08 pp	—
unresolvedAtlantic Coastal Acquisition Corp II	—	−389,560	—	exited	−0.06 pp	—
3GK0Tio Tech A	—	−356,419	—	exited	−0.06 pp	—
unresolvedC5 Acquisition Corporation	—	−297,586	—	exited	−0.05 pp	—
ELMEElme Communities	—	−132,901	—	exited	−0.04 pp	—
unresolvedApollo Strategic Grwt Cptl I	—	−248,292	—	exited	−0.04 pp	—
unresolvedLandcadia Holdings IV Inc	—	−122,834	—	exited	−0.02 pp	—
0C3Endeavor Group Hold-class A	—	−37,000	—	exited	−0.01 pp	—
unresolvedBiote Corp	—	−2,198	—	exited	0.00 pp	—
DISThe Walt Disney Company	—	−2,750	—	exited	0.00 pp	—
unresolvedGsr II Meteora Acquisitn Cor	—	−517	—	exited	0.00 pp	—
GMGeneral Motors Company	—	−6,700	—	exited	0.00 pp	—
HHRHeadHunter Group PLC	—	−35,000	—	exited	0.00 pp	—
unresolvedInterprivate IV Infratech Pr	—	−208,003	—	exited	0.00 pp	—
unresolvedVirgin Orbit Holdings Inc	—	−113,437	—	exited	0.00 pp	—
unresolvedMetals Acquisition Corp	—	−216,944	—	exited	0.00 pp	—

Other 13(f) securities

Options 0

None in this filing

Notes 6

Issue	% of notes	Principal	Value
Wayfair Inc	73.10%	104,978,000	$89M
Zillow Group Inc	14.84%	14,421,000	$18M
Upwork Inc	5.90%	8,900,000	$7M
Wayfair Inc	3.35%	4,976,000	$4M
Zillow Group Inc	1.71%	1,990,000	$2M
The Realreal Inc	1.11%	2,000,000	$1M

Source

Form: 13F-HR
Reading: 0 defects · 26 unresolved
Accession: 0001377581-23-000006
Options: none in this filing
SEC cross-check: SEC data set not published yet

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