FPA

Q4 2024 13F · by Steven Romick, CEO

As of: Dec 31, 2024
Filed: Feb 7, 2025
US stock: $6.9B · prev $7.1B
Positions: 55 · prev 57
Options notional: $0
Documents: 1· no amendments

Picture99.2% US stock

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

US stock listed on a US exchange 99.2%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.8%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves46 since the prior filing

−0.7 pp in · +0.7 pp out

New 1 +0.57 pp
Added 14 −1.30 pp
Trimmed 28 +0.93 pp
Exited 3 −0.23 pp

The book

Focused · behaves like 23 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 4.8% a year, about 20.9 years per position

Low
Moderate
High

Top 5 positions34% of US stock

Positions55 in this filing · 3 exited


METAMeta Platforms, Inc. Class A	7.53%	892,456	$523M	trimmed−2%	+0.15 pp	29 q
GOOGLAlphabet Inc. Class A	7.34%	2,689,681	$509M	trimmed−5%	+0.72 pp	37 q
CCitigroup Inc.	6.86%	6,760,177	$476M	trimmed−1%	+0.80 pp	40 q
ADIAnalog Devices, Inc.	6.46%	2,110,767	$448M	added0%	−0.39 pp	40 q
CMCSAComcast Corp	5.88%	10,868,463	$408M	added+1%	−0.51 pp	29 q
TELTE Connectivity plc	5.48%	2,662,439	$381M	trimmed−3%	−0.37 pp	2 q
GOOGAlphabet Inc. Class C	4.98%	1,816,429	$346M	added0%	+0.68 pp	40 q
IFFInternational Flavors & Fragrances Inc.	4.91%	4,029,773	$341M	added+1%	−1.04 pp	17 q
AMZNAmazon.Com Inc	4.85%	1,534,902	$337M	trimmed−6%	+0.53 pp	28 q
WFCWells Fargo & Co.	3.82%	3,769,719	$265M	trimmed−29%	−0.40 pp	27 q
AONAon plc Class A	3.77%	728,493	$262M	trimmed−1%	+0.17 pp	19 q
JEFJefferies Financial Group Inc.	3.16%	2,801,498	$220M	trimmed−28%	−0.25 pp	27 q
CHTRCharter Comm Inc Del CL A New	3.03%	614,122	$211M	added+1%	+0.23 pp	27 q
KMIKinder Morgan, Inc.	3.00%	7,608,900	$208M	trimmed−7%	+0.44 pp	28 q
KMXCarMax Inc.	2.82%	2,397,062	$196M	added+1%	+0.21 pp	11 q
FERGFerguson Enterprises Inc.	2.76%	1,102,740	$191M	added0%	−0.33 pp	2 q
NXPINXP Semiconductors N.V.	2.35%	783,232	$163M	added+1%	−0.30 pp	20 q
MARMarriott International Class A	2.23%	555,259	$155M	trimmed−9%	+0.07 pp	27 q
LPLALPL Financial Holdings Inc.	2.16%	458,289	$150M	trimmed−0%	+0.65 pp	39 q
DEIDouglas Emmett, Inc.	1.43%	5,338,673	$99M	trimmed−3%	+0.06 pp	8 q
MTNVail Resorts, Inc.	1.41%	522,285	$98M	added+12%	+0.26 pp	3 q
ICLRIcon Plc	1.37%	451,757	$95M	added+28%	−0.07 pp	10 q
WABWabtec Inc.	1.29%	472,657	$90M	trimmed−20%	−0.23 pp	20 q
AVGOBroadcom Inc.	1.20%	358,276	$83M	trimmed−44%	−0.37 pp	27 q
HWMHowmet Aerospace Inc.	1.15%	729,258	$80M	trimmed−28%	−0.30 pp	33 q
NATLNCR Atleos Corporation	1.12%	2,289,835	$78M	trimmed−0%	+0.19 pp	5 q
VNOVornado Realty Trust	1.09%	1,797,749	$76M	trimmed−7%	+0.02 pp	10 q
UBERUber Technologies, Inc.	1.04%	1,191,597	$72M	trimmed−17%	−0.49 pp	13 q
GPORGulfport Energy Corporation	0.91%	344,320	$63M	trimmed−10%	+0.09 pp	15 q
BIOBio-Rad Laboratories, Inc.Class A	0.75%	157,850	$52M	trimmed−0%	0.00 pp	5 q
DELLDell Technologies Inc.	0.69%	418,505	$48M	trimmed−3%	−0.04 pp	22 q
VYXNCR Voyix Corporation	0.69%	3,464,324	$48M	trimmed−0%	+0.02 pp	8 q
NOVNOV Inc.	0.57%	2,705,128	$39M	new	+0.57 pp	new
ECHOEchoStar Corporation	0.35%	1,051,342	$24M	trimmed−0%	−0.02 pp	2 q
PCGPG&E Corporation	0.31%	1,080,427	$22M	trimmed−6%	−0.01 pp	28 q
FBINFortune Brands Innovations, Inc.	0.24%	247,018	$17M	added+1%	−0.07 pp	2 q
LAURLaureate Education, Inc.	0.19%	726,055	$13M	trimmed−11%	0.00 pp	8 q
RUSHARush Enterprises Inc	0.15%	183,942	$10M	held	—	38 q
STGWStagwell Inc. Class A	0.11%	1,123,516	$7M	added+5%	0.00 pp	12 q
SGOViShares 0-3 Month Treasury Bond ETF	0.08%	55,996	$6M	added+36%	+0.02 pp	2 q
TDWTidewater, Inc.	0.07%	94,961	$5M	held	—	25 q
OECOrion S.A.	0.07%	318,477	$5M	held	—	29 q
ALGTAllegiant Travel Company	0.05%	34,186	$3M	held	—	31 q
NFLXNetFlix Inc	0.04%	2,799	$2M	trimmed−94%	−0.44 pp	20 q
EBCEastern Bankshares, Inc.	0.03%	121,689	$2M	held	—	7 q
PBFSPioneer Bancorp, Inc.	0.03%	166,974	$2M	held	—	4 q
PDLBPonce Financial Group, Inc.	0.03%	181,562	$2M	held	—	10 q
NXQuanex Building Products Corporation	0.03%	75,057	$2M	trimmed−47%	−0.03 pp	2 q
VTVanguard Total World Stock ETF	0.03%	15,064	$2M	added+13%	+0.01 pp	13 q
ESGREnstar Group Ltd	0.03%	6,901	$2M	held	—	6 q
PARRPar Pacific Holdings, Inc.	0.02%	71,812	$1M	held	—	40 q
UPWKUpwork Inc.	0.02%	104,881	$2M	held	—	19 q
CIGIColliers International Group Inc. Subordinate Voting Shares	0.01%	3,450	$469,097	trimmed−79%	−0.03 pp	7 q
SHCSotera Health Company	0.01%	45,480	$622,166	held	—	3 q
MTALMetals Acquisition Corp. II	0.01%	66,447	$705,667	held	—	3 q
HLFHerbalife Ltd.	—	−1,827,115	—	exited	−0.19 pp	—
PPLIPeople Incorporated	—	−48,346	—	exited	−0.04 pp	—
RSVRReservoir Media, Inc.	—	−13,196	—	exited	0.00 pp	—