FPA

Q1 2025 13F · by Steven Romick, CEO

As of: Mar 31, 2025
Filed: May 6, 2025
US stock: $6.2B · prev $6.9B
Positions: 55 · prev 55
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%

Moves48 since the prior filing

+5.6 pp in · −5.5 pp out

New 2 +0.03 pp
Added 18 +5.56 pp
Trimmed 26 −5.49 pp
Exited 2 −0.02 pp

The book

Focused · behaves like 23 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 13% a year, about 7.7 years per position

Low
Moderate
High

Top 5 positions34% of US stock

Positions55 in this filing · 2 exited


METAMeta Platforms, Inc. Class A	7.30%	782,479	$451M	trimmed−12%	−0.23 pp	30 q
ADIAnalog Devices, Inc.	6.87%	2,105,456	$425M	trimmed−0%	+0.41 pp	41 q
CCitigroup Inc.	6.64%	5,778,727	$410M	trimmed−15%	−0.22 pp	41 q
CMCSAComcast Corp	6.54%	10,956,640	$404M	added+1%	+0.66 pp	30 q
GOOGLAlphabet Inc. Class A	6.39%	2,555,321	$395M	trimmed−5%	−0.95 pp	38 q
TELTE Connectivity plc	6.13%	2,683,212	$379M	added+1%	+0.65 pp	3 q
IFFInternational Flavors & Fragrances Inc.	5.10%	4,062,075	$315M	added+1%	+0.19 pp	18 q
AMZNAmazon.Com Inc	4.45%	1,446,007	$275M	trimmed−6%	−0.40 pp	29 q
AONAon plc Class A	4.39%	680,012	$271M	trimmed−7%	+0.62 pp	20 q
GOOGAlphabet Inc. Class C	4.04%	1,599,254	$250M	trimmed−12%	−0.94 pp	41 q
CHTRCharter Comm Inc Del CL A New	3.69%	619,009	$228M	added+1%	+0.66 pp	28 q
FERGFerguson Enterprises Inc.	3.24%	1,251,631	$201M	added+14%	+0.48 pp	3 q
KMXCarMax Inc.	3.05%	2,415,974	$188M	added+1%	+0.23 pp	12 q
WFCWells Fargo & Co.	3.05%	2,628,517	$189M	trimmed−30%	−0.77 pp	28 q
LPLALPL Financial Holdings Inc.	2.42%	457,941	$150M	trimmed−0%	+0.26 pp	40 q
NXPINXP Semiconductors N.V.	2.33%	756,686	$144M	trimmed−3%	−0.02 pp	21 q
JEFJefferies Financial Group Inc.	2.24%	2,580,823	$138M	trimmed−8%	−0.92 pp	28 q
MTNVail Resorts, Inc.	2.09%	805,584	$129M	added+54%	+0.68 pp	4 q
KMIKinder Morgan, Inc.	2.06%	4,471,851	$128M	trimmed−41%	−0.94 pp	29 q
MARMarriott International Class A	1.71%	445,066	$106M	trimmed−20%	−0.52 pp	28 q
ICLRIcon Plc	1.55%	546,947	$96M	added+21%	+0.18 pp	11 q
BIOBio-Rad Laboratories, Inc.Class A	1.47%	372,555	$91M	added×2.4	+0.72 pp	6 q
UBERUber Technologies, Inc.	1.42%	1,201,244	$88M	added+1%	+0.38 pp	14 q
DEIDouglas Emmett, Inc.	1.38%	5,335,163	$85M	trimmed−0%	−0.05 pp	9 q
HWMHowmet Aerospace Inc.	1.28%	607,906	$79M	trimmed−17%	+0.13 pp	34 q
WABWabtec Inc.	1.26%	429,960	$78M	trimmed−9%	−0.03 pp	21 q
VNOVornado Realty Trust	1.00%	1,676,858	$62M	trimmed−7%	−0.09 pp	11 q
NATLNCR Atleos Corporation	0.98%	2,288,255	$60M	trimmed−0%	−0.14 pp	6 q
GPORGulfport Energy Corporation	0.88%	296,979	$55M	trimmed−14%	−0.03 pp	16 q
NOVNOV Inc.	0.86%	3,492,196	$53M	added+29%	+0.29 pp	2 q
FBINFortune Brands Innovations, Inc.	0.78%	792,517	$48M	added×3.2	+0.54 pp	3 q
DELLDell Technologies Inc.	0.62%	418,505	$38M	held	—	23 q
VYXNCR Voyix Corporation	0.58%	3,702,391	$36M	added+7%	−0.11 pp	9 q
AVGOBroadcom Inc.	0.53%	195,035	$33M	trimmed−46%	−0.67 pp	28 q
ECHOEchoStar Corporation	0.43%	1,050,542	$27M	trimmed−0%	+0.08 pp	3 q
PCGPG&E Corporation	0.30%	1,089,398	$19M	added+1%	−0.01 pp	29 q
RUSHARush Enterprises Inc	0.15%	172,637	$9M	trimmed−6%	0.00 pp	39 q
LAURLaureate Education, Inc.	0.14%	426,781	$9M	trimmed−41%	−0.05 pp	9 q
STGWStagwell Inc. Class A	0.12%	1,191,918	$7M	added+6%	+0.01 pp	13 q
SGOViShares 0-3 Month Treasury Bond ETF	0.07%	41,816	$4M	trimmed−25%	−0.01 pp	3 q
OECOrion S.A.	0.07%	335,608	$4M	added+5%	0.00 pp	30 q
TDWTidewater, Inc.	0.06%	94,961	$4M	held	—	26 q
NFLXNetFlix Inc	0.04%	2,340	$2M	trimmed−16%	0.00 pp	21 q
PDLBPonce Financial Group, Inc.	0.04%	181,562	$2M	held	—	11 q
NXQuanex Building Products Corporation	0.04%	133,678	$2M	added+78%	+0.01 pp	3 q
ESGREnstar Group Ltd	0.04%	6,901	$2M	held	—	7 q
ALGTAllegiant Travel Company	0.03%	34,186	$2M	held	—	32 q
PBFSPioneer Bancorp, Inc.	0.03%	166,974	$2M	held	—	5 q
VTVanguard Total World Stock ETF	0.03%	16,249	$2M	added+8%	0.00 pp	14 q
WLYJohn Wiley & Sons, Inc. Class A	0.03%	39,140	$2M	new	+0.03 pp	new
EBCEastern Bankshares, Inc.	0.02%	85,883	$1M	trimmed−29%	−0.01 pp	8 q
PARRPar Pacific Holdings, Inc.	0.02%	71,812	$1M	held	—	41 q
UPWKUpwork Inc.	0.02%	104,881	$1M	held	—	20 q
SHCSotera Health Company	0.01%	45,480	$530,297	held	—	4 q
RSVRReservoir Media, Inc.	0.00%	6,573	$50,152	new	0.00 pp	new
CIGIColliers International Group Inc. Subordinate Voting Shares	—	−3,450	—	exited	−0.01 pp	—
MTALMetals Acquisition Corp. II	—	−66,447	—	exited	−0.01 pp	—