FPA
Picture
Moves
Options: 1 move on a notional base, in the table below.
The book
- Very concentrated
- Concentrated
- Focused
- Diversified
- Low
- Moderate
- High
Top 5 positions
Positions
| GOOGLAlphabet Inc. Class A | 8.26% | 2,422,319 | $589M | trimmed−2% | +1.92 pp | 40 q |
| METAMeta Platforms, Inc. Class A | 7.33% | 710,995 | $522M | trimmed−9% | −1.00 pp | 32 q |
| ADIAnalog Devices, Inc. | 6.88% | 1,995,126 | $490M | trimmed−4% | −0.33 pp | 43 q |
| TELTE Connectivity plc | 6.53% | 2,119,163 | $465M | trimmed−20% | +0.02 pp | 5 q |
| CCitigroup Inc. | 5.38% | 3,779,115 | $384M | trimmed−28% | −1.11 pp | 43 q |
| GOOGAlphabet Inc. Class C | 5.07% | 1,483,648 | $361M | trimmed−6% | +1.00 pp | 43 q |
| CMCSAComcast Corp | 4.95% | 11,238,728 | $353M | added+1% | −0.80 pp | 32 q |
| AMZNAmazon.Com Inc | 4.42% | 1,436,376 | $315M | trimmed−2% | −0.24 pp | 31 q |
| IFFInternational Flavors & Fragrances Inc. | 4.23% | 4,903,862 | $302M | added+19% | −0.16 pp | 20 q |
| AONAon plc Class A | 3.27% | 654,445 | $233M | added0% | −0.11 pp | 22 q |
| FERGFerguson Enterprises Inc. | 2.89% | 916,385 | $206M | trimmed−27% | −1.08 pp | 5 q |
| CHTRCharter Comm Inc Del CL A New | 2.49% | 646,100 | $178M | added+3% | −1.23 pp | 30 q |
| BDXBecton, Dickinson and Co. | 2.46% | 936,257 | $175M | new | +2.46 pp | new |
| NXPINXP Semiconductors N.V. | 2.44% | 765,060 | $174M | added0% | +0.01 pp | 23 q |
| ICLRIcon Plc | 2.39% | 974,325 | $171M | added+1% | +0.35 pp | 13 q |
| JEFJefferies Financial Group Inc. | 2.37% | 2,580,283 | $169M | held | — | 30 q |
| FBINFortune Brands Innovations, Inc. | 2.15% | 2,866,091 | $153M | added+43% | +0.66 pp | 5 q |
| MTNVail Resorts, Inc. | 2.13% | 1,012,933 | $152M | added+2% | −0.14 pp | 6 q |
| LPLALPL Financial Holdings Inc. | 2.07% | 443,503 | $148M | held | — | 42 q |
| MARMarriott International Class A | 1.65% | 450,765 | $117M | added0% | −0.14 pp | 30 q |
| KMIKinder Morgan, Inc. | 1.59% | 4,003,122 | $113M | added+2% | −0.09 pp | 31 q |
| KMXCarMax Inc. | 1.56% | 2,481,461 | $111M | added+2% | −0.81 pp | 14 q |
| BIOBio-Rad Laboratories, Inc.Class A | 1.55% | 394,414 | $111M | added+2% | +0.19 pp | 8 q |
| WFCWells Fargo & Co. | 1.52% | 1,291,639 | $108M | trimmed−37% | −0.85 pp | 30 q |
| NOVNOV Inc. | 1.48% | 7,946,901 | $105M | added+13% | +0.21 pp | 4 q |
| TMOThermo Fisher Scientific, Inc. | 1.46% | 214,946 | $104M | added×2.5 | +0.95 pp | 2 q |
| UBERUber Technologies, Inc. | 1.29% | 934,963 | $92M | trimmed−9% | −0.10 pp | 16 q |
| WABWabtec Inc. | 1.23% | 436,663 | $88M | added0% | −0.10 pp | 23 q |
| DEIDouglas Emmett, Inc. | 1.17% | 5,334,173 | $83M | held | — | 11 q |
| NATLNCR Atleos Corporation | 1.13% | 2,040,700 | $80M | trimmed−11% | +0.18 pp | 8 q |
| VNOVornado Realty Trust | 0.95% | 1,676,513 | $68M | held | — | 13 q |
| HWMHowmet Aerospace Inc. | 0.90% | 325,984 | $64M | trimmed−24% | −0.26 pp | 36 q |
| DELLDell Technologies Inc. | 0.83% | 418,505 | $59M | held | — | 25 q |
| AVTRAvantor, Inc. | 0.71% | 4,070,978 | $51M | added×54.3 | +0.70 pp | 2 q |
| VYXNCR Voyix Corporation | 0.69% | 3,908,807 | $49M | held | — | 11 q |
| AVGOBroadcom Inc. | 0.53% | 114,719 | $38M | trimmed−4% | +0.05 pp | 30 q |
| ECHOEchoStar Corporation | 0.52% | 480,826 | $37M | trimmed−67% | −0.06 pp | 5 q |
| GPORGulfport Energy Corporation | 0.44% | 171,812 | $31M | held | — | 18 q |
| PCGPG&E Corporation | 0.24% | 1,121,221 | $17M | added+2% | +0.02 pp | 31 q |
| RUSHARush Enterprises Inc | 0.12% | 159,094 | $9M | held | — | 41 q |
| LAURLaureate Education, Inc. | 0.10% | 216,012 | $7M | trimmed−46% | −0.04 pp | 11 q |
| STGWStagwell Inc. Class A | 0.09% | 1,191,918 | $7M | held | — | 15 q |
| TDWTidewater, Inc. | 0.07% | 94,961 | $5M | held | — | 28 q |
| SGOViShares 0-3 Month Treasury Bond ETF | 0.05% | 36,572 | $4M | trimmed−24% | −0.02 pp | 5 q |
| MRVIMaravai LifeSciences Holdings, Inc. Class A | 0.04% | 884,883 | $3M | added+19% | +0.01 pp | 2 q |
| PDLBPonce Financial Group, Inc. | 0.04% | 181,562 | $3M | held | — | 13 q |
| RSVRReservoir Media, Inc. | 0.04% | 329,066 | $3M | held | — | 3 q |
| OECOrion S.A. | 0.04% | 417,388 | $3M | added+14% | −0.02 pp | 32 q |
| ALGTAllegiant Travel Company | 0.03% | 34,186 | $2M | held | — | 34 q |
| NFLXNetFlix Inc | 0.03% | 1,640 | $2M | trimmed−30% | −0.02 pp | 23 q |
| PARRPar Pacific Holdings, Inc. | 0.03% | 56,034 | $2M | trimmed−23% | 0.00 pp | 43 q |
| PBFSPioneer Bancorp, Inc. | 0.03% | 166,974 | $2M | held | — | 7 q |
| NXQuanex Building Products Corporation | 0.03% | 166,231 | $2M | added+7% | −0.01 pp | 5 q |
| UPWKUpwork Inc. | 0.03% | 104,881 | $2M | held | — | 22 q |
| VTVanguard Total World Stock ETF | 0.03% | 17,965 | $2M | added+7% | 0.00 pp | 16 q |
| ASLEAerSale Corporation | 0.02% | 208,726 | $2M | trimmed−16% | 0.00 pp | 2 q |
| DARDarling Ingredients Inc. | 0.02% | 52,447 | $2M | added+23% | 0.00 pp | 2 q |
| EBCEastern Bankshares, Inc. | 0.02% | 85,883 | $2M | held | — | 10 q |
| UNITUniti Group Inc. | 0.00% | 25,235 | $154,438 | new | 0.00 pp | new |
| VIPSVipshop Holdings Limited | — | −179,634 | — | exited | −0.04 pp | — |
| WLYJohn Wiley & Sons, Inc. Class A | — | −39,140 | — | exited | −0.03 pp | — |
| ESGREnstar Group Ltd | — | −6,901 | — | exited | −0.03 pp | — |
Other 13(f) securities
Options
| Contract | % of notional | Shares | Notional |
|---|---|---|---|
| ECHO PUT | 100.00% | 47,000 | $4M |
Notes
| Issue | % of notes | Principal | Value |
|---|---|---|---|
| Echostar Corp | 95.32% | 40,000,000 | $98M |
| Wayfair Inc | 4.68% | 4,934,000 | $5M |