Microsoft Corporation (MSFT) Is Top Holding For Steven Romick’s FPA

Microsoft Corporation (MSFT) Is Top Holding For Steven Romick’s FPA

The latest 13F filing by Steven Romick’s First Pacific Advisors (FPA) shows an aggregate portfolio worth $10.62B as of December 31, 2013. This is up 9.6% from the end-September value of $9.69B.

Located in Los Angeles, California, FPA describes itself a leading practitioner of value investing. “Providing a prudent place to invest, we focus on generating superior returns over the long-term coupled with capital preservation. We consider ourselves investors, not traders, and foster a culture that promotes high ethical standards,” says the FPA website.

ValueWalk’s July 2022 Hedge Fund Update: Tiger Cub Hedge Fund Shuts Down

investWelcome to our latest issue of issue of ValueWalk’s hedge fund update. Below subscribers can find an excerpt in text and the full issue in PDF format. Please send us your feedback! Featuring Andurand's oil trading profits surge, Bridgewater profits from credit, and Tiger Cub Hedge Fund shuts down. Q1 2022 hedge fund letters, conferences Read More

Microsoft tops FPA’s portfolio holdings

As of the end December, FPA’s biggest holding as a percentage of portfolio value was Microsoft Corporation (NASDAQ:MSFT) at 5.94%. The second largest holding was Oracle Corporation (NYSE:ORCL) at 5.27%, one to which FPA added to during the quarter. CVS Caremark Corporation (NYSE:CVS) was next, forming 5.02% of the portfolio. Aon PLC was the fourth largest position with 5.01% while Thermo Fisher Scientific Inc.(NYSE:TMO) came in fifth at 4.1%.

New investments

FPA made a new fresh investment in Joy Global Inc. (NYSE:JOY) of 1,393,200 shares forming 0.77% of its portfolio. The company is a worldwide leader in mining equipment and services for surface and underground mining.

FPA also entered a position of 1,336,500 ADRs in Taiwan Semiconductor Mfg. Co. Ltd. (ADR) (NYSE:TSM) (TPE:2330), a manufacturer of integrated circuit related products. This investment aggregated 0.22%.

The fund took on a new exposure of 848,100 shares in Titan International Inc (NYSE:TWI), which manufactures wheels and tires (0.14% of portfolio).

Positions increased

FPA added to its existing positions in Alcoa Inc (NYSE:AA), Atwood Oceanics, Inc. (NYSE:ATW) and Oracle Corporation (NYSE:ORCL), the last-named also being the second largest holding in its portfolio.

Positions reduced

The fund cut back on its exposure to Hewlett-Packard Company (NYSE:HPQ), Omnicare, Inc. (NYSE:OCR) and Rowan Companies PLC (NYSE:RDC).

Positions sold out

During the quarter FPA divested completely from ITT Corp (NYSE:ITT), Lowe’s Companies, Inc. (NYSE:LOW) and Monster Worldwide, Inc. (NYSE:MWW).

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Saul Griffith is an investor in stocks, commodities and forex, writing under a pen name. Saul has top accounting qualifications and extensive experience in industry and the financial markets. He also has an abiding interest in breaking news that could be a harbinger of new trends and give insight into an instrument’s potential for providing value, growth or yield.
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