First Pacific Advisors is a Los Angeles based fund that takes a long-term, risk-averse approach to investing and works to provide its clients with strong long-term returns and capital preservation. First Pacific Advisors has $25 billion AUM spread across four equity strategies and one fixed income strategy.
First Pacific Advisors new positions
First Pacific Advisors bought 250,000 shares of QUALCOMM, Inc. (NASDAQ:QCOM) for $15.3 million, the largest new position of the quarter. They also bought a million shares of Monster Worldwide, Inc. (NYSE:MWW) for $4.9 million, 88,000 shares of the Nordson Corporation (NASDAQ:NDSN) for $6.1 million, and 97,000 shares of Echostar Corporation (NASDAQ:SATS) for $3.8 million. First Pacific took relatively small positions on A M Castle and Co (NYSE:CAS), the American Ecology Corporation, Volt Information Sciences, Inc. (OTCMKTS:VISI).
Increased positions
First Pacific increased its holdings of Oracle Corporation (NYSE:ORCL) by 49 percent to $296 million and holdings of Occidental Petroleum Corporation (NYSE:OXY) by 43 percent to $269 million, making them the 6th and 8th largest positions in the portfolio respectively. They also increased ownership in the ARRIS GROUP DL-,01 (NASDAQ:ARRS) by 66 percent to $137 million, in the Apollo Group Inc (NASDAQ:APOL) by 36 percent to $70 milllion, and in Helmerich & Payne, Inc. (NYSE:HP) by 21 percent to $28.6 million. The biggest percentage changes were in AZZ Incorporated (NYSE:AZZ) and Maidenform Brands, Inc. (NYSE:MFB) – both positions were doubled, but still account for less than $100,000 combined.
Closed out positions
First Pacific Advisors closed out seven positions including a 7,800 share call option on Citigroup and 900,000 shares of VCA Antech Inc (NASDAQ:WOOF). FPA also sold 726,000 shares of Travelers Companies Inc (NYSE:TRV), 725,000 shares of Actuant Corporation (NYSE:ATU), 429,000 shares of PetSmart, Inc. (NASDAQ:PETM), 274,000 shares of Manpowergroup Inc (NYSE:MAN), and 120,000 shares preferred stock in Prologis Inc (NYSE:PLD). None of these positions accounted for more than one percent of the First Pacific Advisors portfolio.
Decreased positions
First Pacific Advisors sold 31 percent of its shares in Western Digital Corp (NASDAQ:WDC), dropping its stake to $144 million and 27 percent of its shares in Omnicare, Inc. (NYSE:OCR), which is still the fund’s 12th largest position worth $225 million. First Pacific also reduced its stakes in Health Net, Inc. (NYSE:HNT) by 26 percent down to $66 million, Xerox by 24 percent down to $65 million, ENSCO PLC (NYSE:ESV) by 23 percent to $110 million, and CIT Group Inc. (NYSE:CIT) by 14 percent to $121 million.
