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).
The Electron Global Fund was up 2% for September, bringing its third-quarter return to -1.7% and its year-to-date return to 8.5%. Meanwhile, the MSCI World Utilities Index was down 7.2% for September, 1.7% for the third quarter and 3.3% year to date. The S&P 500 was down 4.8% for September, up 0.2% for the third Read More
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.
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.