FPA Buys Vodafone, Intel, Checkpoint; Sells JPMorgan, WPX Energy

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First Pacific Advisors (FPA), an investment management that practices value investing to generate high returns over the long-term with capital preservation, has more than $9.20 billion assets under management (AUM) based on its latest 13f filing with the Securities and Exchange Commission (SEC) for the first quarter of fiscal 2013. Its AUM for the period increased by nearly $1 billion from approximately $8.32 billion in the previous quarter.

FPA Buys Vodafone, Intel, Checkpoint; Sells JPMorgan, WPX Energy

During the March quarter, FPA purchased 10 new stocks, boosted its stock holdings in 33 companies, reduced its stake in 38 stocks, and sold out five stocks. Its top 10 stock holdings account 33.25 percent of its portfolio.

Major New Positions

FPA’s major new acquisitions in the first quarter include Vodafone Group Plc (NASDAQ:VOD) (LON:VOD) with 4,497,000 shares worth more than $127.7 million, Intel Corporation (NASDAQ:INTC) with 5,377,100 shares worth over $117.43 million, and  Check Point Software Technologies Ltd. (NASDAQ:CHKP) with 2,401,300 shares worth approximately $112.83 million.

The investment management firm also acquired 2, 889, 300 shares of Apollo Group Inc (NASDAQ:APOL) worth over $50.21 million, and 312,900 shares of Centene Corp (NYSE:CNC) with approximately $13.78 million market value.

The investment management firm also purchased 204,600 shares of SunCoke Energy Partners LP (NYSE:SXCP), 7,800 shares (CALL) of Citigroup Inc (NYSE:C), and 36,400 shares of Rush Enterprises, Inc. (NASDAQ:RUSHA). FPA also invested in Bank of America CorP CL A WT EXP 011619 (BAC/WS/A) and JP Morgan Chase & Co W EXP 10/28/201 (JPM/WS).

Increased Stock holdings

FPA boosted its position in the following stocks: Arris Group Inc (NASDAQ:ARRS) by 791,400 shares, Microsoft Corporation (NASDAQ:MSFT) by 536,200 shares, Oracle Corporation (NASDAQ:ORCL) by 365,000 shares, Regis Corporation (NYSE:RGS) by 365,000 shares, and Newfield Exploration Co. (NYSE:NFX) by 89,900 shares among others.

Reduced Stock holdings

The investment management firm reduced its stake in ENSCO PLC (NYSE:ESV) by 1,964,477 shares, PetSmart, Inc. (NASDAQ:PETM) by 498, 800 shares, Lowe’s Companies, Inc. (NYSE:LOW) by 841,700 shares, Life Technologies Corp. (NASDAQ:LIFE) by 290,800 shares, and Aon PLC (NYSE:AON) by 134,500 shares.

Sold Out Positions

FPA sold out its entire stock holdings in Devon Energy Corp (NYSE:DVN), WPX Energy Inc (NYSE:WPX), JPMorgan Chase & Co. (NYSE:JPM), FPA New Income Fund (MUTF:FPNIX), and Omnicare, Inc. (NYSE:OCR).

The investment management firm is independently owned by 27 investment professionals and 71 employees. Steven Romick is one of the managing partners of FPA.

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