First Pacific Advisors, LP — 13F Portfolio

First Pacific Advisors, LP is a distinguished Los Angeles-based investment manager with a multi-decade legacy of contrarian, value-oriented investing across equity and fixed income markets. Founded in 1954, FPA has established itself as one of the West Coast's most respected independent asset management firms, known for disciplined capital stewardship and willingness to diverge from market consensus when valuation discipline demands. The firm files quarterly 13F reports with the SEC under CIK #0001377581, providing transparency into its U.S. equity holdings. The firm's heritage reflects a culture of independent thinking and long-term investment orientation. FPA has maintained its Los Angeles headquarters throughout its history, building investment capabilities outside the traditional financial centers of New York and Boston. This geographic independence mirrors the firm's intellectual independence—a willingness to hold cash when opportunities are scarce, concentrate positions when conviction is high, and maintain patience during periods when value-oriented approaches underperform momentum-driven markets. Managing Partner J. Richard Atwood provides organizational leadership, while the investment team includes prominent portfolio managers Steven Romick, Mark Landecker, and Brian Selmo, who collectively oversee the firm's flagship strategies. Romick, in particular, has achieved wide recognition managing the FPA Crescent Fund, an absolute value strategy known for its flexible allocation across equities, fixed income, and cash based on opportunity availability rather than benchmark adherence. FPA serves diverse clients through mutual funds accessible to retail investors and separate accounts for institutional clients, democratizing access to the firm's distinctive investment philosophy. The platform's 13F History functionality enables users to examine the evolution of FPA's disclosed equity positions across market cycles.

First Pacific Advisors employs an absolute value investment philosophy characterized by rigorous fundamental analysis, valuation discipline, and patience in awaiting attractive opportunities. The firm's approach rejects benchmark-relative thinking, instead evaluating each investment on its own merits and maintaining flexibility to hold significant cash positions when equity valuations appear stretched. This contrarian orientation produces portfolios that may diverge substantially from market indices. The 13F Portfolio Composition reflects FPA's opportunistic value approach, with holdings spanning sectors where the investment team identifies meaningful gaps between price and intrinsic value. Historical positions have demonstrated exposure across financials, industrials, technology, healthcare, and special situations, with sector allocation driven by bottom-up security selection rather than top-down sector views. Sector Allocation History reveals tactical shifts as valuation opportunities emerge and dissipate across market segments. The firm's analytical framework emphasizes margin of safety—purchasing securities at discounts to conservative estimates of intrinsic value to protect against analytical errors and unforeseen developments. This Graham-and-Dodd heritage produces natural defensiveness in portfolio construction, favoring companies with strong balance sheets, durable competitive positions, and management teams aligned with shareholder interests. Top 10 Holdings Concentration typically reflects meaningful position sizes in highest-conviction ideas, as FPA's approach favors concentration in thoroughly researched opportunities over broad diversification across marginal positions. The firm's willingness to hold cash—sometimes in substantial proportions—when attractive opportunities are unavailable distinguishes FPA from fully-invested strategies constrained by benchmark considerations. Turnover within the portfolio remains characteristically low, reflecting the firm's long-term ownership mentality and patience in allowing investment theses to mature. The Portfolio Simulator allows users to model capital trajectory of FPA's disclosed equity positions, normalized to a user-defined notional starting value.

First Pacific Advisors, LP represents a venerable independent investment franchise with nearly seven decades of history applying contrarian, value-oriented principles from its Los Angeles base. Under the leadership of Managing Partner J. Richard Atwood and distinguished portfolio managers including Steven Romick, Mark Landecker, and Brian Selmo, FPA maintains a distinctive absolute value philosophy that prioritizes capital preservation and long-term compounding over benchmark-relative performance. The disclosed 13F portfolio provides visibility into the firm's equity positioning across market cycles. Key analytical dimensions for evaluating FPA's disclosed holdings include Annualized Return (CAGR) relative to both equity benchmarks and absolute return targets, Sharpe Ratio efficiency reflecting the firm's risk-adjusted philosophy, and Alpha Generation vs S&P 500 measuring value added through security selection and timing. The firm's Sector Allocation History reveals how opportunistic, bottom-up analysis translates into changing sector exposures as valuation opportunities shift. Given FPA's distinctive absolute value philosophy and willingness to hold cash, an important diagnostic question emerges: How does the firm's disclosed portfolio perform during transitions from bull to bear markets, and what do concentration patterns and cash positioning reveal about the investment team's conviction levels and market outlook across different valuation regimes?

The risk characteristics of First Pacific Advisors' disclosed portfolio reflect its absolute value philosophy and defensive orientation toward capital preservation. Unlike relative-return strategies measured against equity benchmarks, FPA's approach prioritizes absolute returns and downside protection, accepting tracking error relative to indices in pursuit of superior risk-adjusted outcomes across complete market cycles. Max Drawdown Depth analysis of historical positions reveals how FPA's value discipline and quality orientation have navigated periods of market stress. The firm's emphasis on margin of safety—purchasing at discounts to conservative intrinsic value estimates—provides structural downside protection when market corrections expose overvaluation in the broader market. Additionally, FPA's willingness to hold cash during periods of equity overvaluation offers additional defensive capability not available to fully-invested strategies. The Volatility Profile of the disclosed portfolio typically exhibits lower beta than aggressive growth strategies, reflecting the quality and value orientation of security selection. Downside Capture Ratio analysis provides insight into the defensive characteristics delivered by FPA's contrarian approach, with historical periods of market stress often demonstrating the protective benefits of valuation discipline. The firm's absolute value mandate creates distinctive risk/return patterns. During extended bull markets driven by momentum and multiple expansion, FPA's conservative positioning may produce meaningful underperformance relative to equity indices—a form of career risk and client patience risk that the firm explicitly accepts in pursuit of superior long-term compounding. Conversely, during corrections and bear markets, the combination of quality holdings, valuation cushion, and cash reserves has historically provided capital protection. The Backtesting Service functionality enables users to stress-test FPA's disclosed positions against historical market scenarios and volatility regimes. The risk characteristics of First Pacific Advisors' disclosed portfolio reflect its absolute value philosophy and defensive orientation toward capital preservation. Unlike relative-return strategies measured against equity benchmarks, FPA's approach prioritizes absolute returns and downside protection, accepting tracking error relative to indices in pursuit of superior risk-adjusted outcomes across complete market cycles. Max Drawdown Depth analysis of historical positions reveals how FPA's value discipline and quality orientation have navigated periods of market stress. The firm's emphasis on margin of safety—purchasing at discounts to conservative intrinsic value estimates—provides structural downside protection when market corrections expose overvaluation in the broader market. Additionally, FPA's willingness to hold cash during periods of equity overvaluation offers additional defensive capability not available to fully-invested strategies. The Volatility Profile of the disclosed portfolio typically exhibits lower beta than aggressive growth strategies, reflecting the quality and value orientation of security selection. Downside Capture Ratio analysis provides insight into the defensive characteristics delivered by FPA's contrarian approach, with historical periods of market stress often demonstrating the protective benefits of valuation discipline. The firm's absolute value mandate creates distinctive risk/return patterns. During extended bull markets driven by momentum and multiple expansion, FPA's conservative positioning may produce meaningful underperformance relative to equity indices—a form of career risk and client patience risk that the firm explicitly accepts in pursuit of superior long-term compounding. Conversely, during corrections and bear markets, the combination of quality holdings, valuation cushion, and cash reserves has historically provided capital protection. The Backtesting Service functionality enables users to stress-test FPA's disclosed positions against historical market scenarios and volatility regimes.