← All Managers

Steven Romick

First Pacific Advisors

FPA Crescent Fund, absolute value

$8.09B

Portfolio Value

75

Holdings

Q2 '26

Period

2026-08-14

Filed

📈 Recent Activity

Changes from previous quarter

ADIREDUCED
7.8% of portfolio
-7% shares+0.2pp
GOOGLREDUCED
6.2% of portfolio
-16% shares-0.6pp
GOOGINCREASED
5.8% of portfolio
+0% shares+0.5pp
IFFINCREASED
5.3% of portfolio
+1% shares-0.2pp
CREDUCED
5.2% of portfolio
-5% shares+0.2pp
METAREDUCED
4.7% of portfolio
-0% shares-0.7pp
AMZNREDUCED
4.0% of portfolio
-4% shares-0.1pp
BDXINCREASED
3.9% of portfolio
+7% shares-0.4pp
TELREDUCED
3.9% of portfolio
-6% shares-1.0pp
AJGREDUCED
3.8% of portfolio
+245% shares+2.6pp
AONREDUCED
2.8% of portfolio
-3% shares-0.4pp
CMCSAINCREASED
2.6% of portfolio
+1% shares-0.8pp
FBININCREASED
2.6% of portfolio
+1% shares+0.5pp
NXPIREDUCED
2.4% of portfolio
-11% shares+0.3pp
FERGREDUCED
2.3% of portfolio
-4% shares-0.4pp
MTNINCREASED
2.2% of portfolio
+11% shares+0.1pp
AMRZINCREASED
2.1% of portfolio
+1% shares-0.4pp
BAXINCREASED
2.0% of portfolio
+14% shares+0.4pp
KMXINCREASED
2.0% of portfolio
+1% shares+0.2pp
LBRDKREDUCED
1.9% of portfolio
-0% shares-1.4pp
JEFINCREASED
1.7% of portfolio
+5% shares+0.2pp
TMOINCREASED
1.5% of portfolio
+12% shares+0.0pp
NOVINCREASED
1.5% of portfolio
+1% shares-0.2pp
BIOREDUCED
1.5% of portfolio
-1% shares-0.1pp
DHRNEW
1.3% of portfolio
New position
ICLRREDUCED
1.3% of portfolio
-39% shares-0.2pp
DEIINCREASED
1.3% of portfolio
+1% shares+0.1pp
WATINCREASED
1.2% of portfolio
+0% shares+0.1pp
PYPLINCREASED
1.1% of portfolio
+54% shares+0.3pp
LPLAINCREASED
1.1% of portfolio
+0% shares-0.2pp
INTUNEW
1.1% of portfolio
New position
SAPNEW
1.1% of portfolio
New position
AVTRINCREASED
1.0% of portfolio
+1% shares+0.1pp
CNHINCREASED
1.0% of portfolio
+49% shares+0.3pp
UBERINCREASED
0.9% of portfolio
+1% shares-0.1pp
VNOINCREASED
0.8% of portfolio
+0% shares+0.2pp
WFCREDUCED
0.8% of portfolio
-10% shares-0.2pp
GEHCNEW
0.7% of portfolio
New position
MICCINCREASED
0.6% of portfolio
+32% shares+0.2pp
WABREDUCED
0.6% of portfolio
-27% shares-0.3pp
NCRRPINCREASED
0.5% of portfolio
+0% shares+0.1pp
AVGOINCREASED
0.3% of portfolio
+1% shares+0.0pp
MRSHINCREASED
0.2% of portfolio
+12% shares-0.0pp
PCGINCREASED
0.2% of portfolio
+1% shares-0.0pp
VBILREDUCED
0.2% of portfolio
+189% shares+0.1pp
MARREDUCED
0.1% of portfolio
-92% shares-1.0pp
FPAGNEW
0.1% of portfolio
New position
VTINCREASED
0.1% of portfolio
+26% shares+0.0pp
TDWREDUCED
0.1% of portfolio
-7% shares-0.0pp
FPASNEW
<0.1% of portfolio
New position
WLFCNEW
<0.1% of portfolio
New position
NATLINCREASED
<0.1% of portfolio
-55% shares-0.0pp
PARRREDUCED
<0.1% of portfolio
-27% shares-0.0pp
SCCOINCREASED
<0.1% of portfolio
+1% shares
HYBBINCREASED
<0.1% of portfolio
+25x shares
DELLSOLD
was 0.9%
Sold out position
Filing price: $164.13
KMISOLD
was 0.6%
Sold out position
Filing price: $33.53
GLDSOLD
was 0.1%
Sold out position
Filing price: $430.29
FNVSOLD
was <0.1%
Sold out position
Filing price: $247.05
CVXSOLD
was <0.1%
Sold out position
Filing price: $206.90
ROSTSOLD
was <0.1%
Sold out position
Filing price: $216.63
TSLASOLD
was <0.1%
Sold out position
Filing price: $371.75
EMRSOLD
was <0.1%
Sold out position
Filing price: $131.02
DGSOLD
was <0.1%
Sold out position
Filing price: $118.73
ORLYSOLD
was <0.1%
Sold out position
Filing price: $92.31
NVSTSOLD
was <0.1%
Sold out position
Filing price: $25.37
DISSOLD
was <0.1%
Sold out position
Filing price: $96.38
HSICSOLD
was <0.1%
Sold out position
Filing price: $73.70
GWWSOLD
was <0.1%
Sold out position
Filing price: $1090.81
MCDSOLD
was <0.1%
Sold out position
Filing price: $310.79
CPAYSOLD
was <0.1%
Sold out position
Filing price: $290.99
SMGSOLD
was <0.1%
Sold out position
Filing price: $60.81
EBCSOLD
was <0.1%
Sold out position
Filing price: $19.55

Sold Out (18)

SOLDCVXCHEVRON CORPORATIONwas 0.02%@$206.90
SOLDCPAYCORPAY INCwas 0.01%@$290.99
SOLDDELLDELL TECHNOLOGIES INCwas 0.88%@$164.13
SOLDDISDISNEY WALT COwas 0.01%@$96.38
SOLDDGDOLLAR GEN CORPwas 0.02%@$118.73
SOLDEBCEASTERN BANKSHARES INCwas 0.00%@$19.55
SOLDEMREMERSON ELEC COwas 0.02%@$131.02
SOLDNVSTENVISTA HOLDINGS CORPORATIONwas 0.01%@$25.37
SOLDFNVFRANCO NEV CORPwas 0.02%@$247.05
SOLDGWWWW GRAINGER INCwas 0.01%@$1090.81
SOLDMCDMCDONALDS CORPwas 0.01%@$310.79
SOLDORLYOREILLY AUTOMOTIVE INCwas 0.01%@$92.31
SOLDROSTROSS STORES INCwas 0.02%@$216.63
SOLDGLDSPDR Gold Shareswas 0.08%@$430.29
SOLDHSICSCHEIN HENRY INCwas 0.01%@$73.70
SOLDSMGSCOTTS MIRACLE-GRO COwas 0.01%@$60.81
SOLDTSLATESLA INCwas 0.02%@$371.75
SOLDKMIKINDER MORGAN INC DELwas 0.63%@$33.53

📊 Sector Breakdown

Portfolio allocation by sector

Unknown 58.8%Technology 24.2%Financials 6.0%Materials 5.3%Healthcare 2.9%+3 more (2.8%)

💼 Holdings

🔍

75 of 75 positions · $8.09B

This quarter: 7 new positions, increased 29, reduced 19, sold 18. Net seller.

ADIREDUCED
7.8%
7.8% of portfolio (was 7.7%, trimmed)
Filed ~$397
—📄
GOOGLREDUCED
6.2%
6.2% of portfolio (was 6.8%, trimmed)
Filed ~$357
—📄
GOOGINCREASED
5.8%
5.8% of portfolio (was 5.4%, added)
Filed ~$353
—📄
IFFINCREASED
5.3%
5.3% of portfolio (was 5.5%, added)
Filed ~$79
—📄
CREDUCED
5.2%
5.2% of portfolio (was 5.0%, trimmed)
Filed ~$140
—📄
METAREDUCED
4.7%
4.7% of portfolio (was 5.5%, trimmed)
Filed ~$563
—📄
AMZNREDUCED
4.0%
4.0% of portfolio (was 4.1%, trimmed)
Filed ~$238
—📄
BDXINCREASED
3.9%
3.9% of portfolio (was 4.4%, added)
Filed ~$151
—📄
TELREDUCED
3.9%
3.9% of portfolio (was 4.8%, trimmed)
Filed ~$202
—📄
AJGREDUCED
3.8%
3.8% of portfolio (was 1.2%, trimmed)
Filed ~$230
—📄
AONREDUCED
2.8%
2.8% of portfolio (was 3.2%, trimmed)
Filed ~$332
—📄
CMCSAINCREASED
2.6%
2.6% of portfolio (was 3.5%, added)
Filed ~$25
—📄
FBININCREASED
2.6%
2.6% of portfolio (was 2.1%, added)
Filed ~$55
—📄
NXPIREDUCED
2.4%
2.4% of portfolio (was 2.1%, trimmed)
Filed ~$281
—📄
FERGREDUCED
2.3%
2.3% of portfolio (was 2.7%, trimmed)
Filed ~$237
—📄
MTNINCREASED
2.2%
2.2% of portfolio (was 2.1%, added)
Filed ~$136
—📄
AMRZINCREASED
2.1%
2.1% of portfolio (was 2.5%, added)
Filed ~$53
—📄
BAXINCREASED
2.0%
2.0% of portfolio (was 1.6%, added)
Filed ~$21
—📄
KMXINCREASED
2.0%
2.0% of portfolio (was 1.7%, added)
Filed ~$53
—📄
LBRDKREDUCED
1.9%
1.9% of portfolio (was 3.3%, trimmed)
Filed ~$33
—📄
JEFINCREASED
1.7%
1.7% of portfolio (was 1.5%, added)
Filed ~$50
—📄
TMOINCREASED
1.5%
1.5% of portfolio (was 1.5%, added)
Filed ~$501
—📄
NOVINCREASED
1.5%
1.5% of portfolio (was 1.7%, added)
Filed ~$19
—📄
BIOREDUCED
1.5%
1.5% of portfolio (was 1.6%, trimmed)
Filed ~$294
—📄
SATSPRN
1.4%
1.4% of portfolio
Filed ~$3
—📄
1–25 of 75

🚫 Sold Out (18 positions)

SOLDCVXCHEVRON CORPORATIONwas 0.02%@$206.906144 shares · $1.3M
SOLDCPAYCORPAY INCwas 0.01%@$290.992147 shares · $625K
SOLDDELLDELL TECHNOLOGIES INCwas 0.88%@$164.13382985 shares · $62.9M
SOLDDISDISNEY WALT COwas 0.01%@$96.387872 shares · $759K
SOLDDGDOLLAR GEN CORPwas 0.02%@$118.739077 shares · $1.1M
SOLDEBCEASTERN BANKSHARES INCwas 0.00%@$19.5583 shares · $2K
SOLDEMREMERSON ELEC COwas 0.02%@$131.028426 shares · $1.1M
SOLDNVSTENVISTA HOLDINGS CORPORATIONwas 0.01%@$25.3730397 shares · $771K
SOLDFNVFRANCO NEV CORPwas 0.02%@$247.056611 shares · $1.6M
SOLDGWWWW GRAINGER INCwas 0.01%@$1090.81669 shares · $730K
SOLDMCDMCDONALDS CORPwas 0.01%@$310.792142 shares · $666K
SOLDORLYOREILLY AUTOMOTIVE INCwas 0.01%@$92.318355 shares · $771K
SOLDROSTROSS STORES INCwas 0.02%@$216.635154 shares · $1.1M
SOLDGLDSPDR Gold Shareswas 0.08%@$430.2913995 shares · $6.0M
SOLDHSICSCHEIN HENRY INCwas 0.01%@$73.709914 shares · $731K
SOLDSMGSCOTTS MIRACLE-GRO COwas 0.01%@$60.817357 shares · $447K
SOLDTSLATESLA INCwas 0.02%@$371.753000 shares · $1.1M
SOLDKMIKINDER MORGAN INC DELwas 0.63%@$33.531332715 shares · $44.7M