← All Managers

Steven Romick

First Pacific Advisors

FPA Crescent Fund, absolute value

$7.14B

Portfolio Value

86

Holdings

Q1 '26

Period

2026-05-14

Filed

📈 Recent Activity

Changes from previous quarter

ADIREDUCED
7.7% of portfolio
-8% shares+1.0pp
GOOGLREDUCED
6.8% of portfolio
-12% shares-1.1pp
IFFINCREASED
5.5% of portfolio
+2% shares+0.8pp
METAREDUCED
5.5% of portfolio
-3% shares-0.6pp
GOOGREDUCED
5.4% of portfolio
-1% shares-0.2pp
CREDUCED
5.0% of portfolio
-9% shares-0.3pp
TELREDUCED
4.8% of portfolio
-7% shares-0.5pp
BDXINCREASED
4.4% of portfolio
+1% shares-0.6pp
AMZNINCREASED
4.1% of portfolio
+0% shares-0.2pp
CMCSAINCREASED
3.5% of portfolio
+2% shares+0.2pp
LBRDPINCREASED
3.3% of portfolio
+74% shares+1.6pp
AONINCREASED
3.2% of portfolio
+7% shares+0.1pp
FERGREDUCED
2.7% of portfolio
-8% shares+0.1pp
AMRZREDUCED
2.5% of portfolio
-8% shares+0.0pp
NXPIINCREASED
2.1% of portfolio
+0% shares-0.1pp
MTNINCREASED
2.1% of portfolio
+8% shares+0.2pp
FBININCREASED
2.1% of portfolio
+8% shares-0.3pp
SATSREDUCED
1.8% of portfolio
-7% shares+0.1pp
KMXINCREASED
1.7% of portfolio
+2% shares+0.2pp
NOVREDUCED
1.7% of portfolio
-22% shares
BIOINCREASED
1.6% of portfolio
+1% shares-0.0pp
BAXNEW
1.6% of portfolio
New position
ICLRINCREASED
1.5% of portfolio
+1% shares-0.8pp
TMOINCREASED
1.5% of portfolio
+2% shares-0.1pp
JEFINCREASED
1.5% of portfolio
+0% shares-0.6pp
LPLAREDUCED
1.4% of portfolio
-17% shares-0.5pp
AJGNEW
1.2% of portfolio
New position
DEIINCREASED
1.1% of portfolio
+32% shares+0.2pp
WATNEW
1.1% of portfolio
New position
MARREDUCED
1.1% of portfolio
-40% shares-0.5pp
UBERINCREASED
1.0% of portfolio
+2% shares-0.0pp
WFCINCREASED
1.0% of portfolio
-21% shares-0.4pp
WABREDUCED
0.9% of portfolio
-41% shares-0.3pp
AVTRINCREASED
0.9% of portfolio
+104% shares+0.3pp
PYPLNEW
0.9% of portfolio
New position
CNHNEW
0.7% of portfolio
New position
EP-PCREDUCED
0.6% of portfolio
-67% shares-0.8pp
VNOINCREASED
0.6% of portfolio
+0% shares-0.1pp
NCRRPINCREASED
0.5% of portfolio
+7% shares-0.2pp
MICCINCREASED
0.5% of portfolio
+33% shares+0.1pp
PCGINCREASED
0.3% of portfolio
+2% shares+0.0pp
AVGOREDUCED
0.3% of portfolio
-27% shares-0.1pp
MRSHNEW
0.3% of portfolio
New position
RUSHBREDUCED
0.1% of portfolio
-13% shares+0.0pp
TDGMWREDUCED
0.1% of portfolio
-13% shares+0.0pp
VBILNEW
0.1% of portfolio
New position
GLDNEW
0.1% of portfolio
New position
EQPTNEW
0.1% of portfolio
New position
SATSINCREASED
0.1% of portfolio
-80% shares-0.3pp
NATLREDUCED
0.1% of portfolio
-95% shares-1.0pp
VTINCREASED
0.1% of portfolio
+34% shares+0.0pp
RSVRREDUCED
<0.1% of portfolio
-6% shares
PARRREDUCED
<0.1% of portfolio
-25% shares
FNVNEW
<0.1% of portfolio
New position
CVXNEW
<0.1% of portfolio
New position
SCCONEW
<0.1% of portfolio
New position
ROSTNEW
<0.1% of portfolio
New position
TSLANEW
<0.1% of portfolio
New position
EMRNEW
<0.1% of portfolio
New position
DGNEW
<0.1% of portfolio
New position
CSLNEW
<0.1% of portfolio
New position
ORLYNEW
<0.1% of portfolio
New position
NVSTNEW
<0.1% of portfolio
New position
DISNEW
<0.1% of portfolio
New position
HSICNEW
<0.1% of portfolio
New position
GWWNEW
<0.1% of portfolio
New position
MCDNEW
<0.1% of portfolio
New position
CPAYNEW
<0.1% of portfolio
New position
SMGNEW
<0.1% of portfolio
New position
BAIDFNEW
<0.1% of portfolio
New position
HYBBREDUCED
<0.1% of portfolio
-50% shares
EBCREDUCED
<0.1% of portfolio
Sold out position-0.0pp
DEONEW
<0.1% of portfolio
New position
CHTRSOLD
was 1.3%
Sold out position
Filing price: $208.75
GPORSOLD
was 0.3%
Sold out position
Filing price: $207.99
SGOVSOLD
was 0.1%
Sold out position
Filing price: $100.38
LAURSOLD
was <0.1%
Sold out position
Filing price: $33.67
DARSOLD
was <0.1%
Sold out position
Filing price: $36.00

Sold Out (5)

SOLDCHTRCharter Communicationswas 1.27%@$208.75
SOLDDARDARLING INGREDIENTS INCwas 0.02%@$36.00
SOLDGPORGULFPORT ENERGY CORPwas 0.35%@$207.99
SOLDSGOVISHARES TRwas 0.05%@$100.38
SOLDLAURLAUREATE EDUCATION INCwas 0.04%@$33.67

📊 Sector Breakdown

Portfolio allocation by sector

Unknown 57.5%Technology 24.7%Financials 6.0%Materials 5.5%Communication Services 3.5%+5 more (2.7%)

💼 Holdings

🔍

86 of 86 positions · $7.14B

This quarter: 27 new positions, increased 24, reduced 22, sold 5. Net buyer.

ADIREDUCED
7.7%
7.7% of portfolio (was 6.7%, trimmed)
Filed ~$318
—📄
GOOGLREDUCED
6.8%
6.8% of portfolio (was 7.9%, trimmed)
Filed ~$288
—📄
IFFINCREASED
5.5%
5.5% of portfolio (was 4.7%, added)
Filed ~$73
—📄
METAREDUCED
5.5%
5.5% of portfolio (was 6.1%, trimmed)
Filed ~$572
—📄
GOOGREDUCED
5.4%
5.4% of portfolio (was 5.6%, trimmed)
Filed ~$287
—📄
CREDUCED
5.0%
5.0% of portfolio (was 5.4%, trimmed)
Filed ~$113
—📄
TELREDUCED
4.8%
4.8% of portfolio (was 5.3%, trimmed)
Filed ~$209
—📄
BDXINCREASED
4.4%
4.4% of portfolio (was 5.0%, added)
Filed ~$157
—📄
AMZNINCREASED
4.1%
4.1% of portfolio (was 4.3%, added)
Filed ~$208
—📄
CMCSAINCREASED
3.5%
3.5% of portfolio (was 3.3%, added)
Filed ~$29
—📄
LBRDPINCREASED
3.3%
3.3% of portfolio (was 1.7%, added)
Filed ~$50
—📄
AONINCREASED
3.2%
3.2% of portfolio (was 3.0%, added)
Filed ~$323
—📄
FERGREDUCED
2.7%
2.7% of portfolio (was 2.6%, trimmed)
Filed ~$233
—📄
AMRZREDUCED
2.5%
2.5% of portfolio (was 2.4%, trimmed)
Filed ~$56
—📄
NXPIINCREASED
2.1%
2.1% of portfolio (was 2.2%, added)
Filed ~$197
—📄
MTNINCREASED
2.1%
2.1% of portfolio (was 1.9%, added)
Filed ~$128
—📄
FBININCREASED
2.1%
2.1% of portfolio (was 2.3%, added)
Filed ~$39
—📄
SATSREDUCED
1.8%
1.8% of portfolio (was 1.7%, trimmed)
Filed ~$4
—📄
KMXINCREASED
1.7%
1.7% of portfolio (was 1.5%, added)
Filed ~$42
—📄
NOVREDUCED
1.7%
1.7% of portfolio (was 1.7%, trimmed)
Filed ~$19
—📄
BIOINCREASED
1.6%
1.6% of portfolio (was 1.6%, added)
Filed ~$279
—📄
BAXNEW
1.6%
1.6% of portfolio (new position)
Filed ~$17
—📄
ICLRINCREASED
1.5%
1.5% of portfolio (was 2.4%, added)
Filed ~$111
—📄
TMOINCREASED
1.5%
1.5% of portfolio (was 1.7%, added)
Filed ~$492
—📄
JEFINCREASED
1.5%
1.5% of portfolio (was 2.1%, added)
Filed ~$41
—📄
1–25 of 86

🚫 Sold Out (5 positions)

SOLDCHTRCharter Communicationswas 1.27%@$208.75461525 shares · $96.3M
SOLDDARDARLING INGREDIENTS INCwas 0.02%@$36.0052447 shares · $1.9M
SOLDGPORGULFPORT ENERGY CORPwas 0.35%@$207.99127434 shares · $26.5M
SOLDSGOVISHARES TRwas 0.05%@$100.3840837 shares · $4.1M
SOLDLAURLAUREATE EDUCATION INCwas 0.04%@$33.67101485 shares · $3.4M