Steven Romick

First Pacific Advisors

FPA Crescent Fund, absolute value

$7.60B

Portfolio Value

Holdings

Q4 '25

Period

2026-02-17

Filed

📈 Recent Activity

Changes from previous quarter

GOOGLREDUCED

7.9% of portfolio

-21% shares-0.3pp

ADIREDUCED

6.7% of portfolio

-6% shares-0.1pp

METAREDUCED

6.1% of portfolio

-1% shares-1.1pp

GOOGREDUCED

5.6% of portfolio

-9% shares+0.6pp

CREDUCED

5.4% of portfolio

-7% shares+0.1pp

TELREDUCED

5.3% of portfolio

-16% shares-1.1pp

BDXREDUCED

5.0% of portfolio

+108% shares+2.6pp

IFFINCREASED

4.7% of portfolio

+9% shares+0.6pp

AMZNREDUCED

4.3% of portfolio

-2% shares-0.1pp

CMCSAINCREASED

3.3% of portfolio

-25% shares-1.6pp

AONINCREASED

3.0% of portfolio

+0% shares-0.2pp

FERGREDUCED

2.6% of portfolio

-3% shares-0.2pp

AMRZNEW

2.4% of portfolio

New position

ICLRINCREASED

2.4% of portfolio

+1% shares

FBININCREASED

2.3% of portfolio

+23% shares+0.2pp

NXPIINCREASED

2.2% of portfolio

+0% shares-0.2pp

MTNINCREASED

1.9% of portfolio

+7% shares-0.2pp

LPLAREDUCED

1.8% of portfolio

-13% shares-0.2pp

SATSREDUCED

1.7% of portfolio

-2% shares+0.4pp

LBRDPNEW

1.7% of portfolio

New position

TMOINCREASED

1.7% of portfolio

+2% shares+0.2pp

NOVINCREASED

1.7% of portfolio

+2% shares+0.2pp

BIOINCREASED

1.6% of portfolio

+2% shares+0.1pp

MARREDUCED

1.6% of portfolio

-14% shares-0.0pp

KMXINCREASED

1.5% of portfolio

+18% shares-0.1pp

EP-PCINCREASED

1.5% of portfolio

+2% shares-0.1pp

WFCREDUCED

1.4% of portfolio

-14% shares-0.1pp

CHTRREDUCED

1.3% of portfolio

-29% shares-1.2pp

WABINCREASED

1.2% of portfolio

+2% shares+0.0pp

UBERINCREASED

1.0% of portfolio

+2% shares-0.2pp

DEIINCREASED

0.9% of portfolio

+22% shares-0.2pp

NCRRPINCREASED

0.7% of portfolio

+29% shares

DELLREDUCED

0.6% of portfolio

-8% shares-0.2pp

AVTRREDUCED

0.6% of portfolio

-3% shares-0.1pp

AVGOINCREASED

0.4% of portfolio

-25% shares-0.1pp

MICCNEW

0.4% of portfolio

New position

GPORREDUCED

0.3% of portfolio

-26% shares-0.1pp

SATSREDUCED

0.3% of portfolio

-50% shares-0.2pp

PCGINCREASED

0.2% of portfolio

+2% shares

RUSHBREDUCED

0.1% of portfolio

-7% shares-0.0pp

SGOVINCREASED

0.1% of portfolio

+12% shares

LAURREDUCED

<0.1% of portfolio

-53% shares-0.0pp

VTINCREASED

<0.1% of portfolio

+10% shares

NFLXINCREASED

<0.1% of portfolio

+900% shares

PARRREDUCED

<0.1% of portfolio

-22% shares

UPWKINCREASED

<0.1% of portfolio

-46% shares-0.0pp

HYBBNEW

<0.1% of portfolio

New position

HWMSOLD

was 0.9%

Sold out position

Filing price: $196.23

NXSOLD

was <0.1%

Sold out position

Filing price: $14.22

Sold Out (2)

SOLDHWMHOWMET AEROSPACE INCwas 0.88%@$196.23

SOLDNXQUANEX BLDG PRODS CORPwas 0.03%@$14.22

📊 Sector Breakdown

Portfolio allocation by sector

Unknown 54.7%Technology 25.9%Financials 6.7%Materials 4.7%Communication Services 4.6%+2 more (3.3%)

💼 Holdings

🔍

64 of 64 positions · $7.60B

This quarter: 4 new positions, increased 22, reduced 21, sold 2. Net buyer.

#	Stock	% Portfolio▼	Activity	Shares	Reported Price	Value	Current Price	+/- Reported	52w Low	52w High
1	GOOGLALPHABET INC	7.9%	Reduce 21.09%	1911429	$313.00	$598.3M	—	—	—	—
2	ADIANALOG DEVICES INC	6.7%	Reduce 6.03%	1874867	$271.20	$508.5M	—	—	—	—
3	METAMETA PLATFORMS INC	6.1%	Reduce 1.25%	702121	$660.09	$463.5M	—	—	—	—
4	GOOGALPHABET INC	5.6%	Reduce 9.04%	1349592	$313.80	$423.5M	—	—	—	—
5	CCITIGROUP INC	5.4%	Reduce 7.20%	3506931	$116.69	$409.2M	—	—	—	—
6	TELTE CONNECTIVITY PLC	5.3%	Reduce 16.01%	1779970	$227.51	$405.0M	—	—	—	—
7	BDXBECTON DICKINSON & CO	5.0%	Reduce 108.41%	1951246	$194.07	$378.7M	—	—	—	—
8	IFFINTERNATIONAL FLAVORS&FRAGRA	4.7%	Add 8.61%	5326041	$67.39	$358.9M	—	—	—	—
9	AMZNAMAZON COM INC	4.3%	Reduce 1.75%	1411199	$230.82	$325.7M	—	—	—	—
10	CMCSAComcast Corporation	3.3%	Add 25.26%	8399831	$29.89	$251.1M	—	—	—	—
11	AONAON PLC	3.0%	Add 0.32%	656531	$352.88	$231.7M	—	—	—	—
12	FERGFERGUSON ENTERPRISES INC	2.6%	Reduce 3.19%	887120	$222.63	$197.5M	—	—	—	—
13	AMRZAMRIZE LTD	2.4%	Buy	3408072	$54.08	$184.3M	—	—	—	—
14	ICLRICON PLC	2.4%	Add 0.66%	980804	$182.22	$178.7M	—	—	—	—
15	FBINFORTUNE BRANDS INNOVATIONS I	2.3%	Add 22.97%	3524498	$50.02	$176.3M	—	—	—	—
16	NXPINXP SEMICONDUCTORS N V	2.2%	Add 0.17%	766330	$217.06	$166.3M	—	—	—	—
17	JEFJEFFERIES FINL GROUP INC	2.1%	Held	2580283	$61.97	$159.9M	—	—	—	—
18	MTNVAIL RESORTS INC	1.9%	Add 7.38%	1087702	$132.80	$144.4M	—	—	—	—
19	LPLALPL FINL HLDGS INC	1.8%	Reduce 12.65%	387412	$357.17	$138.4M	—	—	—	—
20	SATSECHOSTAR CORP	1.7%	Reduce 1.73%	39308974	$3.34	$131.3M	—	—	—	—
21	LBRDPLIBERTY BROADBAND CORP	1.7%	Buy	2669348	$48.60	$129.7M	—	—	—	—
22	TMOTHERMO FISHER SCIENTIFIC INC	1.7%	Add 1.69%	218572	$579.45	$126.7M	—	—	—	—
23	NOVNOV INC	1.7%	Add 1.85%	8093810	$15.63	$126.5M	—	—	—	—
24	BIOBIO RAD LABS INC	1.6%	Add 1.79%	401457	$302.99	$121.6M	—	—	—	—
25	MARMARRIOTT INTL INC NEW	1.6%	Reduce 13.51%	389857	$310.24	$120.9M	—	—	—	—
26	KMXCARMAX INC	1.5%	Add 17.84%	2924081	$38.64	$113.0M	—	—	—	—
27	EP-PCKINDER MORGAN INC DEL	1.5%	Add 1.83%	4076504	$27.49	$112.1M	—	—	—	—
28	WFCWELLS FARGO CO NEW	1.4%	Reduce 14.08%	1109828	$93.20	$103.4M	—	—	—	—
29	CHTRCharter Communications	1.3%	Reduce 28.57%	461525	$208.75	$96.3M	—	—	—	—
30	WABWABTEC	1.2%	Add 1.81%	444548	$213.45	$94.9M	—	—	—	—
31	UBERUBER TECHNOLOGIES INC	1.0%	Add 1.96%	953263	$81.71	$77.9M	—	—	—	—
32	NATLNCR ATLEOS CORPORATION	1.0%	Held	2040700	$38.11	$77.8M	—	—	—	—
33	DEIDOUGLAS EMMETT INC	0.9%	Add 22.40%	6528956	$10.99	$71.8M	—	—	—	—
34	VNOVORNADO RLTY TR	0.7%	Held	1676513	$33.28	$55.8M	—	—	—	—
35	NCRRPNCR VOYIX CORPORATION	0.7%	Add 28.89%	5038208	$10.20	$51.4M	—	—	—	—
36	DELLDELL TECHNOLOGIES INC	0.6%	Reduce 8.49%	382985	$125.88	$48.2M	—	—	—	—
37	AVTRAVANTOR INC	0.6%	Reduce 2.51%	3968620	$11.46	$45.5M	—	—	—	—
38	AVGOBROADCOM INC	0.4%	Add 24.94%	86111	$346.10	$29.8M	—	—	—	—
39	MICCMAGNUM ICE CREAM CO NV	0.4%	Buy	1697675	$15.85	$26.9M	—	—	—	—
40	GPORGULFPORT ENERGY CORP	0.3%	Reduce 25.83%	127434	$207.99	$26.5M	—	—	—	—
41	SATSECHOSTAR CORP	0.3%	Reduce 50.31%	238933	$108.70	$26.0M	—	—	—	—
42	PCGPG&E CORP	0.2%	Add 1.87%	1142167	$16.07	$18.4M	—	—	—	—
43	RUSHBRUSH ENTERPRISES INC	0.1%	Reduce 6.91%	148094	$53.94	$8.0M	—	—	—	—
44	STGWSTAGWELL INC	0.1%	Held	1191918	$4.89	$5.8M	—	—	—	—
45	SATSECHOSTAR CORPPUT · Notional Value	0.1%	Held	47000	$108.70	$5.1M	—	—	—	—
46	WWAYFAIR INC	0.1%	Held	4934000	$1.00	$4.9M	—	—	—	—
47	TDGMWTIDEWATER INC NEW	0.1%	Held	94961	$50.51	$4.8M	—	—	—	—
48	SGOVISHARES TR	0.1%	Add 11.66%	40837	$100.38	$4.1M	—	—	—	—
49	LAURLAUREATE EDUCATION INC	<0.1%	Reduce 53.02%	101485	$33.67	$3.4M	—	—	—	—
50	PDLBPONCE FINANCIAL GROUP INC	<0.1%	Held	181562	$16.35	$3.0M	—	—	—	—
51	ALGTALLEGIANT TRAVEL CO	<0.1%	Held	34186	$85.27	$2.9M	—	—	—	—
52	MRVIMARAVAI LIFESCIENCES HLDGS I	<0.1%	Held	884883	$3.25	$2.9M	—	—	—	—
53	VTVANGUARD INTL EQUITY INDEX F	<0.1%	Add 9.90%	19743	$141.06	$2.8M	—	—	—	—
54	RSVRRESERVOIR MEDIA INC	<0.1%	Held	329066	$7.57	$2.5M	—	—	—	—
55	PBFSPIONEER BANCORP INC MD	<0.1%	Held	166974	$13.48	$2.3M	—	—	—	—
56	ONLORION S.A.	<0.1%	Held	417388	$5.28	$2.2M	—	—	—	—
57	DARDARLING INGREDIENTS INC	<0.1%	Held	52447	$36.00	$1.9M	—	—	—	—
58	EBCEASTERN BANKSHARES INC	<0.1%	Held	85883	$18.43	$1.6M	—	—	—	—
59	NFLXNETFLIX INC	<0.1%	Add 900.00%	16400	$93.76	$1.5M	—	—	—	—
60	PARRPAR PAC HOLDINGS INC	<0.1%	Reduce 21.98%	43716	$35.14	$1.5M	—	—	—	—
61	ASLEAERSALE CORPORATION	<0.1%	Held	208726	$7.11	$1.5M	—	—	—	—
62	UPWKUPWORK INC	<0.1%	Add 45.58%	57081	$19.82	$1.1M	—	—	—	—
63	UNITUNITI GROUP LLC	<0.1%	Held	25235	$7.01	$177K	—	—	—	—
64	HYBBISHARES TR	<0.1%	Buy	286	$47.13	$13K	—	—	—	—

GOOGLREDUCED

7.9%

7.9% of portfolio (was 8.1%, trimmed)

Filed ~$313—

ADIREDUCED

6.7%

6.7% of portfolio (was 6.8%, trimmed)

Filed ~$271—

METAREDUCED

6.1%

6.1% of portfolio (was 7.2%, trimmed)

Filed ~$660—

GOOGREDUCED

5.6%

5.6% of portfolio (was 5.0%, trimmed)

Filed ~$314—

CREDUCED

5.4%

5.4% of portfolio (was 5.3%, trimmed)

Filed ~$117—

TELREDUCED

5.3%

5.3% of portfolio (was 6.4%, trimmed)

Filed ~$228—

BDXREDUCED

5.0%

5.0% of portfolio (was 2.4%, trimmed)

Filed ~$194—

IFFINCREASED

4.7%

4.7% of portfolio (was 4.2%, added)

Filed ~$67—

AMZNREDUCED

4.3%

4.3% of portfolio (was 4.4%, trimmed)

Filed ~$231—

CMCSAINCREASED

3.3%

3.3% of portfolio (was 4.9%, added)

Filed ~$30—

AONINCREASED

3.0%

3.0% of portfolio (was 3.2%, added)

Filed ~$353—

FERGREDUCED

2.6%

2.6% of portfolio (was 2.8%, trimmed)

Filed ~$223—

AMRZNEW

2.4%

2.4% of portfolio (new position)

Filed ~$54—

ICLRINCREASED

2.4%

2.4% of portfolio (was 2.4%, added)

Filed ~$182—

FBININCREASED

2.3%

2.3% of portfolio (was 2.1%, added)

Filed ~$50—

NXPIINCREASED

2.2%

2.2% of portfolio (was 2.4%, added)

Filed ~$217—

JEF

2.1%

2.1% of portfolio

Filed ~$62—

MTNINCREASED

1.9%

1.9% of portfolio (was 2.1%, added)

Filed ~$133—

LPLAREDUCED

1.8%

1.8% of portfolio (was 2.0%, trimmed)

Filed ~$357—

SATSREDUCED

1.7%

1.7% of portfolio (was 1.4%, trimmed)

Filed ~$3—

LBRDPNEW

1.7%

1.7% of portfolio (new position)

Filed ~$49—

TMOINCREASED

1.7%

1.7% of portfolio (was 1.4%, added)

Filed ~$579—

NOVINCREASED

1.7%

1.7% of portfolio (was 1.5%, added)

Filed ~$16—

BIOINCREASED

1.6%

1.6% of portfolio (was 1.5%, added)

Filed ~$303—

MARREDUCED

1.6%

1.6% of portfolio (was 1.6%, trimmed)

Filed ~$310—

KMXINCREASED

1.5%

1.5% of portfolio (was 1.5%, added)

Filed ~$39—

EP-PCINCREASED

1.5%

1.5% of portfolio (was 1.6%, added)

Filed ~$27—

WFCREDUCED

1.4%

1.4% of portfolio (was 1.5%, trimmed)

Filed ~$93—

CHTRREDUCED

1.3%

1.3% of portfolio (was 2.5%, trimmed)

Filed ~$209—

WABINCREASED

1.2%

1.2% of portfolio (was 1.2%, added)

Filed ~$213—

UBERINCREASED

1.0%

1.0% of portfolio (was 1.3%, added)

Filed ~$82—

NATL

1.0%

1.0% of portfolio

Filed ~$38—

DEIINCREASED

0.9%

0.9% of portfolio (was 1.1%, added)

Filed ~$11—

VNO

0.7%

0.7% of portfolio

Filed ~$33—

NCRRPINCREASED

0.7%

0.7% of portfolio (was 0.7%, added)

Filed ~$10—

DELLREDUCED

0.6%

0.6% of portfolio (was 0.8%, trimmed)

Filed ~$126—

AVTRREDUCED

0.6%

0.6% of portfolio (was 0.7%, trimmed)

Filed ~$11—

AVGOINCREASED

0.4%

0.4% of portfolio (was 0.5%, added)

Filed ~$346—

MICCNEW

0.4%

0.4% of portfolio (new position)

Filed ~$16—

GPORREDUCED

0.3%

0.3% of portfolio (was 0.4%, trimmed)

Filed ~$208—

SATSREDUCED

0.3%

0.3% of portfolio (was 0.5%, trimmed)

Filed ~$109—

PCGINCREASED

0.2%

0.2% of portfolio (was 0.2%, added)

Filed ~$16—

RUSHBREDUCED

0.1%

0.1% of portfolio (was 0.1%, trimmed)

Filed ~$54—

STGW

0.1%

0.1% of portfolio

Filed ~$5—

SATSPUT

0.1%

0.1% of portfolio

Filed ~$109—

0.1%

0.1% of portfolio

Filed ~$1—

TDGMW

0.1%

0.1% of portfolio

Filed ~$51—

SGOVINCREASED

0.1%

0.1% of portfolio (was 0.1%, added)

Filed ~$100—

LAURREDUCED

<0.1%

<0.1% of portfolio (was 0.1%, trimmed)

Filed ~$34—

PDLB

<0.1%

<0.1% of portfolio

Filed ~$16—

ALGT

<0.1%

<0.1% of portfolio

Filed ~$85—

MRVI

<0.1%

<0.1% of portfolio

Filed ~$3—

VTINCREASED

<0.1%

<0.1% of portfolio (was <0.1%, added)

Filed ~$141—

RSVR

<0.1%

<0.1% of portfolio

Filed ~$8—

PBFS

<0.1%

<0.1% of portfolio

Filed ~$13—

ONL

<0.1%

<0.1% of portfolio

Filed ~$5—

DAR

<0.1%

<0.1% of portfolio

Filed ~$36—

EBC

<0.1%

<0.1% of portfolio

Filed ~$18—

NFLXINCREASED

<0.1%

<0.1% of portfolio (was <0.1%, added)

Filed ~$94—

PARRREDUCED

<0.1%

<0.1% of portfolio (was <0.1%, trimmed)

Filed ~$35—

ASLE

<0.1%

<0.1% of portfolio

Filed ~$7—

UPWKINCREASED

<0.1%

<0.1% of portfolio (was <0.1%, added)

Filed ~$20—

UNIT

<0.1%

<0.1% of portfolio

Filed ~$7—

HYBBNEW

<0.1%

<0.1% of portfolio (new position)

Filed ~$47—

🚫 Sold Out (2 positions)

SOLDHWMHOWMET AEROSPACE INCwas 0.88%@$196.23325984 shares · $64.0M

SOLDNXQUANEX BLDG PRODS CORPwas 0.03%@$14.22166231 shares · $2.4M