First Pacific Advisors

First Pacific Advisors

Last Update: 2014-11-14
Related: Steven Romick
Robert Rodriguez

Number of Stocks: 128
Number of New Stocks: 2

Total Value: $12,028 Mil
Q/Q Turnover: 6%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

First Pacific Advisors Watch

  • Bob Rodriguez: Another Great Recession Is Coming In Three Years

    Legendary fund manager Robert Rodriguez, who forecasted the global financial crisis, sees money managers and advisors in peril. They will be victims of their own heedlessness, he says.


    The day of reckoning will come within three years in a financial crisis at least as big and pernicious as the Great Recession, he told ThinkAdvisor in a recent interview. The country is treading a tenuous path toward another disaster of massive proportions, according to Rodriguez.

      


  • First Pacific Advisors' First Quarter Top Five Holdings

    First Pacific Advisors Capital Fund and the FPA New Income Fund, reported their first quarter portfolio holdings earlier this week. FPA Capital primarily invests in the stocks of smaller companies, and according to his investing philosophy they base their investments on the following criteria: strong balance sheets, free cash flow, an understandable and successful business strategy under capable management and unique business characteristics.


    Over the past quarter the portfolio managers at FPA Capital added no new stocks to their portfolio, keeping the total number of stocks to 28 which are valued at $931 million.

      


  • Gurus Confirm Analysts’ Opinion on Rowan Companies

    With the gas boom coming to a stall in North America, many companies are confrontoing a slowdown in the demand for their services. While some companies have found a way to curb market trends and readapt, others continue to struggle. Firms that have specialized in unconventional gas exploration and production are now in need of finding new shale to exploit, or perish under market pressure. Many have looked at Vaca Muerta in Argentina as an opportunity to balance accounts, but not all have been fortunate enough to enter this restricted market. Rowan Companies (RDC) is one businesses that continues to struggle, and if guided by gurus’ transactions, prospects for growth remain grim.


    Mixed News and Trimmed Target Price

      


  • First Pacific Advisors’ Major Selling and Reductions in Second Quarter

    First Pacific Advisors was actively selling in the second quarter of 2013. The current portfolio shows 122 stocks, seven of them new, and a total value of $9.38 billion. The firm has a quarter-over-quarter turnover of 4%. These are all of First Pacific Advisors’ reductions and sell outs as of June 30, 2013.

    Unilever NV (UN): Reduced  


  • FPA Capital Q2 2013 Portfolio Commentary and Outlook

    Despite the market's positive returns during the quarter, stocks experienced increased volatility. The first half of the quarter the market was up mid-single digits, but the latter half had the market giving back much of the appreciation. Furthermore, the CBOE's (Chicago Board of Options Exchange) Volatility Indexi , commonly referred to as the VIX Index, increased over 40% during the quarter. What accounts for this increased volatility? In our opinion it is because investors fear the Federal Reserve's ultra-loose monetary policy may start to taper off later this year or early next year, and less liquidity might have negative influences on the capital markets.

    The Fed's excessive liquidity program (aka: Quantitative Easing) is analogous to performance-enhancing stimulants for athletes. For those that use or rely on them, performance is markedly better for a period of time. However, when the stimulants are removed performance is assuredly worse, and being caught relying on them is at best embarrassing and at worst disastrous. Witness the fall of former great cyclists and baseball players after being discovered unwisely consuming the enhancements. Many investors today are consuming the Fed's monetary enhancements and performing well, but what happens when injections stop?  


  • Update from FPA Capital - Seven Changes to Portfolio

    As of June 30, 2013, the updated portfolio of First Pacific Advisors (FPA) Capital Fund, managed by Dennis Bryan and Rikard Ekstrand, lists 27 stocks, none of them new, with a total value of $803 million and a quarter-over-quarter turnover of 3%. According to GuruFocus research, FPA Capital added or reduced the following holdings as of the second quarter of 2013. Here are the details of the trades, as of June 30, 2013.

    ADD: Apollo Group Inc. (APOL) – Education and Training Services  


  • First Pacific Advisors Buys ROSE, CFN, HNT, Sells ESV, PETM, WMT

    First Pacific Advisors is a highly respected value shop run by the legendary Bob Rodriguez. Unlike many pure bottom-up value shops, FPA pays close attention to macro picture. Their view of macro pictures helps them to understand better on the sustainability of the profit of the companies they are interested.

    FPA Managers Bob Rodriguez and Steven Romick are long time critics of Fed Chainman Ben Bernanke. This can be seen from the most recent commentary of Steven Romick, Blind Faith. To understand how Steven Romick invests and how he achieved an outstanding track record, please read: GuruFocus Interview with Steve Romick, Portfolio Manager of FPA Crescent fund.   


  • First Pacific Advisors’ Top New Buys

    First Pacific Advisors is a money management firm located in California with about $20.1 billion in assets under management. Two managing partners at the firm are the celebrated value investors Robert Rodriguez and Steven Romick. Core values at the firm are long-term thinking and paying less for securities than their intrinsic value to avoid permanent capital impairment.

    In the second quarter, the firm’s managers found 9 new opportunities for their portfolio of 130 stocks. The largest new buys are: CareFusion Corp. (CFN), Health Net Inc. (HNT), Ares Commercial Real Estate Corp. (ACRE), Enzon Pharmaceuticals Inc. (ENZN).  


  • Bob Rodriguez – Memo to FPA Colleagues on European Debt Crisis

    Dear Colleagues, I was up very late last night watching measures of European short term funding go to the highest levels seen since March 2009 during the last financial crisis. Had they risen about 2 basis points higher, we would have broken into a new and dangerous zone. Along with several bank downgrades after the close yesterday, this was shaping up to be a potentially serious day. A Forbes article today, “Big European Bank Failure Averted: What Central Banks Did Not Tell Us”, confirms that a major bank was having difficulty funding liquidity needs.

    Early this morning there was a coordinated response by several foreign central banks to provide liquidity to Europe and European financial institutions. These actions were not factored into the market but were always a possibility. I've been looking for some type of European bilateral fiscal agreements, along with ECB and IMF participation, to help stem the crisis. My estimate has been that something had to be done between December 2 and 9 that played into key upcoming ECB meetings. Any announcement that did not contain a substantive response from these meetings could unravel the financial markets further.  


  • First Pacific Advisors Buys Lowes Cos., Aon Corp., Cit Group Inc., Sells Abbott Laboratories, Amgen Inc., Ebay Inc.

    First Pacific Advisors (FPA) is an investment management firm located in Los Angeles, Calif. With over $16.17 billion under management, FPA utilizes four primary strategies: absolute value, quality value, contrarian, and fixed income. Those strategies are then utilized in several of First Pacific’s funds, ranging from the small and mid-cap oriented Capital Fund, to the New Fixed Income fund. One fund in particular, the Capital Fund, has assets of $1.4 billion under management. This fund has been in operation since July 1984, and is led by its CEO Robert Rodriguez. Steven Romick, another excellent value manager, manages FPA Crescent Fund. Both of them have built outstanding long term track record.

    As of 09/30/2011, First Pacific Advisors, LLC owns 120 stocks with a total value of $6.2 billion. These are the details of the buys and sells.  


  • FPA Capital Fund Quarterly Commentary

    Portfolio Commentary

    There were several good performers in the quarter. Among the best were Cabot Oil & Gas (COG) +25.2%, Foot Locker (FL) +20.5%, Rosetta Resources (ROSE) +8.4% and Patterson-UTI Energy (PTEN) +7.6%.  


  • First Pacific Advisors and Robert Rodriguez's Top Stocks: RDC, ESV, ROSE, ARW, AVT

    First Pacific Advisors (FPA) is an investment management firm located in Los Angeles, Calif. With over $16.17 billion under management, FPA utilizes four primary strategies: absolute value, quality value, contrarian, and fixed income. Those strategies are then utilized in several of First Pacific’s funds, ranging from the small and mid-cap oriented Capital Fund, to the New Fixed Income fund. One fund in particular, the Capital Fund, has assets of $1.4 billion under management. This fund has been in operation since July 1984, and is led by Robert Rodriguez, a CFA charter holder who earned his BS and MBA from the University of Southern California.

    “…I found many books from the 1920s and 1930s on business. Among them was a book written by Benjamin Graham and David Dodd on security analysis. It changed my life and my investment philosophy forever.”  


  • Stocks FPA Keeps Buying: ENSCO International Inc., Covidien PLC, Aon , Vodafone Group plc, WalMart Stores Inc.

    In an earlier article, we stated that FPA is hoarding cash but in the same time, it is taking advantage of the weaknesses of the market in some issue and buying more of the same stocks that the firm has already owned.

    This is are the stocks that FPA has been buying for the at least the past two quarters:  


  • FPA Top Holdings: ENSCO International Inc., Rowan Companies Inc., Avnet Inc., Covidien PLC, Signet Group plc

    I hope Robert Rodriguez of First Pacific Advisors (FPA) is not letting his hard earned sabbatical year spoiled by millions of gallons of oil spilled into the Gulf of Mexico by BP. Not that the veteran investment manager likes that part of the world particularly (I simply do not know, he might, who wouldn’t?), it is that the mutual funds (FPA Capital, FPA Crescent, etc.) he left behind happen to be filled with Oil and Gas companies. Counting only the domestic stock portfolio portion of the firm’s funds, the firm allocates a total 31% of the assets in Oil & Gas names, according to GuruFocus data:

    Industry2010-03-312010-06-30
    Technology3.6%4.1%
    Financials4.5%4%
    Telecommunications1.9%1.9%
    Consumer Services15.4%14.3%
    Health Care13.1%15.1%
    Consumer Goods3.1%4.9%
    Industrials19%17.4%
    Basic Materials1.1%0.8%
    Oil & Gas31.6%31%
      


  • First Pacific Advisors Buys Johnson & Johnson, Transocean Inc., Walgreen Company, Devon Energy Corp., Sells Assurant Inc.

    This is the Q2 portfolio update of First Pacific Advisors. The firm is led by CEO Bob Rodriguez and partner Steven Romick and is bullish with energy stocks. They are buying more of them in the second quarter. They also added the consumer services companies.

    For First Pacific Advisors we also track two of their mutual funds separately. One is FPA Capital Fund, managed by Robert Rodriguez himself. The other is FPA Crescent Fund, managed by Steven Romick. Both funds have achieved outstanding results over the past decade.  


  • First Pacific Advisors Buys Aon, Vodafone Group Plc, Pfizer Inc, Sells The Brink's Company, Brinks Home Security Holdings Inc, Pg&e Corp.

    First Pacific Advisors runs a family of funds which has been very successful. FPA is led by CEO Robert Rodriguez. This is the Q4 portfolio update of First Pacific Advisors.

    First Pacific Advisors owns 101 stocks with a total value of $4.1 billion. These are the details of the buys and sells.  


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