FPA Capital Fund

FPA Capital Fund

Last Update: 2014-07-11
Related: First Pacific Advisors
Steven Romick

Number of Stocks: 29
Number of New Stocks: 1

Total Value: $1,032 Mil
Q/Q Turnover: 7%

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

FPA Capital Fund' s Profile & Performance

Profile

FPA Capital Fund has a concentrated portfolio and invest primarily in undervalued small to mid cap companies.

Robert Rodriquez has managed the FPA Capital Fund (FPPTX) and the FPA New Income Fund since the funds' inceptions in 1984. During his tenure, he has achieved an annualized return of 16.91% as of 9/30/2007. In the same period S&P 500 has returned 13.17% annually. Mr. Rodriguez is one of the few who warned investors about the financial crisis a few years earlier.

Web Page:http://www.fpafunds.com/

Investing Philosophy

FPA Capital Fund primarily invests in the stocks of smaller companies. He selects stocks based on specific fundamental criteria: strong balance sheets, free cash flow, an understandable and successful business strategy under capable management, and unique business characteristics. His purchases are concentrated in companies with relatively low Price/Normalized Earnings, low Price/Pretax Cash flow, low Price/Book Value, low Price/Replacement Value and low Market Cap/Total Revenues. Robert looks for companies with a track record of high returns on equity, and a long history. He sells stocks when the basis for investment has been revised, the stock is selling at a significant premium P/E to the market, profitability recovery has been attained, a management disappointment without expectation of recovery has occurred, or a superior alternative value has presented itself. His portfolio generally holds 25-45 equities. His investment outlook is typically 3-5 years, and he is not afraid to sit on the sidelines while waiting for the right opportunity.

Historical Allocation of Stock, Bonds, Cash

Total Holding History

Performance of FPA Capital Fund

YearReturn (%)S&P500 (%)Excess Gain (%)
201322.8531.55-8.7
20129.6915.4-5.7
20110.92.08-1.2
3-Year Cumulative36 (10.8%/year)55 (15.7%/year)-19 (-4.9%/year)
201024.2515.069.2
200953.7826.4627.3
5-Year Cumulative159.8 (21%/year)125.5 (17.7%/year)34.3 (3.3%/year)
2008-34.79-372.2
2007-0.395.61-6.0
20065.4215.79-10.4
200516.534.9111.6
200412.62120.6
10-Year Cumulative133.5 (8.8%/year)104.1 (7.4%/year)29.4 (1.4%/year)
200338.5428.79.8
2002-3.86-22.118.2
200138.13-11.950.0
2000-3.08-9.16.0
199914.2421-6.8
15-Year Cumulative375.6 (11%/year)98.3 (4.7%/year)277.3 (6.3%/year)
1998-0.4228.6-29.0
199717.733.4-15.7
199637.762314.8
199538.3937.60.8
199410.371.39.1
20-Year Cumulative1072.9 (13.1%/year)483.2 (9.2%/year)589.7 (3.9%/year)
199316.7410.16.6
199221.577.614.0
199164.5130.534.0
1990-13.8-3.1-10.7
198924.331.7-7.4
25-Year Cumulative2834 (14.5%/year)1050.7 (10.3%/year)1783.3 (4.2%/year)
198818.1116.61.5
198710.755.15.7
198612.5718.6-6.0
198528.9531.6-2.6
198476.10.9
30-Year Cumulative5861.1 (14.6%/year)2235.1 (11.1%/year)3626 (3.5%/year)

Top Ranked Articles

FPA Capital Fund Comments on Cimarex Energy
Among the stocks we reduced in the quarter was Cimarex Energy (XEC). XEC is an Oil & Gas Exploration and Production company located in Denver, Colorado. Yet the company’s energy assets are primarily located in Oklahoma and Texas, with some acreage in New Mexico as well. XEC closed at a shade over $143 at the end of June and has appreciated more than 36% year-to-date. Read more...
FPA Capital Fund Second Quarter 2014 Commentary
Introduction Read more...
FPA Capital Fund Comments on Atwood Oceanics
We added to a number of existing positions in the quarter and started one new position, which is too small of a position to talk about at this point. Among the stocks that we added to in the quarter were Atwood Oceanics (ATW) and Titan International (TWI). Read more...
FPA Capital Fund Comments on Titan International
Among a few stocks that had negative returns in the quarter, Veeco Instruments (VECO) and Titan International (TWI) are also among the smaller positions in the portfolio. Titan, which declined 11.4% in the quarter and will be discussed later in this letter, is a relatively new stock in the portfolio and one that we added to as the share price declined. Read more...
FPA Capital Fund Comments on Veeco Instruments
Among a few stocks that had negative returns in the quarter, Veeco Instruments (VECO) and Titan International (TWI) are also among the smaller positions in the portfolio. VECO declined 11.1% in the June quarter, but not enough for us to add to the position. Read more...
» More FPA Capital Fund Articles

Commentaries and Stories

  • Currently 3.33/5

Rating: 3.3/5 (3 votes)

Why Gurus Are Buying AGCO?
Martin Whitman of Third Avenue Value Fund added 253,642 shares of AGCO Corp (AGCO) at an average price of $53.6. More...

LONG, FARM & CONSTRUCTION MACHINERY


  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

FPA Capital Fund Comments on Cimarex Energy
Among the stocks we reduced in the quarter was Cimarex Energy (XEC). XEC is an Oil & Gas Exploration and Production company located in Denver, Colorado. Yet the company’s energy assets are primarily located in Oklahoma and Texas, with some acreage in New Mexico as well. XEC closed at a shade over $143 at the end of June and has appreciated more than 36% year-to-date. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

FPA Capital Fund Comments on Atwood Oceanics
We added to a number of existing positions in the quarter and started one new position, which is too small of a position to talk about at this point. Among the stocks that we added to in the quarter were Atwood Oceanics (ATW) and Titan International (TWI). More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

FPA Capital Fund Comments on Titan International
Among a few stocks that had negative returns in the quarter, Veeco Instruments (VECO) and Titan International (TWI) are also among the smaller positions in the portfolio. Titan, which declined 11.4% in the quarter and will be discussed later in this letter, is a relatively new stock in the portfolio and one that we added to as the share price declined. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

FPA Capital Fund Comments on Veeco Instruments
Among a few stocks that had negative returns in the quarter, Veeco Instruments (VECO) and Titan International (TWI) are also among the smaller positions in the portfolio. VECO declined 11.1% in the June quarter, but not enough for us to add to the position. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

FPA Capital Fund Comments on InterDigital
Some of the largest positions in the portfolio, like InterDigital (IDCC) and Rosetta Resources (ROSE), were among the best performers as well – IDCC and ROSE appreciated more than 44% and 17%, respectively, in the second quarter. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

FPA Capital Fund Second Quarter 2014 Commentary
Introduction More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

FPA Capital Fund First Quarter 2014 Commentary
We hope that investors will find FPA commentaries helpful to understand application of the same investment discipline in various markets, and can refer to particular items that interest them. More...

Add Notes, Comments

If you want to ask a question, or report a bug, please create a support ticket.

User Comments

No comment yet

Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)
Free 7-day Trial
FEEDBACK