FPA Capital Fund

FPA Capital Fund

Last Update: 01-09-2017
Related: First Pacific Advisors
Steven Romick

Number of Stocks: 22
Number of New Stocks: 0

Total Value: $522 Mil
Q/Q Turnover: 2%

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 (%)
201622.8611.9610.9
2015-17.161.38-18.5
2014-1.3113.69-15.0
3-Year Cumulative0.4 (0.1%/year)29 (8.9%/year)-28.6 (-8.8%/year)
201322.8532.39-9.5
20129.6916-6.3
5-Year Cumulative35.4 (6.2%/year)98.2 (14.7%/year)-62.8 (-8.5%/year)
20110.92.11-1.2
201024.2515.069.2
200953.7826.4627.3
2008-34.79-372.2
2007-0.395.49-5.9
10-Year Cumulative69.5 (5.4%/year)95.7 (6.9%/year)-26.2 (-1.5%/year)
20065.4215.79-10.4
200516.534.9111.6
200412.6210.881.7
200338.5428.689.9
2002-3.86-22.118.2
15-Year Cumulative212.3 (7.9%/year)164.2 (6.7%/year)48.1 (1.2%/year)
200138.13-11.8950.0
2000-3.08-9.16.0
199914.2421.04-6.8
1998-0.4228.58-29.0
199717.733.36-15.7
20-Year Cumulative459.9 (9%/year)339.2 (7.7%/year)120.7 (1.3%/year)
199637.7622.9614.8
199538.3937.580.8
199410.371.329.0
199316.7410.086.7
199221.577.6213.9
25-Year Cumulative1571.9 (11.9%/year)791.8 (9.1%/year)780.1 (2.8%/year)
199164.5130.4734.0
1990-13.8-3.1-10.7
198924.331.69-7.4
198818.1116.611.5
198710.755.15.7
30-Year Cumulative3755 (12.9%/year)1719.7 (10.2%/year)2035.3 (2.7%/year)
198612.5718.6-6.0
198528.9531.6-2.6
198476.10.9

Top Ranked Articles

FPA Capital Comments on Western Digital Guru stock highlight
Western Digital (NASDAQ:WDC) designs, develops, manufactures, and sells hard disk drives (HDDs), and increasingly, solid-state drives (SSDs). The company’s hard disk drives are used in desktop and notebook computers, enterprise applications, and consumer electronic applications. Among the most profitable product areas for WDC is in the enterprise drive segment. Overall, WDC’s market share in the HDD industry is roughly 44%. During the last several years, the HDD industry has consolidated substantially, and the top three companies now control nearly 100% of the market. Furthermore, WDC’s vertically integrated business model makes it the lowest-cost producer of disk drives. It is also important to note that WDC management has done a superb job of returning the firm’s strong and consistent free cash flow to shareholders via buybacks and dividends. WDC also recently made a series of bold moves that could become game-changers for the industry. Read more...
FPA Capital Fund Buys More Shares of 5 Current Holdings Fund still likes companies it owns
The FPA Capital Fund (Trades, Portfolio) on Tuesday disclosed its investment activity for the second quarter which showed managers bought additional shares of seven holdings and bought no new holdings. Read more...
FPA Capital Reduces InterDigital Stake as Company's Market Price Blossoms InterDigital reached its 10-year high in price during the 3rd quarter
FPA Capital Fund (Trades, Portfolio), an investment firm that seeks long-term growth through the careful selection of common stocks and select fixed income securities, slashed its stake in InterDigital Inc. (NASDAQ:IDCC) during the third quarter, removing 359,582 shares of the company from its portfolio. The trade had a -3.79% impact on FPA Capital Fund (Trades, Portfolio)’s portfolio. The fund now owns 353,448 shares of InterDigital. Read more...
FPA Capital Comments on Veeco Instruments Guru stock highlight
VECO (NASDAQ:VECO) contributed 1.16% to the Fund’s quarterly return, nearly equaling AAN’s contribution in the quarter. VECO appreciated over 48% in the quarter due to an acceleration of orders for its key MOCVD tools. These tools are the main manufacturing equipment used to produce LEDs, whether they are for display screens or, increasingly, for lighting products. We estimate that VECO currently has roughly 80% global market share for MOCVD tools used to make LEDs. Read more...
FPA Capital Fund Continues to Buy Western Digital, Veeco The guru's largest buys during the last 2 quarters
FPA Capital Fund (Trades, Portfolio) has a concentrated portfolio and invests primarily in undervalued small- to mid-cap companies. In both the first and second quarters, the guru bought shares in the following stocks: Read more...
» More FPA Capital Fund Articles

Commentaries and Stories

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FPA Capital Comments on Babcock & Wilcox Guru stock highlight
We added a new healthcare name to the portfolio in the quarter, but it is too small of a weighting to discuss at this time. We slightly increased the Fund’s Babcock & Wilcox (NYSE:BW) holding as the stock declined a bit more than 6% in the quarter. Thus, we continue to actively manage the Fund by trimming stocks that rise toward their intrinsic value and adding to positions when stock values provide a nice margin of safety and trade at a discount to their fair value. More...

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FPA Capital Comments on Apollo Education Guru stock highlight
The largest stock reduction in terms of weighting percentage was Apollo Education (NASDAQ:APOL), which we reduced by over 80%. The reason is that APOL appreciated nearly 25% and approached the buyout price the board and shareholders agreed to earlier in the year. The Department of Education finally approved the acquisition of APOL by a private equity group with just a couple of conditions. More...

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FPA Capital Comments on SM Energy Guru stock highlight
SM Energy (NYSE:SM) also detracted from the Fund’s performance in the quarter by 14 basis points. SM declined in the quarter because the company issued a large secondary offering of stock to help pay for a couple of large properties it acquired in the Permian Basin. We agree with management that the Permian Basin offers very attractive oil and gas properties, but these properties will take a couple of years to develop and start producing cash flow for shareholders. In anticipation of a large equity offering, and after benefitting from the stock’s substantial appreciation during 2016, we had already reduced the Fund’s position in the stock by over 60% before the quarter commenced. Notably, SM was up 75% for the year, even after an approximately 11% decline in the fourth quarter. More...

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FPA Capital Comments on Houghton Mifflin Guru stock highlight
The biggest negative contributor for the Fund was Houghton Mifflin (NASDAQ:HMHC), which detracted 47 basis points from the Fund’s performance in the quarter. HMHC has not performed well for the Fund since we first purchased its shares. The company has missed quarterly earnings expectations, and the Board of Directors recently chose to terminate the CEO. More...

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FPA Capital Comments on Veeco Instruments Guru stock highlight
VECO (NASDAQ:VECO) contributed 1.16% to the Fund’s quarterly return, nearly equaling AAN’s contribution in the quarter. VECO appreciated over 48% in the quarter due to an acceleration of orders for its key MOCVD tools. These tools are the main manufacturing equipment used to produce LEDs, whether they are for display screens or, increasingly, for lighting products. We estimate that VECO currently has roughly 80% global market share for MOCVD tools used to make LEDs. More...

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Rating: 5.0/5 (1 vote)

FPA Capital Fund 4th Quarter 2016 Commentary Review of markets and holdings FPA Capital Fund - FPA Capital Fund 4th Quarter 2016 Commentary
Introduction More...

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FPA Capital Trims Nearly Half of Patterson-UTI Energy Stake Company was nearing its 2-year high in price, and revenue per share and gross margins had been in long-term decline FPA Capital Fund - FPA Capital Trims Nearly Half Of Patterson-UTI Energy Stake
FPA Capital Fund (Trades, Portfolio), an investment firm that seeks long-term growth through the careful selection of common stocks and select fixed-income securities, slashed its stake in Patterson-UTI Energy Inc. (NASDAQ:PTEN) during the fourth quarter. More...

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Rating: 0.0/5 (0 votes)

FPA Capital Adds to Avnet Position Company has good financial statements and is trading below intrinsic value FPA Capital Fund - FPA Capital Adds To Avnet Position
FPA Capital Fund (Trades, Portfolio), an investment firm that seeks long-term growth through the careful selection of common stocks and select fixed income securities, added 100,040 shares of Avnet (NYSE:AVT) to its portfolio. The trade had a 0.91% impact on FPA Capital Fund’s portfolio. More...

  • Currently 5.00/5

Rating: 5.0/5 (2 votes)

Bob Rodriguez's Former Fund Urges Caution, Keeps Buying 4 Stocks FPA Capital Fund fills portfolio with substantially discounted stocks FPA Capital Fund - Bob Rodriguez's Former Fund Urges Caution, Keeps Buying 4 Stocks
First Pacific Advisers’ FPA Capital Fund (Trades, Portfolio) has operated without legendary stock-fund manager Robert Rodriguez, its former manager, since 2009. More...

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Rating: 0.0/5 (0 votes)

FPA Capital Trims Positions in Microsoft, Cisco, Oracle The guru's most weighted sales in the 3rd quarter FPA Capital Fund,Steven Romick,Paul Singer,First P - FPA Capital Trims Positions In Microsoft, Cisco, Oracle
Robert L. Rodriguez, CFA, is the CEO of FPA Capital Fund. During the third quarter the fund’s largest sells were the following: More...

  • Currently 4.00/5

Rating: 4.0/5 (1 vote)

FPA Capital Reduces InterDigital Stake as Company's Market Price Blossoms InterDigital reached its 10-year high in price during the 3rd quarter FPA Capital Fund - FPA Capital Reduces InterDigital Stake As Company's Market Price Blossoms
FPA Capital Fund (Trades, Portfolio), an investment firm that seeks long-term growth through the careful selection of common stocks and select fixed income securities, slashed its stake in InterDigital Inc. (NASDAQ:IDCC) during the third quarter, removing 359,582 shares of the company from its portfolio. The trade had a -3.79% impact on FPA Capital Fund (Trades, Portfolio)’s portfolio. The fund now owns 353,448 shares of InterDigital. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

FPA Capital Fund Comments on Interdigital Guru stock highlight
As value managers, we seek to increase the size of our positions when the market disagrees with our long-term view, and do the opposite when the market ceases to provide us with an adequate margin of safety. We don’t always get it right, but InterDigital, Inc. (NASDAQ:IDCC) epitomizes such behavior. When the market failed to recognize IDCC’s normalized earnings power, we reviewed our thesis, worked through our upside/downside case, and then took action by substantially increasing our position. Finally, this year, the seeds blossomed and we have substantially reduced our position. More...

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Rating: 5.0/5 (3 votes)

FPA Capital Fund 3rd Quarter Commentary Review of holdings and economy FPA Capital Fund - FPA Capital Fund 3rd Quarter Commentary
Dear fellow shareholders, More...

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Rating: 0.0/5 (0 votes)

FPA Capital Fund Adds to 5 Holdings in 3rd Quarter Fund adds to 5 positions with no new buys FPA Capital Fund,Mariko Gordon,First Pacific Advis - FPA Capital Fund Adds To 5 Holdings In 3rd Quarter
The FPA Capital Fund (Trades, Portfolio) increased its positions in five holdings in the third quarter. The top three expansions were in Babcock and Wilcox Enterprises Inc. (NYSE:BW), Avnet Inc. (NYSE:AVT) and Rowan Companies PLC (NYSE:RDC). More...

FPA, FUND, ADDS, BUYS, THIRD QUARTER


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FPA Capital Buys Bank of America, Citigroup Firm's largest trades of the 2nd quarter are mostly buys FPA Capital Fund - FPA Capital Buys Bank Of America, Citigroup
Robert L. Rodriguez is the Chief Executive Officer of FPA Capital. The following are the firm’s largest trades of the second quarter: More...

FPA CAPITAL, BUYS, INVEST


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FPA Capital's Top Performing Second Quarter Sales 7 companies producing high returns FPA Capital Fund - FPA Capital's Top Performing Second Quarter Sales
FPA Capital Fund (Trades, Portfolio) has a concentrated portfolio and invests primarily in undervalued small to mid cap companies. During the second quarter of 2016, the firm traded some stocks. The following are the ones with the highest performance since that trade. More...

FPA CAPITAL, SALES, PERFORMANCE


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FPA Capital Fund 2nd Quarter 2016 Commentary Managers discuss the economy and holdings FPA Capital Fund - FPA Capital Fund 2nd Quarter 2016 Commentary
Introduction More...

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FPA Capital Fund Continues to Buy Western Digital, Veeco The guru's largest buys during the last 2 quarters FPA Capital Fund,Ken Fisher,First Pacific Advisors - FPA Capital Fund Continues To Buy Western Digital, Veeco
FPA Capital Fund (Trades, Portfolio) has a concentrated portfolio and invests primarily in undervalued small- to mid-cap companies. In both the first and second quarters, the guru bought shares in the following stocks: More...

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Rating: 0.0/5 (0 votes)

FPA Capital Fund Sells Apollo Education, Helmerich & Payne Largest sales by the fund in second quarter FPA Capital Fund - FPA Capital Fund Sells Apollo Education, Helmerich & Payne
FPA Capital Fund (Trades, Portfolio) has a concentrated portfolio and invests primarily in undervalued small-to-mid cap companies. During the first quarter, the firm sold shares in the following stocks: More...

FPA CAPITAL


  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

FPA Capital Fund Buys More Shares of 5 Current Holdings Fund still likes companies it owns FPA Capital Fund - FPA Capital Fund Buys More Shares Of 5 Current Holdings
The FPA Capital Fund (Trades, Portfolio) on Tuesday disclosed its investment activity for the second quarter which showed managers bought additional shares of seven holdings and bought no new holdings. More...

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