FPA Capital Fund

Last Update: 04-10-2017
Related: First Pacific Advisors
Steven Romick

Number of Stocks: 23
Number of New Stocks: 2

Total Value: $500 Mil
Q/Q Turnover: 8%

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

FPA Capital Fund' s Profile & Performance

Profile

FPA Capital Fund, Inc. (FPPTX) seeks long-term growth through investing primarily in carefully selected common stocks and select fixed income securities.

-Fundamental bottom-up, deep value stock picking with economic and industry point of view
-Capitalize on best ideas with concentrated portfolios
-Focus on long term, turnover averaging less than 20% over 20 years

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

Investing Philosophy

FPA Capital Fund primarily invests in the stocks of smaller companies. It 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. The fund's 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. The fund looks for companies with a track record of high returns on equity, and a long history. It 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. The fund's portfolio generally holds 25-45 equities and its investment outlook is typically 3-5 years.

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 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 Fund Adds to Houghton Mifflin Harcourt Fund increases position in educational materials supplier
FPA Capital Fund (TradesPortfolio) increased its holding of Houghton Mifflin Harcourt Co. (NASDAQ:HMHC) during the first quarter, buying 733,470 shares for an aveage price of $10.46 per share. The trade expanded the portfilio position by 1.5%. Read more...
FPA Capital Trims Positions in Microsoft, Cisco, Oracle The guru's most weighted sales in the 3rd quarter
Robert L. Rodriguez, CFA, is the CEO of FPA Capital Fund. During the third quarter the fund’s largest sells were the following: Read more...
Companies' Prices Near 5-Year Lows Veeco Instruments, Alon USA Energy, Bristow Group and Unisys approach milestones
According to GuruFocus' list of five-year lows, these stocks have reached their five-year lows: Veeco Instruments Inc. (NASDAQ:VECO), Alon USA Energy Inc. (NYSE:ALJ), Bristow Group Inc. (NYSE:BRS) and Unisys Corp. (NYSE:UIS). Read more...
» More FPA Capital Fund Articles

Commentaries and Stories

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FPA Capital Sells DeVry, Western Digital, Helmerich & Payne Largest 1st quarter sales by the firm FPA Capital Fund,Charles de Vaulx,John Rogers,Firs - FPA Capital Sells DeVry, Western Digital, Helmerich & Payne
FPA Capital Fund (Trades, Portfolio) manages a portfolio composed of 23 stocks with a total value of $500 million. The company seeks long-term growth through investing primarily in carefully selected common stocks and select fixed income securities. During the first quarter it sold shares in the following stocks: More...

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FPA Capital Fund First Quarter Commentary Overview of holdings and outlook FPA Capital Fund - FPA Capital Fund First Quarter Commentary
Déjà vu More...

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FPA Capital Buys Vista Outdoor, Akorn The fund's largest 1st-quarter buys FPA Capital Fund - FPA Capital Buys Vista Outdoor, Akorn
The FPA Capital Fund (Trades, Portfolio), a Los Angeles-based institutional money management fund, employs a disciplined approach to value investing that seeks superior long-term returns while maintaining a focus on capital preservation. During the first quarter, the fund bought shares of the following stocks: More...

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FPA Capital Fund Adds to Houghton Mifflin Harcourt Fund increases position in educational materials supplier FPA Capital Fund - FPA Capital Fund Adds To Houghton Mifflin Harcourt
FPA Capital Fund (TradesPortfolio) increased its holding of Houghton Mifflin Harcourt Co. (NASDAQ:HMHC) during the first quarter, buying 733,470 shares for an aveage price of $10.46 per share. The trade expanded the portfilio position by 1.5%. More...

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Rating: 4.0/5 (1 vote)

British Pepsi Distributor up Since December Britvic stock has increased and is still a good value FPA Capital Fund - British Pepsi Distributor Up Since December
Since we first wrote about Britvic PLC (LSE:BVIC) (BTVCY) (BTVCF) in December of last year, the stock is up 22% and still reasonably priced. Britvic is the British Pepsi distributor. The stock sold off in part because of Brexit concerns. More...

PEPSI, UK


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FPA Capital Invests in Akorn Company is expanding its operations FPA Capital Fund - FPA Capital Invests In Akorn
FPA Capital Fund (Trades, Portfolio) seeks long-term growth through the careful selection of common stocks and select fixed-income securities. During the first quarter it purchased 380,120 shares in Akorn Inc. (NASDAQ:AKRX) More...

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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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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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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...

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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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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...

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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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