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First Pacific Advisors
First Pacific Advisors
2026Q1 · filed May 14, 202685 positions · $7.13Btop-5 31%
2026Q1 brief
First Pacific Advisors' $7.1B portfolio showed a quality-tilt deepening in Q1 2026, with FPA adding new positions in BAX (Baxter, 1.6%), AJG (1.2%), and WAT (Waters Corp, 1.1%)—all classically defensive, high-ROIC franchises consistent with the firm's long-term orientation. The near-doubling of AVTR (Avantor, +104% to 0.9%) and substantial lift in LBRDK (Liberty Broadband, +74% to 3.3%) stand out as the more aggressive conviction adds. GOOGL/GOOG together represent ~12% of AUM, the dominant tech exposure, while ADI at 7.7% remains the largest single weight. The exits of CHTR (was 1.3%) are notable given the simultaneous build in LBRDK, which holds a large CHTR stake—suggesting FPA prefers the holding-company discount wrapper over the direct equity. Significant trims to KMI (-67%), WAB (-41%), and MAR (-40%) reflect reduced conviction in pipelines and industrial cyclicals. Watch whether the new healthcare-equipment cluster (BAX, BDX 4.4%, WAT) signals a deliberate sector thesis or simply opportunistic buying on weakness.
AI-generated. Not investment advice.
Holdings (85) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | ADI | 7.7% | $548M | |||
| 2 | GOOGL | 6.8% | $484M | |||
| 3 | IFF | 5.5% | $392M | |||
| 4 | META | 5.5% | $389M | |||
| 5 | GOOG | 5.4% | $382M | |||
| 6 | C | 5.0% | $360M | |||
| 7 | TEL | 4.8% | $345M | |||
| 8 | BDX | 4.4% | $311M | |||
| 9 | AMZN | 4.1% | $295M | |||
| 10 | CMCSA | 3.5% | $247M | |||
| 11 | LBRDK | 3.3% | $234M | |||
| 12 | AON | 3.2% | $227M | |||
| 13 | FERG | 2.7% | $191M | |||
| 14 | H2927K103 | 2.5% | $176M | |||
| 15 | NXPI | 2.1% | $151M | |||
| 16 | MTN | 2.1% | $151M | |||
| 17 | FBIN | 2.1% | $148M | |||
| 18 | SATS 3.875 11/30/30 | 1.8% | $131M | |||
| 19 | KMX | 1.7% | $124M | |||
| 20 | NOV | 1.7% | $119M | |||
| 21 | BIO | 1.6% | $114M | |||
| 22 | BAX | 1.6% | $113M | |||
| 23 | ICLR | 1.5% | $110M | |||
| 24 | TMO | 1.5% | $109M | |||
| 25 | JEF | 1.5% | $107M | |||
| 26 | LPLA | 1.4% | $96M | |||
| 27 | AJG | 1.2% | $84M | |||
| 28 | DEI | 1.1% | $81M | |||
| 29 | WAT | 1.1% | $80M | |||
| 30 | MAR | 1.1% | $76M | |||
| 31 | UBER | 1.0% | $70M | |||
| 32 | WFC | 1.0% | $69M | |||
| 33 | WAB | 0.9% | $65M | |||
| 34 | AVTR | 0.9% | $63M | |||
| 35 | PYPL | 0.9% | $63M | |||
| 36 | DELL | 0.9% | $63M | |||
| 37 | CNH | 0.7% | $53M | |||
| 38 | KMI | 0.6% | $45M | |||
| 39 | VNO | 0.6% | $44M | |||
| 40 | VYX | 0.5% | $34M | |||
| 41 | N5505D105 | 0.5% | $34M | |||
| 42 | PCG | 0.3% | $20M | |||
| 43 | AVGO | 0.3% | $19M | |||
| 44 | MRSH | 0.3% | $19M | |||
| 45 | RUSHA | 0.1% | $9M | |||
| 46 | STGW | 0.1% | $7M | |||
| 47 | TDW | 0.1% | $7M | |||
| 48 | VBIL | 0.1% | $7M | |||
| 49 | GLD | 0.1% | $6M | |||
| 50 | EQPT | 0.1% | $6M | |||
| 51 | SATS | 0.1% | $6M | |||
| 52 | NATL | 0.1% | $5M | |||
| 53 | W 1 08/15/26 | 0.1% | $5M | |||
| 54 | VT | 0.1% | $4M | |||
| 55 | PDLB | <0.1% | $3M | |||
| 56 | RSVR | <0.1% | $3M | |||
| 57 | ALGT | <0.1% | $3M | |||
| 58 | L72967109 | <0.1% | $3M | |||
| 59 | MRVI | <0.1% | $3M | |||
| 60 | PBFS | <0.1% | $2M | |||
| 61 | PARR | <0.1% | $2M | |||
| 62 | FNV | <0.1% | $2M | |||
| 63 | NFLX | <0.1% | $2M | |||
| 64 | ASLE | <0.1% | $1M | |||
| 65 | CVX | <0.1% | $1M | |||
| 66 | SCCO | <0.1% | $1M | |||
| 67 | ROST | <0.1% | $1M | |||
| 68 | TSLA | <0.1% | $1M | |||
| 69 | EMR | <0.1% | $1M | |||
| 70 | DG | <0.1% | $1M | |||
| 71 | CSL | <0.1% | $878K | |||
| 72 | ORLY | <0.1% | $771K | |||
| 73 | NVST | <0.1% | $771K | |||
| 74 | DIS | <0.1% | $759K | |||
| 75 | HSIC | <0.1% | $731K | |||
| 76 | GWW | <0.1% | $730K | |||
| 77 | MCD | <0.1% | $666K | |||
| 78 | UPWK | <0.1% | $626K | |||
| 79 | CPAY | <0.1% | $625K | |||
| 80 | SMG | <0.1% | $447K | |||
| 81 | BIDU | <0.1% | $381K | |||
| 82 | UNIT | <0.1% | $237K | |||
| 83 | HYBB | 0.0% | $7K | |||
| 84 | EBC | 0.0% | $2K | |||
| 85 | DEO | 0.0% | $74 |
Sort↑
- 1ADI7.7%$548MAnalog Devices Incthis Q hold·40q
- 2GOOGL6.8%$484MAlphabet Inc-cl Athis Q hold·40q
- 3IFF5.5%$392MIntl Flavors & Fragrancesthis Q hold·22q
- 4META5.5%$389MMeta Platforms Inc-class Athis Q hold·34q
- 5GOOG5.4%$382MAlphabet Inc-cl Cthis Q hold·40q
- 6C5.0%$360MCitigroup Incthis Q hold·40q
- 7TEL4.8%$345MTE Connectivity Plcthis Q hold·7q
- 8BDX4.4%$311MBecton Dickinson And COthis Q hold·3q
- 9AMZN4.1%$295MAmazon.com Incthis Q hold·33q
- 10CMCSA3.5%$247MComcast Corp-class Athis Q hold·34q
- 11LBRDK3.3%$234MLiberty Broadband-cthis Q +74%·2q
- 12AON3.2%$227MAon Plcthis Q hold·24q
- 13FERG2.7%$191MFerguson Enterprises Incthis Q hold·7q
- 14H2927K1032.5%$176MAmrize Ltdthis Q hold·2q
- 15NXPI2.1%$151MNxp Semiconductors N Vthis Q hold·25q
- 16MTN2.1%$151MVail Resorts Incthis Q hold·14q
- 17FBIN2.1%$148MFortune Brands Innovations Ithis Q hold·7q
- 18SATS 3.875 11/30/301.8%$131MEchostar Corpthis Q hold·4q
- 19KMX1.7%$124MCarmax Incthis Q hold·16q
- 20NOV1.7%$119MNov Incthis Q -22%·6q
- 21BIO1.6%$114MBio-rad Laboratories-athis Q hold·10q
- 22BAX1.6%$113MBaxter International Incthis Q New·—1q
- 23ICLR1.5%$110MIcon Plcthis Q hold·15q
- 24TMO1.5%$109MThermo Fisher Scientific Incthis Q hold·33q
- 25JEF1.5%$107MJefferies Financial Group INthis Q hold·32q
- 26LPLA1.4%$96MLpl Financial Holdings Incthis Q hold·40q
- 27AJG1.2%$84MArthur J Gallagher & COthis Q New·—1q
- 28DEI1.1%$81MDouglas Emmett Incthis Q +32%·14q
- 29WAT1.1%$80MWaters Corpthis Q New·—1q
- 30MAR1.1%$76MMarriott International -cl Athis Q -40%·32q
- 31UBER1.0%$70MUber Technologies Incthis Q hold·18q
- 32WFC1.0%$69MWells Fargo & COthis Q -21%·32q
- 33WAB0.9%$65MWabtec Corpthis Q -41%·25q
- 34AVTR0.9%$63MAvantor Incthis Q +104%·4q
- 35PYPL0.9%$63MPaypal Holdings Incthis Q New·22q
- 36DELL0.9%$63MDell Technologies -Cthis Q hold·27q
- 37CNH0.7%$53MCnh Indl N Vthis Q New·—1q
- 38KMI0.6%$45MKinder Morgan Incthis Q -67%·33q
- 39VNO0.6%$44MVornado Realty Trustthis Q hold·16q
- 40VYX0.5%$34MNcr Voyix Corpthis Q hold·16q
- 41N5505D1050.5%$34MMagnum Ice Cream CO NVthis Q +33%·2q
- 42PCG0.3%$20MP G & E Corpthis Q hold·33q
- 43AVGO0.3%$19MBroadcom Incthis Q -27%·32q
- 44MRSH0.3%$19MMarsh & Mclennan Costhis Q New·—1q
- 45RUSHA0.1%$9MRush Enterprises Inc-cl Athis Q hold·40q
- 46STGW0.1%$7MStagwell Incthis Q hold·17q
- 47TDW0.1%$7MTidewater Incthis Q hold·30q
- 48VBIL0.1%$7MVanguard 0-3m T-bill Etfthis Q New·—1q
- 49GLD0.1%$6MSpdr Gold Sharesthis Q New·—1q
- 50EQPT0.1%$6MEquipmentshare.com Inc-athis Q New·—1q
- 51SATS0.1%$6MEchostar Corp-athis Q -80%·7q
- 52NATL0.1%$5MNcr Atleos Corpthis Q -95%·10q
- 53W 1 08/15/260.1%$5MWayfair Incthis Q hold·14q
- 54VT0.1%$4MVanguard Tot World Stk Etfthis Q +34%·18q
- 55PDLB<0.1%$3MPonce Financial Group Incthis Q hold·15q
- 56RSVR<0.1%$3MReservoir Media Incthis Q hold·6q
- 57ALGT<0.1%$3MAllegiant Travel COthis Q hold·36q
- 58L72967109<0.1%$3MOrion S.a.this Q hold·34q
- 59MRVI<0.1%$3MMaravai Lifesciences Hldgs-athis Q hold·4q
- 60PBFS<0.1%$2MPioneer Bancorp Inc/nythis Q hold·9q
- 61PARR<0.1%$2MPar Pacific Holdings Incthis Q -25%·40q
- 62FNV<0.1%$2MFranco-nevada Corpthis Q New·—1q
- 63NFLX<0.1%$2MNetflix Incthis Q hold·30q
- 64ASLE<0.1%$1MAersale Corpthis Q hold·4q
- 65CVX<0.1%$1MChevron Corpthis Q New·—1q
- 66SCCO<0.1%$1MSouthern Copper Corpthis Q New·—1q
- 67ROST<0.1%$1MRoss Stores Incthis Q New·—1q
- 68TSLA<0.1%$1MTesla Incthis Q New·7q
- 69EMR<0.1%$1MEmerson Electric COthis Q New·—1q
- 70DG<0.1%$1MDollar General Corpthis Q New·18q
- 71CSL<0.1%$878KCarlisle Cos Incthis Q New·—1q
- 72ORLY<0.1%$771KO'reilly Automotive Incthis Q New·22q
- 73NVST<0.1%$771KEnvista Holdings Corpthis Q New·—1q
- 74DIS<0.1%$759KWalt Disney Co/thethis Q New·23q
- 75HSIC<0.1%$731KHenry Schein Incthis Q New·2q
- 76GWW<0.1%$730KWW Grainger Incthis Q New·—1q
- 77MCD<0.1%$666KMcdonald's Corpthis Q New·4q
- 78UPWK<0.1%$626KUpwork Incthis Q hold·24q
- 79CPAY<0.1%$625KCorpay Incthis Q New·—1q
- 80SMG<0.1%$447KScotts Miracle-gro COthis Q New·—1q
- 81BIDU<0.1%$381KBaidu Inc - Spon Adrthis Q New·22q
- 82UNIT<0.1%$237KUniti Group Incthis Q hold·3q
- 83HYBB0.0%$7KIshares BB Rated Corp Bondthis Q -50%·2q
- 84EBC0.0%$2KEastern Bankshares Incthis Q -100%·17q
- 85DEO0.0%$74Diageo Plc-sponsored Adrthis Q New·—1q
All activity (2026Q1)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| LBRDK | Liberty Broadband-c | ADD | 3.3% | +74% | $234M |
| NOV | Nov Inc | TRIM | 1.7% | -22% | $119M |
| MAR | Marriott International -cl A | TRIM | 1.1% | -40% | $76M |
| BAX | Baxter International Inc | NEW | 1.6% | +100% | $113M |
| KMI | Kinder Morgan Inc | TRIM | 0.6% | -67% | $45M |
| WFC | Wells Fargo & CO | TRIM | 1.0% | -21% | $69M |
| CHTR | Charter Communications Inc-a | EXIT | 1.3% | -100% | $0 |
| WAB | Wabtec Corp | TRIM | 0.9% | -41% | $65M |
| AJG | Arthur J Gallagher & CO | NEW | 1.2% | +100% | $84M |
| DEI | Douglas Emmett Inc | ADD | 1.1% | +32% | $81M |
| WAT | Waters Corp | NEW | 1.1% | +100% | $80M |
| NATL | Ncr Atleos Corp | TRIM | 0.1% | -95% | $5M |
| AVTR | Avantor Inc | ADD | 0.9% | +104% | $63M |
| PYPL | Paypal Holdings Inc | NEW | 0.9% | +100% | $63M |
| CNH | Cnh Indl N V | NEW | 0.7% | +100% | $53M |
| N5505D105 | Magnum Ice Cream CO NV | ADD | 0.5% | +33% | $34M |
| AVGO | Broadcom Inc | TRIM | 0.3% | -27% | $19M |
| GPOR | Gulfport Energy Corp | EXIT | 0.3% | -100% | $0 |
| SATS | Echostar Corp-a | TRIM | 0.1% | -80% | $6M |
| MRSH | Marsh & Mclennan Cos | NEW | 0.3% | +100% | $19M |
| VBIL | Vanguard 0-3m T-bill Etf | NEW | 0.1% | +100% | $7M |
| GLD | Spdr Gold Shares | NEW | 0.1% | +100% | $6M |
| EQPT | Equipmentshare.com Inc-a | NEW | 0.1% | +100% | $6M |
| SGOV | Ishares 0-3 Month Treasury B | EXIT | 0.1% | -100% | $0 |
| VT | Vanguard Tot World Stk Etf | ADD | 0.1% | +34% | $4M |
| LAUR | Laureate Education Inc | EXIT | <0.1% | -100% | $0 |
| PARR | Par Pacific Holdings Inc | TRIM | <0.1% | -25% | $2M |
| DAR | Darling Ingredients Inc | EXIT | <0.1% | -100% | $0 |
| FNV | Franco-nevada Corp | NEW | <0.1% | +100% | $2M |
| EBC | Eastern Bankshares Inc | TRIM | 0.0% | -100% | $2K |
| CVX | Chevron Corp | NEW | <0.1% | +100% | $1M |
| SCCO | Southern Copper Corp | NEW | <0.1% | +100% | $1M |
| TSLA | Tesla Inc | NEW | <0.1% | +100% | $1M |
| ROST | Ross Stores Inc | NEW | <0.1% | +100% | $1M |
| EMR | Emerson Electric CO | NEW | <0.1% | +100% | $1M |
| DG | Dollar General Corp | NEW | <0.1% | +100% | $1M |
| CSL | Carlisle Cos Inc | NEW | <0.1% | +100% | $878K |
| DIS | Walt Disney Co/the | NEW | <0.1% | +100% | $759K |
| NVST | Envista Holdings Corp | NEW | <0.1% | +100% | $771K |
| ORLY | O'reilly Automotive Inc | NEW | <0.1% | +100% | $771K |
| GWW | WW Grainger Inc | NEW | <0.1% | +100% | $730K |
| HSIC | Henry Schein Inc | NEW | <0.1% | +100% | $731K |
| CPAY | Corpay Inc | NEW | <0.1% | +100% | $625K |
| MCD | Mcdonald's Corp | NEW | <0.1% | +100% | $666K |
| SMG | Scotts Miracle-gro CO | NEW | <0.1% | +100% | $447K |
| BIDU | Baidu Inc - Spon Adr | NEW | <0.1% | +100% | $381K |
| DEO | Diageo Plc-sponsored Adr | NEW | 0.0% | +100% | $74 |
| HYBB | Ishares BB Rated Corp Bond | TRIM | 0.0% | -50% | $7K |
- ADDLBRDK3.3%Liberty Broadband-cΔ +74%·$234M
- TRIMNOV1.7%Nov IncΔ -22%·$119M
- TRIMMAR1.1%Marriott International -cl AΔ -40%·$76M
- NEWBAX1.6%Baxter International IncΔ +100%·$113M
- TRIMKMI0.6%Kinder Morgan IncΔ -67%·$45M
- TRIMWFC1.0%Wells Fargo & COΔ -21%·$69M
- EXITCHTR1.3%Charter Communications Inc-aΔ -100%·$0
- TRIMWAB0.9%Wabtec CorpΔ -41%·$65M
- NEWAJG1.2%Arthur J Gallagher & COΔ +100%·$84M
- ADDDEI1.1%Douglas Emmett IncΔ +32%·$81M
- NEWWAT1.1%Waters CorpΔ +100%·$80M
- TRIMNATL0.1%Ncr Atleos CorpΔ -95%·$5M
- ADDAVTR0.9%Avantor IncΔ +104%·$63M
- NEWPYPL0.9%Paypal Holdings IncΔ +100%·$63M
- NEWCNH0.7%Cnh Indl N VΔ +100%·$53M
- ADDN5505D1050.5%Magnum Ice Cream CO NVΔ +33%·$34M
- TRIMAVGO0.3%Broadcom IncΔ -27%·$19M
- EXITGPOR0.3%Gulfport Energy CorpΔ -100%·$0
- TRIMSATS0.1%Echostar Corp-aΔ -80%·$6M
- NEWMRSH0.3%Marsh & Mclennan CosΔ +100%·$19M
- NEWVBIL0.1%Vanguard 0-3m T-bill EtfΔ +100%·$7M
- NEWGLD0.1%Spdr Gold SharesΔ +100%·$6M
- NEWEQPT0.1%Equipmentshare.com Inc-aΔ +100%·$6M
- EXITSGOV0.1%Ishares 0-3 Month Treasury BΔ -100%·$0
- ADDVT0.1%Vanguard Tot World Stk EtfΔ +34%·$4M
- EXITLAUR<0.1%Laureate Education IncΔ -100%·$0
- TRIMPARR<0.1%Par Pacific Holdings IncΔ -25%·$2M
- EXITDAR<0.1%Darling Ingredients IncΔ -100%·$0
- NEWFNV<0.1%Franco-nevada CorpΔ +100%·$2M
- TRIMEBC0.0%Eastern Bankshares IncΔ -100%·$2K
- NEWCVX<0.1%Chevron CorpΔ +100%·$1M
- NEWSCCO<0.1%Southern Copper CorpΔ +100%·$1M
- NEWTSLA<0.1%Tesla IncΔ +100%·$1M
- NEWROST<0.1%Ross Stores IncΔ +100%·$1M
- NEWEMR<0.1%Emerson Electric COΔ +100%·$1M
- NEWDG<0.1%Dollar General CorpΔ +100%·$1M
- NEWCSL<0.1%Carlisle Cos IncΔ +100%·$878K
- NEWDIS<0.1%Walt Disney Co/theΔ +100%·$759K
- NEWNVST<0.1%Envista Holdings CorpΔ +100%·$771K
- NEWORLY<0.1%O'reilly Automotive IncΔ +100%·$771K
- NEWGWW<0.1%WW Grainger IncΔ +100%·$730K
- NEWHSIC<0.1%Henry Schein IncΔ +100%·$731K
- NEWCPAY<0.1%Corpay IncΔ +100%·$625K
- NEWMCD<0.1%Mcdonald's CorpΔ +100%·$666K
- NEWSMG<0.1%Scotts Miracle-gro COΔ +100%·$447K
- NEWBIDU<0.1%Baidu Inc - Spon AdrΔ +100%·$381K
- NEWDEO0.0%Diageo Plc-sponsored AdrΔ +100%·$74
- TRIMHYBB0.0%Ishares BB Rated Corp BondΔ -50%·$7K
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001377581). Not investment advice.