First Pacific Advisors
First Pacific Advisors
First Pacific Advisors (First Pacific Advisors) discloses a $7.13B portfolio across 85 US-listed positions in the latest 13F filing (2026Q1, filed May 14, 2026). The largest holding is ADI at 7.7% of the book. The biggest move of the quarter: added 74% to the LBRDK share count (position now $234M). Latticework's clone backtest puts this 13F book at -1.4%/yr vs SPY over 12.0 years.
About First Pacific Advisors
First Pacific Advisors (FPA) is a Los Angeles-based investment manager founded in 1954 whose domestic equity strategy has long been associated with a value-oriented, go-anywhere mandate — the firm will hold cash for extended periods when it cannot find attractively priced securities, a discipline that can produce significant tracking error against benchmarks in extended growth-driven markets. The 13F reflects a moderately concentrated book of roughly 85 positions, with the top five names — including ADI, GOOGL/GOOG, IFF, and META — accounting for about 31% of disclosed long equity value. Readers should note that FPA runs multiple distinct strategies (including the long-running FPA Crescent fund, which carries a flexible mandate with short-side exposure), so the 13F long-only snapshot understates the complexity of the actual book; net exposure, hedges, and fixed-income allocations are not visible here. The 12-year clone backtest showing roughly -1.4% annual excess versus SPY is consistent with the firm's historically cautious positioning and willingness to sacrifice upside capture for downside discipline.
2026Q1 brief
First Pacific Advisors' $7.1B book showed selective rotation this quarter, with the most telling move being a near-doubling of LBRDK (Liberty Broadband, +74% to 3.3%) — a deep-value cable/media play that aligns with FPA's contrarian instincts and likely reflects the Charter/Liberty merger arbitrage setup. The simultaneous exit from CHTR (previously 1.3%) is the mirror image of that trade, suggesting FPA is expressing the same cable thesis through the holding company at a discount rather than the operating company. New positions in BAX (1.6%), WAT (1.1%), and AJG (1.2%) add medical devices, analytical instruments, and specialty insurance — quality cyclicals at compressed multiples, consistent with FPA's style. The sharp trim of KMI (-67% to 0.6%) and cuts to WAB and MAR reduce transportation and hospitality exposure meaningfully. Google (combined GOOGL + GOOG) remains a ~12% combined position anchoring the book alongside ADI at 7.7%. Watch whether the LBRDK position continues to build as the Liberty/Charter transaction timeline clarifies.
AI-generated. Not investment advice.
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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 |
- 1ADIport7.7%val$548MAnalog Devices Incthis Q hold·40q
- port6.8%val$484MAlphabet Inc-cl Athis Q hold·40q
- 3IFFport5.5%val$392MIntl Flavors & Fragrancesthis Q hold·22q
- 4METAport5.5%val$389MMeta Platforms Inc-class Athis Q hold·34q
- 5GOOGport5.4%val$382MAlphabet Inc-cl Cthis Q hold·40q
- 6Cport5.0%val$360MCitigroup Incthis Q hold·40q
- 7TELport4.8%val$345MTE Connectivity Plcthis Q hold·7q
- 8BDXport4.4%val$311MBecton Dickinson And COthis Q hold·3q
- 9AMZNport4.1%val$295MAmazon.com Incthis Q hold·33q
- 10CMCSAport3.5%val$247MComcast Corp-class Athis Q hold·34q
- 11LBRDKport3.3%val$234MLiberty Broadband-cthis Q +74%·2q
- 12AONport3.2%val$227MAon Plcthis Q hold·24q
- 13FERGport2.7%val$191MFerguson Enterprises Incthis Q hold·7q
- 14H2927K103port2.5%val$176MAmrize Ltdthis Q hold·2q
- 15NXPIport2.1%val$151MNxp Semiconductors N Vthis Q hold·25q
- 16MTNport2.1%val$151MVail Resorts Incthis Q hold·14q
- 17FBINport2.1%val$148MFortune Brands Innovations Ithis Q hold·7q
- port1.8%val$131MEchostar Corpthis Q hold·4q
- 19KMXport1.7%val$124MCarmax Incthis Q hold·16q
- 20NOVport1.7%val$119MNov Incthis Q -22%·6q
- 21BIOport1.6%val$114MBio-rad Laboratories-athis Q hold·10q
- 22BAXport1.6%val$113MBaxter International Incthis Q New·—1q
- 23ICLRport1.5%val$110MIcon Plcthis Q hold·15q
- 24TMOport1.5%val$109MThermo Fisher Scientific Incthis Q hold·33q
- 25JEFport1.5%val$107MJefferies Financial Group INthis Q hold·32q
- 26LPLAport1.4%val$96MLpl Financial Holdings Incthis Q hold·40q
- 27AJGport1.2%val$84MArthur J Gallagher & COthis Q New·—1q
- 28DEIport1.1%val$81MDouglas Emmett Incthis Q +32%·14q
- 29WATport1.1%val$80MWaters Corpthis Q New·—1q
- 30MARport1.1%val$76MMarriott International -cl Athis Q -40%·32q
- 31UBERport1.0%val$70MUber Technologies Incthis Q hold·18q
- 32WFCport1.0%val$69MWells Fargo & COthis Q -21%·32q
- 33WABport0.9%val$65MWabtec Corpthis Q -41%·25q
- 34AVTRport0.9%val$63MAvantor Incthis Q +104%·4q
- 35PYPLport0.9%val$63MPaypal Holdings Incthis Q New·22q
- 36DELLport0.9%val$63MDell Technologies -Cthis Q hold·27q
- 37CNHport0.7%val$53MCnh Indl N Vthis Q New·—1q
- 38KMIport0.6%val$45MKinder Morgan Incthis Q -67%·33q
- 39VNOport0.6%val$44MVornado Realty Trustthis Q hold·16q
- 40VYXport0.5%val$34MNcr Voyix Corpthis Q hold·16q
- 41N5505D105port0.5%val$34MMagnum Ice Cream CO NVthis Q +33%·2q
- 42PCGport0.3%val$20MP G & E Corpthis Q hold·33q
- 43AVGOport0.3%val$19MBroadcom Incthis Q -27%·32q
- 44MRSHport0.3%val$19MMarsh & Mclennan Costhis Q New·—1q
- 45RUSHAport0.1%val$9MRush Enterprises Inc-cl Athis Q hold·40q
- 46STGWport0.1%val$7MStagwell Incthis Q hold·17q
- 47TDWport0.1%val$7MTidewater Incthis Q hold·30q
- 48VBILport0.1%val$7MVanguard 0-3m T-bill Etfthis Q New·—1q
- 49GLDport0.1%val$6MSpdr Gold Sharesthis Q New·—1q
- 50EQPTport0.1%val$6MEquipmentshare.com Inc-athis Q New·—1q
- 51SATSport0.1%val$6MEchostar Corp-athis Q -80%·7q
- 52NATLport0.1%val$5MNcr Atleos Corpthis Q -95%·10q
- port0.1%val$5MWayfair Incthis Q hold·14q
- 54VTport0.1%val$4MVanguard Tot World Stk Etfthis Q +34%·18q
- 55PDLBport<0.1%val$3MPonce Financial Group Incthis Q hold·15q
- 56RSVRport<0.1%val$3MReservoir Media Incthis Q hold·6q
- 57ALGTport<0.1%val$3MAllegiant Travel COthis Q hold·36q
- 58L72967109port<0.1%val$3MOrion S.a.this Q hold·34q
- 59MRVIport<0.1%val$3MMaravai Lifesciences Hldgs-athis Q hold·4q
- 60PBFSport<0.1%val$2MPioneer Bancorp Inc/nythis Q hold·9q
- 61PARRport<0.1%val$2MPar Pacific Holdings Incthis Q -25%·40q
- 62FNVport<0.1%val$2MFranco-nevada Corpthis Q New·—1q
- 63NFLXport<0.1%val$2MNetflix Incthis Q hold·30q
- 64ASLEport<0.1%val$1MAersale Corpthis Q hold·4q
- 65CVXport<0.1%val$1MChevron Corpthis Q New·—1q
- 66SCCOport<0.1%val$1MSouthern Copper Corpthis Q New·—1q
- 67ROSTport<0.1%val$1MRoss Stores Incthis Q New·—1q
- 68TSLAport<0.1%val$1MTesla Incthis Q New·7q
- 69EMRport<0.1%val$1MEmerson Electric COthis Q New·—1q
- 70DGport<0.1%val$1MDollar General Corpthis Q New·18q
- 71CSLport<0.1%val$878KCarlisle Cos Incthis Q New·—1q
- 72ORLYport<0.1%val$771KO'reilly Automotive Incthis Q New·22q
- 73NVSTport<0.1%val$771KEnvista Holdings Corpthis Q New·—1q
- 74DISport<0.1%val$759KWalt Disney Co/thethis Q New·23q
- 75HSICport<0.1%val$731KHenry Schein Incthis Q New·2q
- 76GWWport<0.1%val$730KWW Grainger Incthis Q New·—1q
- 77MCDport<0.1%val$666KMcdonald's Corpthis Q New·4q
- 78UPWKport<0.1%val$626KUpwork Incthis Q hold·24q
- 79CPAYport<0.1%val$625KCorpay Incthis Q New·—1q
- 80SMGport<0.1%val$447KScotts Miracle-gro COthis Q New·—1q
- 81BIDUport<0.1%val$381KBaidu Inc - Spon Adrthis Q New·22q
- 82UNITport<0.1%val$237KUniti Group Incthis Q hold·3q
- 83HYBBport0.0%val$7KIshares BB Rated Corp Bondthis Q -50%·2q
- 84EBCport0.0%val$2KEastern Bankshares Incthis Q -100%·17q
- 85DEOport0.0%val$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 |
| ROST | Ross Stores Inc | NEW | <0.1% | +100% | $1M |
| TSLA | Tesla 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 |
| ORLY | O'reilly Automotive Inc | NEW | <0.1% | +100% | $771K |
| NVST | Envista Holdings Corp | NEW | <0.1% | +100% | $771K |
| HSIC | Henry Schein Inc | NEW | <0.1% | +100% | $731K |
| GWW | WW Grainger Inc | NEW | <0.1% | +100% | $730K |
| 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
- NEWROST<0.1%Ross Stores IncΔ +100%·$1M
- NEWTSLA<0.1%Tesla 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
- NEWORLY<0.1%O'reilly Automotive IncΔ +100%·$771K
- NEWNVST<0.1%Envista Holdings CorpΔ +100%·$771K
- NEWHSIC<0.1%Henry Schein IncΔ +100%·$731K
- NEWGWW<0.1%WW Grainger IncΔ +100%·$730K
- 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
Frequently asked questions
- What stocks does First Pacific Advisors own?
- As of 2026Q1, First Pacific Advisors's 13F discloses 85 positions worth $7.13B. The top five holdings: ADI (7.7%), GOOGL (6.8%), IFF (5.5%), META (5.5%), GOOG (5.4%). 13F filings cover long US-listed equities only — cash, bonds, shorts, and non-US positions are not disclosed.
- What did First Pacific Advisors buy this quarter?
- In 2026Q1, the filing shows 27 new positions and 5 additions to existing holdings. The largest positions touched by buying: LBRDK, BAX, AJG, DEI, WAT.
- How big is First Pacific Advisors's portfolio?
- $7.13B across 85 positions per the latest 13F (filed May 14, 2026). The top five holdings account for 31% of the disclosed book.
Explore more
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001377581). Not investment advice.