Insight into First Pacific Advisors (Trades, Portfolio)' Latest 13F Filings for Q3 2023
First Pacific Advisors (Trades, Portfolio) (FPA), a Los Angeles-based investment management firm renowned for its value investing approach, has released its 13F report for the third quarter of 2023. The firm, led by CFO J. Richard Atwood, is known for its research-intensive process and concentrated funds that focus on small- to mid-cap stocks. FPA's investment strategy is characterized by intellectual independence and a commitment to identifying the best investment opportunities without conforming to the broader market consensus.
New Additions to FPA's Portfolio
In the third quarter, First Pacific Advisors (Trades, Portfolio) expanded its portfolio with four new stocks:
- Enstar Group Ltd (ESGR, Financial) was the most significant new addition with 4,405 shares, representing 0.02% of the portfolio and a total value of $1.07 million.
- American Oncology Network Inc (AONCW, Financial) was added with 21,670 shares, amounting to a total value of $4,310.
- Electriq Power Holdings Inc (ELIQ.WS, Financial) was included with 497,152 shares, totaling $14,140 in value.
Noteworthy Increases in Existing Positions
FPA also bolstered its stakes in six companies, with the following being the most notable:
- International Flavors & Fragrances Inc (IFF, Financial) saw an additional 530,595 shares, bringing the total to 3,893,127 shares. This represents a 15.78% increase in share count and a 0.58% impact on the current portfolio, valued at $265.39 million.
- Citigroup Inc (C, Financial) experienced an increase of 104,549 shares, resulting in a total of 5,443,091 shares. This adjustment signifies a 1.96% increase in share count, with a total value of $223.87 million.
Complete Exits from Certain Holdings
First Pacific Advisors (Trades, Portfolio) made the decision to exit 52 holdings in the third quarter of 2023, including:
- Activision Blizzard Inc (ATVI, Financial), where FPA sold all 1,409,535 shares, impacting the portfolio by -1.77%.
- Apple Inc (AAPL, Financial), with the complete sale of 31,850 shares, causing a -0.09% impact on the portfolio.
Significant Reductions in Portfolio Positions
The firm also reduced its positions in 35 stocks. The most significant reductions were:
- Netflix Inc (NFLX, Financial) was reduced by 98,126 shares, a -36.81% decrease, impacting the portfolio by -0.64%. The stock traded at an average price of $423.91 during the quarter and has seen a 5.73% return over the past three months and a 51.19% year-to-date return.
- Broadcom Inc (AVGO, Financial) saw a reduction of 47,026 shares, a -18.81% decrease, with a -0.61% impact on the portfolio. The stock's average trading price was $866.82 during the quarter, with a 15.03% return over the past three months and a 72.85% year-to-date return.
Portfolio Overview and Sector Allocation
As of the third quarter of 2023, First Pacific Advisors (Trades, Portfolio)'s portfolio comprised 84 stocks. The top holdings included 7.38% in Comcast Corp (CMCSA, Financial), 6.65% in Alphabet Inc (GOOGL, Financial), 6.1% in American International Group Inc (AIG, Financial), 5.96% in Analog Devices Inc (ADI, Financial), and 5.87% in Meta Platforms Inc (META, Financial).
The holdings are primarily concentrated across 11 industries, with significant investments in Communication Services, Financial Services, Technology, Consumer Cyclical, Industrials, Basic Materials, Energy, Utilities, Real Estate, Healthcare, and Consumer Defensive.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
