Highlighting Major Moves Including the Exit from FirstEnergy Corp
First Pacific Advisors (Trades, Portfolio), a prominent Los Angeles-based investment management firm known for its value investing approach, recently disclosed its 13F filings for the third quarter of 2024. The firm, led by CFO J. Richard Atwood, is renowned for its rigorous, value-oriented research process and manages several funds including the FPA Capital Fund (Trades, Portfolio) and FPA Crescent Fund. This quarter, the firm made significant changes to its portfolio, including new acquisitions and notable exits.
New Acquisitions
First Pacific Advisors (Trades, Portfolio) expanded its portfolio by adding five new stocks. Key new holdings include:
- EchoStar Corp (SATS, Financial), purchasing 1,051,512 shares, making up 0.37% of the portfolio with a total value of $26.1 million.
- Fortune Brands Innovations Inc (FBIN, Financial), with 245,641 shares, representing 0.31% of the portfolio, valued at $21.99 million.
- iShares 0-3 Month Treasury Bond ETF (SGOV, Financial), acquiring 41,241 shares, which constitute 0.06% of the portfolio, totaling $4.15 million.
Significant Position Increases
The firm also raised its stakes in several companies, with the most substantial increases in:
- Vail Resorts Inc (MTN, Financial), adding 118,017 shares to bring the total to 464,801 shares. This increase had a 0.29% impact on the portfolio, with the total holding valued at $81.01 million.
- Stagwell Inc (STGW, Financial), with an additional 78,678 shares, bringing the total to 1,072,711 shares, valued at $7.53 million.
Complete Exits
During this quarter, First Pacific Advisors (Trades, Portfolio) exited 18 positions. Notably, the firm sold off:
- FirstEnergy Corp (FE, Financial), disposing of all 3,557,667 shares, which previously had a -1.87% impact on the portfolio.
- Sable Offshore Corp (SOC.WS, Financial), liquidating all 620,874 shares, impacting the portfolio by -0.04%.
Major Position Reductions
The firm reduced its holdings in several stocks, with significant reductions including:
- Jefferies Financial Group Inc (JEF, Financial), cutting down by 1,495,930 shares, a -27.65% decrease, impacting the portfolio by -1.03%. The stock traded at an average price of $56.73 during the quarter.
- Alphabet Inc (GOOGL, Financial), reducing by 342,047 shares, a -10.82% decrease, impacting the portfolio by -0.86%. The stock's price averaged $167.74 during the quarter.
Portfolio Overview
As of the third quarter of 2024, First Pacific Advisors (Trades, Portfolio)' portfolio included 57 stocks. The top holdings were 7.38% in Meta Platforms Inc (META, Financial), 6.85% in Analog Devices Inc (ADI, Financial), and 6.62% in Alphabet Inc (GOOGL). The portfolio is well-diversified across various sectors, reflecting the firm's strategic positioning.
This quarter's adjustments by First Pacific Advisors (Trades, Portfolio) underscore its dynamic investment strategy and commitment to value investing, with significant exits and acquisitions shaping its portfolio for future growth.
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.
