First Pacific Advisors (FPA)

In Q2 2026, First Pacific Advisors (FPA) held 70 US-listed stocks worth $8.1bn. Its biggest move was adding to Arthur J Gallagher & Co (245% more shares, now 3.8%), followed by cutting Liberty Broadband (0% fewer shares, now 1.9%). It started 6 new positions and sold out of 18. Its largest holding is Alphabet at 12%.

Source: SEC Form 13F for Q2 2026, filed 14 Aug 2026, and the funds’ Form N-PORT filings. How we use them

Latest 13F

Q2 2026

Filed 14 Aug 2026

Fund assets

$12bn

1 US-registered fund

Q3 2026 13F due

26 days

Expected Mon 9 Nov

What changed in Q2 2026

New positions

Danaher1.3% of the portfolio
Intuit1.1% of the portfolio
SAP1.1% of the portfolio
GE HealthCare Technologies0.7% of the portfolio
Investment Managers Ser Tr0.1% of the portfolio

Added to

Arthur J Gallagher & Co+245% shares, now 3.8%
Fortune Brands Innovations+0.9% shares, now 2.6%
Baxter International+14% shares, now 2.0%
Paypal Holdings+54% shares, now 1.1%
CNH Industrial+49% shares, now 1.0%

Trimmed

Liberty Broadband0.0% shares, now 1.9%
Marriott International-92% shares, now 0.1%
TE Connectivity-6.0% shares, now 3.9%
Meta Platforms-0.1% shares, now 4.7%
Aon-3.1% shares, now 2.8%

Sold out

Dell Technologieswas 0.9%
Kinder Morganwas 0.6%
Spdr Gold Trustwas 0.1%
Chevronwas under 0.1%
Teslawas under 0.1%

Against Q1 2026, by number of shares and adjusted for splits. Up to five of each, largest first; the full list is below.

Want to know when First Pacific Advisors (FPA) next files? Get a free email alert.

44% of the $7.4bn of shares held in First Pacific Advisors (FPA)’s one US-registered fund, FPA Crescent Fund, by value, are not in its 13F. Those holdings are marked with a gold dot below.

US holdings from the 13F

Q2 2026, filed 14 Aug 2026 (filing): 6 new, 29 added to, 18 trimmed, 18 sold out. Select a row to see it over time. How this works

Changes compare share counts with Q1 2026, adjusted for stock splits. Share classes of the same company are combined. Values are at quarter-end prices.

13F holdings with change from the previous quarter

AlphabetGOOG	$974m	2,741,723	12.1%$974m	Trimmed -9.1%	12.1%
Analog DevicesADI	$635m	1,598,506	7.8%$635m	Trimmed -7.2%	7.7%
International Flavors & FragrancesIFF	$432m	5,455,081	5.3%$432m	Added +0.8%	5.5%
CitigroupC	$422m	3,016,828	5.2%$422m	Trimmed -5.0%	5.0%
Meta PlatformsMETA	$383m	679,884	4.7%$383m	Trimmed -0.1%	5.5%
Amazon.comAMZN	$324m	1,360,585	4.0%$324m	Trimmed -3.9%	4.1%
Becton Dickinson & CoBDX	$319m	2,110,794	4.0%$319m	Added +6.6%	4.4%
TE ConnectivityTEL	$313m	1,551,105	3.9%$313m	Trimmed -6.0%	4.8%
Arthur J Gallagher & CoAJG	$307m	1,336,290	3.8%$307m	Added +245%	1.2%
AonAON	$226m	681,367	2.8%$226m	Trimmed -3.1%	3.2%
ComcastCMCSA	$213m	8,676,664	2.6%$213m	Added +1.0%	3.5%
Fortune Brands InnovationsFBIN	$210m	3,825,269	2.6%$210m	Added +0.9%	2.1%
NXP SemiconductorsNXPI	$193m	688,107	2.4%$193m	Trimmed -10%	2.1%
Ferguson EnterprisesFERG	$187m	786,822	2.3%$187m	Trimmed -3.7%	2.7%
Vail ResortsMTN	$178m	1,304,959	2.2%$178m	Added +11%	2.1%
AmrizeAMRZ	$169m	3,177,325	2.1%$169m	Added +1.0%	2.5%
Baxter InternationalBAX	$162m	7,618,145	2.0%$162m	Added +14%	1.6%
CarmaxKMX	$159m	3,008,564	2.0%$159m	Added +0.9%	1.7%
Liberty Broadband8L8C	$154m	4,641,753	1.9%$154m	Trimmed 0.0%	3.3%
Jefferies Financial GroupJEF	$135m	2,704,265	1.7%$135m	Added +4.6%	1.5%
Thermo Fisher ScientificTMO	$124m	248,244	1.5%$124m	Added +12%	1.5%
NOVNOV	$119m	6,392,388	1.5%$119m	Added +1.1%	1.7%
Bio-Rad LaboratoriesBIO	$118m	401,861	1.5%$118m	Trimmed -1.3%	1.6%
DanaherDHR	$108m	564,781	1.3%$108m	New	–
IconICLR	$105m	606,523	1.3%$105m	Trimmed -39%	1.5%
Douglas EmmettDEI	$103m	8,743,999	1.3%$103m	Added +1.2%	1.1%
WatersWAT	$101m	268,164	1.2%$101m	Added +0.3%	1.1%
Paypal HoldingsPYPL	$92.3m	2,137,851	1.1%$92.3m	Added +54%	0.9%
LPL Financial HoldingsLPLA	$90.5m	321,244	1.1%$90.5m	Added +0.2%	1.4%
IntuitINTU	$86.6m	331,964	1.1%$86.6m	New	–
SAPSAP	$85.6m	555,426	1.1%$85.6m	New	–
AvantorAVTR	$81.1m	8,190,740	1.0%$81.1m	Added +1.3%	0.9%
CNH IndustrialCNH	$80.3m	7,148,586	1.0%$80.3m	Added +49%	0.7%
Uber TechnologiesUBER	$70.5m	976,544	0.9%$70.5m	Added +0.7%	1.0%
Vornado Realty TrustVNO	$66.2m	1,683,761	0.8%$66.2m	Added +0.2%	0.6%
Wells Fargo & CompanyWFC	$64.9m	784,923	0.8%$64.9m	Trimmed -10%	1.0%
GE HealthCare TechnologiesGEHC	$53.0m	827,379	0.7%$53.0m	New	–
Magnum ICE CreamMICC	$51.7m	2,971,716	0.6%$51.7m	Added +32%	0.5%
WabtecWAB	$51.0m	189,045	0.6%$51.0m	Trimmed -27%	0.9%
NCR VoyixVYX	$44.2m	5,413,012	0.6%$44.2m	Added +0.1%	0.5%
BroadcomAVGO	$23.9m	63,167	0.3%$23.9m	Added +1.1%	0.3%
Marsh & Mclennan CompaniesMRSH	$20.2m	121,213	0.3%$20.2m	Added +12%	0.3%
Pg&EPCG	$19.7m	1,172,695	0.2%$19.7m	Added +0.9%	0.3%
Vanguard Instl Index FdVBIL	$19.7m	260,280	0.2%$19.7m	Added +189%	0.1%
Investment Managers Ser TrFPAG	$9.5m	292,245	0.1%$9.5m	New	–
Rush EnterprisesRUSHA	$9.4m	129,094	0.1%$9.4m	Unchanged	0.1%
StagwellSTGW	$8.9m	1,191,918	0.1%$8.9m	Unchanged	0.1%
Marriott InternationalMAR	$6.8m	18,445	0.1%$6.8m	Trimmed -92%	1.1%
EquipmentShare.comEQPT	$5.6m	285,714	0.1%$5.6m	Unchanged	0.1%
Maravai Lifesciences HoldingsMRVI	$5.5m	884,883	0.1%$5.5m	Unchanged	0.0%
Vanguard International Equity Index FVT	$5.2m	33,151	0.1%$5.2m	Added +26%	0.1%
TidewaterTDW	$5.1m	76,423	0.1%$5.1m	Trimmed -7.4%	0.1%
EchoStarECHO	$4.8m	47,066	0.1%$4.8m	Unchanged	0.1%
Allegiant TravelALGT	$4.0m	34,186	0.1%$4.0m	Unchanged	0.0%
Ponce Financial GroupPDLB	$3.6m	181,562	0.0%$3.6m	Unchanged	0.0%
Reservoir MediaRSVR	$3.1m	308,747	0.0%$3.1m	Unchanged	0.0%
Pioneer BancorpPBFS	$2.9m	166,974	0.0%$2.9m	Unchanged	0.0%
OrionOEC	$2.8m	417,388	0.0%$2.8m	Unchanged	0.0%
Willis Lease FinanceWLFC	$2.6m	11,443	0.0%$2.6m	New	–
NCR AtleosNATL	$2.2m	50,033	0.0%$2.2m	Trimmed -55%	0.1%
Par Pacific HoldingsPARR	$1.3m	23,720	0.0%$1.3m	Trimmed -27%	0.0%
AersaleASLE	$1.3m	208,726	0.0%$1.3m	Unchanged	0.0%
Southern CopperSCCO	$1.2m	7,126	0.0%$1.2m	Added +1.0%	0.0%
NetflixNFLX	$1.2m	16,400	0.0%$1.2m	Unchanged	0.0%
Carlisle CompaniesCSL	$955k	2,632	0.0%$955k	Unchanged	0.0%
UpworkUPWK	$477k	57,081	0.0%$477k	Unchanged	0.0%
BaiduBIDU	$391k	3,421	0.0%$391k	Unchanged	0.0%
Uniti GroupUNIT	$289k	25,235	0.0%$289k	Unchanged	0.0%
Ishares TrUSHY	$174k	3,727	0.0%$174k	Added +2525%	0.0%
DiageoDEO	$0k	1	0.0%$0k	Unchanged	0.0%
Dell TechnologiesDELL	–	–	–	Sold out	0.9%
Kinder MorganKMI	–	–	–	Sold out	0.6%
Spdr Gold TrustGLD	–	–	–	Sold out	0.1%
ChevronCVX	–	–	–	Sold out	0.0%
TeslaTSLA	–	–	–	Sold out	0.0%
Emerson ElectricEMR	–	–	–	Sold out	0.0%
Ross StoresROST	–	–	–	Sold out	0.0%
Dollar GeneralDG	–	–	–	Sold out	0.0%
Franco NevadaFNV	–	–	–	Sold out	0.0%
CorpayCPAY	–	–	–	Sold out	0.0%
Envista HoldingsNVST	–	–	–	Sold out	0.0%
Scotts Miracle-GroSMG	–	–	–	Sold out	0.0%
W.W. GraingerGWW	–	–	–	Sold out	0.0%
Walt DisneyDIS	–	–	–	Sold out	0.0%
Henry ScheinHSIC	–	–	–	Sold out	0.0%
McdonaldsMCD	–	–	–	Sold out	0.0%
O'Reilly AutomotiveORLY	–	–	–	Sold out	0.0%
Eastern BanksharesEBC	–	–	–	Sold out	0.0%

Download the Q2 2026 holdings: CSV · JSON · Markdown

How the portfolio has changed

Each bar is one 13F. Select a bar or press play to see that quarter’s 12 largest positions. How this works

Bars are split by share of the US portfolio: the six biggest holdings over the period in colour, everything else in grey. The last eight quarters are shown in full, earlier years at year end.

2013

2015

2017

2019

2021

2023

Q4 ’24

Q2 ’25

Q4 ’25

Q2 ’26

GOOGAIGCMCSAADITELIFFEverything else

2013: Alphabet 2.9%, American International Group 3.0%, Comcast 0.0%, Analog Devices 0.0%, TE Connectivity 0.0%, International Flavors & Fragrances 0.0%; 2014: Alphabet 0.0%, American International Group 3.8%, Comcast 0.0%, Analog Devices 0.0%, TE Connectivity 3.3%, International Flavors & Fragrances 0.0%; 2015: Alphabet 3.4%, American International Group 5.1%, Comcast 0.0%, Analog Devices 0.0%, TE Connectivity 4.2%, International Flavors & Fragrances 0.0%; 2016: Alphabet 3.6%, American International Group 5.9%, Comcast 0.0%, Analog Devices 0.0%, TE Connectivity 3.5%, International Flavors & Fragrances 0.0%; 2017: Alphabet 4.7%, American International Group 4.9%, Comcast 0.0%, Analog Devices 0.0%, TE Connectivity 4.1%, International Flavors & Fragrances 0.0%; 2018: Alphabet 6.7%, American International Group 5.8%, Comcast 4.0%, Analog Devices 3.6%, TE Connectivity 0.0%, International Flavors & Fragrances 0.0%; 2019: Alphabet 8.4%, American International Group 6.6%, Comcast 4.5%, Analog Devices 4.5%, TE Connectivity 0.0%, International Flavors & Fragrances 0.0%; 2020: Alphabet 10.0%, American International Group 5.5%, Comcast 6.7%, Analog Devices 5.0%, TE Connectivity 4.9%, International Flavors & Fragrances 0.0%; 2021: Alphabet 11.5%, American International Group 5.5%, Comcast 6.7%, Analog Devices 5.3%, TE Connectivity 5.6%, International Flavors & Fragrances 0.0%; 2022: Alphabet 9035.0%, American International Group 6482.2%, Comcast 6013.5%, Analog Devices 5939.8%, TE Connectivity 4970.1%, International Flavors & Fragrances 4596.4%; 2023: Alphabet 11.4%, American International Group 0.0%, Comcast 6.9%, Analog Devices 6.4%, TE Connectivity 5.8%, International Flavors & Fragrances 4.8%; Q3 ’24: Alphabet 10.7%, American International Group 0.0%, Comcast 6.3%, Analog Devices 6.7%, TE Connectivity 0.0%, International Flavors & Fragrances 5.8%; Q4 ’24: Alphabet 12.2%, American International Group 0.0%, Comcast 5.8%, Analog Devices 6.4%, TE Connectivity 0.0%, International Flavors & Fragrances 4.9%; Q1 ’25: Alphabet 10.3%, American International Group 0.0%, Comcast 6.5%, Analog Devices 6.8%, TE Connectivity 0.0%, International Flavors & Fragrances 5.0%; Q2 ’25: Alphabet 10.3%, American International Group 0.0%, Comcast 5.7%, Analog Devices 7.1%, TE Connectivity 0.0%, International Flavors & Fragrances 4.3%; Q3 ’25: Alphabet 13.1%, American International Group 0.0%, Comcast 4.9%, Analog Devices 6.8%, TE Connectivity 0.0%, International Flavors & Fragrances 4.2%; Q4 ’25: Alphabet 13.4%, American International Group 0.0%, Comcast 3.3%, Analog Devices 6.7%, TE Connectivity 0.0%, International Flavors & Fragrances 4.7%; Q1 ’26: Alphabet 12.1%, American International Group 0.0%, Comcast 3.5%, Analog Devices 7.7%, TE Connectivity 0.0%, International Flavors & Fragrances 5.5%; Q2 ’26: Alphabet 12.1%, American International Group 0.0%, Comcast 2.6%, Analog Devices 7.8%, TE Connectivity 0.0%, International Flavors & Fragrances 5.3%

Q2 2026

Q4 2013Q2 2026

FPA Crescent Fund

1 year+14.8%

3 yearsa year+14.9%

5 yearsa year+9.5%

Yearly costs0.99%

Total returns after fees for the FPCSX, Supra Institutional Class share class (the cheapest one with a full record). 1, 3 and 5-year figures run to 30 Jun 2026, built from the monthly returns the fund reports in its N-PORT filings and checked against its shareholder reports. Costs are the expense ratio in the half-year report to 30 Jun 2026, about $108 a year on $10,000. Past returns don’t predict future ones.

Full portfolio at 30 Jun 2026, from the fund’s N-PORT filing. Net assets $12bn. Cash, bonds and other assets make up 40.0%. Changes are against 31 Mar 2026: 14 new, 13 added to, 20 trimmed, 7 sold out.

FPA Crescent Fund holdings with change from the previous filing

AlphabetGOOGL	United States	5.0%	Trimmed -9.8%	4.7%
Analog DevicesADI	United States	3.4%	Trimmed -8.9%	3.2%
CitigroupC	United States	2.1%	Trimmed -5.8%	1.9%
International Flavors & FragrancesIFF	United States	2.0%	Unchanged	1.9%
Meta PlatformsMETA	United States	2.0%	Trimmed -1.4%	2.1%
Heineken HoldingHEIO Amsterdam	Netherlands	1.9%	Added +0.5%	1.9%
Azelis GroupAZE Brussels	Belgium	1.7%	Unchanged	1.8%
SafranSAF Paris	France	1.7%	Unchanged	1.5%
TE ConnectivityTEL	Ireland	1.6%	Trimmed -9.3%	1.9%
Amazon.comAMZN	United States	1.6%	Trimmed -5.8%	1.5%
Becton Dickinson & CoBDX	United States	1.5%	Added +5.1%	1.6%
Arthur J Gallagher & CoAJG	United States	1.5%	New	–
Samsung C&T028260 Seoul	South Korea	1.3%	Trimmed -12%	0.9%
Magnum Ice CreamMICC Amsterdam	Netherlands	1.3%	Added +27%	0.9%
GlencoreGLEN London	Switzerland	1.3%	Trimmed -12%	1.7%
AonAON	United Kingdom	1.3%	Trimmed -4.3%	1.4%
ProsusPRX Amsterdam	Netherlands	1.1%	Added +3.9%	1.2%
Eurofins ScientificERF Paris	Luxembourg	1.1%	Added +5.3%	1.0%
Fortune Brands InnovationsFBIN	United States	1.0%	Unchanged	0.8%
Kerry GroupKYGA Dublin	Ireland	0.9%	New	–
NXP SemiconductorsNXPI	Netherlands	0.9%	Trimmed -13%	0.8%
Ferguson Enterprises	United States	0.9%	Trimmed -6.2%	1.0%
Jefferies Financial GroupJEF	United States	0.9%	Unchanged	0.8%
Nippon Paint Holdings4612 Tokyo	Japan	0.9%	Added +14%	0.8%
Liberty Broadband8L8C	United States	0.9%	Added 0.0%	1.4%
Vail ResortsMTN	United States	0.8%	Added +7.0%	0.8%
AmrizeAMRZ Zurich	Switzerland	0.8%	Unchanged	0.9%
ComcastCMCSA	United States	0.8%	Unchanged	1.0%
CarMaxKMX	United States	0.8%	Unchanged	0.7%
Baxter InternationalBAX	United States	0.8%	New	–
SodexoSW Paris	France	0.7%	Added +4.0%	0.6%
Hirose Electric6806 Tokyo	Japan	0.7%	Unchanged	0.5%
LPL Financial HoldingsLPLA	United States	0.6%	Unchanged	0.7%
MerckMRK Xetra	Germany	0.6%	Unchanged	0.5%
Thermo Fisher ScientificTMO	United States	0.6%	Added +12%	0.6%
HolcimHOLN Zurich	Switzerland	0.6%	Unchanged	0.6%
Pernod RicardRI Paris	France	0.6%	Unchanged	0.6%
Nintendo7974 Tokyo	Japan	0.6%	Added +49%	0.6%
NOVNOV	United States	0.6%	Unchanged	0.6%
Bio-Rad LaboratoriesBIO	United States	0.6%	Unchanged	0.6%
FluidraFDR Madrid	Spain	0.6%	New	–
LG003550 Seoul	South Korea	0.6%	Trimmed -20%	0.7%
Cie Financiere RichemontCFR Zurich	Switzerland	0.6%	Trimmed -25%	0.6%
IconICLR	Ireland	0.5%	Trimmed -34%	0.5%
DanaherDHR	United States	0.5%	New	–
WatersWAT	United States	0.5%	Unchanged	0.4%
Mcdermott International	United States	0.5%	Trimmed -4.5%	0.4%
ImcdIMCD Amsterdam	Netherlands	0.5%	Unchanged	0.6%
PayPal HoldingsPYPL	United States	0.5%	New	–
Orion271560 Seoul	South Korea	0.5%	Unchanged	0.5%
Bureau VeritasBVI Paris	France	0.4%	New	–
IntuitINTU	United States	0.4%	New	–
CNH IndustrialCNH	United Kingdom	0.4%	New	–
AvantorAVTR	United States	0.4%	Added 0.0%	0.3%
Grupo MexicoGMEXICOB Mexico City	Mexico	0.4%	Unchanged	0.4%
Uber TechnologiesUBER	United States	0.3%	Unchanged	0.4%
Wells Fargo & CoWFC	United States	0.3%	Trimmed -12%	0.4%
Hoshizaki6465 Tokyo	Japan	0.3%	Added +14%	0.3%
GE HealthCare TechnologiesGEHC	United States	0.3%	New	–
Westinghouse Air Brake TechnolWAB	United States	0.3%	Trimmed -29%	0.3%
NCR VoyixVYX	United States	0.2%	Unchanged	0.2%
SAPSAP Xetra	Germany	0.2%	New	–
BroadcomAVGO	United States	0.1%	Unchanged	0.1%
Delivery HeroDHER Xetra	Germany	0.1%	New	–
PG&EPCG	United States	0.1%	Unchanged	0.1%
Marriott InternationalMAR	United States	0.1%	Trimmed -84%	0.4%
Epic Games, Inc. Private Common Stock /	United States	0.1%	Unchanged	0.1%
ALTABA, Inc. ESCROW SHS ORD REG /	United States	0.0%	Unchanged	0.1%
MCDERMOTT INTERNATIO Ltd. AI CONTRA CUSIP /	Bermuda	0.0%	Trimmed -62%	0.1%
Charles Schwab	United States	0.0%	Trimmed -88%	0.2%
DiageoDGE London	United Kingdom	0.0%	New	–
Shiseido4911 Tokyo	Japan	0.0%	Unchanged	0.0%
Esc Pershing Square Shs /	United States	0.0%	Unchanged	0.0%
Sound Holding Fp Luxemborg Private Eq /	Luxembourg	0.0%	Unchanged	0.0%
Spar Pershing Square Sparc Shs /	United States	0.0%	New	–
		–	Sold out	1.8%
		–	Sold out	0.5%
		–	Sold out	0.2%
		–	Sold out	0.1%
		–	Sold out	0.0%
		–	Sold out	0.0%
		–	Sold out	0.0%

Look-through earnings

First Pacific Advisors (FPA)’s share of the profits of the US companies it holds. How this works

For each holding, the fraction of the company it owns times the company’s net income. Look-through earnings explained.

Look-through earnings, Q2 2026

$279m

Last 12 months, holdings with SEC financials

Price paid for those earnings

26.7×

Value of those holdings ÷ their earnings

Earnings per share growth

-17.0%

Same holdings, against a year earlier

Portfolio covered

92%

Of the 13F value

$98.4m2017

$354m2018

$383m2019

$109m2020

$388m2021

$301m2022

$257m2023

$288m2024

$323m2025

$157m2026*

Q1 Q2 Q3 Q4 · each quarter is that quarter’s profits times the stake reported at its end. *2026 so far: 2 quarters. Click a quarter to see its holdings.

Holdings behind

Look-through earnings by holding, Q2 2026

AlphabetGOOG	0.02%	$244bn	$54.4m	$25.0m	+109.4%
ComcastCMCSA	0.2%	$11bn	$27.2m	$8.6m	-48.9%
Amazon.comAMZN	0.01%	$135bn	$16.9m	$7.8m	+89.8%
Bio-Rad LaboratoriesBIO	1.5%	$222m	$3.3m	$5.6m	-29.3%
Analog DevicesADI	0.3%	$4.1bn	$13.5m	$4.4m	+114.6%
Meta PlatformsMETA	0.03%	$68bn	$18.0m	$4.2m	-4.6%
TE ConnectivityTEL	0.5%	$3.0bn	$16.0m	$4.0m	–
CarmaxKMX	2.1%	$222m	$4.7m	$3.9m	-57.3%
Jefferies Financial GroupJEF	1.2%	$824m	$10.0m	$3.0m	+38.9%
Becton Dickinson & CoBDX	0.8%	$941m	$7.2m	$2.9m	-38.0%
AmrizeAMRZ	0.6%	$1.2bn	$7.1m	$2.7m	–
Paypal HoldingsPYPL	0.2%	$4.9bn	$11.9m	$2.7m	+16.1%
NXP SemiconductorsNXPI	0.3%	$3.0bn	$8.1m	$2.1m	+38.4%
NOVNOV	1.8%	$95.0m	$1.7m	$2.0m	-79.1%
Baxter InternationalBAX	1.5%	−$1.1bn	−$15.6m	$1.9m	–
AonAON	0.3%	$3.9bn	$12.5m	$1.8m	+52.8%
Arthur J Gallagher & CoAJG	0.5%	$1.6bn	$8.2m	$1.7m	-4.8%
LPL Financial HoldingsLPLA	0.4%	$1.0bn	$4.0m	$1.5m	-9.5%
Thermo Fisher ScientificTMO	0.07%	$7.0bn	$4.7m	$1.2m	+8.0%
International Flavors & FragrancesIFF	2.1%	$277m	$5.9m	$1.1m	–
CNH IndustrialCNH	0.6%	$311m	$1.8m	$795k	-61.8%
DanaherDHR	0.08%	$4.0bn	$3.2m	$694k	+19.2%
IconICLR	0.8%	$42.3m	$332k	$569k	-95.0%
AvantorAVTR	1.2%	−$578m	−$7.0m	$461k	-184.7%
IntuitINTU	0.1%	$4.6bn	$5.5m	$437k	+20.6%
WatersWAT	0.00%	$166m	$0k	−$0k	-100.0%
Douglas EmmettDEI	5.2%	−$22.9m	−$1.2m	−$140k	-160.7%
Fortune Brands InnovationsFBIN	3.2%	$149m	$4.8m	−$721k	-61.7%
Vail ResortsMTN	3.7%	$148m	$5.4m	−$7.0m	-48.3%
CitigroupC	0.2%	$14bn	$23.2m	–	+17.5%

Net income is as reported (GAAP), so it includes one-off items and, for some companies, gains or losses on investments they hold. Companies that report under IFRS (most non-US companies) or whose shares we can’t match reliably are left out; “portfolio covered” shows how much is included. Look-through earnings explained. Growth compares earnings per share over the last 12 months with the 12 months a year earlier, for holdings profitable in both.

5% stake filings

Holdings of 5% or more of a company (13D and 13G), usually reported well before the next 13F. How this works

First Pacific Advisors (FPA)’s filings since December 2024, newest first. An amendment showing less than 5% means the holding fell below the threshold. A 13D means the holder may seek to influence the company. How to read a 13D.

Company	Owns	Form	Filed
Douglas Emmett	5.1%	13G	13 May 2026

US holdings by sector

Communication and media19.8%
Technology18.8%
Financials12.3%
Industrials12.0%
Consumer discretionary8.6%
Health care8.1%
Insurance6.9%
Materials5.5%
Other4.8%
Consumer staples0.7%
Utilities0.2%
Energy0.0%
Not classified2.4%

Sectors are grouped from each company’s SEC industry code, as a share of the Q2 2026 13F.

US portfolio value by quarter

$6.4bnQ3 ’23

$6.7bnQ4 ’23

$7.1bnQ1 ’24

$7.4bnQ2 ’24

$7.2bnQ3 ’24

$7.0bnQ4 ’24

$6.2bnQ1 ’25

$7.0bnQ2 ’25

$7.2bnQ3 ’25

$7.6bnQ4 ’25

$7.1bnQ1 ’26

$8.1bnQ2 ’26

From each quarter’s 13F. Changes reflect both trading and share-price moves.