# First Pacific Advisors (FPA) portfolio: Q2 2026 13F holdings

Steven Romick and Mark Landecker’s First Pacific Advisors (FPA): $8.1bn in 70 US holdings at Q2 2026, with buys and sells.

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%.

13F for the quarter ending 2026-06-30, filed 2026-08-14 ([filing](https://www.sec.gov/Archives/edgar/data/1377581/000137758126000007/0001377581-26-000007-index.htm)). $8.1bn in US-listed holdings.

## 13F holdings

| Company | Value | Portfolio | Change | Q1 2026 |
| --- | --- | --- | --- | --- |
| Alphabet (GOOG) | $974m | 12.1% | Trimmed -9.1% | 12.1% |
| Analog Devices (ADI) | $635m | 7.8% | Trimmed -7.2% | 7.7% |
| International Flavors & Fragrances (IFF) | $432m | 5.3% | Added +0.8% | 5.5% |
| Citigroup (C) | $422m | 5.2% | Trimmed -5.0% | 5.0% |
| Meta Platforms (META) | $383m | 4.7% | Trimmed -0.1% | 5.5% |
| Amazon.com (AMZN) | $324m | 4.0% | Trimmed -3.9% | 4.1% |
| Becton Dickinson & Co (BDX) | $319m | 4.0% | Added +6.6% | 4.4% |
| TE Connectivity (TEL) | $313m | 3.9% | Trimmed -6.0% | 4.8% |
| Arthur J Gallagher & Co (AJG) | $307m | 3.8% | Added +245% | 1.2% |
| Aon (AON) | $226m | 2.8% | Trimmed -3.1% | 3.2% |
| Comcast (CMCSA) | $213m | 2.6% | Added +1.0% | 3.5% |
| Fortune Brands Innovations (FBIN) | $210m | 2.6% | Added +0.9% | 2.1% |
| NXP Semiconductors (NXPI) | $193m | 2.4% | Trimmed -10% | 2.1% |
| Ferguson Enterprises (FERG) | $187m | 2.3% | Trimmed -3.7% | 2.7% |
| Vail Resorts (MTN) | $178m | 2.2% | Added +11% | 2.1% |
| Amrize (AMRZ) | $169m | 2.1% | Added +1.0% | 2.5% |
| Baxter International (BAX) | $162m | 2.0% | Added +14% | 1.6% |
| Carmax (KMX) | $159m | 2.0% | Added +0.9% | 1.7% |
| Liberty Broadband (8L8C) | $154m | 1.9% | Trimmed 0.0% | 3.3% |
| Jefferies Financial Group (JEF) | $135m | 1.7% | Added +4.6% | 1.5% |
| Thermo Fisher Scientific (TMO) | $124m | 1.5% | Added +12% | 1.5% |
| NOV (NOV) | $119m | 1.5% | Added +1.1% | 1.7% |
| Bio-Rad Laboratories (BIO) | $118m | 1.5% | Trimmed -1.3% | 1.6% |
| Danaher (DHR) | $108m | 1.3% | New | – |
| Icon (ICLR) | $105m | 1.3% | Trimmed -39% | 1.5% |
| Douglas Emmett (DEI) | $103m | 1.3% | Added +1.2% | 1.1% |
| Waters (WAT) | $101m | 1.2% | Added +0.3% | 1.1% |
| Paypal Holdings (PYPL) | $92.3m | 1.1% | Added +54% | 0.9% |
| LPL Financial Holdings (LPLA) | $90.5m | 1.1% | Added +0.2% | 1.4% |
| Intuit (INTU) | $86.6m | 1.1% | New | – |
| SAP (SAP) | $85.6m | 1.1% | New | – |
| Avantor (AVTR) | $81.1m | 1.0% | Added +1.3% | 0.9% |
| CNH Industrial (CNH) | $80.3m | 1.0% | Added +49% | 0.7% |
| Uber Technologies (UBER) | $70.5m | 0.9% | Added +0.7% | 1.0% |
| Vornado Realty Trust (VNO) | $66.2m | 0.8% | Added +0.2% | 0.6% |
| Wells Fargo & Company (WFC) | $64.9m | 0.8% | Trimmed -10% | 1.0% |
| GE HealthCare Technologies (GEHC) | $53.0m | 0.7% | New | – |
| Magnum ICE Cream (MICC) | $51.7m | 0.6% | Added +32% | 0.5% |
| Wabtec (WAB) | $51.0m | 0.6% | Trimmed -27% | 0.9% |
| NCR Voyix (VYX) | $44.2m | 0.6% | Added +0.1% | 0.5% |
| Broadcom (AVGO) | $23.9m | 0.3% | Added +1.1% | 0.3% |
| Marsh & Mclennan Companies (MRSH) | $20.2m | 0.3% | Added +12% | 0.3% |
| Pg&E (PCG) | $19.7m | 0.2% | Added +0.9% | 0.3% |
| Vanguard Instl Index Fd (VBIL) | $19.7m | 0.2% | Added +189% | 0.1% |
| Investment Managers Ser Tr (FPAG) | $9.5m | 0.1% | New | – |
| Rush Enterprises (RUSHA) | $9.4m | 0.1% | Unchanged | 0.1% |
| Stagwell (STGW) | $8.9m | 0.1% | Unchanged | 0.1% |
| Marriott International (MAR) | $6.8m | 0.1% | Trimmed -92% | 1.1% |
| EquipmentShare.com (EQPT) | $5.6m | 0.1% | Unchanged | 0.1% |
| Maravai Lifesciences Holdings (MRVI) | $5.5m | 0.1% | Unchanged | 0.0% |
| Vanguard International Equity Index F (VT) | $5.2m | 0.1% | Added +26% | 0.1% |
| Tidewater (TDW) | $5.1m | 0.1% | Trimmed -7.4% | 0.1% |
| EchoStar (ECHO) | $4.8m | 0.1% | Unchanged | 0.1% |
| Allegiant Travel (ALGT) | $4.0m | 0.1% | Unchanged | 0.0% |
| Ponce Financial Group (PDLB) | $3.6m | 0.0% | Unchanged | 0.0% |
| Reservoir Media (RSVR) | $3.1m | 0.0% | Unchanged | 0.0% |
| Pioneer Bancorp (PBFS) | $2.9m | 0.0% | Unchanged | 0.0% |
| Orion (OEC) | $2.8m | 0.0% | Unchanged | 0.0% |
| Willis Lease Finance (WLFC) | $2.6m | 0.0% | New | – |
| NCR Atleos (NATL) | $2.2m | 0.0% | Trimmed -55% | 0.1% |
| Par Pacific Holdings (PARR) | $1.3m | 0.0% | Trimmed -27% | 0.0% |
| Aersale (ASLE) | $1.3m | 0.0% | Unchanged | 0.0% |
| Southern Copper (SCCO) | $1.2m | 0.0% | Added +1.0% | 0.0% |
| Netflix (NFLX) | $1.2m | 0.0% | Unchanged | 0.0% |
| Carlisle Companies (CSL) | $955k | 0.0% | Unchanged | 0.0% |
| Upwork (UPWK) | $477k | 0.0% | Unchanged | 0.0% |
| Baidu (BIDU) | $391k | 0.0% | Unchanged | 0.0% |
| Uniti Group (UNIT) | $289k | 0.0% | Unchanged | 0.0% |
| Ishares Tr (USHY) | $174k | 0.0% | Added +2525% | 0.0% |
| Diageo (DEO) | $0k | 0.0% | Unchanged | 0.0% |
| Dell Technologies (DELL) | – | – | Sold out | 0.9% |
| Kinder Morgan (KMI) | – | – | Sold out | 0.6% |
| Spdr Gold Trust (GLD) | – | – | Sold out | 0.1% |
| Franco Nevada (FNV) | – | – | Sold out | 0.0% |
| Emerson Electric (EMR) | – | – | Sold out | 0.0% |
| Tesla (TSLA) | – | – | Sold out | 0.0% |
| Dollar General (DG) | – | – | Sold out | 0.0% |
| Chevron (CVX) | – | – | Sold out | 0.0% |
| Ross Stores (ROST) | – | – | Sold out | 0.0% |
| Corpay (CPAY) | – | – | Sold out | 0.0% |
| Envista Holdings (NVST) | – | – | Sold out | 0.0% |
| McDonald’s (MCD) | – | – | Sold out | 0.0% |
| Henry Schein (HSIC) | – | – | Sold out | 0.0% |
| Scotts Miracle-Gro (SMG) | – | – | Sold out | 0.0% |
| W.W. Grainger (GWW) | – | – | Sold out | 0.0% |
| Walt Disney (DIS) | – | – | Sold out | 0.0% |
| O'Reilly Automotive (ORLY) | – | – | Sold out | 0.0% |
| Eastern Bankshares (EBC) | – | – | Sold out | 0.0% |

## FPA Crescent Fund (as at 2026-06-30)

| Company | Country | Fund weight | Change |
| --- | --- | --- | --- |
| Alphabet (GOOGL) | US | 5.0% | Trimmed -9.8% |
| Analog Devices (ADI) | US | 3.4% | Trimmed -8.9% |
| Citigroup (C) | US | 2.1% | Trimmed -5.8% |
| International Flavors & Fragrances (IFF) | US | 2.0% | Unchanged |
| Meta Platforms (META) | US | 2.0% | Trimmed -1.4% |
| Heineken Holding (HEIO) | NL | 1.9% | Added +0.5% |
| Azelis Group (AZE) | BE | 1.7% | Unchanged |
| Safran (SAF) | FR | 1.7% | Unchanged |
| TE Connectivity (TEL) | IE | 1.6% | Trimmed -9.3% |
| Amazon.com (AMZN) | US | 1.6% | Trimmed -5.8% |
| Becton Dickinson & Co (BDX) | US | 1.5% | Added +5.1% |
| Arthur J Gallagher & Co (AJG) | US | 1.5% | New |
| Samsung C&T (028260) | KR | 1.3% | Trimmed -12% |
| Magnum Ice Cream (MICC) | NL | 1.3% | Added +27% |
| Glencore (GLEN) | CH | 1.3% | Trimmed -12% |
| Aon (AON) | GB | 1.3% | Trimmed -4.3% |
| Prosus (PRX) | NL | 1.1% | Added +3.9% |
| Eurofins Scientific (ERF) | LU | 1.1% | Added +5.3% |
| Fortune Brands Innovations (FBIN) | US | 1.0% | Unchanged |
| Kerry Group (KYGA) | IE | 0.9% | New |
| NXP Semiconductors (NXPI) | NL | 0.9% | Trimmed -13% |
| Ferguson Enterprises | US | 0.9% | Trimmed -6.2% |
| Jefferies Financial Group (JEF) | US | 0.9% | Unchanged |
| Nippon Paint Holdings (4612) | JP | 0.9% | Added +14% |
| Liberty Broadband (8L8C) | US | 0.9% | Added 0.0% |
| Vail Resorts (MTN) | US | 0.8% | Added +7.0% |
| Amrize (AMRZ) | CH | 0.8% | Unchanged |
| Comcast (CMCSA) | US | 0.8% | Unchanged |
| CarMax (KMX) | US | 0.8% | Unchanged |
| Baxter International (BAX) | US | 0.8% | New |
| Sodexo (SW) | FR | 0.7% | Added +4.0% |
| Hirose Electric (6806) | JP | 0.7% | Unchanged |
| LPL Financial Holdings (LPLA) | US | 0.6% | Unchanged |
| Merck (MRK) | DE | 0.6% | Unchanged |
| Thermo Fisher Scientific (TMO) | US | 0.6% | Added +12% |
| Holcim (HOLN) | CH | 0.6% | Unchanged |
| Pernod Ricard (RI) | FR | 0.6% | Unchanged |
| Nintendo (7974) | JP | 0.6% | Added +49% |
| NOV (NOV) | US | 0.6% | Unchanged |
| Bio-Rad Laboratories (BIO) | US | 0.6% | Unchanged |
| Fluidra (FDR) | ES | 0.6% | New |
| LG (003550) | KR | 0.6% | Trimmed -20% |
| Cie Financiere Richemont (CFR) | CH | 0.6% | Trimmed -25% |
| Icon (ICLR) | IE | 0.5% | Trimmed -34% |
| Danaher (DHR) | US | 0.5% | New |
| Waters (WAT) | US | 0.5% | Unchanged |
| Mcdermott International | US | 0.5% | Trimmed -4.5% |
| Imcd (IMCD) | NL | 0.5% | Unchanged |
| PayPal Holdings (PYPL) | US | 0.5% | New |
| Orion (271560) | KR | 0.5% | Unchanged |
| Bureau Veritas (BVI) | FR | 0.4% | New |
| Intuit (INTU) | US | 0.4% | New |
| CNH Industrial (CNH) | GB | 0.4% | New |
| Avantor (AVTR) | US | 0.4% | Added 0.0% |
| Grupo Mexico (GMEXICOB) | MX | 0.4% | Unchanged |
| Uber Technologies (UBER) | US | 0.3% | Unchanged |
| Wells Fargo & Co (WFC) | US | 0.3% | Trimmed -12% |
| Hoshizaki (6465) | JP | 0.3% | Added +14% |
| GE HealthCare Technologies (GEHC) | US | 0.3% | New |
| Westinghouse Air Brake Technol (WAB) | US | 0.3% | Trimmed -29% |
| NCR Voyix (VYX) | US | 0.2% | Unchanged |
| SAP (SAP) | DE | 0.2% | New |
| Broadcom (AVGO) | US | 0.1% | Unchanged |
| Delivery Hero (DHER) | DE | 0.1% | New |
| PG&E (PCG) | US | 0.1% | Unchanged |
| Marriott International (MAR) | US | 0.1% | Trimmed -84% |
| Epic Games, Inc. Private Common Stock / | US | 0.1% | Unchanged |
| ALTABA, Inc. ESCROW SHS ORD REG / | US | 0.0% | Unchanged |
| MCDERMOTT INTERNATIO Ltd. AI CONTRA CUSIP / | BM | 0.0% | Trimmed -62% |
| Charles Schwab | US | 0.0% | Trimmed -88% |
| Diageo (DGE) | GB | 0.0% | New |
| Shiseido (4911) | JP | 0.0% | Unchanged |
| Esc Pershing Square Shs / | US | 0.0% | Unchanged |
| Sound Holding Fp Luxemborg Private Eq / | LU | 0.0% | Unchanged |
| Spar Pershing Square Sparc Shs / | US | 0.0% | New |
| null |  | – | Sold out |
| null |  | – | Sold out |
| null |  | – | Sold out |
| null |  | – | Sold out |
| null |  | – | Sold out |
| null |  | – | Sold out |
| null |  | – | Sold out |

Source: SEC filings, via moatshark (https://www.moatshark.com/m/first-pacific-advisors-fpa). Values traded and returns are estimates. Not investment advice. Built 2026-10-21.