Steven Romick, First Pacific Advisors

Portfolio USD 7,965,350,000 across 72 positions as of 2026 Q2; history from 2024 Q1. Source: quarterly 13F filings via dataroma.com.

Positions, 2026 Q2

• ADI Analog Devices: 8.0% of portfolio, USD 634,879,000, reduce -7.23%
• GOOGL Alphabet Inc.: 6.3% of portfolio, USD 503,362,000, reduce -16.33%
• GOOG Alphabet Inc. CL C: 5.9% of portfolio, USD 471,061,000, add 0%
• IFF International Flavors & Fragrances Inc.: 5.4% of portfolio, USD 432,152,000, add +0.83%
• C Citigroup Inc.: 5.3% of portfolio, USD 422,235,000, reduce -4.99%
• META Meta Platforms Inc.: 4.8% of portfolio, USD 382,972,000, reduce -0.11%
• AMZN Amazon.com Inc.: 4.1% of portfolio, USD 324,282,000, reduce -3.93%
• BDX Becton Dickinson: 4.0% of portfolio, USD 319,426,000, add +6.58%
• TEL TE Connectivity plc: 3.9% of portfolio, USD 312,718,000, reduce -6.04%
• AJG Arthur J. Gallagher & Co.: 3.9% of portfolio, USD 306,772,000, add +244.68%
• AON Aon Plc: 2.8% of portfolio, USD 226,003,000, reduce -3.11%
• CMCSA Comcast Corp.: 2.7% of portfolio, USD 213,012,000, add +0.98%
• FBIN Fortune Brands Innovations Inc.: 2.6% of portfolio, USD 210,007,000, add +0.87%
• NXPI NXP Semiconductors NV: 2.4% of portfolio, USD 193,379,000, reduce -10.51%
• FERG Ferguson Enterprises Inc.: 2.3% of portfolio, USD 186,736,000, reduce -3.69%
• MTN Vail Resorts Inc.: 2.2% of portfolio, USD 177,670,000, add +10.93%
• AMRZ Amrize Ltd: 2.1% of portfolio, USD 169,351,000, add +0.98%
• BAX Baxter International Inc.: 2.0% of portfolio, USD 162,419,000, add +13.69%
• KMX CarMax Inc.: 2.0% of portfolio, USD 159,123,000, add +0.9%
• LBRDK-OLD Liberty Broadband Corp. CL C: 1.9% of portfolio, USD 154,385,000, reduce -0.02%
• JEF Jefferies Financial Group Inc.: 1.7% of portfolio, USD 135,159,000, add +4.55%
• TMO Thermo Fisher Scientific: 1.6% of portfolio, USD 124,460,000, add +11.87%
• NOV Nov Inc.: 1.5% of portfolio, USD 118,579,000, add +1.13%
• BIO Bio-Rad Laboratories Inc.: 1.5% of portfolio, USD 117,990,000, reduce -1.35%
• DHR Danaher Corp.: 1.4% of portfolio, USD 107,579,000, new
• ICLR ICON plc: 1.3% of portfolio, USD 105,359,000, reduce -38.8%
• DEI Douglas Emmett Inc.: 1.3% of portfolio, USD 103,179,000, add +1.24%
• WAT Waters Corp.: 1.3% of portfolio, USD 100,572,000, add +0.26%
• PYPL PayPal Holdings Inc.: 1.2% of portfolio, USD 92,312,000, add +53.65%
• LPLA LPL Financial Holdings Inc.: 1.1% of portfolio, USD 90,488,000, add +0.19%
• INTU Intuit Inc.: 1.1% of portfolio, USD 86,643,000, new
• SAP SAP SE: 1.1% of portfolio, USD 85,597,000, new
• AVTR Avantor Inc.: 1.0% of portfolio, USD 81,088,000, add +1.26%
• CNH CNH Industrial NV: 1.0% of portfolio, USD 80,279,000, add +48.64%
• UBER Uber Technologies Inc.: 0.9% of portfolio, USD 70,467,000, add +0.69%
• VNO Vornado Realty Trust: 0.8% of portfolio, USD 66,172,000, add +0.19%
• WFC Wells Fargo: 0.8% of portfolio, USD 64,866,000, reduce -10.06%
• GEHC GE HealthCare Technologies Inc.: 0.7% of portfolio, USD 52,961,000, new
• MICC Magnum Ice Cream Co NV: 0.7% of portfolio, USD 51,738,000, add +31.78%
• WAB WABTEC Corp.: 0.6% of portfolio, USD 50,967,000, reduce -27.49%
• VYX NCR Voyix Corp.: 0.6% of portfolio, USD 44,224,000, add +0.15%
• AVGO Broadcom Inc.: 0.3% of portfolio, USD 23,861,000, add +1.12%
• MRSH Marsh: 0.3% of portfolio, USD 20,203,000, add +11.51%
• PCG PG&E Corp.: 0.3% of portfolio, USD 19,725,000, add +0.92%
• VBIL Vanguard 0 3m T Bill ETF: 0.3% of portfolio, USD 19,698,000, add +188.69%
• RUSHA Rush Enterprises Inc.: 0.1% of portfolio, USD 9,422,000, hold
• STGW Stagwell Inc.: 0.1% of portfolio, USD 8,856,000, hold
• MAR Marriott Int'l.: 0.1% of portfolio, USD 6,836,000, reduce -92.08%
• FPAG Fpa Global Equity ETF New: 0.1% of portfolio, USD 5,840,000, new
• EQPT Equipmentshare.com Inc A: 0.1% of portfolio, USD 5,617,000, hold
• MRVI Maravai LifeSciences Holdings Inc.: 0.1% of portfolio, USD 5,522,000, hold
• VT Vanguard Tot World Stk ETF: 0.1% of portfolio, USD 5,203,000, add +25.62%
• TDW Tidewater Inc.: 0.1% of portfolio, USD 5,092,000, reduce -7.42%
• ECHO EchoStar Corp.: 0.1% of portfolio, USD 4,777,000, hold
• ALGT Allegiant Travel Company: 0.1% of portfolio, USD 4,020,000, hold
• FPAS Fpa Short Duration Govt ETF: 0.1% of portfolio, USD 3,626,000, new
• PDLB Ponce Financial Group Inc.: 0.1% of portfolio, USD 3,620,000, hold
• RSVR Reservoir Media Inc.: <0.1% of portfolio, USD 3,054,000, hold
• PBFS Pioneer Bancorp Inc.: <0.1% of portfolio, USD 2,850,000, hold
• OEC Orion SA: <0.1% of portfolio, USD 2,767,000, hold
• WLFC Willis Lease Finance Corp.: <0.1% of portfolio, USD 2,618,000, new
• NATL NCR Atleos Corp.: <0.1% of portfolio, USD 2,172,000, reduce -54.9%
• PARR Par Pacific Holdings: <0.1% of portfolio, USD 1,330,000, reduce -27.35%
• ASLE Aersale Corp: <0.1% of portfolio, USD 1,319,000, hold
• SCCO Southern Copper Corp.: <0.1% of portfolio, USD 1,242,000, add +0.99%
• NFLX Netflix Inc.: <0.1% of portfolio, USD 1,171,000, hold
• CSL Carlisle Companies: <0.1% of portfolio, USD 955,000, hold
• UPWK Upwork Inc.: <0.1% of portfolio, USD 477,000, hold
• BIDU Baidu Inc.: 0.0% of portfolio, USD 391,000, hold
• UNIT Uniti Group Inc.: 0.0% of portfolio, USD 289,000, hold
• HYBB Ishares Bb Rated Corp Bond: 0.0% of portfolio, USD 174,000, add +2524.65%
• DEO Diageo ADR: 0.0% of portfolio, USD 0, hold

Portfolio value, all published quarters

• 2024 Q1: USD 6,998,405,550
• 2024 Q2: USD 7,259,638,079
• 2024 Q3: USD 7,058,604,173
• 2024 Q4: USD 6,939,164,175
• 2025 Q1: USD 6,181,333,809
• 2025 Q2: USD 6,882,016,587
• 2025 Q3: USD 7,127,106,569
• 2025 Q4: USD 7,454,103,566
• 2026 Q1: USD 6,996,661,853
• 2026 Q2: USD 7,965,350,000