# Steven Romick — First Pacific Advisors

Portfolio USD 7,965,350,000 · 72 positions · 2026 Q2 · history from 2024 Q1.
Source: quarterly 13F filings via dataroma.com. Page: https://gigainvestors.com/FPA

## Positions (2026 Q2)

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

## Moves this quarter (73)

- ADI Analog Devices: -7.23% (USD 634,879,000)
- GOOGL Alphabet Inc.: -16.33% (USD 503,362,000)
- GOOG Alphabet Inc. CL C: +0% (USD 471,061,000)
- IFF International Flavors & Fragrances Inc.: +0.83% (USD 432,152,000)
- C Citigroup Inc.: -4.99% (USD 422,235,000)
- META Meta Platforms Inc.: -0.11% (USD 382,972,000)
- AMZN Amazon.com Inc.: -3.93% (USD 324,282,000)
- BDX Becton Dickinson: +6.58% (USD 319,426,000)
- TEL TE Connectivity plc: -6.04% (USD 312,718,000)
- AJG Arthur J. Gallagher & Co.: +244.68% (USD 306,772,000)
- AON Aon Plc: -3.11% (USD 226,003,000)
- CMCSA Comcast Corp.: +0.98% (USD 213,012,000)
- FBIN Fortune Brands Innovations Inc.: +0.87% (USD 210,007,000)
- NXPI NXP Semiconductors NV: -10.51% (USD 193,379,000)
- FERG Ferguson Enterprises Inc.: -3.69% (USD 186,736,000)
- MTN Vail Resorts Inc.: +10.93% (USD 177,670,000)
- AMRZ Amrize Ltd: +0.98% (USD 169,351,000)
- BAX Baxter International Inc.: +13.69% (USD 162,419,000)
- KMX CarMax Inc.: +0.9% (USD 159,123,000)
- LBRDK-OLD Liberty Broadband Corp. CL C: -0.02% (USD 154,385,000)
- JEF Jefferies Financial Group Inc.: +4.55% (USD 135,159,000)
- TMO Thermo Fisher Scientific: +11.87% (USD 124,460,000)
- NOV Nov Inc.: +1.13% (USD 118,579,000)
- BIO Bio-Rad Laboratories Inc.: -1.35% (USD 117,990,000)
- DHR Danaher Corp.: new (USD 107,579,000)
- ICLR ICON plc: -38.8% (USD 105,359,000)
- DEI Douglas Emmett Inc.: +1.24% (USD 103,179,000)
- WAT Waters Corp.: +0.26% (USD 100,572,000)
- PYPL PayPal Holdings Inc.: +53.65% (USD 92,312,000)
- LPLA LPL Financial Holdings Inc.: +0.19% (USD 90,488,000)
- INTU Intuit Inc.: new (USD 86,643,000)
- SAP SAP SE: new (USD 85,597,000)
- AVTR Avantor Inc.: +1.26% (USD 81,088,000)
- CNH CNH Industrial NV: +48.64% (USD 80,279,000)
- UBER Uber Technologies Inc.: +0.69% (USD 70,467,000)
- VNO Vornado Realty Trust: +0.19% (USD 66,172,000)
- WFC Wells Fargo: -10.06% (USD 64,866,000)
- DELL Dell Technologies Inc.: sold (USD 62,859,328)
- GEHC GE HealthCare Technologies Inc.: new (USD 52,961,000)
- MICC Magnum Ice Cream Co NV: +31.78% (USD 51,738,000)
- WAB WABTEC Corp.: -27.49% (USD 50,967,000)
- KMI Kinder Morgan: sold (USD 44,685,934)
- VYX NCR Voyix Corp.: +0.15% (USD 44,224,000)
- AVGO Broadcom Inc.: +1.12% (USD 23,861,000)
- MRSH Marsh: +11.51% (USD 20,203,000)
- PCG PG&E Corp.: +0.92% (USD 19,725,000)
- VBIL Vanguard 0 3m T Bill ETF: +188.69% (USD 19,698,000)
- MAR Marriott Int'l.: -92.08% (USD 6,836,000)
- GLD SPDR Gold Trust: sold (USD 6,022,049)
- FPAG Fpa Global Equity ETF New: new (USD 5,840,000)
- VT Vanguard Tot World Stk ETF: +25.62% (USD 5,203,000)
- TDW Tidewater Inc.: -7.42% (USD 5,092,000)
- FPAS Fpa Short Duration Govt ETF: new (USD 3,626,000)
- WLFC Willis Lease Finance Corp.: new (USD 2,618,000)
- NATL NCR Atleos Corp.: -54.9% (USD 2,172,000)
- FNV Franco Nevada Corp.: sold (USD 1,632,983)
- PARR Par Pacific Holdings: -27.35% (USD 1,330,000)
- CVX Chevron Corp.: sold (USD 1,271,009)
- SCCO Southern Copper Corp.: +0.99% (USD 1,242,000)
- ROST Ross Stores Inc.: sold (USD 1,116,975)
- TSLA Tesla Inc.: sold (USD 1,115,010)
- EMR Emerson Electric: sold (USD 1,103,975)
- DG Dollar General: sold (USD 1,077,985)
- ORLY O'Reilly Automotive: sold (USD 770,999)
- NVST Envista Holdings Corp.: sold (USD 770,868)
- DIS Walt Disney Co.: sold (USD 759,018)
- HSIC Henry Schein Inc.: sold (USD 730,959)
- GWW W.W. Grainger Inc.: sold (USD 729,999)
- MCD McDonald's Corp.: sold (USD 665,991)
- CPAY Corpay Inc.: sold (USD 624,992)
- SMG Scotts Miracle-Gro Co.: sold (USD 447,011)
- HYBB Ishares Bb Rated Corp Bond: +2524.65% (USD 174,000)
- EBC Eastern Bankshares Inc.: sold (USD 2,000)

## Portfolio value by quarter

- 2024 Q1: USD 6,998,405,550 (51 positions)
- 2024 Q2: USD 7,259,638,079 (52 positions)
- 2024 Q3: USD 7,058,604,173 (56 positions)
- 2024 Q4: USD 6,939,164,175 (55 positions)
- 2025 Q1: USD 6,181,333,809 (55 positions)
- 2025 Q2: USD 6,882,016,587 (60 positions)
- 2025 Q3: USD 7,127,106,569 (59 positions)
- 2025 Q4: USD 7,454,103,566 (61 positions)
- 2026 Q1: USD 6,996,661,853 (83 positions)
- 2026 Q2: USD 7,965,350,000 (72 positions)