Yahoo Finance First Pacific Advisors Exits American International Group in Q1 2024
Insight into First Pacific Advisors (Trades, Portfolio)' Latest 13F Filings and Strategic Portfolio Adjustments
First Pacific Advisors (Trades, Portfolio), a Los Angeles-based investment management firm known for its value investing philosophy, recently disclosed its 13F filings for the first quarter of 2024. The firm, led by CFO J. Richard Atwood, manages several funds including the FPA Capital Fund (Trades, Portfolio) and the FPA Crescent Fund, focusing on small- and mid-cap stocks through a research-intensive, value-oriented process. This quarter's filing reveals significant portfolio adjustments, including new buys, increased stakes, complete exits, and reduced positions in various stocks.
Summary of New Buys
First Pacific Advisors (Trades, Portfolio) expanded its portfolio by adding four new stocks. Notable new acquisitions include:
Pioneer Bancorp Inc (NASDAQ:PBFS) with 52,628 shares, representing 0.01% of the portfolio and valued at $516,280.
PowerUp Acquisition Corp (NASDAQ:PWUP) with 56,966 shares, also accounting for 0.01% of the portfolio, with a total value of $628,340.
Brand Engagement Network Inc (NASDAQ:BNAIW) with 208,766 shares, valued at $25,070.
Key Position Increases
The firm also significantly increased its stakes in several companies:
Bio-Rad Laboratories Inc (NYSE:BIO) saw an addition of 99,873 shares, bringing the total to 104,739 shares. This represents a 2,052.47% increase in share count and a 0.5% impact on the current portfolio, valued at $36,226,080.
NCR Atleos Corp (NYSE:NATL) with an additional 845,742 shares, bringing the total to 2,410,140. This adjustment represents a 54.06% increase in share count, valued at $47,600,270.
Summary of Sold Out Positions
First Pacific Advisors (Trades, Portfolio) completely exited several holdings, including:
American International Group Inc (NYSE:AIG), where all 955,168 shares were sold, impacting the portfolio by -0.99%.
LGI Homes Inc (NASDAQ:LGIH), with all 29,441 shares liquidated, causing a -0.06% impact on the portfolio.
Key Position Reductions
The firm reduced its positions in several key stocks:
Dell Technologies Inc (NYSE:DELL) was reduced by 465,199 shares, resulting in a -51.84% decrease in shares and a -0.54% impact on the portfolio. The stock traded at an average price of $93.3 during the quarter and has returned 43.56% over the past three months and 62.71% year-to-date.
Meta Platforms Inc (NASDAQ:META) saw a reduction of 61,039 shares, a -5.61% decrease, impacting the portfolio by -0.33%. The stock's average trading price was $446.07 during the quarter, with a -7.03% return over the past three months and a 24.76% year-to-date return.
Portfolio Overview
As of the first quarter of 2024, First Pacific Advisors (Trades, Portfolio)' portfolio included 72 stocks. The top holdings were 7.12% in Meta Platforms Inc (NASDAQ:META), 6.91% in Alphabet Inc (NASDAQ:GOOGL), 6.56% in Comcast Corp (NASDAQ:CMCSA), 6.06% in Citigroup Inc (NYSE:C), and 6.05% in Analog Devices Inc (NASDAQ:ADI). The holdings are mainly concentrated across 11 industries, including Communication Services, Technology, and Financial Services.
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.
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