First Pacific Advisors, LP

EL SEGUNDO, CA · CIK 1377581 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2006 · limited partnership

Assets managed$32.0bn
Staff73 · 21 in investment roles
Main clients (by assets)Mutual funds and ETFs 82%, Private funds 15%, Pension plans 2%
Private funds13 (12 hedge) · $1.5bn gross assets
Websitefpag.fpa.com
Form ADV · 2026-07-20SEC adviser record

Legal entityFIRST PACIFIC ADVISORS, LP (US)

$8.1bn reported value +13.3% vs Q1 2026

74positions

50.8%in top 10

7 new 30 added 18 reduced 18 sold out vs Q1 2026

Options: 0 call positions (— notional), 1 put positions ($4.8m notional) – listed below, not included above.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	ANALOG DEVICES INC COM ADI	ADI	1,598,506	$634.9m7.85%	7.85%	Reduced -124.6k	-124,629 -7.2%
2	ALPHABET INC CAP STK CL A GOOGL	GOOGL	1,408,518	$503.4m6.23%	6.23%	Reduced -275.0k	-274,975 -16.3%
3	ALPHABET INC CAP STK CL C GOOG	GOOG	1,333,205	$471.1m5.83%	5.83%	Added +48	+48 0.0%
4	INTERNATIONAL FLAVORS&FRAGRA COM IFF	IFF	5,455,081	$432.2m5.35%	5.35%	Added +45.2k	+45,156 0.8%
5	CITIGROUP INC COM NEW C	C	3,016,828	$422.2m5.22%	5.22%	Reduced -158.4k	-158,384 -5.0%
6	META PLATFORMS INC CL A META	META	679,884	$383.0m4.74%	4.74%	Reduced -729	-729 -0.1%
7	AMAZON COM INC COM AMZN	AMZN	1,360,585	$324.3m4.01%	4.01%	Reduced -55.6k	-55,634 -3.9%
8	BECTON DICKINSON & CO COM BDX	BDX	2,110,794	$319.4m3.95%	3.95%	Added +130.4k	+130,354 6.6%
9	TE CONNECTIVITY PLC ORD SHS TEL	TEL	1,551,105	$312.7m3.87%	3.87%	Reduced -99.8k	-99,752 -6.0%
10	GALLAGHER ARTHUR J & CO COM AJG	AJG	1,336,290	$306.8m3.79%	3.79%	Added +948.6k	+948,603 244.7%
11	AON PLC SHS CL A AON	AON	681,367	$226.0m2.80%	2.80%	Reduced -21.9k	-21,891 -3.1%
12	COMCAST CORP NEW CL A CMCSA	CMCSA	8,676,664	$213.0m2.63%	2.63%	Added +84.1k	+84,101 1.0%
13	FORTUNE BRANDS INNOVATIONS I COM FBIN	FBIN	3,825,269	$210.0m2.60%	2.60%	Added +33.0k	+33,039 0.9%
14	NXP SEMICONDUCTORS N V COM NXPI	NXPI	688,107	$193.4m2.39%	2.39%	Reduced -80.8k	-80,808 -10.5%
15	FERGUSON ENTERPRISES INC COMMON STOCK NEW FERG	FERG	786,822	$186.7m2.31%	2.31%	Reduced -30.2k	-30,171 -3.7%
16	VAIL RESORTS INC COM MTN	MTN	1,304,959	$177.7m2.20%	2.20%	Added +128.6k	+128,609 10.9%
17	AMRIZE LTD SHS AMRZ	AMRZ	3,177,325	$169.4m2.09%	2.09%	Added +30.9k	+30,942 1.0%
18	BAXTER INTL INC COM BAX	BAX	7,618,145	$162.4m2.01%	2.01%	Added +917.2k	+917,220 13.7%
19	CARMAX INC COM KMX	KMX	3,008,564	$159.1m1.97%	1.97%	Added +26.9k	+26,855 0.9%
20	LIBERTY BROADBAND CORP COM SER C LBRDK	LBRDK	4,641,753	$154.4m1.91%	1.91%	Reduced -857	-857 -0.0%
21	JEFFERIES FINL GROUP INC COM JEF	JEF	2,704,265	$135.2m1.67%	1.67%	Added +117.8k	+117,764 4.5%
22	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	248,244	$124.5m1.54%	1.54%	Added +26.3k	+26,348 11.9%
23	NOV INC COM NOV	NOV	6,392,388	$118.6m1.47%	1.47%	Added +71.6k	+71,630 1.1%
24	BIO RAD LABS INC CL A BIO	BIO	401,861	$118.0m1.46%	1.46%	Reduced -5.5k	-5,497 -1.4%
25	ECHOSTAR CORP NOTE 3.875%11/3 · principal ECHO 3.875 11.30.30 · principal	ECHO 3.875 11.30.30	36,570,974	$114.2m1.41%	1.41%	Unchanged
26	DANAHER CORPORATION COM DHR	DHR	564,781	$107.6m1.33%	1.33%	New
27	ICON PLC SHS ICLR	ICLR	606,523	$105.4m1.30%	1.30%	Reduced -384.6k	-384,552 -38.8%
28	DOUGLAS EMMETT INC COM DEI	DEI	8,743,999	$103.2m1.28%	1.28%	Added +107.0k	+107,029 1.2%
29	WATERS CORP COM WAT	WAT	268,164	$100.6m1.24%	1.24%	Added +692	+692 0.3%
30	PAYPAL HLDGS INC COM PYPL	PYPL	2,137,851	$92.3m1.14%	1.14%	Added +746.4k	+746,442 53.6%
31	LPL FINL HLDGS INC COM LPLA	LPLA	321,244	$90.5m1.12%	1.12%	Added +620	+620 0.2%
32	INTUIT COM INTU	INTU	331,964	$86.6m1.07%	1.07%	New
33	SAP SE SPON ADR SAP	SAP	555,426	$85.6m1.06%	1.06%	New
34	AVANTOR INC COM AVTR	AVTR	8,190,740	$81.1m1.00%	1.00%	Added +101.7k	+101,717 1.3%
35	CNH INDL N V SHS CNH	CNH	7,148,586	$80.3m0.99%	0.99%	Added +2.3m	+2,339,331 48.6%
36	UBER TECHNOLOGIES INC COM UBER	UBER	976,544	$70.5m0.87%	0.87%	Added +6.7k	+6,727 0.7%
37	VORNADO RLTY TR SH BEN INT VNO	VNO	1,683,761	$66.2m0.82%	0.82%	Added +3.2k	+3,160 0.2%
38	WELLS FARGO CO NEW COM WFC	WFC	784,923	$64.9m0.80%	0.80%	Reduced -87.8k	-87,807 -10.1%
39	GE HEALTHCARE TECHNOLOGIES I COMMON STOCK GEHC	GEHC	827,379	$53.0m0.66%	0.66%	New
40	MAGNUM ICE CREAM CO NV ORD SHS MICC	MICC	2,971,716	$51.7m0.64%	0.64%	Added +716.6k	+716,606 31.8%
41	WABTEC COM WAB	WAB	189,045	$51.0m0.63%	0.63%	Reduced -71.7k	-71,687 -27.5%
42	NCR VOYIX CORPORATION COM VYX	VYX	5,413,012	$44.2m0.55%	0.55%	Added +7.9k	+7,930 0.1%
43	BROADCOM INC COM AVGO	AVGO	63,167	$23.9m0.30%	0.30%	Added +702	+702 1.1%
44	MARSH & MCLENNAN COS INC COM MRSH	MRSH	121,213	$20.2m0.25%	0.25%	Added +12.5k	+12,516 11.5%
45	PG&E CORP COM PCG	PCG	1,172,695	$19.7m0.24%	0.24%	Added +10.6k	+10,633 0.9%
46	VANGUARD INSTL INDEX FD 0-3 MO TREAS BIL VBIL	VBIL	260,280	$19.7m0.24%	0.24%	Added +170.1k	+170,121 188.7%
47	RUSH ENTERPRISES INC CL A RUSHA	RUSHA	129,094	$9.4m0.12%	0.12%	Unchanged
48	STAGWELL INC COM CL A STGW	STGW	1,191,918	$8.9m0.11%	0.11%	Unchanged
49	MARRIOTT INTL INC NEW CL A MAR	MAR	18,445	$6.8m0.08%	0.08%	Reduced -214.3k	-214,309 -92.1%
50	INVESTMENT MANAGERS SER TR I FPA GBL EQTY ETF FPAG	FPAG	145,470	$5.8m0.07%	0.07%	New
51	EQUIPMENTSHARE COM INC COM CL A EQPT	EQPT	285,714	$5.6m0.07%	0.07%	Unchanged
52	MARAVAI LIFESCIENCES HLDGS I COM CL A MRVI	MRVI	884,883	$5.5m0.07%	0.07%	Unchanged
53	VANGUARD INTL EQUITY INDEX F TT WRLD ST ETF VT	VT	33,151	$5.2m0.06%	0.06%	Added +6.8k	+6,761 25.6%
54	TIDEWATER INC NEW COM TDW	TDW	76,423	$5.1m0.06%	0.06%	Reduced -6.1k	-6,126 -7.4%
55	WAYFAIR INC NOTE 1.000% 8/1 · principal W 1 08.15.26 · principal	W 1 08.15.26	4,934,000	$4.9m0.06%	0.06%	Unchanged
56	ECHOSTAR CORP CL A ECHO	ECHO	47,066	$4.8m0.06%	0.06%	Unchanged
57	ALLEGIANT TRAVEL CO COM ALGT	ALGT	34,186	$4.0m0.05%	0.05%	Unchanged
58	INVESTMENT MANAGERS SER TR I FPA SHT DURA GOV FPAS	FPAS	146,775	$3.6m0.04%	0.04%	New
59	PONCE FINANCIAL GROUP INC COMMON STOCK PDLB	PDLB	181,562	$3.6m0.04%	0.04%	Unchanged
60	RESERVOIR MEDIA INC COM RSVR	RSVR	308,747	$3.1m0.04%	0.04%	Unchanged
61	PIONEER BANCORP INC MD COM PBFS	PBFS	166,974	$2.9m0.04%	0.04%	Unchanged
62	ORION S.A. COM OEC	OEC	417,388	$2.8m0.03%	0.03%	Unchanged
63	WILLIS LEASE FIN CORP COM WLFC	WLFC	11,443	$2.6m0.03%	0.03%	New
64	NCR ATLEOS CORPORATION COM SHS NATL	NATL	50,033	$2.2m0.03%	0.03%	Reduced -60.9k	-60,900 -54.9%
65	PAR PAC HOLDINGS INC COM NEW PARR	PARR	23,720	$1.3m0.02%	0.02%	Reduced -8.9k	-8,931 -27.4%
66	AERSALE CORPORATION COM ASLE	ASLE	208,726	$1.3m0.02%	0.02%	Unchanged
67	SOUTHERN COPPER CORP COM SCCO	SCCO	7,126	$1.2m0.02%	0.02%	Added +70	+70 1.0%
68	NETFLIX INC COM NFLX	NFLX	16,400	$1.2m0.01%	0.01%	Unchanged
69	CARLISLE COS INC COM CSL	CSL	2,632	$954.8k0.01%	0.01%	Unchanged
70	UPWORK INC COM UPWK	UPWK	57,081	$477.2k0.01%	0.01%	Unchanged
71	BAIDU INC SPON ADR REP A BIDU	BIDU	3,421	$391.0k0.00%	0.00%	Unchanged
72	UNITI GROUP LLC COM SHS UNIT	UNIT	25,235	$289.4k0.00%	0.00%	Unchanged
73	ISHARES TR BB RAT CORP BD HYBB	HYBB	3,727	$174.3k0.00%	0.00%	Added +3.6k	+3,585 2524.7%
74	DIAGEO PLC SPON ADR NEW DEO	DEO	1	$800.00%	0.00%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
DELL TECHNOLOGIES INC DELL	DELL	382,985	$62.9m383.0k shares
KINDER MORGAN INC DEL KMI	KMI	1,332,715	$44.7m1.3m shares
SPDR GOLD TR GLD	GLD	13,995	$6.0m14.0k shares
FRANCO NEV CORP FNV	FNV	6,611	$1.6m6.6k shares
CHEVRON CORP NEW CVX	CVX	6,144	$1.3m6.1k shares
ROSS STORES INC ROST	ROST	5,154	$1.1m5.2k shares
TESLA INC TSLA	TSLA	3,000	$1.1m3.0k shares
EMERSON ELEC CO EMR	EMR	8,426	$1.1m8.4k shares
DOLLAR GEN CORP NEW DG	DG	9,077	$1.1m9.1k shares
OREILLY AUTOMOTIVE INC ORLY	ORLY	8,355	$771.2k8.4k shares
ENVISTA HOLDINGS CORPORATION NVST	NVST	30,397	$771.2k30.4k shares
DISNEY WALT CO DIS	DIS	7,872	$758.7k7.9k shares
HENRY SCHEIN INC HSIC	HSIC	9,914	$730.7k9.9k shares
GRAINGER W W INC GWW	GWW	669	$729.8k669 shares
MCDONALDS CORP MCD	MCD	2,142	$665.7k2.1k shares
CORPAY INC CPAY	CPAY	2,147	$624.8k2.1k shares
SCOTTS MIRACLE-GRO CO SMG	SMG	7,357	$447.4k7.4k shares
EASTERN BANKSHARES INC EBC	EBC	83	$1.6k83 shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
ECHOSTAR CORP ECHO · Put	ECHO	Put	47,000	$4.8m47.0k shares	Unchanged

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
DOUGLAS EMMETT INC DEI · 13G · filed 2026-05-13	DEI	5.1%≈ $101.6m	new	13G	2026-05-13