Classic value
Steven Romick
Q2 2026 13F: 72 holdings worth about $8.0B; that quarter 7 new, 25 added, 16 trimmed, 18 sold out.
13F lists only long positions in US-listed stocks (and some ETFs and convertibles); short positions, cash, bonds, shares listed outside the US and private companies are not shown, so this is not the giant’s whole portfolio.
Why This Giant Is Included
- Rule numbers (Q2 2026): 72 holdings, top 10 = 52%, stocks $8.0B, options 0%; all four rules met
- Source for the value approach: FPA Contrarian Value Strategy | Price-Disciplined Equity Investing (First Pacific Advisors, LP (FPA)): “A flexible, value-oriented strategy focused on absolute returns and downside mitigation.” (checked 2026-10-11)
13F value
$8.0B
previous $7.0B (+13.8%)
Holdings
72
7 new / 18 sold out
Net deploymentest.
+3.0%
est. net buying ÷ last quarter’s portfolio
Top-10 concentration
52%
overlap with the composite 17%
Turnoverest.
7.4%
held 17 quarters on average
I
Trades in Q2 2026
Sorted by position shift: how many percentage points of the portfolio the trade moved.
How to Read This
Share changes are split-adjusted. Est. trade price = (start + end price) ÷ 2; 13F does not show the actual trade date or price.
II
All Holdings (71 Companies)
Share classes of one company are combined; click a heading to re-sort.
How to Read This
Est. average cost: shares bought each quarter × (start + end price) ÷ 2, weighted; trims do not change the cost. Positions held before Q1 1999 (or the giant’s earliest electronic filing) start from that quarter’s price and are marked ‘start point’. vs cost = quarter-end price ÷ est. average cost − 1, excluding dividends.
| Company | Weight (prev.) | Value | This quarter | Quarter-end price | vs cost |
|---|---|---|---|---|---|
| GOOGLAlphabet Inc | 12.2%12.4% | $974.4M | Trimmed −16% | $357.37 | +707% |
| ADIAnalog Devices Inc | 8.0%7.8% | $634.9M | Trimmed −7% | $397.17 | +662% |
| IFFInternational Flavors & Fragrances | 5.4%5.6% | $432.2M | Added +1% | $79.22 | −17% |
| CCitigroup Inc | 5.3%5.1% | $422.2M | Trimmed −5% | $139.96 | +190% |
| METAMeta Platforms, Inc | 4.8%5.6% | $383.0M | Held | $563.29 | +213% |
| AMZNAmazon.com Inc | 4.1%4.2% | $324.3M | Trimmed −4% | $238.34 | +52% |
| BDXBecton Dickinson and Co | 4.0%4.4% | $319.4M | Added +7% | $151.33 | −17% |
| TELTE Connectivity plc | 3.9%4.9% | $312.7M | Trimmed −6% | $201.61 | +209% |
| AJGArthur J. Gallagher & Co | 3.9%1.2% | $306.8M | Added +245% | $229.57 | +1% |
| AONAon plc | 2.8%3.2% | $226.0M | Trimmed −3% | $331.69 | +65% |
| CMCSAComcast Corp | 2.7%3.5% | $213.0M | Added +1% | $24.55 | −34% |
| FBINFortune Brands Innovations, Inc | 2.6%2.1% | $210.0M | Added +1% | $54.90 | −2% |
| NXPINXP Semiconductors NV | 2.4%2.2% | $193.4M | Trimmed −11% | $281.03 | +131% |
| FERGFerguson Enterprises Inc. | 2.3%2.7% | $186.7M | Trimmed −4% | $237.33 | +22% |
| MTNVail Resorts Inc | 2.2%2.2% | $177.7M | Added +11% | $136.15 | −20% |
| AMRZAmrize Ltd | 2.1%2.5% | $169.4M | Added +1% | $53.30 | +4% |
| BAXBaxter International Inc | 2.0%1.6% | $162.4M | Added +14% | $21.32 | +18% |
| KMXCarMax Inc | 2.0%1.8% | $159.1M | Added +1% | $52.89 | −31% |
| LBRDKLiberty Broadband | 1.9%3.3% | $154.4M | Held | $33.26 | −38% |
| JEFJefferies Financial Group Inc | 1.7%1.5% | $135.2M | Added +5% | $49.98 | +112% |
| TMOThermo Fisher Scientific Inc | 1.6%1.6% | $124.5M | Added +12% | $501.36 | +10% |
| NOVNOV Inc | 1.5%1.7% | $118.6M | Added +1% | $18.55 | +29% |
| BIOBio-Rad Laboratories | 1.5%1.6% | $118.0M | Trimmed −1% | $293.61 | −2% |
| DHRDanaher Corp | 1.4%— | $107.6M | New | $190.48 | +0% |
| ICLRIcon PLC | 1.3%1.6% | $105.4M | Trimmed −39% | $173.71 | −5% |
| DEIDouglas Emmett Inc | 1.3%1.2% | $103.2M | Added +1% | $11.80 | −3% |
| WATWaters Corp | 1.3%1.1% | $100.6M | Held | $375.04 | +11% |
| PYPLPayPal Holdings, Inc | 1.2%0.9% | $92.3M | Added +54% | $43.18 | −12% |
| LPLALPL Financial Holdings Inc | 1.1%1.4% | $90.5M | Held | $281.68 | +547% |
| INTUIntuit Inc | 1.1%— | $86.6M | New | $261.00 | −25% |
| SAPSAP SE | 1.1%— | $85.6M | New | $154.11 | −5% |
| AVTRAvantor, Inc | 1.0%0.9% | $81.1M | Added +1% | $9.90 | −12% |
| CNHCNH Industrial NV | 1.0%0.8% | $80.3M | Added +49% | $11.23 | +8% |
| UBERUber Technologies, Inc | 0.9%1.0% | $70.5M | Added +1% | $72.16 | +69% |
| VNOVornado Realty Trust | 0.8%0.6% | $66.2M | Held | $39.30 | +78% |
| WFCWells Fargo & Co | 0.8%1.0% | $64.9M | Trimmed −10% | $82.64 | +75% |
| GEHCGE HealthCare Technologies Inc | 0.7%— | $53.0M | New | $64.01 | −5% |
| MICCMagnum Ice Cream Co N.V | 0.6%0.5% | $51.7M | Added +32% | $17.41 | +10% |
| WABWabtec Corp | 0.6%0.9% | $51.0M | Trimmed −27% | $269.60 | +295% |
| VYXNCR Voyix Corp | 0.6%0.5% | $44.2M | Held | $8.17 | −51% |
| AVGOBroadcom Inc | 0.3%0.3% | $23.9M | Added +1% | $377.75 | +1230% |
| MRSHMarsh & McLennan Cos | 0.3%0.3% | $20.2M | Added +12% | $166.67 | −7% |
| PCGPG&E Corp | 0.2%0.3% | $19.7M | Added +1% | $16.82 | −38% |
| VBILVanguard 0-3M T-Bill ETF | 0.2%0.1% | $19.7M | Added +189% | $75.68 | +0% |
| RUSHBRush Enterprises Inc \TX\ | 0.1%0.1% | $9.4M | Held | $72.99 | +197% |
| STGWStagwell Inc | 0.1%0.1% | $8.9M | Held | $7.43 | +11% |
| MARMarriott International Inc | 0.1%1.1% | $6.8M | Trimmed −92% | $370.59 | +264% |
| FPAGFPA Global Equity ETF New | 0.1%— | $5.8M | New | $40.14 | 0% |
| EQPTEquipmentShare.com Inc | 0.1%0.1% | $5.6M | Held | $19.66 | −3% |
| MRVIMaravai LifeSciences | 0.1%0.0% | $5.5M | Held | $6.24 | +164% |
| VTVanguard Tot World STK ETF | 0.1%0.1% | $5.2M | Added +26% | $156.95 | +28% |
| TDWTidewater Inc | 0.1%0.1% | $5.1M | Trimmed −7% | $66.63 | +219% |
| ECHOEchostar Corp | 0.1%0.1% | $4.8M | Held | $101.50 | +346% |
| ALGTAllegiant Travel CO | 0.1%0.0% | $4.0M | Held | $117.60 | +28% |
| FPASFPA Short Duration Govt ETF | 0.0%— | $3.6M | New | $24.70 | 0% |
| PDLBPonce Financial Group, Inc | 0.0%0.0% | $3.6M | Held | $19.94 | +119% |
| RSVRReservoir Media, Inc | 0.0%0.0% | $3.1M | Held | $9.89 | +29% |
| PBFSPioneer Bancorp, Inc. | 0.0%0.0% | $2.9M | Held | $17.07 | +73% |
| OECOrion S.A | 0.0%0.0% | $2.8M | Held | $6.63 | −62% |
| WLFCWillis Lease Finance Corp | 0.0%— | $2.6M | New | $228.80 | 0% |
| NATLNCR Atleos Corp | 0.0%0.1% | $2.2M | Trimmed −55% | $43.41 | +85% |
| PARRPar Pacific Holdings Inc | 0.0%0.0% | $1.3M | Trimmed −27% | $56.08 | +288% |
| ASLEAerSale Corp | 0.0%0.0% | $1.3M | Held | $6.32 | +5% |
| SCCOSouthern Copper Corp | 0.0%0.0% | $1.2M | Added +1% | $174.26 | +1% |
| NFLXNetflix Inc | 0.0%0.0% | $1.2M | Held | $71.40 | +48% |
| CSLCarlisle Cos Inc | 0.0%0.0% | $955K | Held | $362.75 | +11% |
| UPWKUpwork Inc | 0.0%0.0% | $477K | Held | $8.36 | −46% |
| BIDUBaidu, Inc | 0.0%0.0% | $391K | Held | $114.29 | −6% |
| UNITUniti Group Inc | 0.0%0.0% | $289K | Held | $11.47 | +87% |
| HYBBiShares BB Rated Corp Bond | 0.0%0.0% | $174K | Added +2525% | $46.77 | +0% |
| DEODiageo PLC | 0.0%0.0% | $80 | Held | $80.38 | +0% |
III
Portfolio Map: Size Is Weight, Colour Is Gain or Loss against Cost
How to Read This
Each block is a company (up to 60); area = portfolio weight. The darker the colour, the further the quarter-end price is above (or below) the estimated cost: light 5–25%, medium 25–100%, darkest over 100%; grey is within 5%.
above costbelow costwithin 5%
IV
Over Time
From Q4 2006, 79 quarters (this giant’s electronic 13F filings).
13F Value
Holdings
Top-10 Concentration
Turnover (Est.)
Sector Mix
Information technologyFinancialsCommunication & mediaConsumer discretionaryIndustrialsHealth careEnergyOther (incl. unclassified)
V
Quarter by Quarter, with the Original Filings
* = not counted in that quarter’s totals. Links open the original SEC filing; 13F-HR/A is an amendment.
Show 79 Quarters
| Quarter | Holdings | 13F value | SEC |
|---|---|---|---|
| Q2 2026 | 72 | $8.0B | 13F-HR |
| Q1 2026 | 83 | $7.0B | 13F-HR |
| Q4 2025 | 61 | $7.5B | 13F-HR |
| Q3 2025 | 59 | $7.1B | 13F-HR |
| Q2 2025 | 60 | $6.9B | 13F-HR |
| Q1 2025 | 55 | $6.2B | 13F-HR |
| Q4 2024 | 55 | $6.9B | 13F-HR |
| Q3 2024 | 57 | $7.1B | 13F-HR |
| Q2 2024 | 70 | $7.3B | 13F-HR |
| Q1 2024 | 72 | $7.0B | 13F-HR |
| Q4 2023 | 77 | $6.5B | 13F-HR |
| Q3 2023 | 83 | $6.3B | 13F-HR |
| Q2 2023 | 130 | $6.7B | 13F-HR |
| Q1 2023 | 139 | $6.3B | 13F-HR |
| Q4 2022 * | 162 | $6.4B | 13F-HR |
| Q3 2022 * | 184 | $6.2B | 13F-HR |
| Q2 2022 * | 184 | $6.7B | 13F-HR |
| Q1 2022 * | 194 | $7.8B | 13F-HR |
| Q4 2021 * | 197 | $8.1B | 13F-HR |
| Q3 2021 * | 209 | $7.7B | 13F-HR |
| Q2 2021 | 187 | $8.0B | 13F-HR |
| Q1 2021 | 123 | $7.4B | 13F-HR |
| Q4 2020 | 163 | $7.8B | 13F-HR |
| Q3 2020 | 141 | $7.0B | 13F-HR |
| Q2 2020 | 139 | $7.2B | 13F-HR |
| Q1 2020 | 125 | $6.9B | 13F-HR |
| Q4 2019 | 125 | $10.3B | 13F-HR |
| Q3 2019 | 131 | $10.4B | 13F-HR |
| Q2 2019 | 119 | $11.4B | 13F-HR |
| Q1 2019 | 129 | $11.4B | 13F-HR 13F-HR/A |
| Q4 2018 | 130 | $10.5B | 13F-HR |
| Q3 2018 * | 134 | $13.8B | 13F-HR |
| Q2 2018 | 128 | $13.9B | 13F-HR |
| Q1 2018 | 122 | $13.1B | 13F-HR |
| Q4 2017 | 133 | $13.4B | 13F-HR |
| Q3 2017 | 102 | $13.0B | 13F-HR |
| Q2 2017 | 104 | $13.2B | 13F-HR |
| Q1 2017 | 107 | $12.4B | 13F-HR |
| Q4 2016 | 105 | $12.5B | 13F-HR |
| Q3 2016 | 102 | $12.0B | 13F-HR |
| Q2 2016 | 97 | $11.8B | 13F-HR |
| Q1 2016 | 97 | $11.0B | 13F-HR |
| Q4 2015 | 104 | $11.2B | 13F-HR |
| Q3 2015 | 135 | $11.5B | 13F-HR |
| Q2 2015 | 119 | $12.2B | 13F-HR |
| Q1 2015 | 121 | $12.0B | 13F-HR |
| Q4 2014 | 122 | $12.5B | 13F-HR |
| Q3 2014 | 127 | $12.0B | 13F-HR |
| Q2 2014 | 132 | $12.3B | 13F-HR |
| Q1 2014 | 138 | $11.4B | 13F-HR |
| Q4 2013 | 132 | $10.6B | 13F-HR |
| Q3 2013 * | 124 | $9.7B | 13F-HR |
| Q2 2013 * | 121 | $9.4B | 13F-HR |
| Q1 2013 * | 120 | $9.2B | 13F-HR |
| Q4 2012 * | 115 | $8.3B | 13F-HR |
| Q3 2012 * | 122 | $8.2B | 13F-HR |
| Q2 2012 * | 130 | $8.0B | 13F-HR |
| Q1 2012 * | 133 | $7.9B | 13F-HR |
| Q4 2011 * | 124 | $7.3B | 13F-HR |
| Q3 2011 * | 119 | $6.2B | 13F-HR |
| Q2 2011 * | 111 | $6.9B | 13F-HR |
| Q1 2011 * | 104 | $6.7B | 13F-HR |
| Q4 2010 * | 104 | $5.9B | 13F-HR |
| Q3 2010 * | 105 | $5.0B | 13F-HR |
| Q2 2010 * | 105 | $4.0B | 13F-HR |
| Q1 2010 * | 88 | $4.3B | 13F-HR |
| Q4 2009 * | 102 | $4.1B | 13F-HR |
| Q3 2009 * | 84 | $3.7B | 13F-HR |
| Q2 2009 * | 84 | $3.1B | 13F-HR |
| Q1 2009 * | 100 | $2.4B | 13F-HR |
| Q4 2008 | 110 | $2.7B | 13F-HR |
| Q3 2008 | 101 | $3.6B | 13F-HR |
| Q2 2008 * | 114 | $4.3B | 13F-HR |
| Q1 2008 * | 100 | $4.2B | 13F-HR |
| Q4 2007 * | 102 | $4.4B | 13F-HR |
| Q3 2007 * | 102 | $4.7B | 13F-HR |
| Q2 2007 * | 104 | $5.3B | 13F-HR |
| Q1 2007 * | 120 | $5.1B | 13F-HR |
| Q4 2006 * | 106 | $5.0B | 13F-HR |
VI
Large Positions Sold Out
Positions that once made up 2% or more of the portfolio and were later sold out (latest 40): holding period and what became of the company, without profit or loss.
How to Read This
Sold out means the holding no longer appears on the 13F: it may have been sold, or the company was acquired or delisted. Company status is checked only for companies the giants together once held $100M or more of, from the company’s own SEC filings (for example 8-K item 1.03 = bankruptcy filing); a dash means not checked.
| Company | Held | Peak weight | Company since |
|---|---|---|---|
| KMIKinder Morgan Inc | Q1 2018 – Q2 2026 | 3% | — |
| DELLDell Technologies Inc | Q3 2019 – Q2 2026 | 3% | — |
| CHTRCharter Communications, Inc /mo | Q2 2018 – Q1 2026 | 5% | — |
| HWMHowmet Aerospace Inc | Q2 2020 – Q4 2025 | 3% | Still filing with the SEC |
| —Ferguson Jersey Ltd | Q2 2022 – Q3 2024 | 3% | — |
| FEFirstenergy Corp | Q4 2020 – Q3 2024 | 3% | Bankruptcy filing; the company kept filing Apr 5, 2018 |
| AIGAmerican International Group, Inc | Q2 2011 – Q1 2024 | 7% | Still filing with the SEC |
| MSFTMicrosoft Corp | Q3 2010 – Q3 2023 | 7% | — |
| TMOThermo Fisher Scientific Inc | Q3 2010 – Q3 2023 | 4% | — |
| ATVIActivision Blizzard Inc | Q2 2018 – Q3 2023 | 3% | Acquired or delisted Oct 23, 2023 |
| UNVRUnivar Solutions LLC | Q1 2019 – Q1 2023 | 2% | Acquired or delisted Aug 11, 2023 |
| OTEXOpen Text Corp | Q4 2020 – Q3 2022 | 2% | — |
| BKNGBooking Holdings Inc | Q1 2018 – Q4 2021 | 4% | — |
| BIDUBaidu, Inc | Q1 2016 – Q3 2021 | 4% | — |
| BABAAlibaba Group Holding Ltd | Q2 2018 – Q3 2021 | 3% | — |
| BACBank of America Corp | Q2 2011 – Q1 2021 | 5% | — |
| ARWArrow Electronics Inc | Q4 2006 – Q1 2021 | 5% | — |
| CITGQCit Group Inc | Q4 2009 – Q1 2021 | 5% | Acquired or delisted Jan 14, 2022 |
| ORCLOracle Corp | Q1 2012 – Q4 2020 | 9% | — |
| WDCWestern Digital Corp | Q4 2006 – Q4 2020 | 4% | Still filing with the SEC |
| —Howmet Aerospace Inc | Q3 2016 – Q2 2020 | 7% | Still filing with the SEC |
| —Aon PLC | Q1 2012 – Q2 2020 | 7% | Still filing with the SEC |
| —RTX Corp | Q4 2014 – Q2 2020 | 6% | Still filing with the SEC |
| CSCOCisco Systems Inc | Q1 2011 – Q2 2020 | 5% | — |
| AXPAmerican Express Co | Q3 2015 – Q2 2020 | 3% | — |
| JDJD.com, Inc | Q4 2017 – Q2 2020 | 3% | — |
| ALLYAlly Financial Inc | Q1 2016 – Q1 2020 | 3% | — |
| MHKMohawk Industries Inc | Q3 2018 – Q1 2020 | 2% | — |
| AVTAvnet Inc | Q4 2006 – Q4 2019 | 7% | — |
| AABAAltaba Inc | Q2 2017 – Q4 2019 | 5% | Acquired or delisted Oct 7, 2019 |
| MYLMylan NV | Q4 2016 – Q4 2019 | 3% | Acquired or delisted Nov 27, 2020 |
| —Owens-Illinois Inc | Q4 2010 – Q4 2019 | 2% | Still filing with the SEC |
| RDCRowan Companies PLC | Q4 2006 – Q1 2019 | 6% | Acquired or delisted Apr 22, 2019 |
| ESLEsterline Technologies Corp | Q3 2015 – Q1 2019 | 3% | Acquired or delisted Mar 25, 2019 |
| EXPEExpedia Group, Inc | Q4 2017 – Q1 2019 | 2% | — |
| NXEONexeo Solutions Inc | Q2 2016 – Q1 2019 | 2% | Acquired or delisted Mar 12, 2019 |
| CVSCVS Health Corp | Q1 2010 – Q3 2018 | 5% | — |
| —Jefferies Financial Group Inc | Q1 2015 – Q2 2018 | 4% | Still filing with the SEC |
| OXYOccidental Petroleum Corp | Q1 2010 – Q2 2018 | 4% | — |
| FLFoot Locker Inc | Q4 2006 – Q1 2018 | 4% | Acquired or delisted Sep 18, 2025 |