First Pacific Advisors, LP
"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.
13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.
We backtested copying it. Buying this fund's new positions the day each filing went public, over 30 quarters, returned -1.4% per quarter versus +2.4% from simply owning every 13F stock — it beat that baseline in only 53.3% of quarters (excess t = -2.63). Copying it would have systematically underperformed the simplest possible strategy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 85 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| ADI | $548M | | TRIM |
| GOOGL | $484M | | TRIM |
| IFF | $392M | | HOLD |
| META | $389M | | TRIM |
| GOOG | $382M | | HOLD |
| C | $360M | | TRIM |
| TEL | $345M | | TRIM |
| BDX | $311M | | HOLD |
| AMZN | $295M | | HOLD |
| CMCSA | $247M | | ADD |
| LBRDK | $234M | | ADD |
| AON | $227M | | ADD |
| FERG | $191M | | TRIM |
| AMRZ | $176M | | TRIM |
| NXPI | $151M | | HOLD |
| MTN | $151M | | ADD |
| FBIN | $148M | | ADD |
| ECHO | $131M | | TRIM |
| KMX | $124M | | HOLD |
| NOV | $119M | | TRIM |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
Method & Limitations
Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.