13F filing recap · Q4 2025

What did First Pacific Advisors buy in Q4 2025?

Reported stock-position changes between this filing and the previous one. US-listed stocks across every FPA-managed account, including accounts that belong to no fund below.

Stock value

$7.45B

Positions

Estimated turnover

18.3%

Turnover is a proxy: verified trade-origin share changes valued at period-end and divided by average reported stock value. SEC holdings reports do not disclose execution dates or prices. Corporate actions and unreconciled activity are excluded.

Quarter in review

First Pacific Advisors opened new positions in Amrize, Liberty Broadband, Magnum Ice Cream, and iShares Trust, while exiting Howmet Aerospace and Quanex Building Products. The firm substantially increased its stake in Becton Dickinson and added to Netflix, while trimming Alphabet, Te Connectivity, Comcast, and Charter Communications. It also reduced EchoStar and Laureate Education.

New positions

AMRZAmrize Ltd$184.31Mreported value+3.41M shares LBRDKLiberty Broadband Corporation$129.73Mreported value+2.67M shares MICCMagnum Ice Cream Co N.v.$26.91Mreported value+1.70M shares HYBBiShares Trust$13.5Kreported value+286 shares

Increased positions

BDXBecton Dickinson & Co$378.68Mreported value+1.01M shares+108.4%IFFInternational Flavors & Fragrances Inc$358.92Mreported value+422.2K shares+8.6%AONAon Plc$231.68Mreported value+2.1K shares+0.3%ICLRICON PLC$178.72Mreported value+6.5K shares

Reduced positions

GOOGLAlphabet Inc.$598.28Mreported value-510.9K shares-21.1%ADIAnalog Devices, Inc.$508.46Mreported value-120.3K shares-6.0%METAMeta Platforms, Inc.$463.46Mreported value-8.9K shares-1.2%GOOGAlphabet Inc.$423.50Mreported value-134.1K shares

Exited positions

HWMHowmet Aerospace Inc.$63.97Mprior reported value-326.0K shares-100.0%NXQuanex Building Products Corporation$2.36Mprior reported value-166.2K shares-100.0%