First Pacific Advisors, LP — Quarter-over-Quarter 13F Allocation Shifts Q1 2026
In Q1 2026, First Pacific Advisors, LP initiated 27 new positions, increased allocation to 10 existing positions, trimmed 10 positions, and exited 5 positions entirely. The fund's 13F equity book declined from $7.59B to $7.13B (-6.0% QoQ) . All deltas are sourced from sequential SEC Form 13F-HR filings; share-count changes reflect explicit trading activity, while weight changes can also include price movement. This page lists every position change reported — the portfolio overview shows a summary of the top shifts.
Net Portfolio Value Change
- $7.59BPrior quarter
- $7.13BCurrent quarter
- $-0.46BNet delta
- -6.0%% change
New Position Initiations Q1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
Largest Allocation Increases Q1 2026
Largest portfolio-weight increases in existing positions. Share-count delta is shown separately so price-only re-weighting can be distinguished from active adds.
| Company | Ticker | Δ Weight | Δ Shares | History |
|---|---|---|---|---|
| AVANTOR INC | AVTR | +0.29% | +103.82% | Holders → |
| LIBERTY BROADBAND CORP | LBRDK | +1.56% | +73.92% | Holders → |
| VANGUARD TOT WORLD STK ETF | VT | +0.01% | +33.67% | Holders → |
| MAGNUM ICE CREAM CO NV | MICC | +0.12% | +32.84% | Holders → |
| DOUGLAS EMMETT INC | DEI | +0.20% | +32.29% | Holders → |
| VAIL RESORTS INC | MTN | +0.21% | +8.15% | Holders → |
| FORTUNE BRANDS INNOVATIONS I | FBIN | +-0.25% | +7.60% | Holders → |
| NCR VOYIX CORPORATION | VYX | +-0.20% | +7.28% | Holders → |
| AON PLC | AON | +0.13% | +7.12% | Holders → |
| COMCAST CORP NEW | CMCSA | +0.15% | +2.29% | History → |
Largest Allocation Reductions Q1 2026
Largest portfolio-weight decreases in existing positions (positions kept open at a lower allocation).
| Company | Ticker | Δ Weight | Δ Shares | History |
|---|---|---|---|---|
| EASTERN BANKSHARES INC | EBC | -0.02% | -99.90% | Holders → |
| NCR ATLEOS CORPORATION | NATL | -0.96% | -94.56% | Holders → |
| ECHOSTAR CORP | SATS | -0.26% | -80.30% | Holders → |
| KINDER MORGAN, INC. | KMI | -0.85% | -67.31% | Holders → |
| ISHARES TR | HYBB | -0.00% | -50.35% | Holders → |
| WABTEC | WAB | -0.34% | -41.35% | Holders → |
| MARRIOTT INTL INC NEW | MAR | -0.53% | -40.30% | Holders → |
| BROADCOM INC | AVGO | -0.12% | -27.46% | Holders → |
| PAR PAC HOLDINGS INC | PARR | 0.01% | -25.31% | Holders → |
| NOV INC | NOV | 0.00% | -21.91% | Holders → |
Exited Positions Q1 2026
Positions present in the prior 13F-HR filing that no longer appear in Q1 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| CHARTER COMMUNICATIONS INC | CHTR | 1.27% |
| GULFPORT ENERGY CORP | GPOR | 0.35% |
| ISHARES TR | SGOV | 0.05% |
| LAUREATE EDUCATION, INC. | LAUR | 0.05% |
| DARLING INGREDIENTS INC | DAR | 0.02% |
Methodology & FAQ
How First Pacific Advisors, LP Quarterly Changes Are Computed
Each row above is computed by joining the most recent 13F-HR filing for First Pacific Advisors, LP against the immediately preceding quarterly filing for the same fund. Portfolio weights are normalized to exclude listed options for comparability. A complete description of the methodology — including how confidential treatment filings are handled and why share count rather than weight is the cleaner trading signal — is documented in the Methodology.
Which positions did First Pacific Advisors, LP initiate in Q1 2026?
First Pacific Advisors, LP established 27 new positions in Q1 2026: BAXTER INTL INC (BAX, 1.58%), ARTHUR J. GALLAGHER (AJG, 1.18%), WATERS CORP (WAT, 1.12%), PAYPAL HLDGS INC (PYPL, 0.88%), CNH INDUSTRIAL NV (CNH, 0.74%), MARSH & MCLENNAN COS INC (MRSH, 0.26%), VANGUARD 0-3M T-BILL ETF (VBIL) (VBIL, 0.10%), SPDR GOLD TR (GLD, 0.08%), EQUIPMENTSHARE COM INC (EQPT, 0.08%), FRANCO NEV CORP (FNV, 0.02%), CHEVRON CORP (CVX, 0.02%), SOUTHERN COPPER CORP (SCCO, 0.02%), ROSS STORES INC (ROST, 0.02%), TESLA (TSLA, 0.02%), EMERSON ELECTRIC CO (EMR, 0.02%), DOLLAR GEN CORP (DG, 0.02%), CARLISLE COS INC (CSL, 0.01%), O'REILLY AUTOMOTIVE (ORLY, 0.01%), ENVISTA HOLDINGS CORPORATION (NVST, 0.01%), DISNEY WALT CO (DIS, 0.01%), HENRY SCHEIN INC (HSIC, 0.01%), WW GRAINGER INC (GWW, 0.01%), MCDONALDS CORP (MCD, 0.01%), CORPAY INC (CPAY, 0.01%), SCOTTS MIRACLE-GRO CO (SMG, 0.01%), BAIDU INC (BIDU, 0.01%), DIAGEO PLC (DEO, 0.00%).
Which existing positions saw the largest allocation increases for First Pacific Advisors, LP in Q1 2026?
The largest portfolio-weight increases in existing positions were: AVANTOR INC (AVTR, +0.29% weight, +103.82% shares), LIBERTY BROADBAND CORP (LBRDK, +1.56% weight, +73.92% shares), VANGUARD TOT WORLD STK ETF (VT, +0.01% weight, +33.67% shares), MAGNUM ICE CREAM CO NV (MICC, +0.12% weight, +32.84% shares), DOUGLAS EMMETT INC (DEI, +0.20% weight, +32.29% shares), VAIL RESORTS INC (MTN, +0.21% weight, +8.15% shares), FORTUNE BRANDS INNOVATIONS I (FBIN, +-0.25% weight, +7.60% shares), NCR VOYIX CORPORATION (VYX, +-0.20% weight, +7.28% shares), AON PLC (AON, +0.13% weight, +7.12% shares), COMCAST CORP NEW (CMCSA, +0.15% weight, +2.29% shares).
Which positions did First Pacific Advisors, LP fully exit in Q1 2026?
First Pacific Advisors, LP fully exited 5 positions in Q1 2026: CHARTER COMMUNICATIONS INC (CHTR, last-reported weight 1.27%), GULFPORT ENERGY CORP (GPOR, last-reported weight 0.35%), ISHARES TR (SGOV, last-reported weight 0.05%), LAUREATE EDUCATION, INC. (LAUR, last-reported weight 0.05%), DARLING INGREDIENTS INC (DAR, last-reported weight 0.02%).
Which existing positions saw the largest allocation reductions for First Pacific Advisors, LP in Q1 2026?
The largest portfolio-weight reductions in positions kept open were: EASTERN BANKSHARES INC (EBC, -0.02% weight, -99.90% shares), NCR ATLEOS CORPORATION (NATL, -0.96% weight, -94.56% shares), ECHOSTAR CORP (SATS, -0.26% weight, -80.30% shares), KINDER MORGAN, INC. (KMI, -0.85% weight, -67.31% shares), ISHARES TR (HYBB, -0.00% weight, -50.35% shares), WABTEC (WAB, -0.34% weight, -41.35% shares), MARRIOTT INTL INC NEW (MAR, -0.53% weight, -40.30% shares), BROADCOM INC (AVGO, -0.12% weight, -27.46% shares), PAR PAC HOLDINGS INC (PARR, 0.01% weight, -25.31% shares), NOV INC (NOV, 0.00% weight, -21.91% shares).
Do quarter-over-quarter 13F allocation changes constitute explicit trading signals?
No. Quarter-over-quarter changes reflect a combination of active trading and market price movement. A weight increase can result from price appreciation alone, without the manager adding shares. Share-count delta is the cleaner indicator of explicit trading activity.