First Pacific Advisors' Strategic Moves: Baxter International Inc. Takes Center Stage

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Exploring the Latest 13F Filing and Investment Strategies

First Pacific Advisors (Trades, Portfolio) recently submitted the 13F filing for the first quarter of 2026, providing insights into its investment moves during this period. First Pacific Advisors (Trades, Portfolio) is a Los Angeles-based investment management firm with an emphasis on value investing. It manages the FPA Capital Fund (Trades, Portfolio), the FPA Crescent Fund, the FPA New Income Fund, the FPA Paramount Fund, the FPA Perennial Fund, and Source Capital, Inc. J. Richard Atwood serves as the firms Chief Financial Officer. The firm follows a value-oriented, research-intensive process. It runs concentrated funds to focus on the best ideas of the portfolio managers, with an emphasis on intellectual independence that does not seek validation from the broader investment community. The funds have a focus on small- and mid-cap stocks.

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Summary of New Buy

First Pacific Advisors (Trades, Portfolio) added a total of 27 stocks, among them:

The most significant addition was Baxter International Inc (NYSE:BAX), with 6,700,925 shares, accounting for 1.61% of the portfolio and a total value of $112.58 million. The second largest addition to the portfolio was Arthur J. Gallagher & Co (NYSE:AJG), consisting of 387,687 shares, representing approximately 1.2% of the portfolio, with a total value of $83.97 million. The third largest addition was Waters Corp (NYSE:WAT), with 267,472 shares, accounting for 1.14% of the portfolio and a total value of $79.65 million.

Key Position Increases

First Pacific Advisors (Trades, Portfolio) also increased stakes in a total of 22 stocks, among them:

The most notable increase was Liberty Broadband Corp (NASDAQ:LBRDK), with an additional 1,973,262 shares, bringing the total to 4,642,610 shares. This adjustment represents a significant 73.92% increase in share count, a 1.42% impact on the current portfolio, with a total value of $233.52 million. The second largest increase was Avantor Inc (NYSE:AVTR), with an additional 4,120,403 shares, bringing the total to 8,089,023. This adjustment represents a significant 103.82% increase in share count, with a total value of $63.42 million.

Summary of Sold Out

First Pacific Advisors (Trades, Portfolio) completely exited 5 of the holdings in the first quarter of 2026, as detailed below:

Charter Communications Inc (NASDAQ:CHTR): First Pacific Advisors (Trades, Portfolio) sold all 461,525 shares, resulting in a -1.29% impact on the portfolio. Gulfport Energy Corp (NYSE:GPOR): First Pacific Advisors (Trades, Portfolio) liquidated all 127,434 shares, causing a -0.36% impact on the portfolio.

Story Continues

Key Position Reduces

First Pacific Advisors (Trades, Portfolio) also reduced positions in 23 stocks. The most significant changes include:

Reduced Kinder Morgan Inc (NYSE:KMI) by 2,743,789 shares, resulting in a -67.31% decrease in shares and a -1.01% impact on the portfolio. The stock traded at an average price of $31.25 during the quarter and has returned 2.45% over the past 3 months and 21.62% year-to-date. Reduced NCR Atleos Corp (NYSE:NATL) by 1,929,767 shares, resulting in a -94.56% reduction in shares and a -0.98% impact on the portfolio. The stock traded at an average price of $41.33 during the quarter and has returned 5.87% over the past 3 months and 17.34% year-to-date.

Portfolio Overview

At the first quarter of 2026, First Pacific Advisors (Trades, Portfolio)' portfolio included 84 stocks. The top holdings included 7.83% in Analog Devices Inc (NASDAQ:ADI), 6.91% in Alphabet Inc (NASDAQ:GOOGL), 5.6% in International Flavors & Fragrances Inc (NYSE:IFF), 5.56% in Meta Platforms Inc (NASDAQ:META), and 5.46% in Alphabet Inc (NASDAQ:GOOG).First Pacific Advisors' Strategic Moves: Baxter International Inc. Takes Center Stage

The holdings are mainly concentrated in all 11 industries: Communication Services, Technology, Financial Services, Healthcare, Consumer Cyclical, Basic Materials, Industrials, Energy, Real Estate, Consumer Defensive, and Utilities.First Pacific Advisors' Strategic Moves: Baxter International Inc. Takes Center Stage

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