This article first appeared on GuruFocus.
First Pacific Advisors (Trades, Portfolio) recently submitted the 13F filing for the third quarter of 2025, 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.
First Pacific Advisors (Trades, Portfolio) added a total of 2 stocks, among them:
The most significant addition was Becton Dickinson & Co (NYSE:BDX), with 936,257 shares, accounting for 2.46% of the portfolio and a total value of $175.24 million.
The second largest addition to the portfolio was Uniti Group Inc (NASDAQ:UNIT), consisting of 25,235 shares, representing approximately a total value of $154,440.
First Pacific Advisors (Trades, Portfolio) also increased stakes in a total of 22 stocks, among them:
The most notable increase was Thermo Fisher Scientific Inc (NYSE:TMO), with an additional 127,576 shares, bringing the total to 214,946 shares. This adjustment represents a significant 146.02% increase in share count, a 0.87% impact on the current portfolio, and a total value of $104.25 million.
The second largest increase was Avantor Inc (NYSE:AVTR), with an additional 3,995,978 shares, bringing the total to 4,070,978. This adjustment represents a significant 5,327.97% increase in share count, with a total value of $50.81 million.
First Pacific Advisors (Trades, Portfolio) completely exited 3 of the holdings in the third quarter of 2025, as detailed below:
