First Pacific Advisors, LP 13F holdings and portfolio analysis
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Baseline
분석 메시지이 펀드에 대한 사전 생성된 Q&A. 자신의 분석을 위한 참조 컨텍스트로 사용하세요.
Directly following the baseline exposes an investor to a concentrated, market-sensitive portfolio with meaningful downside risk and filing-lag implementation risk. Baseline metrics show 12.38% annualizedReturn and 206.76 totalReturn, but alpha is -1.04, beta is 1.05, sharpe is 0.68, and maxDrawdown is -41.54. Structure is also top-heavy: the strategy artifact shows top5 concentration at 33.28%, top10 at 56.55%, and top20 at 79.82, with the largest weights in ADI 7.66%, META 6.98%, GOOGL 6.38%, C 6.16%, and TEL 6.10%.
The recent baseline periods show a mixed pattern that explains why returns stayed solid but alpha remained weak. Strong quarters included 2023-12-31 with 9.23% optimizedReturn versus 4.96% benchmarkReturn, a 4.27-point excess return, and 2024-06-30 with 12.43% versus 9.83%, a 2.60-point excess. But weak quarters like 2024-03-31 at 0.26% versus 2.31% (-2.06 excess), 2025-03-31 at 6.19% versus 9.22% (-3.03 excess), and especially 2025-06-30 at -1.19% versus 4.20% (-5.39 excess) pulled down benchmark-relative quality. Turnover stayed elevated around 12.39% to 16.94% in these recent periods, so the trade-off was not just return volatility but also steady rebalancing friction.
Before accepting the baseline, a user should inspect three things: concentration, sector exposure, and implementation burden. The baseline artifact shows top10 concentration of 56.55% and top20 of 79.82%, sector exposure led by Communication Services 21.09%, Information Technology 18.21%, and Financials 17.00%, and cumulative trading pressure that the risk notes describe as 2,503 trades with 1095% notional turnover. Those details matter because the strategy already has negative alpha and a -41.54% max drawdown, so the next question is whether the portfolio's biggest bets and trading frictions are acceptable for your own risk tolerance.