FPA's Robert Rodriguez: Buys, Sells, Portfolio

Robert Rodriguez is the founder and fund manager of First Pacific Advisors (FPA) since 1984. He employs a buy and hold strategy with a concentrated portfolio of companies.

His focus is on small mid-capitilization companies and he believes in limiting asset growth to maximize long term investment returns.

Rodriguez has seen has seen annualized return of 17.9% in the past 20 years

The latest SEC 13f Filing shows his typically low turnover. His only sale last quarter was in Big Lots (BIG) where he reduced his position by 50% leaving him with 2 million shares. He made a single purchase in Rowan Companies (RDC) where he increased his position by 16% and currently owns 2.2 million shares. Data from quarter ending 12/31/2006; filed 2/14/2007.

Top Ten Portfolio Holdings in FPA:

• Avnet Inc. (AVT) 5.3 million shares; 10.8% of total holdings

• Ensco International Inc. (ESV) 2.3 million shares;9.1% of total holdings

• Trinity Industries Inc. (TRN) 2.5 million shares; 6.9% of total holdings

• Patterson-UTI Energy Inc. (PTEN) 3.7 million shares; 6.7% of total holdings

• Rosetta Resources (ROSE) 4.4 million shares; 6.5% of total holdings

• Charming Shoppes Inc. (CHRS) 5.6 million shares; 5.9% of total holdings

• Rowan Companies Inc. (RDC) 2.2 million shares; 5.7% of total holdings

• Arrow Electronics Inc.(ARW) 1.9 million shares;4.7% of total holdings

• Ross Stores Inc. (ROST) 1.8 million shares; 4.1% of total holdings

• Foot Locker Inc. (FL) 2.4 million shares;4% of total holdings

Total Holdings: $1.36 billion