First Pacific Advisors Buys Alcoa Inc, Cuts Lowe’s, Increases Qualcomm

"FPA is a leading practitioner of value investing. Providing a prudent place to invest, we focus on generating superior returns over the long-term coupled with capital preservation. We consider ourselves investors, not traders, and foster a culture that promotes high ethical standards…Our goal is to provide a consistent, risk-averse and disciplined approach to long-term investing in individual securities with the objective of achieving superior total returns for client portfolios." - Website of First Pacific Advisors.

The hedge fund’s 13F filing for the quarter ending September 30, 2013, reveals that...