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Steven Romick | FPACXMutual Fund | |
| FPA Crescent Fund | |
| Last update 2024-10-10 | 58 Stocks (4 new) |
| Value $6.40 Bil | Turnover 3 % |
| Portfolio Report | |
Steven Romick Profile
Steven Romick joined FPA in 1996, serving as one of several Portfolio Managers for the FPA Crescent Fund. Prior to joining the firm, Steven was Chairman of Crescent Management and a consulting security analyst for Kaplan, Nathan & Co. Steven earned a Bachelor’s degree in Education from Northwestern University.
The FPA Crescent Fund's portfolio consists of both long and short equity positions. The fund seeks value in all parts of a company's capital structure, including common and preferred stocks, as well as corporate and convertible bonds.
FPA Crescent invests in securities "that the consensus does not wish to own," searching for stocks and convertible bonds that reflect low cyclically-adjusted price-earnings ratios and trade at discounts to private market value. Corporate bonds with yields substantially higher than those of government securities are also considered.
The FPA Crescent Fund's portfolio consists of both long and short equity positions. The fund seeks value in all parts of a company's capital structure, including common and preferred stocks, as well as corporate and convertible bonds.
FPA Crescent invests in securities "that the consensus does not wish to own," searching for stocks and convertible bonds that reflect low cyclically-adjusted price-earnings ratios and trade at discounts to private market value. Corporate bonds with yields substantially higher than those of government securities are also considered.
Steven Romick Investing Philosophy
The FPA Crescent Fund's investing process stems from several pillars. Absolute value investors: The fund seeks genuine bargains rather than relatively attractive securities. Alignment of interests: The fund invests its money alongside its clients, and act as stewards of its shared capital. Broad mandate: The fund invests across the capital structure, asset classes, market caps, industries and geographies. The fund is also willing to hold cash. Long-term focus: The fund believes the best way to accomplish its goals is to accept short-term underperformance in exchange for long-term success.
Steven Romick Top Holdings of 2024-09-30
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| Ticker | | Company | Shares | Value ($1000) | Shares Change % | Weighting % | Trade Impact % | % of Shares outstanding | 3M Change % | YTD Change % | Market Cap $Mil | Industry |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
META | Meta Platforms Inc | 595,245 | 340742.050 | -5.49% | 5.320 | -0.27% | 0.020 | +27.51% | +68.12% | 1500889.685 | Interactive Media | |
GOOGL | Alphabet Inc | 1,960,224 | 325103.150 | -4.66% | 5.080 | -0.27% | 0.020 | +0.22% | +21.77% | 2097969.139 | Interactive Media | |
ADI | Analog Devices Inc | 1,392,772 | 320574.330 | -1.94% | 5.010 | -0.10% | 0.280 | +3.85% | +19.97% | 116790.155 | Semiconductors | |
XSWX:HOLN | Holcim Ltd | 3,105,190 | 302888.100 | -20.43% | 4.730 | -1.10% | 0.550 | +2.70% | +34.74% | 48260.632 | Building Materials | |
CMCSA | Comcast Corp | 7,087,694 | 296052.980 | 0% | 4.620 | 0% | 0.180 | +4.19% | -1.18% | 162916.140 | Telecommunication Services | |
C | Citigroup Inc | 4,452,588 | 278732.010 | 0% | 4.350 | 0% | 0.230 | +1.57% | +29.29% | 122348.199 | Banks | |
TEL | TE Connectivity PLC | 1,805,403 | 272597.800 | -1.56% | 4.260 | -0.07% | 0.590 | -1.58% | +10.04% | 46390.143 | Hardware | |
IFF | International Flavors & Fragrances Inc | 2,596,396 | 272439.830 | 0% | 4.260 | 0% | 1.020 | +2.17% | +26.76% | 25905.947 | Chemicals | |
JEF | Jefferies Financial Group Inc | 3,386,756 | 208454.830 | -27.90% | 3.260 | -1.02% | 1.650 | +14.34% | +63.95% | 13347.133 | Capital Markets | |
WFC | Wells Fargo & Co | 3,496,861 | 197537.680 | 0% | 3.090 | 0% | 0.100 | +10.47% | +35.46% | 222266.198 | Banks |
Steven Romick's Historical Top Holdings Breakdowns
Steven Romick's Top Stock Picks
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| Ticker | | Company | Date | Action | Impact % | Price Range | Price | Price Change from Avrg% | Comment | Current Shares | Share Change |
|---|---|---|---|---|---|---|---|---|---|---|---|
FE | FirstEnergy Corp | 2024-09-30 | Sold Out | -1.34% | 38.25 ($42.08) 44.54 | $42.83 | 1.78% | Sold Out | 0 | -2,241,472 | |
XSWX:HOLN | Holcim Ltd | 2024-09-30 | Reduce | -1.10% | 73.52 (CHF80.85) 85.22 | CHF85.90 | 6.25% | Reduce -20.43% | 3,105,190 | -797,357 | |
JEF | Jefferies Financial Group Inc | 2024-09-30 | Reduce | -1.02% | 49.97 ($56.73) 62.48 | $64.95 | 14.49% | Reduce -27.9% | 3,386,756 | -1,310,827 | |
XPAR:RI | Pernod Ricard SA | 2024-09-30 | New Buy | +0.93% | 121.05 (€126.58) 139.7 | €124.20 | -1.88% | New holding | 395,969 | 395,969 | |
GOOG | Alphabet Inc | 2024-09-30 | Reduce | -0.57% | 149.54 ($169.25) 192.66 | $171.14 | 1.12% | Reduce -14.96% | 1,139,840 | -200,470 | |
XKRX:271560 | Orion Corp (Spin Co) | 2024-09-30 | New Buy | +0.56% | 83900 (₩90933.8672) 99600 | ₩97,200.00 | 6.89% | New holding | 482,504 | 482,504 | |
SATS | EchoStar Corp | 2024-09-30 | New Buy | +0.36% | 15.5 ($20.44) 28.04 | $25.19 | 23.24% | New holding | 933,511 | 933,511 | |
AVGO | Broadcom Inc | 2024-09-30 | Reduce | -0.34% | 136.27 ($160.32) 178.09 | $179.29 | 11.83% | Reduce -24.38% | 424,932 | -136,998 | |
XAMS:HEIO | Heineken Holding NV | 2024-09-30 | Add | +0.33% | 66.05 (€69.46) 73.95 | €67.20 | -3.25% | Add 13.06% | 2,416,656 | 279,118 | |
NFLX | Netflix Inc | 2024-09-30 | Reduce | -0.31% | 598.55 ($668.77) 722.26 | $759.28 | 13.53% | Reduce -50.69% | 29,040 | -29,853 |
Steven Romick Total Holding History ($B)
Steven Romick's Asset Allocation
Steven Romick Past Portfolios
| Portfolio Date | Number of Stocks | New Stocks | Total Value ($Mil) | Q/Q Turnover |
|---|---|---|---|---|
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Steven Romick's Hypothetical Growth since 2024-09-30
Steven Romick's Yearly Returns
| Year | Portfolio % | % | Excess Gain % |
|---|
Steven Romick's Holdings Heat Map
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Steven Romick's Holdings Bubble Chart
Steven Romick News
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