An Insightful Look into FPA Crescent Fund's Latest Portfolio Adjustments
Steven Romick (Trades, Portfolio), a seasoned portfolio manager at FPA since 1996, has recently disclosed his N-PORT filing for the second quarter of 2024. Romick, who began his career at Crescent Management and later served as a consulting security analyst at Kaplan, Nathan & Co., is known for his distinctive investment approach. He holds a Bachelor's degree in Education from Northwestern University. The FPA Crescent Fund, under his management, is characterized by its diverse investment strategies, focusing on undervalued assets across various sectors and asset classes, including equity positions, corporate and convertible bonds. The fund's philosophy is rooted in absolute value investing, aligning closely with client interests, and maintaining a broad investment mandate to capitalize on long-term opportunities while managing short-term market fluctuations.
Summary of New Buys
Steven Romick (Trades, Portfolio) added a total of 8 stocks to his portfolio this quarter. Noteworthy new additions include:
- Vail Resorts Inc (MTN, Financial), with 308,095 shares, making up 0.87% of the portfolio and valued at $55.5 million.
- Bio-Rad Laboratories Inc (BIO, Financial), comprising 152,000 shares or approximately 0.65% of the portfolio, with a total value of $41.5 million.
- Eurofins Scientific SE (XPAR:ERF, Financial), holding 228,457 shares, accounting for 0.18% of the portfolio and valued at €11.4 million.
Key Position Increases
Steven Romick (Trades, Portfolio) also strategically increased his stakes in 3 stocks, including:
- NCR Voyix Corp (VYX, Financial), with an additional 669,676 shares, bringing the total to 2,751,836 shares. This adjustment represents a significant 32.16% increase in share count, impacting the current portfolio by 0.13%, and valued at $33.99 million.
- JDE Peets NV (XAMS:JDEP, Financial), with an additional 391,042 shares, bringing the total to 4,857,064 shares. This adjustment represents an 8.76% increase in share count, valued at €96.75 million.
Summary of Sold Out Positions
During the second quarter of 2024, Steven Romick (Trades, Portfolio) exited 6 holdings, including:
- Metals Acquisition Ltd (MTAL.WS, Financial), selling all 179,967 shares, impacting the portfolio by -0.01%.
- PowerUp Acquisition Corp (PWUP, Financial), liquidating all 46,911 shares, also impacting the portfolio by -0.01%.
Key Position Reductions
Significant reductions were made in 14 stocks, notably:
- Broadcom Inc (AVGO, Financial), reduced by 39,883 shares, resulting in a -41.51% decrease in shares and a -0.84% impact on the portfolio. The stock traded at an average price of $1,401.41 during the quarter and has returned 27.93% over the past 3 months and 54.69% year-to-date.
- Meta Platforms Inc (META, Financial), reduced by 57,906 shares, resulting in an -8.42% reduction in shares and a -0.45% impact on the portfolio. The stock traded at an average price of $486.09 during the quarter and has returned -1.86% over the past 3 months and 42.09% year-to-date.
Portfolio Overview
As of the second quarter of 2024, Steven Romick (Trades, Portfolio)'s portfolio included 79 stocks. The top holdings were 5.84% in Alphabet Inc (GOOGL, Financial), 5.39% in Holcim Ltd (XSWX:HOLN, Financial), 5.06% in Analog Devices Inc (ADI, Financial), 4.95% in Meta Platforms Inc (META), and 4.41% in Citigroup Inc (C, Financial). The holdings are mainly concentrated across 11 industries, including Communication Services, Technology, Financial Services, and more.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
