Robert Rodriquez has managed the FPA Capital Fund (FPPTX) and the FPA New Income Fund since the funds’ inceptions in 1984. During his tenure, he has achieved an annualized return of 16.91% as of 9/30/2007. In the same period S&P 500 has returned 13.17% annually.
Investing Philosophy:
Robert primarily invests in the stocks of smaller companies. He selects stocks based on specific fundamental criteria: strong balance sheets, free cash flow, an understandable and successful business strategy under capable management, and unique business characteristics. His purchases are concentrated in companies with relatively low Price/Normalized Earnings, low Price/Pretax Cash flow, low Price/Book Value, low Price/Replacement Value and low Market Cap/Total Revenues. Robert looks for companies with a track record of high returns on equity, and a long history. He sells stocks when the basis for investment has been revised, the stock is selling at a significant premium P/E to the market, profitability recovery has been attained, a management disappointment without expectation of recovery has occurred, or a superior alternative value has presented itself. Robert’s portfolio generally holds 25-45 equities. His investment outlook is typically 3-5 years, and he is not afraid to sit on the sidelines while waiting for the right opportunity.
(GuruFocus, January 19, 2010) As announced back in March 2009, Investment Guru Robert Rodriguez stepped down from the day-to-day management of FPA Capital Funds. He is taking a sabbatical year in 2010 and will be back next year, only as an advisor. Rodriguez left the fund management responsibilities of the firm’s flagship FPA Capital Fund to Dennis Bryan and Rikard Ekstrand. More...
One final thought that brings me to the intensifying issue that we have written about several times before — the explosion in Treasury debt outstanding. Since September 30, 2008, Treasury debt has risen from $10 trillion to $11.9 trillion, a rate of $5 billion per day. There is no end in sight for this out of control debt growth, as reflected by federal government deficit forecasts, which we consider optimistic, that total between $7 and $9 trillion for the period 2010 to 2019. In our March 2009 Letter to Shareholders, we estimated that US Treasury debt would swell to between $14.6 trillion and $16.6 trillion by the end of 2011. If we stay on this present trend, we should reach this range which, in our opinion, is outrageous and fiscally irresponsible. This insanity is not a Democratic Party or a Republican Party “thing.” Both parties are responsible, but who is ultimately more responsible than these two parties? It is we, the citizens, who keep reelecting these power-centered financially inept politicians and it will be our children and grandchildren who will have to “pay the piper.” It is not right and is morally reprehensible that one generation would do this to another.
This week in Consuelo Mack WealthTrack's "Great Investors" series, Consuelo travels to Los Angeles to interview First Pacific Advisors Robert Rodriguez. His 25 year track record of running both a top performing stock and bond fund has earned him the accolade "best fund manager of our time." The outspoken Rodriguez who sheltered shareholders from the credit crisis will explain why he is even more worried about the future and how he intends to invest as a result.More...
Washington Post has an article entitled "Invest Like The Best" by Elizabeth Ody. It lists the words of wisdom of six great investors. Among them, three are Investment Gurus that we track and you can get their stock holdings here at GuruFocus.com: More...
Robert Rodriguez is the CEO of FPA Advisors and manager of FPA Capital Fund. During the past 20 years, his fund averaged 12.85%, outperforming S&P500 by more than 5% a year. More of his investment can be found on an article written by Gurufocus’s chief editor. More...
(GuruFocus, October 15, 2009)Robert Rodriguez is hoarding cash again. The latest fund on September 30, 2009 disclosure shows that the flagship FPA Capital Fund has $1.105 billion in total asset, $823 million of that is in equity, $25 million is bond, and $256 million is in cash! Cash accounts for about 23.1%. More...
Did the stock market run up too much for Robert Rodriguez? Probably. He did not buy any stocks during the third quarter, not even a share. He sold a bunch. More...
Fair or not, that is how I view Jason Zweig, the weekly writer of the Wall Street Journal’s Intelligent Investor. Before he got his gig at the Journal, Zweig was familiar to many value investors for his in-depth commentary in the revised edition of Benjamin Graham’s seminal investment tome for the layman, The Intelligent Investor. More...
Robert Rodriguez is the first one among our gurus to report his second quarter portfolio. We have just update his recent stock buys and sells and portfolio. Here we would like to point out some most le moves he had with his portfolio for the second quarter. More...
Robert Rodriguez is heavily weighted in energy, he has more than 50% of the portfolio in energy stocks. He is getting rid of the retailers he had, and he lost money on them. More...
Transcript of Bob Rodriguez's speech at Morningstar Conference: Let’s be frank about last year’s performance, it was a terrible one for the market averages as well as for mutual fund active portfolio managers. More...
Over the past few weeks stock market participants have had the great fortune that some of this country’s finest investors and commentators have spoken up regarding their views on the global equity markets and economy. Even “retired” investors such as Michael Steinhardt and Julian Robertson have weighed in. This provides a unique opportunity to analyze how some of the most respected and often prescient investors are viewing the ongoing crisis and what they think the future will look like. With Ben Graham having passed away and Warren Buffett (and to a lesser extent Charlie Munger) having to play the role of national cheerleader regardless of what his actual views are, I believe it is incredibly prudent to listen carefully to these elder statesman of investing. Accordingly, I have chosen some written and spoken words from a group of people that, based on experience, should have unique and useful insight on the markets. More...
Robert Rodriquez’s top purchases last quarter are: Cimarex Energy Co. (XEC), St. Mary Land & Exploration Company (SM), Atwood Oceanics Inc. (ATW), BJ Services Company (BJS), Pride International Inc. (PDE), On buying these Oil & Gas companies, Dennis Bryan and Rikard Ekstrand said the following in the March 31 2009 Letter to Shareholders:More...
Summary: As of March 31, 2009, four of the Robert Rodriguez’s top six holdings are oil and gas companies. 67% of FPA Capital's new money are committed to energy stocks as well. More...
Invest Guru, Robert Rodriguez spoke on May 29 on a recent Money Managers Conference organized by Morningstar. Thanks columnist Todd Sullivan for pointing to the source for Rodriguez’s transcript. More...
There is little question that this is the worst economic contraction since the Great Depression. It is worse than a recession but not as bad as the Great Depression. We have a new word for it, “repression.” This is not a typical recession and, therefore we do not believe that the economy will respond to normal economic policy stimulus. We expressed the likelihood of this view in September 2007 when we said that normal Fed policy actions would likely prove ineffectual in dealing with the expanding crisis. Most economists were not of this opinion. More...
"There is no prize for predicting rain. There is only a prize for building an ark." For a time, it seemed to be true in the negative sense for the Investment Guru, Robert Rodriguez, Chief Investment Officer of FPA Capital. More...
Yesterday, we reportedRobert Rodriguez added to his position in three Oil and Gas companies: Cimarex Energy Co. (XEC), St. Mary Land & Exploration Company (SM), and Atwood Oceanics Inc.(ATW) . On the other hand, he reduced his position in Foot Locker Inc. (FL) and sold out his holdings in American Greetings Corp (AM). More...
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