Steven Romick

Steven Romick

Last Update: 2014-07-11
Related: First Pacific Advisors
Robert Rodriguez

Number of Stocks: 61
Number of New Stocks: 12

Total Value: $9,810 Mil
Q/Q Turnover: 13%

Countries: USA GBR NOR FRA BEL ESP DEU MYS JPN
Details: Top Buys | Top Sales | Top Holdings  Embed:

Steven Romick Watch

  • Steven Romick Returns to Buying Stocks: Top 5 Purchases

    Famously patient and conservative investor Steven Romick (Trades, Portfolio) of the FPA Crescent Fund bought 12 new stocks in the second quarter after staying out of the game in the first. Central bank policies and few companies trading at low multiples, among other factors, nudged him to the sidelines in the first three months of the year.

    In his first-quarter letter, Romick told investors:  


  • Steven Romick's Top Five Stocks

    Steven Romick is the portfolio manager of First Pacific Advisors Crescent Fund. The fund’s investment objective and strategy reports that they “seek to generate equity-like returns over the long-term, take less risk than the market and avoid permanent impairment of capital.”


    Over the second quarter Romick purchased 12 new stocks and sold out of two. The guru’s portfolio currently holds 61 stocks valued at over $9.81 billion. The following five companies represent Romick’s top five stock holdings as of the close of the first quarter.

      


  • Steven Romick's First Quarter 2014 Crescent Fund Letter to Investors

    We hope that investors will find FPA commentaries helpful to understand application of the same investment discipline in various markets, and can refer to particular items that interest them.


    You should consider the Fund's investment objectives, risks, and charges and expenses carefully before you invest. The Prospectus details the Fund's objective and policies, sales charges, and other matters of interest to the prospective investor. Please read this Prospectus carefully before investing. The Prospectus may be obtained by visiting the website at www.fpafunds.com, by email at crm@fpafunds.com, toll-free by calling 1- 800-982-4372 or by contacting the Fund in writing.

      


  • Steven Romick's Top Five Highlight Technology Sector

    Steven Romick is the portfolio manager of First Pacific Advisors Crescent Fund. The fund’s investment objective and strategy reports that they “seek to generate equity-like returns over the long-term, take less risk than the market and avoid permanent impairment of capital.”


    Over the first quarter Romick purchased seven new stocks and sold out of six. The guru’s portfolio currently holds 53 stocks valued at over $8.552 billion. The following five companies represent Romick’s top five stock holdings as of the close of the first quarter.

      


  • Investor Steven Romick's Top 5 Increases of First Quarter

    FPA Crescent Fund’s Steven Romick (Trades, Portfolio) in the first quarter preferred to have cash ready to put to work in case volatility hit the markets, rather than buy new stocks. He believes a period of volatility – and the low-priced opportunities it would bring with it – could occur soon.

    “But, we are confident that there will be more volatility in our future and with it, investment opportunity. The CBOE Volatility Index13 (VIX) reflects a market estimate of future volatility. When compared to the last 24 years, at 12.87, the index is just 14% above its low; 36% below its average; and 71% below its high.14 If I were a betting man – and I am not – I would wager the index won’t end the year where it started.”  


  • Steven Romick's Q4 Commentary for FPA Crescent Fund

    Dear Shareholders:


    Forgive us if we bring you up to date this year, in part, through the lens of the distant past.

      


  • Beacon Pointe's 2013 Spring Investment Forum with Steven Romick of FPA Capital



  • Steven Romick Buys 7 Stocks in Q4

    Steven Romick (Trades, Portfolio), of the FPA Crescent Fund, gradually increased his cash position over the first three quarters of 2013 as the market rose. From the end of 2012 to the end of the third quarter, Romick’s long equity exposure declined to 54.2% from 63.8%, and liquidity increased to 38.4%. He bought no new stocks during the third quarter.

    It appears that in the fourth quarter Romick found more attractive places to expend some of his accrued capital. He started seven new positions during the quarter, for a portfolio containing a total of 51 stocks and valued at $8.24 billion.  


  • Steven Romick’s Top Five Q4 Holdings

    Steven Romick is the portfolio manager of First Pacific Advisors Crescent Fund. The fund’s investment objective and strategy reports that they “seek to generate equity-like returns over the long-term, take less risk than the market and avoid permanent impairment of capital.”


     

      


  • Steven Romick: We have found ourselves with little alternative but to make some sales

    FPA Crescent returned 3.78% in the third quarter, and 14.5% year-to-date compared with the S&P 500's returns of 5.24% and 19.79%, respectively.  


  • Steven Romick's FPA Crescent Fund Q3 Commentary

    We hope that investors will find FPA commentaries helpful to understand application of the same investment discipline in various markets, and can refer to particular items that interest them.

    You should consider the Fund's investment objectives, risks, and charges and expenses carefully before you invest. The Prospectus details the Fund's objective and policies, sales charges, and other matters of interest to the prospective investor. Please read this Prospectus carefully before investing. The Prospectus may be obtained by visiting the website at www.fpafunds.com, by email at crm@fpafunds.com, toll-free by calling 1-800-982-4372 or by contacting the Fund in writing.  


  • Steven Romick of the FPA Crescent Fund’s Top Five Stocks

    Steven Romick is the portfolio manager of First Pacific Advisors Crescent Fund. The fund’s investment objective and strategy reports that they “seek to generate equity-like returns over the long-term, take less risk than the market and avoid permanent impairment of capital.”

    Over the third quarter Romick kept pretty quiet, buying no new stocks and selling out of three. The guru’s portfolio currently holds 53 stocks valued at over $6.9 billion. The following five companies represent Romick’s top five stock holdings as of the close of the third quarter.  


  • Steven Romick’s Third Quarter Sells at FPA Crescent Fund

    The third quarter portfolio update of the FPA Crescent Fund, led by Guru Steven Romick of First Pacific Advisors, lists 53 stocks. The fund’s total value is $6.9 billion, with a quarter-over-quarter turnover of 4%. The portfolio is currently weighted with top three sectors: financial services at 19.6%, consumer defensive at 17% and healthcare at 16%. Steven Romick has averaged a return of 16.52% over 12 months; First Pacific Advisors is averaging 18.84%.

    In the third quarter of 2013, Romick reduced 11 positions and sold out three holdings. Here’s a review of his four highest-impact sells in the third quarter of 2013:  


  • Steven Romick Makes Major Increases to 3 Holdings

    With the S&P 500 index this week surpassing a 20% gain for the year, investors focused on price are making notably limited new purchases. One such value investor, Steven Romick, reported today buying no new stocks during the third quarter, though he made increases to existing holdings.

    Romick discussed in his second quarter letter how he viewed the market as artificially inflated due to quantitative easing, and not as a natural result of improving earnings among businesses. In fact, for the first half of the year, GAAP earnings for the S&P 500 declined one half of one percent compared to the comparable period last year. FactSet research also indicated that 80% of corporate EPS guidance for the second quarter was negative. Romick wrote:  


  • Steven Romick Comments on Omnicare

    Ultimately, we pay more attention to the underlying financial performance of the companies in our investment portfolio than we do their stock charts and in one instance, Omnicare (OCR), the largest supplier of pharmaceuticals to patients in nursing homes, delivered in spades. New management came in several years ago and began executing on a business plan that revolved around basic blocking and tackling to improve performance. While the engineer of the turnaround, John Figueroa, has handed off the plan to his successor, the momentum remained intact under the present CEO, John Workman. The company has lowered costs, reduced customer churn, won new accounts and essentially built the best mousetrap in the institutional pharmacy space. The net result is that all of the aforementioned improvements in aggregate have manifested themselves in the form of higher and more consistent earnings. Those achievements and the belief that the company's future continues to look bright are reflected in a stock price that has more than doubled from our original cost.

    From Steven Romick's FPA Crescent Fund second quarter commentary.  


  • FPA Crescent Fund Buys CareFusion, Oracle, Health Net, Sells Omnicare, Travelers, Ensco

    FPA Crescent Fund’s Steven Romick reported the fund’s second quarter portfolio. He buys CareFusion Corp, Oracle Corporation, Health Net Inc, Occidental Petroleum Corporation, ARRIS Group Inc, , sells Omnicare Inc, Travelers Companies, Inc., Ensco PLC, PetSmart Inc., Xerox Corporation, CIT Group Inc, Bank of New York Mellon Corp, Johnson & Johnson, , Lowe's Companies Inc., American Greetings Corporation during the 3-months ended 06/30/2013, according to the most recent filings of his investment company, FPA Crescent Fund.

    Steven Romick is a deep value investor. His portfolio usually has some short positions, too. Over the past 10 years, he has averaged 9% a year, as the general market up by 7.3% a year. To learn more about Steven Romick, read GuruFocus Interview with him.   


  • Steven Romick’s FPA Crescent Sells Three

    In the recently updated portfolio of Steven Romick, FPA Crescent Fund (FPACX) lists 57 stocks, four of them new, with a total value of $6.8 billion and a quarter-over-quarter turnover of 2%. Here’s the latest report on FPA Crescent Fund’s sell outs as of the second quarter 2013. Read more about Steven Romick’s second quarter increases and two new stocks here.

    Sold Out: Travelers Companies Inc. (TRV) – Insurance – Property & Casualty  


  • Steven Romick's Second Quarter Increases

    Steven Romick of the FPA Crescent Fund increased his holdings in four companies in the second quarter. Romick’s Fund is valued at $6.801 billion and is made up of 57 stocks. Romick also purchased four new stocks during the most recent quarter.

    ARRIS Group (ARRS)  


  • Steven Romick Buys 2 New Stocks

    Steven Romick manages $11.3 billion in assets in the value-oriented FPA Crescent Fund (FPACX). He added two new stocks – both of the health care sector – in the second quarter: Health Net Inc. (HNT) and CareFusion Corp. (CFN).

    In his last letter, Romick said that he could not predict whether the economy would experience inflation or deflation, and therefore positioned the portfolio not to “succeed terrifically well in either scenario, but may perform adequately in any scenario.”  


  • The Stocks You Can Buy Cheaper Than Steven Romick Did

    Steven Romick, portfolio manager at the FPA Crescent Fund, rarely misses the low point to buy a good value stock. Only two of the stocks from his portfolio have fallen to below his purchase price: Arris Group Inc. (ARRS) and Oracle Corp. (ORCL).

    Romick only bought two stocks in the first quarter, and has not been much of a buyer since the summer and fall of 2011 because he has not seen enough market volatility necessary to create opportunities. In his first quarter letter, he described the market and his purchasing plans as follows:  


Add Notes, Comments or Ask Questions

User Comments

Keithlevy1234
ReplyKeithlevy1234 - 1 week ago
No its a pair trade he did.
JoeDaWealthManager
ReplyJoeDaWealthManager - 3 months ago
Why short VZ? Is it a race to the bottom on price plans?



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