Steven Romick

Steven Romick

Last Update: 07-07-2015
Related: First Pacific Advisors
Robert Rodriguez

Number of Stocks: 64
Number of New Stocks: 1

Total Value: $10,392 Mil
Q/Q Turnover: 3%

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

Steven Romick Watch

  • Steve Romick: Interview With Barron's

    Steven Romick of FPA Crescent Fund did a video interview with Barron's where he discussed various topics with the interviewer. Romick said that he sees value in Oracle (NYSE:ORCL) and Microsoft (NASDAQ:MSFT). He went on to discuss why he believes investors should avoid energy stock and how cheap Russian equities are.


    Steve Romick interview with Barron's:

      


  • Steve Romick Has 40% Of His Fund In Cash – See What He Is Willing To Buy

    If you are a fund manager who is willing to sit with 40% of your fund in cash, chances are that you are only buying high quality stocks.


    Steven Romick currently has 40% of his fund in cash and doesn't see many opportunities that offer a margin of safety.

      


  • Steven Romick's Undervalued Stocks Trading With Low P/E Ratio

    Steven Romick (Trades, Portfolio) is the portfolio manager of FPA Crescent Fund. As of Jan. 31, the fund has delivered more than 11% a year in average over the past 10 years. His fund has about $10 billion under management and the following are the stocks he owns that are trading with a very low P/E ratio and that are undervalued according to the DCF calculator.



      


  • Steven Romick's FPA Crescent Fund Second Quarter 2015 Commentary

    Dear Shareholders:

      


  • JPMorgan Chase’s Earnings Results Meet Expectations for the Second Quarter

    JPMorgan Chase (NYSE:JPM) reported its earnings results for the second quarter on July 14. The company reported total revenue of $24.5 billion and net income of $6.3 billion resulting in earnings per share of $1.54. The report was on par with analysts’ expectations. Earnings per share beat estimates by $0.10. Revenue was basically on target with analysts’ average estimate of $24.5 billion.


    Consumer & Community Banking and Corporate & Investment Bank continued to be the two main revenue and income drivers for the firm. Consumer & Community Banking generated 45% of the firm’s revenue at $11.0 billion and 40% of the firm’s net profit at $2.5 billion. For the quarter, revenue was down 4% from one year ago and net income was 1% higher. In management’s comments it noted the firm’s consumer loan growth up 19% from the previous quarter. Interest revenue from consumer and community banking loans is expected to increase as rates rise.

      


  • GE, Union Pacific Among Most Widely Bought Industrial Stocks

    The industrial sector has been up 10.83% since the beginning of the year, according to Morningstar’s sector returns. And as the economy picks up momentum, the performance of stocks related to homebuilding, construction, and manufacturing have the potential to improve.


    The All-In-One-Screener can be used to find which industrial stocks the gurus are betting on in this sector. In the Fundamentals tab, select all industrial related stocks in the industry selection menu. Then, in the Gurus tab, click the checkbox for “Involved in Buy/Sell Activities” and select “5+ gurus” in the Recent Guru Buying/Adding field. For the time frame, select “Over the past 6 months”.

      


  • Steven Romick Adds to Eight Stakes in Second Quarter

    Steven Romick (Trades, Portfolio) is the portfolio manager of FPA Crescent Fund, which has averaged more than 11% in returns for the last decade. Its returns in 2014 were in single digits (6.64%), but it returned 21.95% in 2013 and 10.33% in 2012.


    In the second quarter of 2015, Romick added only one new stake to his personal portfolio – Henkel AG & Co KGaA (XTER:HEN3), a manufacturer of personal care products based in Düsseldorf, Germany. Romick bought 106,711 shares for an average price of €107.28 (about $118.46 in American money) per share. The purchase had a 0.12% impact on Romick’s portfolio.

      


  • Steven Romick Sells Stakes in 4 Companies

    Steven Romick (Trades, Portfolio) is the portfolio manager of FPA Crescent Fund. The Absolute Fixed Income Strategy aims to generate a positive absolute return through a combination of income and capital appreciation. To achieve this goal, they employ a total return strategy using investments in fixed income securities that focus on income, appreciation and capital preservation.


    The portfolio is composed of 65 stocks and during the first quarter of the year (Q1 2015), the investor mainly increased his existing stakes as reported in this article. However, he also reduced his stake in three companies and sold out one.

      


  • Steve Romick: Waiting for Another Bite at the Apple

    With little margin of safety available in today's market, the Gold-rated FPA Crescent manager is waiting for better opportunities.

      


  • Steven Romick Speech to CFA Society of Chicago - 'Don’t be Surprised'

    I’m reminded of a gentleman who discovers a genie in a bottle. Granted one wish only – apparently even genies have pricing power – the man asks for peace in the Middle East. The genie backs away and says, “That’s way too difficult. Give me something easier.” The man ponders his options and asks the genie instead, to help him pick a good mutual fund. The genie quickly responds, “Let me get to work on the Middle East.”


    I’m now entering my fourth professional decade managing money. And one thing I’ve learned is that there’s no shortage of surprises. What should happen, doesn’t always. What could happen comes to pass instead. And sometimes, what can’t happen actually does. Investing, like life, is imminently unpredictable. There are surprises – some good, some bad.

      


  • Steven Romick's FPA Crescent Fund First Quarter 2015 Commentary

    FPA Crescent Fund

      


  • Steven Romick FPA Funds Commentary - The Importance of Full Market Cycle Returns

    By Ryan Leggio and Steven Romick (Trades, Portfolio)


    A full market cycle can be defined as a peak-to-peak period that contains a price decline of at least 15% from the previous market peak, followed by a rebound that establishes a new, higher peak.1 Few publications or data providers publish, let alone highlight, full market cycle returns, yet we believe understanding them can help the return of your portfolio over the long-term.

      


  • Bank of America: Following Mohnish Pabrai's Recommendation on Banks

    Bank of America Corporation (NYSE:BAC) does not require a great introduction. The bank provides banking and financial products and services for individual consumers, small and middle market businesses, institutional investors, large corporations, and governments worldwide.


    One of the largest shareholders of Bank of America is Mohnish Pabrai (Trades, Portfolio), who was selling off one-third of his stake (31%) on the fourth quarter to 3.15 million shares held as of the end of 2014. Buffett Disciple tells Barron's last year “that, if a bank has proper reserves and it’s trading well below tangible book value, that is an undervalued bank".

      


  • Steven Romick Buys 1 New Stock in First Quarter, Adds to 10 More

    Steven Romick (Trades, Portfolio) manages the Crescent Fund at First Pacific Advisers, a company with $33 billion in assets.


    A value manager, Romick wrote in his fourth-quarter letter to shareholders that the market was 50% pricier than it was a few years ago, which slowed his buying.

      


  • A Look At Steven Romick's Investment in Yahoo!

    Steven Romick (Trades, Portfolio) is the portfolio manager of FPA Crescent Fund. As of Jan. 31, the fund has delivered more than 11% a year in average returns over the past 10 years. His fund has about $2.8 billion under management. Romick's portfolio consists of equity positions of both long and short. He also has sizeable positions in short term bond and cash. He seeks value in all parts of a company's capital structure, including common and preferred stocks, as well as corporate and convertible bonds. The manager invests in securities "that the consensus does not wish to own," searching for stocks and convertible bonds that reflect low price/earnings ratios (P/Es) and trade at discounts to private market value. Corporate bonds with yields substantially higher than those of government securities are also considered.


    Last quarter, he initiated a long position in Yahoo! (NASDAQ:YHOO) by buying 3,409,200 shares. Yahoo's appears grossly undervalued. The company's stake in Alibaba (BABA) is worth ~$40 billion and Yahoo Japan is worth ~$7 billion. Yet Yahoo's market capitalization is just $42 billion, giving a negative value to its core business.

      


  • Analyzing Steven Romick's New Buys: Express Scripts (ESRX)

    Steven Romick (Trades, Portfolio) is the portfolio manager of FPA Crescent Fund. As of Jan. 31, the fund has delivered more than 11% a year in average over the past 10 years. His fund has about $2.8 billion under management. Romick's portfolio consists of equity positions of both long and short. He also has sizeable positions in short term bond and cash. He seeks value in all parts of a company's capital structure, including common and preferred stocks, as well as corporate and convertible bonds. The manager invests in securities "that the consensus does not wish to own," searching for stocks and convertible bonds that reflect low price/earnings ratios (P/Es) and trade at discounts to private market value. Corporate bonds with yields substantially higher than those of government securities are also considered.


    Last quarter, he initiated a long position in Express Scripts (NASDAQ:ESRX) by buying 4,234,000 shares. It was the fund's largest buy last quarter. Here's a look at the company in detail.

      


  • Steven Romick Comments on United Technologies Corp

    UTX (UTX) is an example of such a business. As part of our research process, we look at a number of companies and industries each year. As you can tell from the fund’s relatively low turnover, most of that research does not result in a purchase or sale. We regularly nix potential investments because we find them too expensive or too difficult to understand. When we pass on investments solely due to valuation, we are left with “on deck” opportunities. These are companies that the group has thoroughly researched but decided that the price wasn’t attractive enough to warrant purchase. We keep track of these companies and patiently wait for the day when they become available at a price that represents good, long-term value. UTX was one such opportunity that presented itself during the short-lived market dip last October.


    UTX is an industrial conglomerate with leading positions in aerospace systems, aerospace engines (Pratt & Whitney), helicopters (Sikorsky), elevators (Otis), climate control (Carrier) and fire/security systems. Each division is a leader in its respective field and features important long-term competitive advantages. UTX generates roughly 50% of its profits from aerospace and 50% from commercial buildings. The strength of the operating businesses has allowed UTX to earn an average return on invested capital in the mid 20’s through the recent economic cycle (i.e., the last 6 years).

      


  • Steven Romick's FPA Crescent Fund Fourth Quarter 2014 Commentary

    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.


    Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. This data represents past performance and investors should understand that investment returns and principal values fluctuate, so that when you redeem your investment it may be worth more or less than its original cost. Current month-end performance data may be obtained by calling toll-free, 1-800-982-4372.

      


  • Fourth Quarter 2014 Crescent Fund Update

    Activity:


    o Sold out of Carefusion (NYSE:CFN), Checkpoint Software, Johnson & Johnson (NYSE:JNJ) and Wellpoint. Trimmed CVS, Intel and Norsk Hydro.

      


  • Steven Romick's International Buys in Q4

    During the fourth quarter, Steven Romick (Trades, Portfolio) of FPA Crescent Fund purchased four new international stocks, bringing the total number of international positions to 19.


    The fund’s fact sheet states that about 65% of the portfolio’s assets are in the U.S., followed by 29.7% in Europe, and 3% in emerging markets.

      


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