Steven Romick (Trades, Portfolio), portfolio manager of the FPA Crescent Fund, seeks value through an eclectic variety of securities: company stocks, corporate bonds and convertible bonds.
Romick’s portfolio consists of both long and short positions, especially stocks that the consensus does not wish to own. Such companies have low price-earnings (P/E) valuations and trade at discounts to private market value. During the quarter ending March 31, Romick sold short the iShares Russell 2000 (IWM). The manager also trimmed his position in four companies: American Express Co. (NYSE:AXP), Alleghany Corp. (NYSE:Y), Cisco Systems Inc. (NASDAQ:CSCO) and Analog Devices Inc. (NASDAQ:ADI). Continue Reading »