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

  • 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 [email protected], 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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User Comments

Newyorkpapi
ReplyNewyorkpapi - 1 year ago
No its a pair trade he did.
JoeDaWealthManager
ReplyJoeDaWealthManager - 1 year ago
Why short VZ? Is it a race to the bottom on price plans?



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