Steven Romick is the Portfolio Manager for FPA Crescent Fund. He was nominated
as one of the candidates for “Manager of the Decade” by MorningStar late last year, together with Bruce Berkowitz
and Donald Yacktman
. Of course, many of us know that Berkowitz won the tile.
The nomination was backed by solid performance: For the past decade, during which the general market declined slightly, Crescent Fund grew an average of 10.69% per year. For 4Q09, Crescent Fund increased 5.3% for the fourth quarter, and 28.4% for 2009 and, in doing so, successfully earned back its 2008 losses. In the most recent two-year period of tremendous volatility, Crescent increased 2.0%, while the S&P 500 declined 20%, both returns on a cumulative basis. Continue Reading »