Steven Romick

Steven Romick

Last Update: 01-09-2017
Related: First Pacific Advisors
Robert Rodriguez

Number of Stocks: 50
Number of New Stocks: 0

Total Value: $9,481 Mil
Q/Q Turnover: 2%

Details: Top Buys | Top Sales | Top Holdings  Embed:

Steven Romick Watch

  • Steven Romick Reduces 7 Stakes in 4th Quarter

    Guru Steven Romick (Trades, Portfolio), portfolio manager of FPA Crescent Fund, reduced seven stakes in his portfolio in the fourth quarter.

    Romick’s most noteworthy reduction in the fourth quarter was his sale of 3,078,502 shares of Microsoft Corp. (NASDAQ:MSFT), a Redmond, Washington-based computer company, for an average price of $52.75 per share. The transaction reduced Romick’s stake by nearly 21% and had an impact of -1.46% on his portfolio.


  • Steven Romick Sells Microsoft, Walgreens, CVS

    Steven Romick (Trades, Portfolio) sold many stocks during the fourth quarter. He is the portfolio manager of the FPA Crescent Fund and the following are the most weighted sales during the last quarter of 2015.

    He reduced his stake in Microsoft Corp. (MSFT) by 20.99% with an impact of 1.46% on the portfolio. The current stake is 6.76% of the investor’s total assets.


  • Crescent Fund's Romick Increases 8 Portfolio Positions in Q4

    Though FPA Crescent Fund manager Steven Romick (Trades, Portfolio) took advantage of a bumpy third quarter market to buy five attractive stocks at low-priced windows, he found nothing new to acquire in a less volatile fourth quarter.

    “Volatility has always been our friend and we’re wistful for its return. ‘Vol’ has become a euphemism for something bad, like market declines (you’ll note that there’s not a lot of conversation around upside vol),” he told his shareholders in a third quarter letter. “For us though, bad can be good. Volatility can cause investors to sell and sometimes to do so indiscriminately. Being of sound(er) mind, we have captured some of that opportunity in the past and expect to do so again in the future.”


  • Romick Gains 75% Return on Baytex Energy

    Contrarian defensive investor Steven Romick serves as the portfolio manager of the award winning FPA Crescent Fund. He joined FPA Funds in 1996 after graduating with a bachelor's degree in education from Northwestern University. In the second quarter of 2013, Romick shorted Baytex Energy Corp. (TSX:BTE) at an average price of C$39.29. In the third quarter of 2015, Romick bought to cover his position at C$9.91, profiting a 75% return.

    The Baytex Energy holding has peaked at C$58.32 per share in January 2012 and since then has been dropping in price at a significant rate.


  • Health Care Stocks Play Prominent Roles in Steven Romick's Transactions

    The health care sector occupies a low position in Steven Romick (Trades, Portfolio)’s sector weightings, but those companies were among his most prominent third-quarter trades.

    Romick’s most noteworthy third-quarter transaction was the reduction of his stake in CVS Health Corp. (NYSE:CVS), a Woonsocket, Rhode Island-based health care company, by nearly 88%. Romick sold 3,639,490 shares for an average price of $105.29 per share. The deal had a -3.68% impact on Romick’s portfolio.


  • Romick Maintains Conviction in 3 Stocks With Declining Prices

    Steven Romick (Trades, Portfolio) joined FPA Funds in 1996 and runs the FPA Crescent Fund, which today manages more than $18 billion in assets. During the third quarter, Romick reiterated his conviction in several holdings that have seen prices decline over the past year, including the three below.

    The majority of assets are invested in North America at 70%, followed by 26% in Europe. The largest represented sector is technology at 35.8%, followed by 25.7% in financial services and 14% in industrials.  

  • Steven Romick Adds Esterline, American Express to FPA Crescent

    In the third quarter of 2015, guru Steven Romick bought three new holdings, adding to his award winning FPA Crescent Fund. Romick bought 2,636,450 shares of Esterline Technologies (ESL), 642,400 shares of American Express Co. (AXP), and 1,012,740 shares of Halliburton Co. (HAL).



  • Steve Romick's 3rd Quarter Investor Presentation

  • FPA Crescent Fund – Third Quarter Investor Call Transcript

  • Walgreens Buys Rite Aid to Avoid Loose Market

    In May, Walgreens Boots Alliance Inc. (WBA)’s biggest competitor in the U.S., CVS Health Corp. (CVS), agreed to purchase nursing-home pharmacy Omnicare Inc. (OCR); a few weeks later, CVS signed a deal to acquire Target Corp. (TGT)’s pharmacies, expanding CVS Health’s retail presence in new markets, such as Seattle, Denver, Portland, Ore., and Salt Lake City by putting its brand, in retail locations across 47 states so WBA’s top rival in the U.S. has been getting bigger. This is why WBA’s next step is to acquire Rite Aid Corp. (RAD).

    Walgreens already has a foothold in the drug-distribution business after it signed a 10-year agreement with AmerisourceBergen Corp. (ABC) in 2013, and it became the company’s third-largest shareholder, but this agreement doesn’t stop the management's search for new profitable partnerships, and the reported fiscal fourth-quarter earnings shows how Walgreens Boots Alliance managed cost savings from mergers and it has saved $799 million in fiscal 2015 after combining with Alliance Boots GmbH last year.


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

    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.

    The Fund commenced investment operations on June 2, 1993. The performance shown for periods prior to March 1, 1996 reflects the historical performance of a predecessor fund. FPA assumed control of the predecessor fund on March 1, 1996. The FPA Crescent Fund's objectives, policies, guidelines and restrictions are, in all material respects, equivalent to those of the predecessor fund.


  • Steven Romick Sells CVS, Buys United Technologies

    Steven Romick (Trades, Portfolio) is the portfolio manager of FPA Crescent Fund, a Los Angeles-based money management firm practicing a disciplined approach to value investing, prudently seeking superior long-term returns while maintaining a focus on capital preservation.

    He manages a portfolio of 59 stocks with a total value of $9,351 million and the following are the most weighted trades during the third quarter .


  • Steven Romick Buys 3 New Stocks in Q3

    Steven Romick (Trades, Portfolio), president of the $19.6 billion FPA Crescent Fund (FPACX), bought three new stocks in the third quarter, he disclosed Thursday.

    The value-minded investor had more than 40% of his portfolio in cash in the end of the second quarter as markets continued their ascent.


  • 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.


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