Steven Romick

Steven Romick

Last Update: 2014-07-11
Related: First Pacific Advisors
Robert Rodriguez

Number of Stocks: 61
Number of New Stocks: 12

Total Value: $9,810 Mil
Q/Q Turnover: 13%

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

Steven Romick Watch

  • Top 5 conviction picks from Steven Romick

    Romick joined FPA Crescent Fund in 1996. He is the portfolio manager of FPA Crescent Fund and the Contrarian Value Strategy. He is also a research analyst for FPA Capital Fund and the FPA Small/Mid-Cap Absolute Value Strategy and FPA New Income and the FPA Absolute Fixed Income Strategy. Prior to joining FPA Crescent Fund, Steven was Chairman of Crescent Management and a consulting security analyst for Kaplan, Nathan & Co.

    Mr. Romick's portfolio consists of long and short equity positions and short term bonds and cash. He seeks value in all parts of a company's capital structure. In general, the manager invests in securities consensus does not want to own. The fund searches for stocks and convertible bonds reflecting low price-to-earnings ratios and trading at discounts vis-à-vis market value.  

  • Steven Romick Comments on Hewlett Packard, Google, Interpublic, WPP

    Steven Romick made valuable remarks on several of his holdings in his fourth-quarter letter:

    Hewlett Packard (HPQ) We purchased a small position in Hewlett Packard (HPQ) as part of a tech basket in 2011. Although the tech basket performed reasonably well, HPQ was a mistake – not just because we have lost money thus far, but also because we allowed rationalization to creep into our process. We established a small, toehold position at an average price just over $40, believing that the P/E was just 8x, that the printing business was an annuity, and that the services business had sustainable cash flow at current (or better) levels. Subsequent research revealed that neither business was as resilient as we thought. Instead of selling our stake at that time, though, we argued that the stock price remained cheap enough to stay in the basket. We were wrong. HPQ management made a series of reckless decisions, including a multi-billion dilutive acquisition; a publicly announced commitment to WebOS that was retracted within a month; and declaring their intention to sell their PC business without having a buyer lined up (leaving customers to worry about who would stand behind the products in the future, and undermining sales efforts aimed at IT departments).  

  • Steve Romick (FPA Crescent Capital) Q4 2011 Letter to Investors

    Steve Romick discusses the global economy, as well as investments Hewlett-Packard (HPQ), CVS (CVS), Omnicare (OCR), Google (GOOG) and Interpublic (IPG).

    FPA Crescent Quarterly Commentary 2011

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User Comments

ReplyKeithlevy1234 - 2 months ago
No its a pair trade he did.
ReplyJoeDaWealthManager - 5 months ago
Why short VZ? Is it a race to the bottom on price plans?

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