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FPA Crescent Fund Q2 Portfolio Update

gurufocus

gurufocus

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Steven Romick of FPA Crescent Fund reported his second quarter portfolio. The fund has achieved one of the best performances among all mutual funds. Steven Romick buys Canadian Natural Resources Ltd., Cisco Systems Inc., Owensillinois Inc., Microsoft Corp., Walmart Stores, Travelers Cos Inc., Vodafone Group Plc, Occidental Petroleum Corp., Aon Corp., sells Total S.a. Ads, Discover Financial Services during the 3-months ended 06/30/2011, according to the most recent filings of his investment company, FPA Crescent Fund. As of 06/30/2011, FPA Crescent Fund owns 68 stocks with a total value of $3.4 billion. These are the details of the buys and sells.

FPA Crescent Fund is the only portfolio that reports its short position. These short positions are listed under Steven Romick’s portfolio. Steven Romick write great commentaries, and we strongly recommend you to read his latest commentary. His recent favorite stocks include Microsoft (MSFT) and Johnson & Johnson (JNJ).

This is the portfolio chart of Steven Romick. You can click on the legend of the chart to show/hide buys, sells, or holdings. Each ball on the chart represents a position in the portfolio. You can move your mouse on the balls to see the details of each position and click to see the details of all guru trades with this position.



For the details of Steven Romick's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=Steven+Romick

This is the sector weightings of his portfolio:

Not Assigned 43.5%
Oil & Gas 9.6%
Health Care 9.4%
Technology 8.5%
Consumer Services 7.4%
Consumer Goods 3.8%
Industrials 2.3%
Telecommunications 1.9%
Financials 1.3%


These are the top 5 holdings of Steven Romick

  1. AON Corp. (AON) - 4,640,000 shares, 6.1% of the total portfolio. Shares added by 2.43%
  2. CVS Caremark (CVS) - 6,325,000 shares, 6.1% of the total portfolio. Shares added by 0.52%
  3. WalMart Stores (WMT) - 4,270,000 shares, 5.8% of the total portfolio. Shares added by 25.59%
  4. Ensco PLC (ESV) - 4,085,000 shares, 5.6% of the total portfolio.
  5. Covidien (COV) - 3,875,000 shares, 5.3% of the total portfolio.


New Purchase: Canadian Natural Resources Ltd. (CNQ)

Steven Romick initiated holdings in Canadian Natural Resources Ltd.. His purchase prices were between $38.59 and $49.76, with an estimated average price of $43.02. The impact to his portfolio due to this purchase was 2.8%. His holdings were 2,610,000 shares as of 06/30/2011.

Canadian Natural Resources Limited is a senior independent oil and natural gas exploration, development and production company based in Calgary, Alberta. Canadian Natural Resources Ltd. has a market cap of $40.43 billion; its shares were traded at around $36.87 with a P/E ratio of 19.2 and P/S ratio of 2.8. The dividend yield of Canadian Natural Resources Ltd. stocks is 1%. Canadian Natural Resources Ltd. had an annual average earnings growth of 20.5% over the past 10 years. GuruFocus rated Canadian Natural Resources Ltd. the business predictability rank of 2.5-star.

New Purchase: Cisco Systems Inc. (CSCO)

Steven Romick initiated holdings in Cisco Systems Inc.. His purchase prices were between $14.84 and $18.07, with an estimated average price of $16.49. The impact to his portfolio due to this purchase was 2.18%. His holdings were 5,450,000 shares as of 06/30/2011.

Cisco Systems, Inc. is the worldwide leader in networking for the Internet. Cisco Systems Inc. has a market cap of $86.57 billion; its shares were traded at around $15.74 with a P/E ratio of 11.2 and P/S ratio of 2. The dividend yield of Cisco Systems Inc. stocks is 1.5%. Cisco Systems Inc. had an annual average earnings growth of 23% over the past 10 years. GuruFocus rated Cisco Systems Inc. the business predictability rank of 2.5-star.

New Purchase: Owensillinois Inc. (OI)

Steven Romick initiated holdings in Owensillinois Inc.. His purchase prices were between $25.07 and $33.01, with an estimated average price of $29.81. The impact to his portfolio due to this purchase was 1.89%. His holdings were 2,865,000 shares as of 06/30/2011.

Owens-Illinois, Inc. is one of the largest manufacturers of glass containers in North America, South America, Australia, New Zealand, and China, and one of the largest in Europe. Owensillinois Inc. has a market cap of $3.02 billion; its shares were traded at around $18.41 with a P/E ratio of 7.6 and P/S ratio of 0.5.

Added: Microsoft Corp. (MSFT)

Steven Romick added to his holdings in Microsoft Corp. by 34.38%. His purchase prices were between $23.705 and $26.71, with an estimated average price of $25.04. The impact to his portfolio due to this purchase was 1.2%. His holdings were 7,055,000 shares as of 06/30/2011.

Microsoft develops, manufactures, licenses, and supports a wide range of software products for a multitude of computing devices. Microsoft Corp. has a market cap of $217.9 billion; its shares were traded at around $25.84 with a P/E ratio of 9.8 and P/S ratio of 3.1. The dividend yield of Microsoft Corp. stocks is 2.5%. Microsoft Corp. had an annual average earnings growth of 14.4% over the past 10 years. GuruFocus rated Microsoft Corp. the business predictability rank of 4.5-star.

Added: Walmart Stores (WMT)

Steven Romick added to his holdings in Walmart Stores by 25.59%. His purchase prices were between $52.13 and $56.06, with an estimated average price of $53.92. The impact to his portfolio due to this purchase was 1.18%. His holdings were 4,270,000 shares as of 06/30/2011.

Wal-Mart Stores, Inc. is the world's largest retailer. Walmart Stores has a market cap of $184.71 billion; its shares were traded at around $53.19 with a P/E ratio of 12.3 and P/S ratio of 0.4. The dividend yield of Walmart Stores stocks is 2.7%. Walmart Stores had an annual average earnings growth of 11.1% over the past 10 years. GuruFocus rated Walmart Stores the business predictability rank of 5-star.

Added: Travelers Cos Inc. (TRV)

Steven Romick added to his holdings in Travelers Cos Inc. by 47.29%. His purchase prices were between $56.68 and $64.05, with an estimated average price of $60.62. The impact to his portfolio due to this purchase was 0.46%. His holdings were 950,000 shares as of 06/30/2011.

St. Paul Travelers is a provider of commercial property-liability insurance and asset management services. Travelers Cos Inc. has a market cap of $21.26 billion; its shares were traded at around $50.75 with a P/E ratio of 10.8 and P/S ratio of 0.9. The dividend yield of Travelers Cos Inc. stocks is 3.2%. Travelers Cos Inc. had an annual average earnings growth of 8.4% over the past 5 years.

Added: Vodafone Group Plc (VOD)

Steven Romick added to his holdings in Vodafone Group Plc by 13.74%. His purchase prices were between $25.75 and $29.39, with an estimated average price of $27.71. The impact to his portfolio due to this purchase was 0.34%. His holdings were 4,140,000 shares as of 06/30/2011.

Vodafone AirTouch Plc is the world's largest international mobile communications firm. Vodafone Group Plc has a market cap of $137.31 billion; its shares were traded at around $26.78 with and P/S ratio of 1.9. The dividend yield of Vodafone Group Plc stocks is 7.2%.

Added: Occidental Petroleum Corp. (OXY)

Steven Romick added to his holdings in Occidental Petroleum Corp. by 7.18%. His purchase prices were between $96.89 and $114.29, with an estimated average price of $102.67. The impact to his portfolio due to this purchase was 0.33%. His holdings were 1,865,000 shares as of 06/30/2011.

Occidental Petroleum Corp. explores for, develops, produces and markets crude oil and natural gas and manufactures and markets a variety of basic chemicals, including chlorine, caustic soda, and ethylene dichloride, as well as specialty chemicals and vinyls, including polyvinyl chloride resins and vinyl chloride monomer. Occidental Petroleum Corp. has a market cap of $69.14 billion; its shares were traded at around $85.06 with a P/E ratio of 11.8 and P/S ratio of 3.6. The dividend yield of Occidental Petroleum Corp. stocks is 2.2%. Occidental Petroleum Corp. had an annual average earnings growth of 14.3% over the past 10 years.

Added: Aon Corp. (AON)

Steven Romick added to his holdings in Aon Corp. by 2.43%. His purchase prices were between $49.12 and $53.8, with an estimated average price of $51.76. The impact to his portfolio due to this purchase was 0.14%. His holdings were 4,640,000 shares as of 06/30/2011.

Aon Corporation is a holding company whose operating subsidiaries carry onbusiness in three distinct segments: insurance brokerage and other services; consulting; and insurance underwriting. Aon Corp. has a market cap of $15.59 billion; its shares were traded at around $47.15 with a P/E ratio of 15.3 and P/S ratio of 1.8. The dividend yield of Aon Corp. stocks is 1.3%. Aon Corp. had an annual average earnings growth of 3.2% over the past 10 years.

Reduced: Capital One Financial Corp. (COF)

Steven Romick reduced to his holdings in Capital One Financial Corp. by vered. His sale prices were between $47.87 and $56.21, with an estimated average price of $52.07. The impact to his portfolio due to this sale was 0.13%. Steven Romick still held 0 shares as of 06/30/2011.

Capital One Financial is a holding company whose subsidiaries provide a variety of products and services to consumers using its proprietary information-based strategy. Capital One Financial Corp. has a market cap of $20.85 billion; its shares were traded at around $45.39 with a P/E ratio of 6 and P/S ratio of 1.1. The dividend yield of Capital One Financial Corp. stocks is 0.4%.

Reduced: Urban Outfitters Inc. (URBN)

Steven Romick reduced to his holdings in Urban Outfitters Inc. by vered. His sale prices were between $28.27 and $33.1, with an estimated average price of $30.67. The impact to his portfolio due to this sale was 0.11%. Steven Romick still held 0 shares as of 06/30/2011.

Urban Outfitters, Inc. operates two business segments consisting of a lifestyle-oriented general merchandise retailing segment and a wholesale apparel business. Urban Outfitters Inc. has a market cap of $4.07 billion; its shares were traded at around $25.46 with a P/E ratio of 17.4 and P/S ratio of 1.8. Urban Outfitters Inc. had an annual average earnings growth of 30.9% over the past 10 years. GuruFocus rated Urban Outfitters Inc. the business predictability rank of 3.5-star.

Sold Out: Total S.a. Ads (TOT)

Steven Romick sold out his holdings in Total S.a. Ads. His sale prices were between $53.31 and $64.23, with an estimated average price of $58.07.

Total Fina SA engages in worldwide oil and gas production, other upstream, RM&T and an expanding multi-national specialty chemicals business. Total S.a. Ads has a market cap of $114.36 billion; its shares were traded at around $48.67 with a P/E ratio of 7.2 and P/S ratio of 0.5. The dividend yield of Total S.a. Ads stocks is 5.5%. Total S.a. Ads had an annual average earnings growth of 12.6% over the past 10 years. GuruFocus rated Total S.a. Ads the business predictability rank of 2.5-star.

Sold Out: Discover Financial Services (DFS)

Steven Romick sold out his holdings in Discover Financial Services. His sale prices were between $22.43 and $26.61, with an estimated average price of $24.13.

Discover Financial Services operates the Discover Card with more than fifty million cardmembers, the Discover Network with millions of merchant and cash access locations, and the Goldfish credit card business in the United Kingdom. Discover Financial Services has a market cap of $13.7 billion; its shares were traded at around $25.11 with a P/E ratio of 8.3 and P/S ratio of 1.7. The dividend yield of Discover Financial Services stocks is 1%.

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gurufocus
GuruFocus - Stock Picks and Market Insight of Gurus

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