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FPA Crescent Fund Q3 Portfolio Update

gurufocus

gurufocus

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Steven Romick of FPA Crescent Fund just released his third quarter portfolio. He is certainly finding a lot of opportunities. As of 09/30/2011, FPA Crescent Fund owns 68 stocks with a total value of $3.7 billion. These are the details of the buys and sells.

Different from a lot of pure bottom-up value investors, Steven Romick and his colleague Robert Rodriguez pays close attention to macro market. They have successfully avoided many bubbles and market crashes. Although he is not happy with the government policies, Steven Romick did find many opportunities in this market.

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 20.7%
Consumer Services 18.8%
Health Care 14.2%
Oil & Gas 12.7%
Technology 10.3%
Consumer Goods 4.8%
Industrials 4.1%
Financials 3.9%
Telecom 2.2%


These are the top 5 holdings of Steven Romick

  1. AON Corp. (AON) - 6,690,000 shares, 6.9635% of the total portfolio. Shares added by 44.18%
  2. CVS Caremark (CVS) - 7,470,000 shares, 6.2196% of the total portfolio. Shares added by 18.1%
  3. WalMart Stores (WMT) - 4,675,000 shares, 6.016% of the total portfolio. Shares added by 9.48%
  4. Microsoft Corp. (MSFT) - 7,770,000 shares, 4.7952% of the total portfolio. Shares added by 10.13%
  5. Covidien (COV) - 4,315,000 shares, 4.7182% of the total portfolio. Shares added by 11.35%


Added: Aon Corp. (AON)

Steven Romick added to his holdings in Aon Corp. by 44.18%. His purchase prices were between $40 and $51.83, with an estimated average price of $46.3. The impact to his portfolio due to this purchase was 2.13%. His holdings were 6,690,000 shares as of 09/30/2011.

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 $14.66 billion; its shares were traded at around $44.87 with a P/E ratio of 14.6 and P/S ratio of 1.7. The dividend yield of Aon Corp. stocks is 1.4%. Aon Corp. had an annual average earnings growth of 3.2% over the past 10 years.

Added: CIT Group Inc. (CIT)

Steven Romick added to his holdings in Cit Group Inc. by 251.88%. His purchase prices were between $30.55 and $44.17, with an estimated average price of $35.98. The impact to his portfolio due to this purchase was 1.4%. His holdings were 2,605,000 shares as of 09/30/2011.

CIT Group Inc. is a bank holding company that provides financing and leasing capital for commercial companies throughout the world. Cit Group Inc. has a market cap of $6.59 billion; its shares were traded at around $32.86 with a P/E ratio of 29.4 and P/S ratio of 1.

Added: Thermo Fisher Scientific (TMO)

Steven Romick added to his holdings in Thermo Fisher Scientific by 205.38%. His purchase prices were between $49.77 and $65.57, with an estimated average price of $56.29. The impact to his portfolio due to this purchase was 1.34%. His holdings were 1,588,000 shares as of 09/30/2011.

Thermo Fisher Scientific is the world leader in serving science, enabling our customers to make the world healthier, cleaner and safer. Thermo Fisher Scientific has a market cap of $20.87 billion; its shares were traded at around $54.65 with a P/E ratio of 14.3 and P/S ratio of 2. Thermo Fisher Scientific had an annual average earnings growth of 12.7% over the past 10 years. GuruFocus rated Thermo Fisher Scientific the business predictability rank of 2.5-star.

Added: Anheuserbusch Inbev Sa/nv (BUD)

Steven Romick added to his holdings in Anheuserbusch Inbev Sa/nv by 45.21%. His purchase prices were between $49.72 and $59.33, with an estimated average price of $54.55. The impact to his portfolio due to this purchase was 1.12%. His holdings were 2,730,000 shares as of 09/30/2011.

Anheuser-Busch Companies is the holding company parent of Anheuser-BuschIncorporated and to a number of subsidiaries that conduct variousother business operations. Anheuserbusch Inbev Sa/nv has a market cap of $86.82 billion; its shares were traded at around $54.07 with a P/E ratio of 15.9 and P/S ratio of 2.4. The dividend yield of Anheuserbusch Inbev Sa/nv stocks is 1.8%.

Added: CVS Caremark (CVS)

Steven Romick added to his holdings in Cvs Caremark by 18.1%. His purchase prices were between $32.06 and $38.54, with an estimated average price of $35.73. The impact to his portfolio due to this purchase was 0.95%. His holdings were 7,470,000 shares as of 09/30/2011.

CVS/Caremark is the nation's premier integrated pharmacy services provider, combining one of the nation's pharmaceutical services companies with the country's largest pharmacy chain. Cvs Caremark has a market cap of $46.63 billion; its shares were traded at around $34.67 with a P/E ratio of 13 and P/S ratio of 0.5. The dividend yield of Cvs Caremark stocks is 1.5%. Cvs Caremark had an annual average earnings growth of 13.4% over the past 10 years. GuruFocus rated Cvs Caremark the business predictability rank of 4.5-star.

Added: Cisco Systems Inc. (CSCO)

Steven Romick added to his holdings in Cisco Systems Inc. by 35.23%. His purchase prices were between $13.73 and $16.67, with an estimated average price of $15.71. The impact to his portfolio due to this purchase was 0.74%. His holdings were 7,370,000 shares as of 09/30/2011.

Cisco Systems, Inc. is the worldwide leader in networking for the Internet. Cisco Systems Inc. has a market cap of $92.85 billion; its shares were traded at around $17.25 with a P/E ratio of 12.3 and P/S ratio of 2.1. The dividend yield of Cisco Systems Inc. stocks is 1.4%. Cisco Systems Inc. had an annual average earnings growth of 11.8% over the past 10 years. GuruFocus rated Cisco Systems Inc. the business predictability rank of 2.5-star.

Added: Omnicare Inc. (OCR)

Steven Romick added to his holdings in Omnicare Inc. by 27.34%. His purchase prices were between $25.21 and $32.98, with an estimated average price of $29.12. The impact to his portfolio due to this purchase was 0.72%. His holdings were 5,330,000 shares as of 09/30/2011.

Omnicare, Inc., a Fortune five hundred company based in Covington, Kentucky, is a provider of pharmaceutical care for the elderly. Omnicare Inc. has a market cap of $3.49 billion; its shares were traded at around $26.58 with a P/E ratio of 13 and P/S ratio of 0.6. The dividend yield of Omnicare Inc. stocks is 0.6%.

Added: Travelers Cos Inc. (TRV)

Steven Romick added to his holdings in Travelers Cos Inc. by 57.89%. His purchase prices were between $47.12 and $58.9, with an estimated average price of $52.45. The impact to his portfolio due to this purchase was 0.66%. His holdings were 1,500,000 shares as of 09/30/2011.

St. Paul Travelers is a provider of commercial property-liability insurance and asset management services. Travelers Cos Inc. has a market cap of $21.54 billion; its shares were traded at around $51.44 with a P/E ratio of 11 and P/S ratio of 0.9. The dividend yield of Travelers Cos Inc. stocks is 3.1%. Travelers Cos Inc. had an annual average earnings growth of 8.4% over the past 5 years.

Added: Walmart Stores (WMT)

Steven Romick added to his holdings in Walmart Stores by 9.48%. His purchase prices were between $48.41 and $54.52, with an estimated average price of $52.41. The impact to his portfolio due to this purchase was 0.52%. His holdings were 4,675,000 shares as of 09/30/2011.

Wal-Mart Stores, Inc. is the world's largest retailer. Walmart Stores has a market cap of $190.25 billion; its shares were traded at around $55.2 with a P/E ratio of 12.8 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: Vodafone Group Plc (VOD)

Steven Romick added to his holdings in Vodafone Group Plc by 18.72%. His purchase prices were between $24.58 and $28.21, with an estimated average price of $26.38. The impact to his portfolio due to this purchase was 0.49%. His holdings were 4,915,000 shares as of 09/30/2011.

Vodafone AirTouch Plc is the world's largest international mobile communications firm. Vodafone Group Plc has a market cap of $137.61 billion; its shares were traded at around $27.06 with and P/S ratio of 1.9. The dividend yield of Vodafone Group Plc stocks is 7.2%.

Added: Covidien (COV)

Steven Romick added to his holdings in Covidien by 11.35%. His purchase prices were between $44.07 and $54.27, with an estimated average price of $49.73. The impact to his portfolio due to this purchase was 0.48%. His holdings were 4,315,000 shares as of 09/30/2011.

Covidien PLC, formerly Covidien Ltd, is engaged in the development, manufacture and sale of healthcare products for use in clinical and home settings. Covidien has a market cap of $22.61 billion; its shares were traded at around $45.82 with a P/E ratio of 12.4 and P/S ratio of 2.1. The dividend yield of Covidien stocks is 1.8%.

Added: Owensillinois Inc. (OI)

Steven Romick added to his holdings in Owensillinois Inc. by 42.41%. His purchase prices were between $15.9 and $26.83, with an estimated average price of $20.52. The impact to his portfolio due to this purchase was 0.46%. His holdings were 4,080,000 shares as of 09/30/2011.

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 $2.73 billion; its shares were traded at around $16.64 with a P/E ratio of 6.9 and P/S ratio of 0.4.

Added: Hewlettpackard Co. (HPQ)

Steven Romick added to his holdings in Hewlettpackard Co. by 41.17%. His purchase prices were between $22.32 and $37.47, with an estimated average price of $29.45. The impact to his portfolio due to this purchase was 0.46%. His holdings were 2,823,400 shares as of 09/30/2011.

Hewlett Packard is one of the global providers of computing and imaging solutions and services for business and home. Hewlettpackard Co. has a market cap of $51.4 billion; its shares were traded at around $25.87 with a P/E ratio of 5.1 and P/S ratio of 0.4. The dividend yield of Hewlettpackard Co. stocks is 1.9%. Hewlettpackard Co. had an annual average earnings growth of 24.3% over the past 5 years.

Added: Microsoft Corp. (MSFT)

Steven Romick added to his holdings in Microsoft Corp. by 10.13%. His purchase prices were between $24.05 and $28.08, with an estimated average price of $26.18. The impact to his portfolio due to this purchase was 0.44%. His holdings were 7,770,000 shares as of 09/30/2011.

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 $225.88 billion; its shares were traded at around $26.96 with a P/E ratio of 10.2 and P/S ratio of 3.2. The dividend yield of Microsoft Corp. stocks is 2.4%. 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: Canadian Natural Resources Ltd. (CNQ)

Steven Romick added to his holdings in Canadian Natural Resources Ltd. by 22.61%. His purchase prices were between $29.4 and $43.77, with an estimated average price of $37.24. The impact to his portfolio due to this purchase was 0.43%. His holdings were 3,200,000 shares as of 09/30/2011.

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 $34.41 billion; its shares were traded at around $31.39 with a P/E ratio of 16.4 and P/S ratio of 2.4. The dividend yield of Canadian Natural Resources Ltd. stocks is 1.2%. 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.

Added: Walgreen Co. (WAG)

Steven Romick added to his holdings in Walgreen Co. by 43.11%. His purchase prices were between $32.53 and $44.14, with an estimated average price of $37.62. The impact to his portfolio due to this purchase was 0.39%. His holdings were 1,595,000 shares as of 09/30/2011.

Walgreen Co. is a national retail pharmacy chain and considered the leader in innovative drugstore retailing. Walgreen Co. has a market cap of $30.01 billion; its shares were traded at around $33.15 with a P/E ratio of 12.6 and P/S ratio of 0.5. The dividend yield of Walgreen Co. stocks is 2.8%. Walgreen Co. had an annual average earnings growth of 11.7% over the past 10 years. GuruFocus rated Walgreen Co. the business predictability rank of 4.5-star.

Added: Johnson & Johnson (JNJ)

Steven Romick added to his holdings in Johnson & Johnson by 20.44%. His purchase prices were between $60.2 and $67.92, with an estimated average price of $64.79. The impact to his portfolio due to this purchase was 0.36%. His holdings were 1,355,000 shares as of 09/30/2011.

Johnson & Johnson is engaged in the manufacture and sale of a broad range of products in the health care field in many countries of the world. Johnson & Johnson has a market cap of $176.29 billion; its shares were traded at around $64.33 with a P/E ratio of 13.2 and P/S ratio of 2.9. The dividend yield of Johnson & Johnson stocks is 3.5%. Johnson & Johnson had an annual average earnings growth of 9.3% over the past 10 years. GuruFocus rated Johnson & Johnson the business predictability rank of 4-star.

Added: Wellpoint Inc. (WLP)

Steven Romick added to his holdings in Wellpoint Inc. by 19.91%. His purchase prices were between $57.01 and $80.22, with an estimated average price of $66.91. The impact to his portfolio due to this purchase was 0.36%. His holdings were 1,355,000 shares as of 09/30/2011.

WellPoint, Inc. is the largest publicly traded commercial health benefits company in terms of membership in the United States. Wellpoint Inc. has a market cap of $24.16 billion; its shares were traded at around $67 with a P/E ratio of 9.2 and P/S ratio of 0.4. The dividend yield of Wellpoint Inc. stocks is 1.5%. Wellpoint Inc. had an annual average earnings growth of 19.3% over the past 10 years. GuruFocus rated Wellpoint Inc. the business predictability rank of 4.5-star.

Added: Occidental Petroleum Corp. (OXY)

Steven Romick added to his holdings in Occidental Petroleum Corp. by 5.63%. His purchase prices were between $71.9 and $108.08, with an estimated average price of $90.08. The impact to his portfolio due to this purchase was 0.19%. His holdings were 1,970,000 shares as of 09/30/2011.

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 $65.84 billion; its shares were traded at around $81.01 with a P/E ratio of 11.2 and P/S ratio of 3.5. The dividend yield of Occidental Petroleum Corp. stocks is 2.3%. Occidental Petroleum Corp. had an annual average earnings growth of 14.3% over the past 10 years.

Added: Apache Corp. (APA)

Steven Romick added to his holdings in Apache Corp. by 9.79%. His purchase prices were between $82.57 and $128.47, with an estimated average price of $107.13. The impact to his portfolio due to this purchase was 0.14%. His holdings were 785,000 shares as of 09/30/2011.

Apache Corporation is an independent energy company that explores for, develops and produces natural gas, crude oil and natural gas liquids. Apache Corp. has a market cap of $33.76 billion; its shares were traded at around $87.93 with a P/E ratio of 8.4 and P/S ratio of 2.7. The dividend yield of Apache Corp. stocks is 0.7%. Apache Corp. had an annual average earnings growth of 15.2% over the past 10 years. GuruFocus rated Apache Corp. the business predictability rank of 2.5-star.

Added: Ensco Plc (ESV)

Steven Romick added to his holdings in Ensco Plc by 2.82%. His purchase prices were between $40.42 and $53.36, with an estimated average price of $48.35. The impact to his portfolio due to this purchase was 0.12%. His holdings were 4,200,000 shares as of 09/30/2011.

Ensco International plc, formerly ENSCO International Incorporated, is a provider of offshore contract drilling services to the international oil and gas industry. Ensco Plc has a market cap of $10.35 billion; its shares were traded at around $44.92 with a P/E ratio of 15.7 and P/S ratio of 6.1. The dividend yield of Ensco Plc stocks is 3.2%. Ensco Plc had an annual average earnings growth of 19.2% over the past 10 years. GuruFocus rated Ensco Plc the business predictability rank of 4.5-star.

New Purchase: Lowes Cos. (LOW)

Steven Romick initiated holdings in Lowes Cos.. His purchase prices were between $18.11 and $23.99, with an estimated average price of $20.77. The impact to his portfolio due to this purchase was 2.28%. His holdings were 4,745,000 shares as of 09/30/2011.

Lowe's Companies Inc. is a retailer of home improvement products in the world, with specific emphasis on retail do-it-yourself and commercial business customers. Lowes Cos. has a market cap of $25.99 billion; its shares were traded at around $20.62 with a P/E ratio of 13.4 and P/S ratio of 0.5. The dividend yield of Lowes Cos. stocks is 2.7%. Lowes Cos. had an annual average earnings growth of 7.8% over the past 10 years.

Reduced: Ebay Inc. (EBAY)

Steven Romick reduced to his holdings in Ebay Inc. by 39.67%. His sale prices were between $26.95 and $34.42, with an estimated average price of $31.4. The impact to his portfolio due to this sale was -0.37%. Steven Romick still held 690,000 shares as of 09/30/2011.

eBay is one of the world's largest online trading communities. Ebay Inc. has a market cap of $42.21 billion; its shares were traded at around $32.75 with a P/E ratio of 20.5 and P/S ratio of 4.6. Ebay Inc. had an annual average earnings growth of 27.3% over the past 10 years. GuruFocus rated Ebay Inc. the business predictability rank of 2-star.

Reduced: Medco Health Solutions Inc. (MHS)

Steven Romick reduced to his holdings in Medco Health Solutions Inc. by 30%. His sale prices were between $47.93 and $65.96, with an estimated average price of $54.55. The impact to his portfolio due to this sale was -0.12%. Steven Romick still held 186,200 shares as of 09/30/2011.

Medco Health Solutions, Inc. is the nation's largest pharmacy benefit manager, or PBM. Medco Health Solutions Inc. has a market cap of $18.97 billion; its shares were traded at around $49.2 with a P/E ratio of 13.3 and P/S ratio of 0.3. Medco Health Solutions Inc. had an annual average earnings growth of 24.3% over the past 10 years.

Sold Out: Abbott Laboratories (ABT)

Steven Romick sold out his holdings in Abbott Laboratories. His sale prices were between $46.89 and $53.54, with an estimated average price of $51.34.

Abbott Laboratories is a global, broad-based health care company devoted to discovering new medicines, new technologies and new ways to manage health. Abbott Laboratories has a market cap of $81.46 billion; its shares were traded at around $52.33 with a P/E ratio of 11.9 and P/S ratio of 2.3. The dividend yield of Abbott Laboratories stocks is 3.7%. Abbott Laboratories had an annual average earnings growth of 7.8% over the past 10 years. GuruFocus rated Abbott Laboratories the business predictability rank of 5-star.

Sold Out: Trinity Industries Inc. (TRN)

Steven Romick sold out his holdings in Trinity Industries Inc.. His sale prices were between $21.3 and $37.25, with an estimated average price of $28.01.

Trinity Industries, Inc. is engaged in the manufacture, marketing, and leasing of a wide variety of products consisting of the following business segments or groups: Railcar Group, Inland Barge Group, Parts and Services Group, Highway Construction Product Group, Concrete & Aggregate Group, Industrial Group, and others. Trinity Industries Inc. has a market cap of $2.06 billion; its shares were traded at around $25.64 with a P/E ratio of 21 and P/S ratio of 0.9. The dividend yield of Trinity Industries Inc. stocks is 1.5%. Trinity Industries Inc. had an annual average earnings growth of 5.3% over the past 5 years.

Sold Out: Amgen Inc. (AMGN)

Steven Romick sold out his holdings in Amgen Inc.. His sale prices were between $48.27 and $57.92, with an estimated average price of $54.59.

Amgen Inc. discovers, develops and delivers innovative human therapeutics. Amgen Inc. has a market cap of $52.34 billion; its shares were traded at around $56.64 with a P/E ratio of 10.9 and P/S ratio of 3.5. The dividend yield of Amgen Inc. stocks is 2%. Amgen Inc. had an annual average earnings growth of 16.4% over the past 10 years. GuruFocus rated Amgen Inc. the business predictability rank of 3-star.

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