Steven Romick (Trades, Portfolio), of the FPA Crescent Fund, gradually increased his cash position over the first three quarters of 2013 as the market rose. From the end of 2012 to the end of the third quarter, Romick’s long equity exposure declined to 54.2% from 63.8%, and liquidity increased to 38.4%. He bought no new stocks during the third quarter.
It appears that in the fourth quarter Romick found more attractive places to expend some of his accrued capital. He started seven new positions during the quarter, for a portfolio containing a total of 51 stocks and valued at $8.24 billion.
The New Buys
Regis Corporation (RGS, Financial)
Romick purchased 413,100 shares of Regis Corporation, a 0.073% portfolio weighting. The stock’s quarterly share price averaged $15.03.
Regis Corporation is based in Minneapolis, Minn. Regis Corporation has a market cap of $796.500 million; its shares were traded at around $14.05 with a P/E ratio of 49.90 and P/S ratio of 0.40. The dividend yield of Regis Corporation stocks is 1.70%.
TE Connectivity Ltd. (TEL, Financial)
Romick bought 1.32 million shares of TE Connectivity, amounting to 0.88% of the portfolio. The fourth quarter average share price for the stock was $53.
TE Connectivity Ltd. is a company that designs and manufactures electronic products that connect and protect the flow of power and data. TE Connectivity Ltd. has a market cap of $22.87 billion; its shares were traded at around $55.74 with a P/E ratio of 18.50 and P/S ratio of 1.80. The dividend yield of TE Connectivity Ltd. stocks is 1.40%.
Norsk Hydro ASA (OSL:NHY, Financial)
Romick bought 26,646,634 shares of Norsk Hydro ASA, a 1.4% portfolio weighting. The quarterly share price averaged $26.
Norsk Hydro ASA is a supplier of aluminum and aluminum products and an energy producer. Norsk Hydro ASA has a market cap of $56.36 billion; its shares were traded at around $27.64 with a P/E ratio of 2488.00 and P/S ratio of 0.88. The dividend yield of Norsk Hydro ASA stocks is 2.04%.
Romick bought 5,727,900 shares of Intel Corp., a 1.8% portfolio weighting. The fourth quarter share price averaged $24.
Intel Corp. was incorporated in California in 1968 and reincorporated in Delaware in 1989. Intel Corp. has a market cap of $131.78 billion; its shares were traded at around $26.51 with a P/E ratio of 14.30 and P/S ratio of 2.58. The dividend yield of Intel Corp. stocks is 3.39%. Intel Corp. had an annual average earnings growth of 7.80% over the past 10 years. GuruFocus rated Intel Corp. the business predictability rank of 4-star.
Qualcomm Inc. (QCOM, Financial)
Romick bought 2.1 million shares of Qualcomm, a 1.9% portfolio weighting. The fourth quarter share price averaged $71.
Qualcomm Inc. (Qualcomm) in the state of Delaware, develops designs, manufactures and markets digital wireless telecommunications products and services. Qualcomm Inc. has a market cap of $123.99 billion; its shares were traded at around $73.39 with a P/E ratio of 18.80 and P/S ratio of 5.18. The dividend yield of Qualcomm Inc. stocks is 1.77%. Qualcomm Inc. had an annual average earnings growth of 13.80% over the past 10 years. GuruFocus rated Qualcomm Inc. the business predictability rank of 5-star.
Vodafone Group PLC (VOD, Financial)
Romick bought 4,097,100 shares of Vodafone, a 2% portfolio weighting. The fourth quarter share price averaged $37.
Vodafone Group PLC is a provider of mobile communications. Vodafone Group PLC has a market cap of $187.81 billion; its shares were traded at around $38.75 with a P/E ratio of 271.90 and P/S ratio of 2.59. The dividend yield of Vodafone Group PLC stocks is 4.07%. Vodafone Group PLC had an annual average earnings growth of 2.00% over the past five years.
Check Point Software Technologies Ltd. (CHKP, Financial)
Romick bought 2.68 million shares of Check Point Software Technologies, a 2.1% portfolio weighting. The fourth quarter share price averaged $60.
Check Point Software Technologies Ltd. was incorporated as a company under the laws of the State of Israel in 1993. Check Point Software Technologies Ltd. has a market cap of $12.79 billion; its shares were traded at around $65.11 with a P/E ratio of 20.60 and P/S ratio of 9.53. Check Point Software Technologies Ltd. had an annual average earnings growth of 12.60% over the past 10 years. GuruFocus rated Check Point Software Technologies Ltd. the business predictability rank of 4-star.
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