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Steven Romick | FPACXMutual Fund | |
| FPA Crescent Fund | |
| Last update 2026-07-29 | 74 Stocks (14 new) |
| Value $70.35 Bil | Turnover 1 % |
Steven Romick Profile
Steven Romick joined FPA in 1996, serving as one of several Portfolio Managers for the FPA Crescent Fund. Prior to joining the firm, Steven was Chairman of Crescent Management and a consulting security analyst for Kaplan, Nathan & Co. Steven earned a Bachelor’s degree in Education from Northwestern University.
The FPA Crescent Fund's portfolio consists of both long and short equity positions. The fund seeks value in all parts of a company's capital structure, including common and preferred stocks, as well as corporate and convertible bonds.
FPA Crescent invests in securities "that the consensus does not wish to own," searching for stocks and convertible bonds that reflect low cyclically-adjusted price-earnings ratios and trade at discounts to private market value. Corporate bonds with yields substantially higher than those of government securities are also considered.
The FPA Crescent Fund's portfolio consists of both long and short equity positions. The fund seeks value in all parts of a company's capital structure, including common and preferred stocks, as well as corporate and convertible bonds.
FPA Crescent invests in securities "that the consensus does not wish to own," searching for stocks and convertible bonds that reflect low cyclically-adjusted price-earnings ratios and trade at discounts to private market value. Corporate bonds with yields substantially higher than those of government securities are also considered.
Steven Romick Investing Philosophy
The FPA Crescent Fund's investing process stems from several pillars. Absolute value investors: The fund seeks genuine bargains rather than relatively attractive securities. Alignment of interests: The fund invests its money alongside its clients, and act as stewards of its shared capital. Broad mandate: The fund invests across the capital structure, asset classes, market caps, industries and geographies. The fund is also willing to hold cash. Long-term focus: The fund believes the best way to accomplish its goals is to accept short-term underperformance in exchange for long-term success.
Steven Romick Top Holdings of 2026-06-30
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| Ticker | | Company | Shares | Value ($1000) | Shares Change % | Weighting % | Trade Impact % | % of Shares outstanding | 3M Change % | YTD Change % | Market Cap $Mil | Industry |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MCDIF | McDermott International Ltd | 2,523,815 | 62,842,994.0 | -11.50% | 89.330 | -0.10% | 8.850 | -83.49% | -78.42% | 128.4 | Construction | |
ADI | Analog Devices Inc | 1,064,041 | 422,605.2 | -9.56% | 0.600 | -0.54% | 0.220 | -4.29% | +44.62% | 189,929.9 | Semiconductors | |
GOOGL | Alphabet Inc | 994,436 | 355,381.6 | -16.14% | 0.510 | -0.83% | 0.010 | -10.92% | +13.34% | 4,328,478.5 | Interactive Media | |
GOOG | Alphabet Inc | 740,920 | 261,789.3 | -0.73% | 0.370 | -0.02% | 0.010 | -10.53% | +12.79% | 4,328,478.5 | Interactive Media | |
C | Citigroup Inc | 1,839,742 | 257,490.3 | -5.82% | 0.370 | -0.19% | 0.110 | +5.11% | +17.44% | 226,454.0 | Banks | |
IFF |
International Flavors & Fragrances Inc
International Flavors & Fragrances Inc
| 3,163,067 | 250,578.2 | 0% | 0.360 | 0% | 1.240 | +10.33% | +28.88% | 21,914.8 | Chemicals | |
META | Meta Platforms Inc | 434,581 | 244,795.1 | -1.41% | 0.350 | -0.05% | 0.020 | -3.92% | -10.14% | 1,508,378.4 | Interactive Media | |
XAMS:HEIO | Heineken Holding NV | 3,103,087 | 236,299.4 | +0.46% | 0.340 | 0% | 1.130 | +20.62% | +20.25% | 19,970.4 | Beverages - Alcoholic | |
XBRU:AZE | Azelis Group NV | 20,235,939 | 215,485.5 | 0% | 0.310 | 0% | 8.310 | +15.87% | +30.24% | 2,896.2 | Chemicals | |
XPAR:SAF | Safran SA | 544,912 | 214,738.7 | 0% | 0.310 | 0% | 0.130 | +22.60% | +21.53% | 148,103.4 | Aerospace & Defense |
Steven Romick's Historical Top Holdings Breakdowns
Steven Romick's Top Stock Picks
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| Ticker | | Company | Date | Action | Impact % | Price Range | Price | Price Change from Avrg% | Comment | Current Shares | Share Change |
|---|---|---|---|---|---|---|---|---|---|---|---|
| XAMS:JDEP Unlock Delisted | JDE Peet's NV | 2026-06-30 | Sold Out Sold Out | -3.28% | 31.7 (€31.84) 32.8 | €31.84 | 0% | Sold Out | 0 | -5,885,188 | |
DELL | Dell Technologies Inc | 2026-06-30 | Sold Out Sold Out | -0.95% | 164.13 ($287.24) 465.96 | $453.77 | 57.98% | Sold Out | 0 | -382,985 | |
GOOGL | Alphabet Inc | 2026-06-30 | Reduce Reduce | -0.83% | 287.56 ($358.82) 402.62 | $354.30 | -1.26% | Reduce -16.14% | 994,436 | -191,365 | |
MAR | Marriott International Inc | 2026-06-30 | Reduce Reduce | -0.65% | 327.07 ($368.11) 402.54 | $353.91 | -3.86% | Reduce -89.76% | 14,825 | -130,010 | |
ADI | Analog Devices Inc | 2026-06-30 | Reduce Reduce | -0.54% | 318.14 ($394.57) 445.48 | $389.93 | -1.18% | Reduce -9.56% | 1,064,041 | -112,460 | |
KMI | Kinder Morgan Inc | 2026-06-30 | Sold Out Sold Out | -0.40% | 30.85 ($32.25) 34.31 | $30.85 | -4.34% | Sold Out | 0 | -783,259 | |
LSE:GLEN | Glencore PLC | 2026-06-30 | Reduce Reduce | -0.37% | 5.11 (£5.65) 6.15 | £5.57 | -1.42% | Reduce -11.93% | 23,733,209 | -3,214,292 | |
ICLR | Icon PLC | 2026-06-30 | Reduce Reduce | -0.36% | 102.17 ($127.04) 173.71 | $164.51 | 29.49% | Reduce -37.07% | 365,174 | -215,069 | |
TEL | TE Connectivity PLC | 2026-06-30 | Reduce Reduce | -0.32% | 196.07 ($213.01) 247.66 | $216.33 | 1.56% | Reduce -9.3% | 977,205 | -100,200 | |
XSWX:CFR | Compagnie Financiere Richemont SA | 2026-06-30 | Reduce Reduce | -0.27% | 138.55 (CHF160.9) 189.9 | CHF195.45 | 21.47% | Reduce -25.31% | 295,098 | -100,012 |
Steven Romick Total Holding History ($B)
Steven Romick's Asset Allocation
Steven Romick Past Portfolios
| Portfolio Date | Number of Stocks | New Stocks | Total Value ($Mil) | Q/Q Turnover |
|---|---|---|---|---|
Top Ranked Articles
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Steven Romick's Hypothetical Growth since 2026-06-30
Steven Romick's Yearly Returns
This information is only displayed for Gurus who publicly disclose audited performance records; most hedge funds and private investment firms do not publish such data or only provide limited historical performance information.
| Year | Portfolio % | % | Excess Gain % |
|---|
Steven Romick's Holdings Heat Map
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Steven Romick's Holdings Bubble Chart
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