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James Li
James Li
Articles (1445)  | Author's Website |

Steven Romick's Top 5 Holdings as of the 3rd Quarter

Fund's top holdings include 2 media companies and semiconductor company

According to top 10 holdings statistics, a Premium feature of GuruFocus, the top five holdings of Steven Romick (Trades, Portfolio)'s FPA Crescent Fund as of the third-quarter portfolio filing date are Comcast Corp. (NASDAQ:CMCSA), Broadcom Inc. (NASDAQ:AVGO), American International Group Inc. (NYSE:AIG), Charter Communications Inc. (NASDAQ:CHTR) and Alphabet Inc. (NASDAQ:GOOGL)(NASDAQ:GOOG).

The Los Angeles-based fund seeks value in all parts of a company's capital structure, including common stocks, preferred stocks, corporate bonds and convertible bonds. The $6.63 billion equity portfolio contains long and short positions: As of the third-quarter end, the portfolio contains 51 stocks with one new position and a quarterly turnover ratio of 2%.

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The fund said in its commentary release that it returned 3.80% for the quarter but -5.12% for the first nine months of 2020, compared with the MSCI ACWI Index's return of 8.13% for the quarter and 1.37% for the year to date and the Standard & Poor's 500 Index's return of 8.93% for the quarter and 5.57% for the year to date.

The top three sectors in terms of weight are communication services, financial services and technology, representing 30.30%, 23.37% and 19.76% of the equity portfolio.

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Comcast

The FPA Crescent Fund owns 7,355,218 shares, down 13.08% from the second-quarter holding. Shares occupy 5.13% of the equity portfolio.

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GuruFocus ranks the Philadelphia-based media company's profitability 8 out of 10 on several positive investing signs, which include a 3.5-star predictability rank and an operating margin that outperforms 88.90% of global competitors.

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Gurus with large holdings in Comcast include Dodge & Cox, First Eagle Investment (Trades, Portfolio) and Andreas Halvorsen (Trades, Portfolio).

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Broadcom

The fund owns 758,671 shares of Broadcom, down 22.48% from the previous quarter's holding. Shares occupy 4.17% of the equity portfolio.

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GuruFocus ranks the San Jose, California-based semiconductor company's profitability 9 out of 10 on several positive investing signs, which include a four-star predictability rank and a three-year revenue growth rate that outperforms 81.35% of global competitors.

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The fund said in its commentary that four of the top contributors to fund performance over the past 12 months were technology stocks, with Broadcom leading with 1.25% contribution to portfolio performance.

American International Group

The fund owns 9,755,406 shares of American International Group, unchanged from the second-quarter holding. Shares occupy 4.05% of the equity portfolio.

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GuruFocus ranks the New York-based insurance company's financial strength 3 out of 10 on several warning signs, which include a weak Piotroski F-score of 3 and debt ratios that underperform over 83% of global competitors.

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The fund said in its letter that key detractors from portfolio performance came from aerospace and financial companies, whose businesses had negative impacts due to the coronavirus pandemic. AIG led detractors with a contribution to performance return of -1.92%.

Charter

The fund owns 423,302 shares of Charter, down 12.96% from the previous quarter's holding. Shares occupy 3.99% of the equity portfolio.

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GuruFocus ranks the Stamford, Connecticut-based media company's profitability 7 out of 10 on several positive investing signs, which include a high Piotroski F-score of 8 and an operating margin that has increased approximately 3.30% per year on average over the past five years and is outperforming over 87% of global competitors.

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Alphabet

The fund owns 179,880 Class A shares of Alphabet, down 10.52% from the previous quarter's holding. Shares occupy 3.98% of the equity portfolio.

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GuruFocus ranks the Mountain View, California-based media giant's financial strength and profitability 9 out of 10 on several positive investing signs, which include a strong Altman Z-score of 10.43, robust interest coverage and a four-star business predictability rank.

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Disclosure: The author has no positions in the stocks mentioned. Except for holdings data on Romick, the mention of guru holdings reflect information from the second-quarter portfolio reports. Per Securities and Exchange Commission regulations, the deadline to report quarterly portfolio information is 45 days until after the quarter ends. The holdings also do not reflect any trades that the gurus may have made during October.

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About the author:

James Li
I am an editorial researcher at GuruFocus. I have a Master's in Finance from SMU, and I enjoy writing reports on financial trends and investor portfolios. Follow me on Twitter at @JamesLiGuru!

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