Steven Romick (Trades, Portfolio) is the portfolio manager of FPA Crescent Fund, which has averaged more than 11% in returns for the last decade. Its returns in 2014 were in single digits (6.64%), but it returned 21.95% in 2013 and 10.33% in 2012.
In the second quarter of 2015, Romick added only one new stake to his personal portfolio – Henkel AG & Co KGaA (XTER:HEN3, Financial), a manufacturer of personal care products based in Düsseldorf, Germany. Romick bought 106,711 shares for an average price of €107.28 (about $118.46 in American money) per share. The purchase had a 0.12% impact on Romick’s portfolio.
Henkel has a market cap of $43.6 billion and an enterprise value of $47.27 billion. It has a P/E of 22.7, a Price/Book of 2.9 and a Price/Sales of 2.6.
Romick added to eight existing stakes in his portfolio in the second quarter. He made his most substantial addition to his stake in Alcoa Inc (AA, Financial), a Pittsburgh-based aluminum company, buying 11,339,900 shares for an average price of $12.9 per share. Romick increased his stake to 30,514,900 shares, making it his third-largest stake by volume. The deal had a 1.22% impact on his portfolio.
Alcoa has a market cap of $13.57 billion and an enterprise value of $23.58 billion. It has a P/E of 21.7, a Price/Book of 1.2 and a Price/Sales of 0.6. First Pacific Advisors (Trades, Portfolio), Manning & Napier Advisors, Inc, Mario Gabelli (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio) and Louis Moore Bacon (Trades, Portfolio) have shares of Alcoa in their portfolios.
The price of Alcoa’s stock has dropped 30% in 2015, largely because the prices of metals used in the manufacturing of aluminum have been dropping. When Alcoa reports its earnings for the second quarter, investors will be looking for signs that metal prices are bouncing back.
Romick added to his stake in Bank of America Corporation (BAC, Financial), a Charlotte, North Carolina-based banking and financial services corporation, in the second quarter. He acquired 3,593,100 shares for an average price of $16.48 per share. The transaction had a 0.59% impact on Romick’s portfolio.
Bank of America has a market cap of $175.28 billion and an enterprise value of $298.62 billion. It has a P/E of 24.6, a Price/Book of 0.8 and a Price/Sales of 2.2. Dodge & Cox, James Barrow (Trades, Portfolio), Bruce Berkowitz (Trades, Portfolio), Fairholme Fund (Trades, Portfolio), HOTCHKIS & WILEY, Ken Fisher (Trades, Portfolio), Bill Nygren (Trades, Portfolio), Richard Pzena (Trades, Portfolio), Brian Rogers (Trades, Portfolio), First Pacific Advisors (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Charles Brandes (Trades, Portfolio), Donald Yacktman (Trades, Portfolio), Yacktman Fund (Trades, Portfolio), Jim Simons (Trades, Portfolio), NWQ Managers (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Charlie Munger (Trades, Portfolio), Caxton Associates (Trades, Portfolio), Ken Hebner, Richard Snow (Trades, Portfolio), Chris Davis (Trades, Portfolio), David Tepper (Trades, Portfolio), Ruane Cunniff (Trades, Portfolio), Mark Hillman (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Jeff Auxier (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), David Dreman (Trades, Portfolio), Bill Frels (Trades, Portfolio), Tom Russo (Trades, Portfolio), Michael Price (Trades, Portfolio), Kahn Brothers (Trades, Portfolio), T Boone Pickens (Trades, Portfolio), Murray Stahl (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Glenn Greenberg (Trades, Portfolio) and Joel Greenblatt (Trades, Portfolio) have shares of Bank of America in their portfolios.
Romick also added to his stake in Oracle Corporation (ORCL, Financial), a California-based computer technology corporation. Romick bought 682,000 shares for an average price of $43.37. The purchase had a 0.26% impact on Romick’s portfolio.
Oracle has a market cap of $174.44 billion and an enterprise value of $162.21 billion. It has a P/E of 18.2, a Price/Book of 3.6 and a Price/Sales of 4.7. James Barrow (Trades, Portfolio), First Eagle Investment (Trades, Portfolio), Donald Yacktman (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), First Pacific Advisors (Trades, Portfolio), HOTCHKIS & WILEY, Yacktman Focused Fund (Trades, Portfolio), Yacktman Fund (Trades, Portfolio), Richard Pzena (Trades, Portfolio), Ken Fisher (Trades, Portfolio), PRIMECAP Management (Trades, Portfolio), Bill Nygren (Trades, Portfolio), Chris Davis (Trades, Portfolio), Charles de Vaulx (Trades, Portfolio), NWQ Managers (Trades, Portfolio), Sarah Ketterer (Trades, Portfolio), Lou Simpson (Trades, Portfolio), Wallace Weitz (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Tom Gayner (Trades, Portfolio), RS Investment Management (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Charles Brandes (Trades, Portfolio), Manning & Napier Advisors, Inc, Robert Olstein (Trades, Portfolio), John Rogers (Trades, Portfolio), John Buckingham (Trades, Portfolio), John Hussman (Trades, Portfolio), Mark Hillman (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Jeff Auxier (Trades, Portfolio), Bill Frels (Trades, Portfolio), Ray Dalio (Trades, Portfolio), David Dreman (Trades, Portfolio), Murray Stahl (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio) and Tom Russo (Trades, Portfolio) have shares of Oracle in their portfolios.
Romick also added to his stakes in Naspers Ltd (JSE:NPN, Financial), CIT Group Inc (CIT, Financial), Henkel AG & Co KGaA (XTER:HEN, Financial), Meggitt PLC (LSE:MGGT) and Groupe Bruxelles Lambert SA (XBRU:GBLB).
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