Portfolio holdings of Steven Romick - FPA Crescent Fund. Steven Romick - FPA Crescent Fund stock picks:. Stock Holdings page.
Steven Romick - FPA Crescent Fund
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Investment Strategy
Since its inception in 1993, the Fund has been managed by Steven Romick, Trustee, President, and Chief Investment Officer.
The Fund actively seeks value in all parts of a company's capital structure, including common and preferred stocks, as well as corporate and convertible bonds. The manager invests in securities "that the consensus does not wish to own," searching for stocks and convertible bonds that reflect low price/earnings ratios (P/Es) and trade at discounts to private market value.
This contrarian style leads to those investments that offer absolute rather than relative value. An absolute value is an investment that trades at a substantial discount to private market value, rather than one that might appear inexpensive based on a discount to its peer group or the market average. Attention is directed toward those companies offering the best combination of such quality criteria as strong market share, good management, and high normalized return on capital. A company purchased might not look inexpensive, considering current earnings and return on capital; however, its valuation may reflect such conditions as a weak economy, an increase in raw material costs, a management misstep, or any number of other temporary conditions. The price drops caused by such developments can and often do provide buying opportunities.
The manager's intensive research identifies these opportunities. The process includes looking for ideas by reviewing stock price or industry group underperformance, insider purchases, management changes, and corporate spin-offs. Researching a prospective investment involves communicating directly with company management, suppliers, and customers, better defining future potential, financial strength, and the company's competitive position. Fundamental analysis provides a thorough view of financial and business characteristics, allowing for the determination of absolute value. The manager's confidence in this research must be high enough to allow him to purchase and hold such companies for an average of one to three years.
The manager applies this contrarian style in the belief that the path to superior equity returns lies in "buying what others are selling and selling what others are buying." Providing calm, rational judgment in an inherently emotional market can offer the opportunity for excellent returns.
Since its inception in 1993, the Fund has been managed by Steven Romick, Trustee, President, and Chief Investment Officer.
The Fund actively seeks value in all parts of a company's capital structure, including common and preferred stocks, as well as corporate and convertible bonds. The manager invests in securities "that the consensus does not wish to own," searching for stocks and convertible bonds that reflect low price/earnings ratios (P/Es) and trade at discounts to private market value.
This contrarian style leads to those investments that offer absolute rather than relative value. An absolute value is an investment that trades at a substantial discount to private market value, rather than one that might appear inexpensive based on a discount to its peer group or the market average. Attention is directed toward those companies offering the best combination of such quality criteria as strong market share, good management, and high normalized return on capital. A company purchased might not look inexpensive, considering current earnings and return on capital; however, its valuation may reflect such conditions as a weak economy, an increase in raw material costs, a management misstep, or any number of other temporary conditions. The price drops caused by such developments can and often do provide buying opportunities.
The manager's intensive research identifies these opportunities. The process includes looking for ideas by reviewing stock price or industry group underperformance, insider purchases, management changes, and corporate spin-offs. Researching a prospective investment involves communicating directly with company management, suppliers, and customers, better defining future potential, financial strength, and the company's competitive position. Fundamental analysis provides a thorough view of financial and business characteristics, allowing for the determination of absolute value. The manager's confidence in this research must be high enough to allow him to purchase and hold such companies for an average of one to three years.
The manager applies this contrarian style in the belief that the path to superior equity returns lies in "buying what others are selling and selling what others are buying." Providing calm, rational judgment in an inherently emotional market can offer the opportunity for excellent returns.
Period: Q1 2024
Portfolio date: 31 Mar 2024
No. of stocks: 53
Portfolio value: $6,276,086,000
History | Stock | % of Portfolio |
RecentActivity | Shares | ReportedPrice* | Value | Current Price |
+/-Reported Price |
52Week Low |
52Week High |
|
≡ | HCMLF - Holcim Ltd. | 5.63 | Reduce 5.75% | 3,902,547 | $90.54 | $353,345,000 | $85.70 | -5.35% | $60.60 | $90.08 | |
≡ | META - Meta Platforms Inc. | 5.32 | Reduce 5.54% | 687,716 | $485.58 | $333,941,000 | $494.18 | 1.77% | $206.69 | $531.49 | |
≡ | GOOGL - Alphabet Inc. | 5.11 | 2,123,830 | $150.93 | $320,550,000 | $155.45 | 2.99% | $102.63 | $160.22 | ||
≡ | CMCSA - Comcast Corp. | 4.90 | 7,087,694 | $43.35 | $307,252,000 | $38.99 | -10.06% | $34.68 | $46.42 | ||
≡ | ADI - Analog Devices | 4.57 | Reduce 0.41% | 1,449,667 | $197.79 | $286,730,000 | $189.40 | -4.24% | $152.10 | $204.20 | |
≡ | C - Citigroup Inc. | 4.49 | 4,452,588 | $63.24 | $281,582,000 | $58.18 | -8.00% | $37.32 | $63.90 | ||
≡ | TEL - TE Connectivity | 4.33 | 1,869,808 | $145.24 | $271,571,000 | $141.51 | -2.57% | $114.01 | $147.98 | ||
≡ | IFF - International Flavors & Fragrances Inc. | 3.56 | 2,596,396 | $85.99 | $223,264,000 | $82.85 | -3.65% | $60.50 | $93.97 | ||
≡ | GOOG - Alphabet Inc. CL C | 3.32 | Reduce 4.83% | 1,369,800 | $152.26 | $208,566,000 | $156.88 | 3.03% | $103.27 | $161.70 | |
≡ | JEF - Jefferies Financial Group Inc. | 3.30 | 4,697,583 | $44.10 | $207,163,000 | $41.18 | -6.62% | $27.82 | $47.39 | ||
≡ | WFC - Wells Fargo | 3.23 | 3,496,861 | $57.96 | $202,678,000 | $57.18 | -1.35% | $35.55 | $58.44 | ||
≡ | AMZN - Amazon.com Inc. | 3.11 | Reduce 0.50% | 1,081,119 | $180.38 | $195,012,000 | $181.22 | 0.47% | $101.15 | $189.77 | |
≡ | AON - Aon Plc | 2.87 | 540,107 | $333.72 | $180,245,000 | $304.75 | -8.68% | $284.26 | $345.30 | ||
≡ | HKHHF - Heineken Holding NV | 2.75 | Add 2.26% | 2,137,538 | $80.70 | $172,497,000 | $76.75 | -4.89% | $73.19 | $97.41 | |
≡ | SAFRY - Safran SA | 2.69 | Reduce 6.29% | 745,845 | $226.62 | $169,020,000 | $54.30 | -76.04% | $35.84 | $57.52 | |
≡ | FERG - Ferguson plc | 2.43 | 699,096 | $218.43 | $152,704,000 | $211.41 | -3.21% | $128.44 | $224.86 | ||
≡ | GLNCY - Glencore Plc | 2.19 | 25,011,010 | $5.49 | $137,414,000 | $11.63 | 111.84% | $9.26 | $12.11 | ||
≡ | KMX - CarMax Inc. | 2.11 | 1,521,148 | $87.11 | $132,507,000 | $68.53 | -21.33% | $59.66 | $88.22 | ||
≡ | NXPI - NXP Semiconductors NV | 2.06 | 521,846 | $247.77 | $129,298,000 | $226.98 | -8.39% | $149.44 | $262.00 | ||
≡ | AVGO - Broadcom Inc. | 2.03 | Reduce 9.21% | 96,076 | $1325.41 | $127,340,000 | $1282.90 | -3.21% | $581.35 | $1426.00 | |
≡ | CHTR - Charter Communications | 1.82 | 393,387 | $290.63 | $114,330,000 | $258.00 | -11.23% | $254.31 | $458.30 | ||
≡ | LPLA - LPL Financial Holdings Inc. | 1.72 | 408,466 | $264.20 | $107,917,000 | $259.18 | -1.90% | $177.60 | $274.35 | ||
≡ | MAR - Marriott Int'l. | 1.62 | 402,415 | $252.31 | $101,533,000 | $238.49 | -5.48% | $160.36 | $260.57 | ||
≡ | KMI - Kinder Morgan | 1.54 | 5,262,897 | $18.34 | $96,522,000 | $17.75 | -3.22% | $15.22 | $18.72 | ||
≡ | JDEPF - JDE Peets NV | 1.49 | Add 10.50% | 4,466,022 | $20.99 | $93,763,000 | $20.79 | -0.95% | $20.79 | $29.50 | |
≡ | 003550.KS - LG Corp. | 1.48 | 1,430,916 | $65.07 | $93,109,000 | ||||||
≡ | CFRUY - Compagnie Financiere Richemont Switz ADR | 1.47 | 606,475 | $152.46 | $92,461,000 | $14.16 | -90.71% | $11.41 | $17.48 | ||
≡ | PROSF - Prosus NV | 1.44 | 2,882,508 | $31.37 | $90,419,000 | $31.84 | 1.50% | $26.68 | $77.40 | ||
≡ | NTDOF - Nintendo Co. Ltd | 1.41 | 1,626,680 | $54.56 | $88,749,000 | $48.80 | -10.56% | $39.01 | $60.53 | ||
≡ | FE - FirstEnergy Corp. | 1.38 | 2,241,472 | $38.62 | $86,566,000 | $37.45 | -3.03% | $31.46 | $39.42 | ||
≡ | 028260.KS - Samsung C&T Corp. | 1.32 | 694,573 | $118.92 | $82,601,000 | ||||||
≡ | HWM - Howmet Aerospace Inc. | 1.25 | Reduce 13.60% | 1,149,838 | $68.43 | $78,683,000 | $63.46 | -7.26% | $42.06 | $69.55 | |
≡ | ICLR - ICON plc | 1.25 | 233,915 | $335.95 | $78,584,000 | $291.85 | -13.13% | $181.92 | $344.77 | ||
≡ | GPOR - Gulfport Energy Corp. | 1.22 | Add 0.33% | 479,313 | $160.12 | $76,748,000 | $154.00 | -3.82% | $79.19 | $164.91 | |
≡ | UBER - Uber Technologies Inc. | 1.17 | Reduce 12.45% | 951,959 | $76.99 | $73,291,000 | $71.92 | -6.59% | $29.22 | $82.14 | |
≡ | WAB - WABTEC Corp. | 1.15 | Reduce 15.73% | 493,896 | $145.68 | $71,951,000 | $144.57 | -0.76% | $91.48 | $151.00 | |
≡ | DEI - Douglas Emmett Inc. | 0.91 | 4,120,722 | $13.87 | $57,154,000 | $12.88 | -7.14% | $9.51 | $15.69 | ||
≡ | DELL - Dell Technologies Inc. | 0.76 | Reduce 51.48% | 418,505 | $114.11 | $47,756,000 | $119.57 | 4.78% | $40.77 | $136.16 | |
≡ | VNO - Vornado Realty Trust | 0.76 | 1,668,698 | $28.77 | $48,008,000 | $25.72 | -10.60% | $12.18 | $32.21 | ||
≡ | NEXOF - NEXON Co. Ltd. | 0.73 | Add 12.65% | 2,754,657 | $16.58 | $45,674,000 | $15.78 | -4.83% | $15.78 | $22.47 | |
≡ | NFLX - Netflix Inc. | 0.66 | Reduce 20.03% | 68,469 | $607.33 | $41,583,000 | $613.68 | 1.05% | $315.62 | $639.00 | |
≡ | NATL - NCR Atleos Corp. | 0.61 | Add 58.18% | 1,942,412 | $19.75 | $38,363,000 | $20.69 | 4.76% | $18.00 | $26.00 | |
≡ | GBLBF - Groupe Bruxelles Lambert S.A. | 0.57 | Reduce 30.84% | 476,633 | $75.58 | $36,026,000 | $73.62 | -2.59% | $70.77 | $89.38 | |
≡ | VYX - NCR Voyix Corp. | 0.42 | Add 5.00% | 2,082,160 | $12.63 | $26,298,000 | $12.00 | -4.99% | $10.99 | $30.99 | |
≡ | 0019.HK - Swire Pacific Ltd | 0.29 | Reduce 44.94% | 2,186,351 | $8.23 | $17,989,000 | |||||
≡ | BABA - Alibaba Group Holdings | 0.26 | 1,810,103 | $8.98 | $16,247,000 | $68.83 | 666.48% | $66.63 | $101.14 | ||
≡ | HLF - Herbalife Nutrition Ltd. | 0.26 | 1,628,225 | $10.05 | $16,364,000 | $8.23 | -18.11% | $6.68 | $19.48 | ||
≡ | DLVHF - Delivery Hero SE | 0.25 | 551,839 | $28.61 | $15,786,000 | $31.15 | 8.88% | $17.80 | $48.00 | ||
≡ | GMVHY - Entain Plc | 0.25 | 1,533,842 | $10.06 | $15,437,000 | $10.08 | 0.20% | $9.06 | $18.56 | ||
≡ | PCG - PG&E Corp. | 0.19 | 720,710 | $16.76 | $12,079,000 | $16.45 | -1.85% | $14.69 | $18.30 | ||
≡ | MCDIF - McDermott International Inc. | 0.18 | 56,585,375 | $0.20 | $11,317,000 | $0.24 | 20.00% | $0.08 | $0.40 | ||
≡ | TKAYF - Just Eat Takeaway.com NV | 0.15 | 646,495 | $14.82 | $9,582,000 | $15.35 | 3.58% | $11.06 | $18.15 | ||
≡ | PWUP - Powerup Acquisition Cor Cl A | 0.01 | Buy | 46,911 | $11.02 | $517,000 | $11.12 | 0.91% | $10.07 | $11.80 |
* Reported Price is the price of the security as of the portfolio date. This value is significant in that it is the last known price at which the security was still held.
Sector % analysis
Technology | 29.04 | |
Financials | 16.94 | |
Consumer Discretionary | 13.87 | |
Industrial Goods | 10.93 | |
Materials | 6.97 | |
Information Technology | 5.98 | |
Consumer Goods | 4.24 | |
Industrials | 4.01 | |
Services | 1.82 | |
Utilities | 1.57 | |
Energy | 1.54 | |
Health Care | 1.51 | |
Real Estate | 0.91 | |
Consumer Cyclical | 0.65 | |
0.01 |
Articles & Commentaries
01 Nov 2022 FPA Crescent Fund Q3 2022 Commentary
29 Jul 2022 FPA Crescent Fund Q2 2022 Market Commentary
03 May 2022 FPA Crescent Fund Q1 2022 Market Commentary
01 Feb 2022 FPA Crescent Fund Q4 2021 Market Commentary
25 Oct 2021 FPA Crescent Fund Q3 2021 Market Commentary
28 Jul 2021 FPA Crescent Fund Q2 2021 Market Commentary
15 May 2021 WealthTrack interview with Steven Romick
28 Oct 2020 FPA Crescent Fund Q3 2020 Market Commentary
10 Apr 2020 FPA Crescent Fund Conference Call Transcript
31 Oct 2019 FPA Crescent Fund Q3 2019 Market Commentary
29 Jul 2019 FPA Crescent Fund Q2 2019 Market Commentary
11 Feb 2019 FPA: Risk is where you're not looking
07 Feb 2019 FPA Crescent Fund Q4 2018 Commentary
02 Nov 2018 Steven Romick on Facebook
29 Oct 2018 FPA Crescent Fund Q3 2018 Commentary
27 Apr 2018 FPA Crescent Fund Q1 2018 Commentary
30 Jan 2018 FPA Crescent Fund Q4 2017 Commentary
22 Apr 2017 FPA Crescent Fund Q1 2017 Commentary
06 Feb 2017 FPA Crescent Fund Q4 2016 Commentary
20 Oct 2016 FPA Crescent Fund Q3 2016 Commentary
14 Oct 2016 Citywire interview with Steven Romick
01 Aug 2016 FPA Crescent Fund Q2 2016 Commentary
03 May 2016 FPA Crescent Fund Q1 2016 Commentary
03 May 2016 Steve Romick Interview
29 Jan 2016 FPA Crescent Fund Q4 2015 Commentary
16 Sep 2015 Bottom-Up Investing in a Macro World
13 Aug 2015 Investing in Big Tech, Russia; Avoiding Energy
27 Jul 2015 FPA Crescent Fund Q2 2015 Commentary
26 Jun 2015 Steven Romick's Speech to CFA Society of Chicago