A Closer Look at Becton Dickinson & Co

This article first appeared on GuruFocus.

Steven Romick (Trades, Portfolio) recently submitted the N-PORT filing for the fourth quarter of 2025, providing insights into his investment moves during this period. Steven Romick (Trades, Portfolio) 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 Bachelors 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 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 (Trades, Portfolio) added a total of 17 stocks, among them:

• The most significant addition was Becton Dickinson & Co (NYSE:BDX), with 1,180,043 shares, accounting for 3.2% of the portfolio and a total value of $229.01 million.

• The second largest addition to the portfolio was Azelis Group NV (XBRU:AZE), consisting of 16,929,662 shares, representing approximately 2.58% of the portfolio, with a total value of 184,966,850.

• The third largest addition was Amrize Ltd (NYSE:AMRZ), with 2,429,341 shares, accounting for 1.84% of the portfolio and a total value of $131.38 million.

Steven Romick (Trades, Portfolio) also increased stakes in a total of 9 stocks, among them: