This article first appeared on GuruFocus.
Steven Romick (Trades, Portfolio) recently submitted the N-PORT filing for the third 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 2 stocks, among them:
The most significant addition was Hoshizaki Corp (TSE:6465), with 793,020 shares, accounting for 0.47% of the portfolio and a total value of 29,793,550 million.
The second largest addition to the portfolio was Shiseido Co Ltd (TSE:4911), consisting of 886,100 shares, representing approximately 0.24% of the portfolio, with a total value of 15,141,320 million.
Steven Romick (Trades, Portfolio) also increased stakes in a total of 4 stocks, among them:
The most notable increase was Fortune Brands Innovations Inc (NYSE:FBIN), with an additional 548,411 shares, bringing the total to 1,831,725 shares. This adjustment represents a significant 42.73% increase in share count, a 0.47% impact on the current portfolio, with a total value of $97,795,800.
The second largest increase was International Flavors & Fragrances Inc (NYSE:IFF), with an additional 401,294 shares, bringing the total to 2,997,690. This adjustment represents a significant 15.46% increase in share count, with a total value of $184,477,840.
