Steven Romick

FPA Crescent·value·Retail & diversified funds

FPACX

~10%+ since 1993

Portfolio value

$6.5B

Positions

Top 5 concentration

22%

New buys this quarter

Track record vs S&P 500

$FPACX · total return since 2003

$10k grew to

$65k

CAGR

8.5%

vs S&P 500

-2.0%/yr

See the full comparison chart

Quarterly activity

What Steven Romick bought and sold each quarter.

Mar 2026vs Dec 2025

Bought (14)

$WATNew buy0.7%$S68.SINew buy0%$AZE.BRAdded+19.5%$LBRDKAdded+72.8%$PRX.ASAdded+8.1%$MICC.ASAdded+43.6%$4612.TAdded+19.4%$MTNAdded+6.9%$FBINAdded+7.1%$SW.PAAdded+161.7%$RI.PAAdded+8.9%$7974.TAdded+154.2%$AVTRAdded+95.1%$6465.TAdded+12.1%

Sold (22)

$CHTRSold out$NATLSold out$0019.HKTrimmed-93.8%$KMITrimmed-68.5%$4911.TTrimmed-52.1%$WABTrimmed-42.6%$MARTrimmed-40.7%$4527.TTrimmed-37.9%$AVGOTrimmed-24.1%$WFCTrimmed-23.2%$NOVTrimmed-22.7%$AMRZ.SWTrimmed-20.7%$GMEXICOB.MXTrimmed-19.5%$LPLATrimmed-17.5%$GOOGLTrimmed-14.7%$CFR.SWTrimmed-11.6%$CTrimmed-10.9%$028260.KSTrimmed-10%$FERGTrimmed-9.6%$ADITrimmed-6.7%$TELTrimmed-6.2%$003550.KSTrimmed-6.1%

Dec 2025vs Sep 2025

Bought (22)

$BDXNew buy3.2%$AZE.BRNew buy2.6%$LBRDKNew buy1.3%$MICC.ASNew buy1.2%$4612.TNew buy1.2%$TMONew buy1.1%$NOVNew buy1.1%$MRK.DENew buy0.9%$IMCD.ASNew buy0.8%$GMEXICOB.MXNew buy0.7%$6806.TNew buy0.7%$AVTRNew buy0.4%$SW.PANew buy0.4%$4527.TNew buy0.2%$IFFAdded+5.5%$FBINAdded+19.9%$MTNAdded+7%$RI.PAAdded+15.7%$KMXAdded+20.7%$271560.KSAdded+23.1%$VYXAdded+32.1%$6465.TAdded+15.9%

Sold (19)

$3659.TSold out$HWMSold out$4911.TTrimmed-90.6%$SATSTrimmed-55.8%$CMCSATrimmed-43.6%$AVGOTrimmed-32%$GPORTrimmed-25.5%$GOOGLTrimmed-21.4%$TELTrimmed-18.7%$CHTRTrimmed-17.2%$MARTrimmed-15.2%$CFR.SWTrimmed-14.7%$GOOGTrimmed-14.1%$WFCTrimmed-13.9%$LPLATrimmed-12.7%$7974.TTrimmed-10.7%$DELLTrimmed-8.5%$CTrimmed-7.8%$ADITrimmed-5.6%

Sep 2025vs Jun 2025

Bought (6)

$6465.TNew buy0.5%$4911.TNew buy0.2%$HEIO.ASAdded+9.8%$IFFAdded+15.5%$FBINAdded+42.7%$271560.KSAdded+9.1%

Sold (14)

$SATSTrimmed-68.7%$7974.TTrimmed-63.3%$HOLN.SWTrimmed-56.4%$3659.TTrimmed-46.7%$WFCTrimmed-37%$CTrimmed-28.2%$FERGTrimmed-26.3%$HWMTrimmed-23.9%$TELTrimmed-19%$SAF.PATrimmed-17.8%$NATLTrimmed-10%$UBERTrimmed-9.5%$METATrimmed-7.6%$GOOGTrimmed-5.7%

Jun 2025vs Mar 2025

Bought (6)

$AMRZ.SWNew buy1.9%$GLEN.LAdded+7.7%$MTNAdded+22.4%$ICLRAdded+69.2%$FBINAdded+148.3%$SATSAdded+31.8%

Sold (10)

$GPORTrimmed-42.3%$AVGOTrimmed-38%$HWMTrimmed-31%$3659.TTrimmed-25.6%$HOLN.SWTrimmed-24.8%$WFCTrimmed-24.4%$UBERTrimmed-15.1%$KMITrimmed-13.4%$CTrimmed-10.7%$7974.TTrimmed-8.3%

Mar 2025vs Dec 2024

Bought (15)

$METANew buy5.1%$HOLN.SWNew buy4.8%$CFR.SWNew buy1.6%$003550.KSNew buy1.1%$028260.KSNew buy1%$271560.KSNew buy0.7%$FBINNew buy0.6%$VYXNew buy0.5%$58004K40New buy0.1%$58004K30New buy0%$FERGAdded+13%$MTNAdded+49.7%$RI.PAAdded+36.7%$ICLRAdded+18.3%$BIOAdded+55.9%

Sold (22)

$271560KSSold out$028260KSSold out$HOLN SWSold out$CFR SWSold out$NCRSold out$FBSold out$003550KSSold out$MCDIFTrimmed-99.2%$AVGOTrimmed-46.4%$KMITrimmed-40.7%$WFCTrimmed-30.8%$7974.TTrimmed-21.2%$MARTrimmed-20.4%$HWMTrimmed-17.5%$CTrimmed-15.3%$GOOGTrimmed-15%$GPORTrimmed-13.7%$WABTrimmed-9.4%$SAF.PATrimmed-8.5%$JEFTrimmed-7.8%$AONTrimmed-7.4%$AMZNTrimmed-7.3%

Dec 2024vs Sep 2024

Bought (9)

$FBNew buy5.5%$HEIO.ASAdded+13.6%$JDEP.ASAdded+13.8%$ERF.PAAdded+243%$RI.PAAdded+47.9%$MTNAdded+11.4%$3659.TAdded+49.3%$ICLRAdded+24%$MCDIFAdded+2124.1%

Sold (11)

$METASold out$AVGOTrimmed-44.4%$WFCTrimmed-29.2%$HWMTrimmed-29%$JEFTrimmed-27%$WABTrimmed-20.8%$UBERTrimmed-17.6%$GPORTrimmed-10.1%$MARTrimmed-10%$KMITrimmed-7.8%$AMZNTrimmed-6.3%

Sep 2024vs Jun 2024

Bought (9)

$RI.PANew buy0.9%$271560KSNew buy0.6%$SATSNew buy0.4%$FBHSNew buy0.2%$HEIO.ASAdded+13.1%$JDEP.ASAdded+5.6%$7974.TAdded+18.1%$AVGOAdded+656.2%$ERF.PAAdded+109%

Sold (10)

$FESold out$NFLXTrimmed-50.7%$JEFTrimmed-27.9%$HOLN SWTrimmed-20.4%$GPORTrimmed-20.3%$HWMTrimmed-15.3%$GOOGTrimmed-15%$3659.TTrimmed-8.3%$WABTrimmed-7.3%$METATrimmed-5.5%

Jun 2024vs Mar 2024

Bought (7)

$MTNNew buy0.9%$BIONew buy0.7%$ERF.PANew buy0.2%$RTO LNNew buy0%$MTALNew buy0%$JDEP.ASAdded+8.8%$NCRAdded+32.2%

Sold (7)

$GBLB.BRTrimmed-42.7%$AVGOTrimmed-41.5%$HWMTrimmed-30.7%$WABTrimmed-14.4%$NFLXTrimmed-14%$GPORTrimmed-12.3%$METATrimmed-8.4%

Quarter-over-quarter change in disclosed positions. Diversified book — only the larger sell-outs are shown.

Holdings

Stock	Move	% of portfolio	Reported px	Now	Since report
$ADI Analog Devices Inc	Trimmed	5.7%	$318.14	$393.64	+23.7%
$GOOGL Alphabet Inc	Trimmed	5.2%	$287.56	$358.89	+24.8%
$META Meta Platforms Inc	Held	3.9%	$572.13	$631.48	+10.4%
$IFF IFF	Held	3.5%	$72.55	$78.53	+8.2%
$TEL TE Connectivity PLC	Trimmed	3.4%	$209.02	$198.91	-4.8%
$C Citigroup Inc	Trimmed	3.4%	$113.41	$139.56	+23.1%
$HEIO.AS Heineken Holding NV	Held	3.4%	$71.16	$68.65	-3.5%
$JDEP.AS JDE Peet's NV	Held	3.3%	$36.95	$31.84	-13.8%
$GOOG Alphabet Inc	Held	3.3%	$286.86	$356.24	+24.2%
$AZE.BR Azelis Group NV	Added	3.2%	$10.20	$10.02	-1.7%
$GLEN.L Glencore PLC	Held	3.1%	$7.57	$512.40	+6665.2%
$BDX Becton Dickinson & Co	Held	2.8%	$157.23	$150.85	-4.1%
$AMZN Amazon.com Inc	Held	2.7%	$208.27	$247.04	+18.6%
$SAF.PA Safran SA	Held	2.7%	$327.22	$337.90	+3.3%
$LBRDK Liberty Broadband Corp	Added	2.5%	$50.30	$31.59	-37.2%
$AON Aon PLC	Held	2.5%	$322.78	$355.56	+10.2%
$PRX.AS Prosus NV	Added	2.2%	$46.29	$39.61	-14.4%
$FERG Ferguson Enterprises Inc	Trimmed	1.9%	$233.26	$224.62	-3.7%
$ERF.PA Eurofins Scientific SE	Held	1.8%	$72.97	$69.56	-4.7%
$CMCSA Comcast Corp	Held	1.8%	$28.71	$23.35	-18.7%
$MICC.AS Magnum Ice Cream Co NV/The	Added	1.7%	$14.74	$15.98	+8.4%
$AMRZ.SW Amrize Ltd	Trimmed	1.7%	$56.02	$40.93	-26.9%
$028260.KS Samsung C&T Corp	Trimmed	1.6%	$175.26	$391500.00	+223284.9%
$4612.T Nippon Paint Holdings Co Ltd	Added	1.5%	$6.27	$1076.50	+17067.6%
$NXPI NXP Semiconductors NV	Held	1.5%	$196.86	$290.54	+47.6%
$JEF Jefferies Financial Group Inc	Held	1.4%	$41.27	$52.46	+27.1%
$MTN Vail Resorts Inc	Added	1.4%	$128.32	$147.49	+14.9%
$FBIN Fortune Brands Innovations Inc	Added	1.4%	$38.97	$49.52	+27.1%
$LPLA LPL Financial Holdings Inc	Trimmed	1.3%	$300.83	$311.47	+3.5%
$KMX CarMax Inc	Held	1.2%	$41.58	$51.01	+22.7%
$003550.KS LG Corp	Trimmed	1.2%	$56.54	$101300.00	+179054.4%
$SW.PA Sodexo SA	Added	1.2%	$51.33	$53.95	+5.1%
$RI.PA Pernod Ricard SA	Added	1.1%	$74.36	$64.04	-13.9%
$NOV NOV Inc	Trimmed	1.1%	$18.81	$18.43	-2%
$CFR.SW Cie Financiere Richemont SA	Trimmed	1.1%	$176.57	$183.75	+4.1%
$HOLN.SW Holcim AG	Held	1%	$82.66	$73.80	-10.7%
$BIO Bio-Rad Laboratories Inc	Held	1%	$278.75	$297.28	+6.6%
$IMCD.AS IMCD NV	Held	1%	$104.64	$84.20	-19.5%
$TMO Thermo Fisher Scientific Inc	Held	1%	$491.53	$524.71	+6.8%
$7974.T Nintendo Co Ltd	Added	1%	$57.09	$7030.00	+12214.8%
$ICLR ICON PLC	Held	1%	$110.66	$168.77	+52.5%
$DELL Dell Technologies Inc	Held	1%	$164.13	$450.22	+174.3%
$6806.T Hirose Electric Co Ltd	Held	0.9%	$130.91	$27685.00	+21047.5%
$MRK.DE Merck KGaA	Held	0.9%	$127.05	$141.85	+11.7%
$271560.KS Orion Corp/Republic of Korea	Held	0.9%	$86.53	$137100.00	+158350.6%
$MCDIF Mcdermott International Ltd	Held	0.8%	$20.00	$27.50	+37.5%
$WAT Waters Corp	New buy	0.7%	$297.80	$377.13	+26.6%
$MAR Marriott International Inc/MD	Trimmed	0.7%	$327.07	$372.47	+13.9%
$GMEXICOB.MX Grupo Mexico SAB de CV	Trimmed	0.7%	$10.71	$195.34	+1724.2%
$UBER Uber Technologies Inc	Held	0.7%	$71.93	$74.35	+3.4%

Showing top 50 of 68 equity positions (this fund runs a diversified book).

Notable sell-outs this quarter: $CHTR, $NATL

Source: SEC N-PORT via FMP · Mar 2026 report · monthly portfolio, public with a delay. Long equity positions only. Not financial advice.