Steven Romick

FPA Crescent·value·Retail & diversified funds

FPACX

~10%+ since 1993

Portfolio value

$7.4B

Positions

Top 5 concentration

21%

New buys this quarter

Track record vs S&P 500

$FPACX · total return since 2003

$10k grew to

$68k

CAGR

8.7%

vs S&P 500

-2.1%/yr

See the full comparison chart

Quarterly activity

What Steven Romick bought and sold each quarter.

Jun 2026vs Mar 2026

Bought (23)

$AJGNew buy2.5%$KRZ.IRNew buy1.6%$GSMNew buy1.6%$BAXNew buy1.3%$FDR.MCNew buy0.9%$DHRNew buy0.9%$PYPLNew buy0.8%$INTUNew buy0.7%$BVI.PANew buy0.7%$CNHNew buy0.6%$GEHCNew buy0.4%$SAP.DENew buy0.3%$DHER.DENew buy0.2%$71492011New buy0%$DGE.LNew buy0%$BDXAdded+5.1%$MICC.ASAdded+27.4%$ERF.PAAdded+5.3%$4612.TAdded+14.2%$MTNAdded+7%$TMOAdded+11.8%$7974.TAdded+49%$6465.TAdded+14.2%

Sold (18)

$JDEP.ASSold out$FERGSold out$DELLSold out$MARTrimmed-84.4%$58004K40Trimmed-62.4%$ICLRTrimmed-34.1%$WABTrimmed-28.6%$CFR.SWTrimmed-25.3%$003550.KSTrimmed-19.7%$GOOGLTrimmed-15.4%$NXPITrimmed-13.3%$028260.KSTrimmed-12.3%$GLEN.LTrimmed-11.9%$WFCTrimmed-11.7%$TELTrimmed-9.3%$ADITrimmed-8.9%$CTrimmed-5.8%$AMZNTrimmed-5.8%

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%

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

Holdings

Stock	Move	% of portfolio	Quarter-end px	Now	Since quarter-end
$ADI Analog Devices Inc	Trimmed	5.7%	$397.17	$362.25	-8.8%
$GOOGL Alphabet Inc	Trimmed	4.8%	$357.37	$338.46	-5.3%
$GOOG Alphabet Inc	Held	3.5%	$353.33	$335.31	-5.1%
$C Citigroup Inc	Trimmed	3.5%	$139.96	$137.72	-1.6%
$IFF IFF	Held	3.4%	$79.22	$86.35	+9%
$META Meta Platforms Inc	Held	3.3%	$563.29	$616.77	+9.5%
$HEIO.AS Heineken Holding NV	Held	3.2%	$76.15	$68.25	-10.4%
$AZE.BR Azelis Group NV	Held	2.9%	$10.65	$12.31	+15.6%
$SAF.PA Safran SA	Held	2.9%	$394.08	$333.50	-15.4%
$TEL TE Connectivity PLC	Trimmed	2.7%	$201.61	$208.65	+3.5%
$AMZN Amazon.com Inc	Trimmed	2.6%	$238.34	$258.51	+8.5%
$BDX Becton Dickinson & Co	Added	2.5%	$151.33	$184.74	+22.1%
$AJG Arthur J Gallagher & Co	New buy	2.5%	$229.57	$262.69	+14.4%
$028260.KS Samsung C&T Corp	Trimmed	2.2%	$309.62	$367000.00	+118430.6%
$MICC.AS Magnum Ice Cream Co NV/The	Added	2.2%	$17.41	$16.70	-4.1%
$GLEN.L Glencore PLC	Trimmed	2.2%	$6.82	$601.70	+8724.6%
$AON Aon PLC	Held	2.1%	$331.69	$323.09	-2.6%
$PRX.AS Prosus NV	Held	1.9%	$43.45	$37.13	-14.6%
$ERF.PA Eurofins Scientific SE	Added	1.8%	$78.25	$72.72	-7.1%
$FBIN Fortune Brands Innovations Inc	Held	1.7%	$54.90	$43.11	-21.5%
$KRZ.IR Kerry Group PLC	New buy	1.6%	$91.73	$84.05	-8.4%
$NXPI NXP Semiconductors NV	Trimmed	1.6%	$281.03	$227.84	-18.9%
$GSM Ferguson Enterprises Inc	New buy	1.6%	$237.33	$4.67	-98%
$JEF Jefferies Financial Group Inc	Held	1.5%	$49.98	$55.23	+10.5%
$4612.T Nippon Paint Holdings Co Ltd	Added	1.5%	$6.52	$1142.00	+17408.4%
$LBRDK Liberty Broadband Corp	Held	1.5%	$33.26	$36.02	+8.3%
$MTN Vail Resorts Inc	Added	1.4%	$136.15	$134.96	-0.9%
$AMRZ.SW Amrize Ltd	Held	1.4%	$53.30	$35.47	-33.5%
$CMCSA Comcast Corp	Held	1.3%	$24.55	$26.49	+7.9%
$KMX CarMax Inc	Held	1.3%	$52.89	$63.29	+19.7%
$BAX Baxter International Inc	New buy	1.3%	$21.32	$25.83	+21.2%
$SW.PA Sodexo SA	Held	1.2%	$57.84	$58.05	+0.4%
$6806.T Hirose Electric Co Ltd	Held	1.1%	$179.57	$24770.00	+13693.8%
$LPLA LPL Financial Holdings Inc	Held	1.1%	$281.68	$359.33	+27.6%
$MRK.DE Merck KGaA	Held	1.1%	$167.64	$135.85	-19%
$TMO Thermo Fisher Scientific Inc	Added	1%	$501.36	$613.78	+22.4%
$HOLN.SW Holcim AG	Held	1%	$90.16	$73.84	-18.1%
$RI.PA Pernod Ricard SA	Held	1%	$72.69	$61.76	-15%
$7974.T Nintendo Co Ltd	Added	1%	$42.04	$8839.00	+20925.2%
$NOV NOV Inc	Held	1%	$18.55	$21.39	+15.3%
$BIO Bio-Rad Laboratories Inc	Held	1%	$293.61	$386.11	+31.5%
$FDR.MC Fluidra SA	New buy	0.9%	$22.63	$19.05	-15.8%
$003550.KS LG Corp	Trimmed	0.9%	$63.38	$121100.00	+190983.9%
$CFR.SW Cie Financiere Richemont SA	Trimmed	0.9%	$230.83	$185.45	-19.7%
$ICLR ICON PLC	Trimmed	0.9%	$173.71	$164.85	-5.1%
$DHR Danaher Corp	New buy	0.9%	$190.48	$207.66	+9%
$WAT Waters Corp	Held	0.8%	$375.04	$409.38	+9.2%
$MCDIF Mcdermott International Ltd	Held	0.8%	$24.90	$4.40	-82.3%
$IMCD.AS IMCD NV	Held	0.8%	$90.42	$97.06	+7.3%
$PYPL PayPal Holdings Inc	New buy	0.8%	$43.18	$54.96	+27.3%

Showing top 50 of 75 equity positions (this fund runs a diversified book).

Notable sell-outs this quarter: $JDEP.AS, $FERG, $DELL

Track Steven Romick between filings

13Fs land once a quarter. We email you when a tracked manager files a Form 4, a 13D stake or a Form 144 notice of sale — days after it happens, not months.

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