Insights from the Latest 13F Filings for Q4 2023
Steven Romick (Trades, Portfolio), a seasoned portfolio manager at FPA, has made significant changes to the FPA Crescent Fund's holdings in the fourth quarter of 2023. With a career that began at FPA in 1996, Romick is known for his contrarian investment approach, seeking value across a company's capital structure. His strategy involves a mix of long and short equity positions, as well as corporate and convertible bonds, focusing on absolute value and long-term success.
Summary of New Buys
Steven Romick (Trades, Portfolio)'s new acquisitions in the portfolio include three noteworthy stocks:
- Prosus NV (XAMS:PRX, Financial) was the most significant addition with 2,882,508 shares, making up 1.43% of the portfolio and valued at €85.87 million.
- NCR Voyix Corp (VYX, Financial) was added with 1,983,005 shares, representing 0.56% of the portfolio, and a total value of $33.53 million.
- NCR Atleos Corp (NATL, Financial) was purchased with 1,227,984 shares, accounting for 0.5% of the portfolio and a total value of $29.83 million.
Key Position Increases
Steven Romick (Trades, Portfolio) also bolstered positions in eight stocks, with the most significant increases in:
- Citigroup Inc (C, Financial), with an additional 778,922 shares, bringing the total to 4,452,588 shares. This represents a 21.2% increase in share count, a 0.67% impact on the current portfolio, and a total value of $229.04 million.
- Heineken Holding NV (XAMS:HEIO, Financial), with an additional 139,218 shares, bringing the total to 2,090,386 shares. This adjustment reflects a 7.14% increase in share count and a total value of €176.78 million.
Summary of Sold Out Positions
The fourth quarter also saw Romick exit six holdings completely:
- Naspers Ltd (JSE:NPN, Financial), with all 567,954 shares sold, impacting the portfolio by -1.54%.
- Compagnie Financiere Richemont SA (XSWX:CFRAO, Financial), with all 2,521,536 shares liquidated, causing a -0.03% impact on the portfolio.
Key Position Reductions
Reductions were made in 19 stocks, with the most notable being:
- American International Group Inc (AIG, Financial), reduced by 3,637,380 shares, resulting in an -85.59% decrease in shares and a -3.75% impact on the portfolio. The stock traded at an average price of $63.72 during the quarter and has returned 17.99% over the past three months and 2.16% year-to-date.
- Groupe Bruxelles Lambert SA (XBRU:GBLB, Financial), reduced by 1,241,954 shares, resulting in a -64.31% reduction in shares and a -1.58% impact on the portfolio. The stock traded at an average price of €71.46 during the quarter and has returned -1.08% over the past three months and -4.44% year-to-date.
Portfolio Overview
As of the fourth quarter of 2023, Steven Romick (Trades, Portfolio)'s portfolio comprised 83 stocks. The top holdings included 5.42% in Holcim Ltd (XSWX:HOLN, Financial), 5.19% in Comcast Corp (CMCSA, Financial), 4.95% in Alphabet Inc (GOOGL, Financial), 4.82% in Analog Devices Inc (ADI, Financial), and 4.38% in TE Connectivity Ltd (TEL, Financial). The holdings are mainly concentrated in 11 industries, reflecting a diverse approach to value investing.
The strategic moves by Steven Romick (Trades, Portfolio) in the latest quarter reflect his commitment to value investing and his willingness to make bold decisions in the pursuit of long-term capital growth. Investors and potential members of GuruFocus.com can gain valuable insights from Romick's investment choices and the rationale behind his portfolio adjustments.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
