Steven Romick

Biography

Steven Romick began as an analyst covering banks and thrifts in the 1980s and started the Crescent strategy in 1990 with his mentor Jeff Nathan; he has managed the FPA Crescent Fund since its launch in 1993. He brought the fund to First Pacific Advisors in 1996 and became a managing partner of the firm in 2010. He invests across a company's capital structure, seeks a margin of safety and focuses on how a business might look over five to seven years.

In their own words

First Pacific Advisors (FPA)’s largest US holdings

From the Q2 2026 13F, worth $8.1bn in total. See every holding and change

1. AlphabetGOOG12.1%
2. Analog DevicesADI7.8%
3. International Flavors & FragrancesIFF5.3%
4. CitigroupC5.2%
5. Meta PlatformsMETA4.7%
6. Amazon.comAMZN4.0%
7. Becton Dickinson & CoBDX4.0%
8. TE ConnectivityTEL3.9%
9. Arthur J Gallagher & CoAJG3.8%
10. AonAON2.8%

Also at First Pacific Advisors (FPA)

• Mark Landecker Partner and portfolio manager, FPA Crescent Fund