Steve Romick: No Pay for Play in the Market


Seeing few opportunities that meet their risk-reward criteria, the team at FPA Crescent–winner of Morningstar’s 2013 Allocation Fund Manager of the Year award–is sticking to its discipline and letting cash build, says manager Steve Romick.

Check out Steve Romick interview below

H/T AbnormalReturns

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Dan Culloton: The winners of Morningstar’s 2013 Manager of the Year award in the Allocation category are Steve Romick, Mark Landecker and Brian Selmo of FPA Crescent.

My name is Dan Culloton with Morningstar. I am here with Steve Romick of FPA Crescent to talk about the award, and the year of 2013 for them.

Steve, thank you for being here.

Steve Romick: Thank you. Thank you for the honor of the award.

Culloton: The fund named Brian and Mark as co-managers part way through the year, yet they have been a part of the team for quite some time. Why don’t you talk about their contributions to the fund in the past and this past year?

Romick: We only have a short 10-minute interview, so it’s difficult to talk about their contributions in such a short timeframe. But they are terrific. Brian and Mark joined us in late 2008 and early 2009 and have been adding a lot of value ever since then. Although they were named portfolio managers in 2013, they had functioned effectively in that capacity for the year and a half preceding that or so.

Prior to joining FPA they were both respected portfolio managers in their own right, so they came to the firm as more than just analysts, and they’ve taken the ball and run with it for every task they’ve either been asked to do early on or tasks that they’ve initiated for themselves. They are a tremendous value-add to our team.

Culloton: One of the unique things about the fund and the past year was the performance you were able to put up with such a large and increasing cash stake throughout the year.