Steven Romick’s Portfolio — First Pacific Advisors, LP

Steven Romick has run the FPA Crescent Fund since 1993 as the model 'free-range' value fund: equities, credit, and cash in whatever mix offers equity-like returns with less risk — Morningstar named him allocation manager of the decade contender and 2013 winner.

FPA's 13F shows Crescent's equity sleeve — contrarian large caps, financials, and special situations — with cash levels (invisible in the filing) doing much of the risk management.

First Pacific Advisors, LP reported $7.1B in U.S.-listed holdings across 86 positions for Q1 2026.

Its largest position, ADI, represents 7.7% of the portfolio.

Compared with Q4 2025, the fund opened 27 new positions and exited 5.