Steve Romick, Managing Partner at First Pacific Advisors
Steve Romick’s passion to succeed, proficiency with numbers, and strong dislike of losing money have propelled him on his journey towards becoming one of the top-performing fund managers. Currently a managing partner at First Pacific Advisors which manages over $20 billion assets; co-managing FPA Crescent Fund and Source Capital closed-end fund.
Early Life and Education
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Steve Romick is a portfolio manager at First Pacific Advisors and co-manages the FPA Crescent Fund and Source Capital closed-end fund. He earned a bachelor of education degree from Northwestern University and holds a CFA charterholder status.
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Steve Romick has used his passion and proficiency with numbers to forge an extraordinary career as a money manager. As managing partner at First Pacific Advisors – an investment firm located in Los Angeles that oversees $29 billion across various strategies – Romick spearheads their FPA Contrarian Value Strategy, consistently outperforming his peers over time.
Begun in 1985 at Kaplan, Nathan & Co, Crescent Management was established in 1990 to identify out-of-favor low risk/high return investments across capital markets that can generate equity-like returns over time while mitigating permanent capital loss.
Romick takes an approach to investing that emphasizes patience and avoidance of short-term trends, rather than price fluctuations alone. He seeks long-term gains when making investments.
Achievement and Honors
Steve Romick is co-manager of several First Pacific Advisors (FPA) strategies including the FPA Crescent Fund and Source Capital closed-end funds, for which he received the Morningstar U.S. Allocation Fund Manager of the Year award. In addition, Steve serves as an investor committee member at Weizmann Institute of Science; with Eden serving on NU Loyal as NU Loyal society members; his gift established a postdoctoral fellowship supporting cancer therapy research at Northwestern and Weizmann.
Steven Romick is an avid cyclist who appreciates music from a wide variety of genres. Together with Eden Romick, they have long been supporters of Northwestern, including membership in NU Loyal – a society honoring regular giving to NU – with gifts supporting cancer research programs and the postdoctoral fellow position; their gift also counts towards We Will, Northwestern’s $3.75 billion comprehensive campaign.
Romick joined First Pacific Advisors in 1996 after working as a security analyst for Kaplan, Nathan & Co as a consultant security analyst. Since then he has earned both his BS in Education from Northwestern and CFA charter status; both reside in Los Angeles along with their family where they actively contribute philanthropically by serving on boards for organizations like Cedars Sinai Medical Center and Our House among many others.
Romick has been a co-managing partner at First Pacific Advisors and overseeing its FPA Crescent Fund since its creation. Through First Pacific Advisors’ Contrarian Value strategy, his firm has consistently produced superior risk-adjusted returns over all market cycles.
His strategy involves finding undervalued or overlooked investments, taking a close look at economic, industry and company trends to identify possible winners.
Recent activities from an experienced portfolio manager have focused on diversifying his fund through purchases of assets like farmland in Arizona and container ships. He has reduced his position in high-yield bonds to nearly zero as spreads have narrowed compared to investment-grade bond yields.
According to Form 4 filings with the SEC, Steven T Romick owned at least 29,076 shares of Source Capital Inc worth more than $1 million as of 24 September 2020. Click here to view his complete insider trading transaction history.