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Portfolio managers Landecker, Selmo, and Romick of FPA Crescent Fund

TheShadowTheShadow
edited June 2013 in Fund Discussions
http://www.sec.gov/Archives/edgar/data/924727/000110465913046292/a13-12957_1497.htm

FPA FUNDS TRUST’S FPA CRESCENT FUND

SUPPLEMENT DATED JUNE 2, 2013, TO PROSPECTUS DATED APRIL 30, 2013


Effective June 2, 2013, Mark Landecker and Brian A. Selmo have been appointed Portfolio Managers of FPA Crescent Fund (the “Fund”).


Effective June 2, 2013, the Fund’s Prospectus will be revised as described below.



The Section in the Fund’s Prospectus entitled “Portfolio Manager” is deleted and replaced as follows:



Portfolio Managers. Steven T. Romick, Mark Landecker and Brian A. Selmo are primarily responsible for the day-to-day management of the Fund’s portfolio. Mr. Romick has been a portfolio manager since the inception of the Fund on June 2, 1993. Mark Landecker and Brian A. Selmo have been portfolio managers of the Fund since June 2, 2013.



The Section in the summary portion of the Fund’s Prospectus entitled “Portfolio Manager” under the Section “MANAGEMENT AND ORGANIZATION” is deleted and replaced as follows:



Portfolio Managers



Steven T. Romick, Mark Landecker and Brian A. Selmo are primarily responsible for the day-to-day management of the Fund’s portfolio. Mr. Romick has been a portfolio manager since the inception of the Fund on June 2, 1993. He has also been the Trustee, President and Chief Investment Officer of the Fund for more than the past five years and a Managing Partner of the Adviser since January 2010. Mr. Romick has also been a Partner of the Adviser for more than the past five years.



Mark Landecker has been a portfolio manager of the Fund since June 2, 2013. Mr. Landecker is currently a Managing Director of the Adviser and was a Vice President of the Adviser from 2009 to 2012. Prior to joining the Adviser, he was a portfolio manager at Kinney Asset Management from 2005 to 2008.



Brian A. Selmo has been a portfolio manager of the Fund since June 2, 2013. Mr. Selmo is currently a Managing Director of the Adviser and was a Vice President of the Adviser from 2008 to 2012. Prior to joining the Adviser, he was the Founder and Managing Member of Eagle Lake Capital, LLC from 2006 to 2008.



The SAI provides additional information about the Portfolio Managers’ compensation, other accounts managed, and ownership of shares of the Fund.

Comments

  • OregonDan
    Thanks for the heads up. The FPA site posted a pdf discussing the Crescent Fund's 20th anniversary, in which Romick explains that Landecker and Selmo have been de facto co-managers of the Crescent Fund for a couple years and they deserved recognition and titles. Hope it doesn't mean Romick is stepping back. Here's the link to the FPA notice:
    http://www.fpafunds.com/fund_announcements_folder/fpa-crescent-fund-celebrates-its-20th-anniversary
  • David_Snowball
    The argument seems to be that Mark and Brian have been co-managing the Strategy (i.e., the private money) and now deserve recognition for co-managing the fund as well.

    I've got time set aside to talk with the FPA folks at Morningstar and I'll ask about how Mr. Romick sees his career progressing from here. Ryan Leggio, a former Morningstar analyst, is the chief media guy. He's smart and honest, but one has to wonder how much freedom he'd have to say anything even if there were something to be said. But, we'll talk.

    Let me know if you have questions.

    David
  • TSP_TransferTSP_Transfer
    Reply to @OregonDan: Welcome Dan.Thanks for the link.You're preaching to the choir when endorsing FPACX and Mr Romick.Lot's of admirers and holders of FPACX here.For younger investors,FPA's $100.00 down and $100.00 per month AIP plan is as good a place to start investing as there is.
  • BWG
    Reply to @David_Snowball:

    David,

    Can you ask the FPACX folks about their intent about farmland? They keep talking about how great an investment it is but it makes up only about 1% of the fund.

    BWG
  • VintageFreakVintageFreak
    Reply to @David_Snowball: I really would like to know what prompted them to drop loads on all of their funds. It couldn't have been a sudden turn of "conscience". They changed their business model. Why now?
  • InvestorInvestor
    I have the feeling Romick is getting ready to retire.
  • VintageFreakVintageFreak
    Reply to @Investor: Nah! He's still young and not exactly best time to be starting a new fund company.
  • David_Snowball
    Reply to @Investor: Hi, guy.

    Ryan, in an email, agrees that the promotion is part of the fund's succession planning but more in a "steps in front of a bus" than a "walking out the door" way. Mr. Romick is about 49 and, I'm told, excited to come to work every day.

    David
  • ShostakovichShostakovich
    Reply to @OregonDan: I love it when funds do this. When Whitney George of Royce handed over management of the Royce Micro Cap fund to his successor (Jennifer Taylor), it was explained "oh, well, she's pretty much been running the fund for about 3 years now...". Which made sense, because George was managing about 5 different Royce funds at the time.

    In Romick's case, I think he and FPA are more above-board and client-oriented than Royce. Royce, for example, masks the bloat of the forementioned RYOTX by allowing it to invest something upwards of 20-25% of its funds in foreign securities. True fiduciaries are hard to find.
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