A “Free-Range” Fund Manager
(Businessweek) — Steven Romick loves his freedom—and so do his investors. Romick has described his $3.5 billion fund, FPA Crescent (FPACX), as “a free-range chicken.” The fund can buy stocks or bet against them, stay in the U.S. or go abroad, purchase high-quality debt or junk, or even load up on cash. The flexibility has paid off. The fund’s return for the past decade is an annualized 11 percent, better than 99 percent of its rivals, according to Morningstar (MORN).