Los Angeles-based FPA — an independent value-oriented investment firm whose roots go back to 1954.
Life story
FPA began in 1954 as Shareholders Management Company and was renamed First Pacific Advisors in 1976. It is not built around one founder; it is a team-run firm shaped by several generations of portfolio managers.
In 1978 George Michaelis established the firm's value-investing emphasis. Detailed public information about the original founders and early leaders is limited.
How they got started
From 1984 Robert Rodriguez was the lead manager of FPA Capital and FPA New Income. Steven Romick joined in 1996, bringing the FPA Crescent Fund, which he had launched in 1993 through his own firm Crescent Management, and has run it ever since.
For a time the firm belonged to Old Mutual (US) Holdings. In July 2004 the firm's key professionals formed a new company (First Pacific Advisors, LLC), and in September 2006 they acquired the business and the "First Pacific Advisors" name from Old Mutual, becoming fully independent.
FPA managed about $10.7 billion in 2007 and roughly $34 billion by mid-2026. About 75% of its assets sit in funds with track records longer than 20 years.
Investment style
FPA describes its approach as price discipline through a focus on intrinsic value, aiming for good risk-adjusted returns by preserving capital across market cycles. When bargains are scarce, it is willing to sit in cash.
The firm runs equity, fixed-income and multi-asset strategies. The best known, FPA Crescent, is a flexible fund that moves between stocks, corporate debt and cash. Only the equity part appears in the 13F.
Best decisions
FPA Crescent — over 30 years under one manager
Steven Romick has managed FPA Crescent since its launch in June 1993. Having one manager run one fund for more than three decades is rare in the industry, and the firm treats that continuity as a core strength.
Employee buyback (2006)
In 2006 the firm's professionals bought FPA back from Old Mutual and made it independent. According to the firm, its staff today have more than $500 million of their own money invested alongside clients.
Biggest mistakes
Limited information
We found no reliable detail on FPA's specific failed investments in the sources we reviewed. As a general point, a cautious, cash-heavy style can lag the market during strong bull runs.
Today
As of June 30, 2026, FPA manages about $34 billion with 23 investment professionals across 10 strategies. Steven Romick remains one of its lead managers.
What to learn from following the portfolio
- FPA's 13F is the combined book of several teams, not one star investor — the list mixes strategies such as Crescent and small-cap value.
- Useful signals are long-held positions and repeatedly increased stakes, which show conviction. Remember the 13F lags by up to 45 days and omits the debt and cash sleeves.
- Islamic-finance lens: FPA sometimes holds banks, insurers and financial firms, which usually are not halal; industrial, technology and consumer companies may be. Check each position's halal status on the Portfolio tab.
An introduction based on public sources — not investment advice. Spotted an error? Let us know.