Romick

Just About Everything Is Game Run by noted contrarian Steven Romick , FPA Crescent can invest in private transactions such as farmland and building loans, as well as the usual stocks and bonds.

Funds With Maximum Flexibility Reshma Kapadia 2011

Manager Steve Romick is holding about 26% cash in the fund.

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Mr. Romick has a great reputation for going against the market to find out-of-favor bargains, and he's willing to hold plenty of cash while he waits for opportunities.

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The fund has a 1.5% position in Japanese stocks, and Mr. Romick could add more.

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"Just because we go anywhere doesn't mean you have to go everywhere," Mr. Romick says.

Funds With Maximum Flexibility Reshma Kapadia 2011

Larry Glazer, a portfolio manager at Mayflower Advisors in Boston, calls Mr. Romick "a terrific manager who knows how to manage risk" and who puts a high importance on preserving capital.

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"I'm not good at the game of musical chairs," said Mr. Romick.

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Mr. Romick of the FPA Crescent Fund generally disagrees with the prevailing notion that people should just be full-on in the market and has been picking investments that he believes will better weather a pullback.

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"The recovery is real; there are very real reasons why there is growth," says Steven Romick , manager of FPA Crescent Fund for First Pacific Advisors, a Los Angeles asset-management firm.

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Mr. Romick says the fund's allocations to exotic and illiquid assets always total less than 15%, in keeping with limits set by the Securities and Exchange Commission.

Funds With Maximum Flexibility Reshma Kapadia 2011