Steven Romick, whose FPA Crescent Fund has beaten 99% of its peers over the past decade, is high on larger stocks that can take advantage of fast-growing foreign markets.

“The opportunity set has changed,” Romick tells Bloomberg, which adds that Romick says big companies are both cheaper and better positioned to tap into faster-growing non-U.S. markets. Romick also says he thinks the U.S. economy will “muddle along”, and is concerned that taxes will increase to pay down government debt. Consumers also may take years to pay down debt, he says, according to Bloomberg.

The article also gives insight into Romick’s broader strategy, which he has said is like a “free-range chicken” because of the broad spectrum of investments it will find. That strategy also involves holding high cash levels when need be, which helped him limit losses from the 2008 market crash. As of the end of June, Bloomberg reports, Romick has about 30% of the fund in cash, down from 45% at the end of September 2008.