FPA Crescent Fund

Overview

FPA Crescent Fund is a mutual fund that aims to generate equity-like returns over the long term while taking less risk than the market and avoiding permanent impairment of capital. The fund employs an absolute return focus, requiring a compelling risk/reward proposition on an absolute basis. It utilizes a flexible approach, investing across capital structures, geographies, sectors, and market capitalizations. The investment process is grounded in independent, bottom-up, fundamental research to minimize risk. The fund's portfolio managers invest in both equity and debt securities of companies, believing that this combination broadens the universe of opportunities, offers additional diversification, and helps lower volatility. The portfolio is primarily composed of equity securities, with the balance in debt securities, cash, and cash equivalents. The fund's investment strategy is designed to be adaptable, allowing it to invest across various asset classes and geographies. FPA Crescent Fund has a track record of delivering long-term growth with a focus on risk management. The fund's performance is evaluated against benchmarks such as the MSCI ACWI and the S&P 500. The fund's expense ratio reflects a contractual fee waiver in place through April 30, 2026, and the adjusted expense ratio excludes short sale dividend and interest expenses. The fund's portfolio composition and performance are subject to change due to ongoing management decisions and market conditions.

Investment Focus

• Minimum initial investment: $1,500
• Expense ratio: 1.06%

Portfolio Companies