JDEPF - FPA Crescent Fund Q1 2024 Commentary

2024-05-22 09:00:00 ET

Summary

• First Pacific Advisors (FPA) is a Los Angeles-based institutional money management firm practicing a disciplined approach to value investing, prudently seeking superior long-term returns while maintaining a focus on capital preservation.
• FPA Crescent Fund gained 5.93% in Q1 2024 and 20.46% in the last twelve months.
• The Fund outperformed its average net risk exposure, capturing 88.1% of the MSCI ACWI's return.
• Crescent exited positions in AIG and Heidelberg Materials, with top performers contributing 8.26% to its return.

Dear Shareholder

Performance Overview

The FPA Crescent Fund – Institutional Class (“Fund” or “Crescent”) gained 5.93% in Q1 2024 and 20.46% in the trailing twelve months.1 The Fund captured 88.1% of the MSCI ACWI’s return in the trailing twelve months, outperforming its 71.3% average net risk exposure.2...

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