DELL - FPA Crescent Fund Q3 2020 Commentary

• The Fund seeks to generate equity-like returns over the long term, take less risk than the market and avoid permanent impairment of capital. We invest across capital structure, geographies, sectors.
• The FPA Crescent Fund gained 3.80% for the third quarter and declined -5.12% for the first nine months of 2020. The global MSCI ACWI Index advanced 8.13% in the third quarter, while the domestic S&P 500 Index increased 8.93%.
• Long equities held by the Fund returned 4.43% and -11.32% in the third quarter and nine months, respectively, underperforming the ACWI and S&P in both periods.

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