NOW - FPA U.S. Core Equity Fund Q3 2021 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.
• In the third quarter, the FPA U.S. Core Equity Fund, Inc.’s performance was -0.13% compared to the 0.58% total return of the S&P 500 Index, the Fund’s benchmark.
• To that end we eliminated four positions that made up 1.2% of the September 30, 2021 portfolio, reduced the weighting of the 83 remaining positions by 2.0% to 96.5%, and added 24 new positions representing 2.9% of the September 30, 2021 portfolio.
• As of September 30, 2021, the Fund was invested in 107 companies, including 56 disclosed investments that are in the S&P 500, which made up 86.4% of the portfolio.
• At the end of the quarter, the Fund did not have any disclosed investments in utilities, energy, and real estate. Collectively, those three sectors made up ~8% of the S&P 500.

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