2024-02-26 01:27:00 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.
- The FPA Crescent Fund - Institutional Class gained 7.52% in Q4 2023 and 20.27% in the trailing twelve months.
- While Crescent’s equity investments understandably trade more richly compared to year-end 2022, they trade at lower valuations than the Magnificent Seven, MSCI ACWI, and S&P 500.
Dear Shareholder:
Performance Overview
The FPA Crescent Fund - Institutional Class (FPCSX) (“Fund” or “Crescent”) gained 7.52% in Q4 2023 and 20.27% in the trailing twelve months. 1 The Fund captured 91.3% of the MSCI ACWI’s return in the trailing twelve months, outperforming its 72.1% average net risk exposure. 2 ...
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For further details see:
FPA Crescent Fund Fourth Quarter 2023 Commentary