- 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 – Institutional Class gained 3.26% in 2021’s second quarter and 39% for the trailing twelve months. The Fund generated 97.4% of the average of the S&P 500 and MSCI ACWI’s return in the trailing twelve months, outperforming its own 77.8% average net risk exposure.
- Though the portfolio will not be immune to the next selloff, whenever it may arrive, we remain committed to seeking equity-like returns over the long-term while avoiding permanent impairment of capital.
- However, what we find particularly interesting is that some of the better performing names required significant patience, with 30% of the observations compounding at 20%+ per year from our first purchase despite multi-year periods of flat performance during our ownership.
For further details see:
FPA Crescent Fund Q2 2021 Commentary