- 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 declined -0.25% in 2021’s third quarter but gained 33.57% for the trailing twelve months. 1 The Fund generated 116.9% of the average of the S&P 500 and MSCI ACWI NR USD’s return in the trailing-twelve months, outperforming its own 76.6% average net risk exposure.
- Despite the S&P 500 eking out a gain this past quarter, most equity markets worldwide finished in the red, with China being a notable pocket of weakness.
- This group accounts for ~49% of the Fund’s NAVand we are content to maintain the Fund’s exposure to these companies as we believe that they shouldcontinue to provide us with a fighting chance of delivering equity-like returns over the coming three to fiveyears.
For further details see:
FPA Crescent Fund Q3 2021 Commentary