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Trending ETFs

Name

As of 03/27/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

FPA Crescent Fund

FPACX | Fund

$40.88

$9.99 B

0.00%

$0.00

1.08%

Vitals

YTD Return

5.8%

1 yr return

22.4%

3 Yr Avg Return

6.0%

5 Yr Avg Return

9.8%

Net Assets

$9.99 B

Holdings in Top 10

28.9%

52 WEEK LOW AND HIGH

$40.6
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.08%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 20.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,500

IRA

$100


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/27/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

FPA Crescent Fund

FPACX | Fund

$40.88

$9.99 B

0.00%

$0.00

1.08%

FPACX - Profile

Distributions

  • YTD Total Return 5.8%
  • 3 Yr Annualized Total Return 6.0%
  • 5 Yr Annualized Total Return 9.8%
  • Capital Gain Distribution Frequency Semi-Annually
  • Net Income Ratio 0.01%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    FPA Crescent Fund
  • Fund Family Name
    FPA
  • Inception Date
    Oct 14, 1996
  • Shares Outstanding
    N/A
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Steven Romick

Fund Description

To pursue the Fund's investment objective, the Fund's portfolio managers ("portfolio managers") invest in both equity and debt securities of companies. The Fund's portfolio managers believe that this combination of securities broadens the universe of opportunities for the Fund, offers additional diversification and helps to lower volatility. The portfolio managers invest primarily in equity securities and the balance of the Fund's portfolio in debt securities, cash, and cash equivalents. The Fund has no limit on the amount of assets it may invest in non-U.S. securities. The decision to invest in a non-U.S. security will be based on the portfolio managers' fundamental security analysis. In addition, the Fund may sell securities short, and the portfolio managers may employ a short selling strategy for a portion of the Fund.

Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Different types of equity securities provide different voting and dividend rights and priority in case of the bankruptcy of the issuer. The Fund may invest in a variety of equity securities, including common stocks, preferred stocks, convertible securities, rights, and warrants.

The portfolio managers look for large and small companies that it believes to have excellent future prospects that are undervalued by the securities markets. The portfolio managers believe that these opportunities often arise when companies are out-of-favor or undiscovered by most of Wall Street. The portfolio managers also search for companies that offer earnings growth, opportunity for price/earnings multiple expansion and the best combination of such quality criteria as strong market share, good management, high barriers to entry and high return on capital.

Using fundamental security analysis, the portfolio managers may look for investments that trade at a substantial discount to the portfolio managers' determination of the company's value (absolute

value) rather than those that might appear inexpensive based on a discount to their peer groups or the market average (relative value). The portfolio managers attempt to determine a company's absolute value using fundamental security analysis, which they believe generally provides them with a thorough view of a company's financial and business characteristics. As a part of their process, the portfolio managers may:

•  Review stock prices or industry group under-performance, insider purchases, management changes and corporate spin-offs.

•  Communicate directly with company management, suppliers, and customers.

•  Use their judgment to define the company's future potential, financial strength, and competitive position.

The portfolio managers generally seek to sell an equity investment when they believe that the company's value has been fully reflected in a higher valuation by the market or when a negative fundamental development occurs in the company or its industry that the portfolio managers believe could significantly impact future earnings growth.

A debt security is an interest-bearing security that companies or governments use to borrow money from investors. The issuer of a debt security promises to pay interest at a stated rate, which may be variable or fixed, and to repay the amount borrowed at maturity (the date when the debt security is due and payable). The Fund may invest in debt securities issued by companies, the U.S. government, and its agencies; mortgage-backed and asset-backed securities (i.e. securities that are backed by pools of loans or mortgages assembled for sale to investors); municipal notes and bonds; and commercial paper and certificates of deposit.

The portfolio managers invest in debt securities seeking to provide the Fund with a reliable and recurring stream of income, while seeking to preserve its capital. The Fund may also invest in debt securities rated below investment grade ("high yield bonds" or "junk bonds"). The Fund has the ability to invest up to 65% of its total assets in debt securities, although it will generally invest a greater percentage of its portfolio in equity securities than debt securities.

The portfolio managers select debt securities by using an approach that is similar to the approach they use to select equity securities and by trying to forecast current interest rate trends. The portfolio managers generally employ a defensive interest rate strategy, which means they seek to keep the average maturity of the debt-securities portion of the Fund to 10 years or less, by investing at different points along the yield curve. The portfolio managers also continually consider yield spreads and other underlying factors such as credit quality, investor perception and liquidity to determine which sectors offer the best investment value at any given time.

The portfolio managers may engage in a strategy known as selling short. Selling a security short is when the Fund sells a security it does not own. To sell a security short, the Fund must borrow the security from someone else to deliver to the buyer. The Fund then replaces the security it borrowed by purchasing it at the market price at or before the time of replacement. Until it replaces the security, the Fund repays the person that lent it the security for any interest or dividends that may

have accrued during the period of the loan. The Fund typically sells securities short to take advantage of an anticipated decline in prices or to protect a profit in a security it already owns.

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FPACX - Performance

Return Ranking - Trailing

Period FPACX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.8% -1.0% 22.1% 66.89%
1 Yr 22.4% -0.6% 52.0% 34.12%
3 Yr 6.0%* -6.6% 11.7% 17.13%
5 Yr 9.8%* 0.5% 14.5% 15.71%
10 Yr 7.4%* -0.3% 11.6% 36.36%

* Annualized

Return Ranking - Calendar

Period FPACX Return Category Return Low Category Return High Rank in Category (%)
2023 15.9% -6.9% 29.3% 14.58%
2022 -9.9% -37.4% -8.2% 1.74%
2021 2.9% -9.8% 25.4% 83.75%
2020 6.3% -21.0% 25.4% 57.09%
2019 14.6% -8.3% 27.9% 51.34%

Total Return Ranking - Trailing

Period FPACX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.8% -1.0% 22.1% 66.89%
1 Yr 22.4% -0.6% 52.0% 34.12%
3 Yr 6.0%* -6.6% 11.7% 17.13%
5 Yr 9.8%* 0.5% 14.5% 15.71%
10 Yr 7.4%* -0.3% 11.6% 36.36%

* Annualized

Total Return Ranking - Calendar

Period FPACX Return Category Return Low Category Return High Rank in Category (%)
2023 19.1% -0.9% 33.0% 16.61%
2022 -9.9% -36.0% -0.9% 16.32%
2021 15.2% -7.8% 33.9% 64.66%
2020 12.1% -16.2% 25.4% 61.19%
2019 20.0% 7.3% 34.8% 72.03%

NAV & Total Return History


FPACX - Holdings

Concentration Analysis

FPACX Category Low Category High FPACX % Rank
Net Assets 9.99 B 1.11 M 113 B 17.17%
Number of Holdings 173 4 2503 21.21%
Net Assets in Top 10 2.8 B 1.06 M 26.7 B 23.57%
Weighting of Top 10 28.86% 19.8% 102.8% 82.83%

Top 10 Holdings

  1. Holcim A.G. 3.35%
  2. Comcast Corp. - Class A 3.20%
  3. Alphabet, Inc. - Class A 3.06%
  4. United States Treasury Bill 3.03%
  5. United States Treasury Bill 3.02%
  6. Analog Devices, Inc. 2.98%
  7. TE Connectivity Ltd. 2.71%
  8. Meta Platforms, Inc. - Class A 2.66%
  9. FPS LLC / 2.48%
  10. United States Treasury Bill 2.38%

Asset Allocation

Weighting Return Low Return High FPACX % Rank
Stocks
60.87% 0.00% 100.68% 88.22%
Bonds
34.29% 0.00% 104.15% 1.68%
Cash
0.61% -7.71% 88.58% 57.91%
Convertible Bonds
0.38% 0.00% 26.48% 41.69%
Preferred Stocks
0.21% 0.00% 18.32% 14.48%
Other
0.12% -0.24% 31.76% 21.55%

Stock Sector Breakdown

Weighting Return Low Return High FPACX % Rank
Communication Services
26.62% 0.00% 26.62% 0.68%
Financial Services
24.48% 0.28% 52.80% 4.07%
Technology
16.74% 3.31% 52.93% 72.54%
Basic Materials
11.49% 0.00% 11.49% 0.68%
Consumer Cyclical
8.61% 0.00% 16.01% 77.97%
Industrials
5.44% 1.16% 32.55% 97.63%
Utilities
2.45% 0.00% 31.67% 70.17%
Energy
2.10% 0.00% 29.22% 96.95%
Consumer Defense
2.07% 0.00% 14.86% 94.58%
Real Estate
0.00% 0.00% 33.86% 95.59%
Healthcare
0.00% 0.00% 36.30% 100.00%

Stock Geographic Breakdown

Weighting Return Low Return High FPACX % Rank
US
45.01% 0.00% 100.68% 90.57%
Non US
15.86% 0.00% 20.19% 11.78%

Bond Sector Breakdown

Weighting Return Low Return High FPACX % Rank
Corporate
3.31% 0.00% 98.43% 95.59%
Government
2.14% 0.00% 99.71% 85.42%
Cash & Equivalents
0.14% 0.00% 85.16% 65.99%
Derivative
0.12% -0.37% 31.76% 7.74%
Securitized
0.00% 0.00% 37.97% 87.12%
Municipal
0.00% 0.00% 17.02% 69.15%

Bond Geographic Breakdown

Weighting Return Low Return High FPACX % Rank
US
33.49% 0.00% 104.15% 1.68%
Non US
0.80% 0.00% 2.72% 6.06%

FPACX - Expenses

Operational Fees

FPACX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.08% 0.04% 4.67% 40.07%
Management Fee 1.00% 0.00% 1.25% 96.63%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.07% 0.01% 0.28% 67.09%

Sales Fees

FPACX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.00% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

FPACX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.00% 2.00% 15.38%

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

FPACX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 20.00% 4.00% 236.00% 36.30%

FPACX - Distributions

Dividend Yield Analysis

FPACX Category Low Category High FPACX % Rank
Dividend Yield 0.00% 0.00% 10.56% 92.93%

Dividend Distribution Analysis

FPACX Category Low Category High Category Mod
Dividend Distribution Frequency None Annual Quarterly Quarterly

Net Income Ratio Analysis

FPACX Category Low Category High FPACX % Rank
Net Income Ratio 0.01% -1.12% 6.07% 95.14%

Capital Gain Distribution Analysis

FPACX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Semi-Annually Annually Semi-Monthly Annually

Distributions History

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FPACX - Fund Manager Analysis

Managers

Steven Romick


Start Date

Tenure

Tenure Rank

Jun 02, 1993

29.01

29.0%

Steven Romick, CFA, Managing Partner, joined FPA in 1996. Steven serves as Portfolio Manager for the FPA Contrarian Value Strategy, the FPA Contrarian Value Equity Strategy, Source Capital, Inc., and Co-Portfolio Manager for the FPA Multi-Advisor Strategy. Prior to joining FPA, Steven was Chairman of Crescent Management and a consulting security analyst for Kaplan, Nathan & Co. Steven earned a Bachelor's degree in Education from Northwestern University.

Mark Landecker


Start Date

Tenure

Tenure Rank

Jun 02, 2013

9.0

9.0%

Mark Landecker, CFA, Partner, joined FPA in 2009. Mark serves as Portfolio Manager for the FPA Contrarian Value Strategy, the FPA Contrarian Value Equity Strategy, and Source Capital, Inc. Prior to joining FPA, Mark served as Portfolio Manager at both Kinney Asset Management and Arrow Investments, Inc., and as associate at TD Capital and PricewaterhouseCoopers. Mark earned a BBA (with honors) from the Schulich School of Business, York University, Toronto, Canada.

Brian Selmo


Start Date

Tenure

Tenure Rank

Jun 02, 2013

9.0

9.0%

Brian A. Selmo, CFA, Partner, joined FPA in 2008. Brian serves as Portfolio Manager and Director of Research for the FPA Contrarian Value Strategy, the FPA Contrarian Value Equity Strategy, and Source Capital, Inc. Prior to joining FPA, Brian was founder and managing member of Eagle Lake Capital, LLC, and Portfolio Manager of its predecessor. Previously, he was an analyst at Third Avenue Management and Rothschild, Inc. Brian earned a Bachelor's degree in Economics (with honors) from The Johns Hopkins University, where he graduated Phi Beta Kappa.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 38.44 7.41 2.41