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FPACX FPA Crescent

  • Fund
  • FPACX
  • Price as of: Dec 09, 2016
  • $34.40
  • + $0.15
  • + 0.44%
  • Category
  • Large Cap Blend Equities

FPACX - Profile

Vitals

  • YTD Return 10.8%
  • 3 Yr Annualized Return 5.0%
  • 5 Yr Annualized Return 8.9%
  • Net Assets $16.1 B
  • Holdings in Top 10 31.5%

52 WEEK LOW AND HIGH

$34.40
$28.22
$34.40

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.11%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 48.00%

TRADING FEES

  • Max Redemption Fee 2.00%

Min Investment

STANDARD (TAXABLE)

$1,500

IRA

$100

Investment Themes

CATEGORY

Large Cap Blend Equities
  • Fund Type Open End Mutual Fund
  • Investment Style Allocation--50% to 70% Equity

Distributions

  • YTD Total Return 11.6%
  • 3 Yr Annualized Total Return 5.0%
  • 5 Yr Annualized Total Return 8.9%
  • Capital Gain Distribution Frequency Semi-Annually
  • Net Income Ratio 0.53%
DIVIDENDS
  • Dividend Yield 0.4%
  • Dividend Distribution Frequency Semi-Annually

Fund Details

  • Legal Name FPA Crescent Fund
  • Fund Family Name FPA
  • Inception Date Jun 02, 1993
  • Shares Outstanding N/A
  • Share Class Inv
  • Currency USD
  • Domiciled Country United States
  • Manager Brian A. Selmo

Fund Description

The FPA Crescent Fund (FPACX) is an actively managed fund that seeks to grow investor capital over the long term while limiting the permanent impairment of capital. The fund does this by focusing on stocks that are represented by deep value situations. The fund pairs this position with various fixed-income securities. However, FPACX is not a balanced fund. There is no mandate on what, when or how much FPACX can hold of any security type. The fund can hold 100% cash if management deems it necessary.

With FPACX’s broad mandate and “go anywhere” style, the fund serves best as a satellite position in a broader equity portfolio. The fund is managed by First Pacific Advisors, LLC.

FPACX - Performance

Return Ranking - Trailing

Period FPACX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 10.8% -82.7% 187.8% 35.61% 2
1 Yr 6.9% -51.7% 28.0% 40.34% 3
3 Yr 5.0% * -14.4% 16.8% 73.01% 4
5 Yr 8.9% * -1.0% 19.1% 88.75% 5
10 Yr 6.8% * -0.2% 10.6% 23.59% 2

* Annualized


Return Ranking - Calendar

Period FPACX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -7.9% -46.9% 5.7% 55.10% 4
2014 2.4% -51.7% 19.5% 52.52% 3
2013 12.5% -88.0% 41.8% 84.61% 5
2012 9.4% -100.0% 42.8% 70.83% 4
2011 0.0% -27.1% 13.3% 21.58% 2

Total Return Ranking - Trailing

Period FPACX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 11.6% -82.7% 192.1% 33.77% 2
1 Yr 6.9% -52.5% 142.7% 33.77% 2
3 Yr 5.0% * -5.3% 57.6% 71.17% 4
5 Yr 8.9% * -1.0% 19.1% 88.10% 5
10 Yr 6.8% * -0.2% 10.6% 21.45% 2

* Annualized


Total Return Ranking - Calendar

Period FPACX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -2.3% -40.3% 13.0% 55.11% 3
2014 7.5% -24.8% 54.2% 80.20% 5
2013 26.6% -93.4% 1119.1% 88.23% 5
2012 13.5% -100.0% 282.8% 85.11% 5
2011 4.1% -43.5% 45.5% 13.61% 1

NAV & Total Return History

FPACX - Holdings

Filings data as of: Sep 30, 2016

Concentration Analysis

FPACX Category Low Category High FPACX % Rank Quintile
Net Assets 16.1 B 9.87 K 482 B 1.08% 1
Number of Holdings 127 1 3780 10.58% 3
Net Assets in Top 10 3.81 B 13.1 K 69.4 B 1.37% 1
Weighting of Top 10 31.5% 2.2% 297.1% 14.32% 2

Top 10 Holdings

  1. Oracle Corp 3.83%
  2. Aon PLC 2.87%
  3. American International Group Inc 3.13%
  4. Naspers Ltd Class N 3.46%
  5. Tencent Holdings Ltd 4.07%
  6. Citigroup Inc 2.99%
  7. United Technologies Corp 3.12%
  8. Cisco Systems Inc 2.51%
  9. Alcoa 2.84%
  10. CIT Group Inc 2.67%

Asset Allocation

Weighting Category Low Category High FPACX % Rank Quintile
Stocks
53.21% 0.00% 118.62% 27.64% 5
Bonds
27.16% -13.88% 111.67% 2.08% 1
Cash
13.68% -113.00% 132.07% 2.52% 1
Other
5.52% -81.75% 100.00% 1.29% 1
Convertible Bonds
0.43% 0.00% 83.08% 0.58% 1
Preferred Stocks
0.00% 0.00% 90.60% 3.60% 5

Stock Sector Breakdown

Weighting Category Low Category High FPACX % Rank Quintile
Financial Services
19.02% 0.00% 46.84% 5.62% 1
Technology
15.93% 0.00% 63.16% 20.12% 4
Industrials
7.68% 0.00% 48.43% 24.08% 5
Basic Materials
3.73% 0.00% 23.55% 8.44% 2
Consumer Defense
2.57% 0.00% 48.03% 27.33% 5
Energy
1.71% -3.67% 22.58% 25.59% 5
Consumer Cyclical
1.41% 0.00% 47.61% 29.27% 5
Healthcare
1.27% 0.00% 30.94% 28.84% 5
Communication Services
0.00% -3.08% 17.25% 22.71% 5
Utilities
0.00% -3.74% 25.88% 19.18% 5
Real Estate
-0.11% -0.11% 12.73% 19.25% 5

Stock Geographic Breakdown

Weighting Category Low Category High FPACX % Rank Quintile
US
49.61% 0.00% 118.15% 30.86% 5
Non US
3.60% -0.64% 94.30% 12.88% 2

Bond Sector Breakdown

Weighting Category Low Category High FPACX % Rank Quintile
Government
21.81% -13.88% 76.37% 0.80% 1
Cash & Equivalents
13.68% -112.98% 131.77% 2.75% 1
Corporate
4.94% 0.00% 90.60% 2.32% 1
Securitized
0.84% -3.93% 51.96% 2.46% 1
Municipal
0.00% 0.00% 67.28% 2.10% 5
Derivative
0.00% -61.02% 46.77% 1.01% 5

Bond Geographic Breakdown

Weighting Category Low Category High FPACX % Rank Quintile
US
25.85% -13.88% 96.88% 1.94% 1
Non US
1.31% 0.00% 22.63% 2.81% 1

FPACX - Expenses

Operational Fees

FPACX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 1.11% 0.02% 303.36% 14.57% 3
Management Fee 1.00% 0.00% 2.25% 1.08% 5
12b-1 Fee N/A 0.00% 1.00% N/A N/A
Administrative Fee 0.01% 0.00% 0.45% 6.29% 1

Sales Fees

FPACX Fees (% of AUM) Category Low Category High FPACX Rank Quintile
Front Load N/A 0.00% 5.75% N/A N/A
Deferred Load N/A 0.00% 5.00% N/A N/A

Trading Fees

FPACX Fees (% of AUM) Category Low Category High FPACX Rank Quintile
Max Redemption Fee 2.00% 0.15% 2.00% 0.65% 5

Turnover 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 Low Category High FPACX Rank Quintile
Turnover 48.00% 0.00% 1754.00% 9.80% 3

FPACX - Distributions

Dividend Yield Analysis

FPACX Category Low Category High FPACX % Rank Quintile
Dividend Yield 0.4% 0.00% 11.20% 14.92% 1

Dividend Distribution Analysis

FPACX Category Low Category High Category Mode
Dividend Distribution Frequency Semi-Annually Annually Monthly Annually

Dividend Payout History


Net Income Ratio Analysis

FPACX Category Low Category High FPACX % Rank Quintile
Net Income Ratio 0.53% -2.05% 3.95% 14.57% 4

Capital Gain Distribution Analysis

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

FPACX - Managers

Brian A. Selmo

Manager

Start Date

Jun 02, 2013

Tenure

3.5

Tenure Rank

9.0%

Brian A. Selmo, CFA, Partner, joined FPA in 2008. Brian serves as Portfolio Manager and Director of Research for the FPA Crescent Fund 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.


Mark Landecker

Manager

Start Date

Jun 02, 2013

Tenure

3.5

Tenure Rank

9.0%

Mark Landecker, CFA, Partner, joined FPA in 2009. Mark serves as Portfolio Manager for the FPA Crescent Fund 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.


Steven T. Romick

Manager

Start Date

Jun 02, 1993

Tenure

23.51

Tenure Rank

0.6%

Steven Romick, CFA, Managing Partner, joined FPA in 1996. Steven serves as Portfolio Manager for the FPA Crescent Fund, 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.


Tenure Analysis

Category Low

0.0

Category High

81.1

Category Average

6.08

Category Mode

1.9