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FPACX FPA Crescent

  • Fund
  • FPACX
  • Price as of: Aug 16, 2019
  • $32.03 + $0.29 + 0.91%
  • Category
  • Large Cap Blend Equities
  • Fund Company
  • FPA

FPACX - Profile

Vitals

  • YTD Return 8.5%
  • 3 Yr Annualized Return -0.5%
  • 5 Yr Annualized Return -1.4%
  • Net Assets $14.4 B
  • Holdings in Top 10 27.5%

52 WEEK LOW AND HIGH

$32.03
$28.58
$36.20

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.18%

SALES FEES

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

BROKERAGE FEES

  • Turnover 64.00%

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 8.5%
  • 3 Yr Annualized Total Return 2.4%
  • 5 Yr Annualized Total Return 2.3%
  • Capital Gain Distribution Frequency Semi-Annually
  • Net Income Ratio 0.70%
DIVIDENDS
  • Dividend Yield 0.0%
  • 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 Steven T. Romick

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 (%)
YTD 8.5% -12.0% 37.1% 88.50%
1 Yr -9.0% -60.0% 35.1% 53.52%
3 Yr -0.5%* -32.6% 22.3% 70.46%
5 Yr -1.4%* -23.0% 12.8% 62.23%
10 Yr 3.4%* -6.4% 14.4% 79.23%

* Annualized


Return Ranking - Calendar

Period FPACX Return Category Return Low Category Return High Rank in Category (%)
2018 -14.9% -67.0% 16.7% 46.48%
2017 6.4% -32.8% 34.8% 78.79%
2016 5.0% -28.0% 20.8% 59.63%
2015 -7.9% -46.9% 5.7% 58.65%
2014 2.4% -24.8% 53.8% 57.19%

Total Return Ranking - Trailing

Period FPACX Return Category Return Low Category Return High Rank in Category (%)
YTD 8.5% -12.0% 37.1% 88.50%
1 Yr -9.0% -60.0% 35.9% 70.34%
3 Yr 2.4%* -32.6% 22.8% 78.97%
5 Yr 2.3%* -21.7% 13.8% 73.57%
10 Yr 7.2%* -3.1% 18.6% 79.08%

* Annualized


Total Return Ranking - Calendar

Period FPACX Return Category Return Low Category Return High Rank in Category (%)
2018 -14.4% -67.0% 17.4% 67.21%
2017 10.4% -22.1% 34.8% 84.12%
2016 10.3% -14.7% 21.8% 32.75%
2015 -2.0% -23.7% 7.0% 47.05%
2014 6.7% -24.8% 56.3% 67.73%

NAV & Total Return History

FPACX - Holdings

Concentration Analysis

FPACX Category Low Category High FPACX % Rank
Net Assets 14.4 B 1.75 M 814 B 6.98%
Number of Holdings 155 10 3640 39.37%
Net Assets in Top 10 3.21 B -972 M 144 B 9.01%
Weighting of Top 10 27.50% 2.4% 441.5% 54.25%

Top 10 Holdings

  1. American International Group Inc 3.98%

  2. Arconic Inc 3.42%

  3. Broadcom Inc 2.67%

  4. CIT Group Inc 2.65%

  5. SPDR® S&P Regional Banking ETF 2.65%

  6. Analog Devices Inc 2.60%

  7. Citigroup Inc 2.57%

  8. Naspers Ltd Class N 2.39%

  9. Comcast Corp Class A 2.30%

  10. Altaba Inc 2.28%


Asset Allocation

Weighting Return Low Return High FPACX % Rank
Stocks
66.67% -1.61% 121.22% 94.03%
Cash
24.59% -113.33% 79.66% 4.15%
Bonds
10.09% -49.90% 111.17% 6.48%
Preferred Stocks
0.21% -0.31% 6.86% 6.17%
Convertible Bonds
0.00% 0.00% 3.11% 26.01%
Other
-1.56% -21.65% 22.51% 99.09%

Stock Sector Breakdown

Weighting Return Low Return High FPACX % Rank
Financial Services
22.58% 0.00% 54.06% 7.29%
Technology
19.88% 0.00% 62.21% 55.72%
Industrials
7.39% 0.00% 36.25% 82.17%
Basic Materials
5.89% 0.00% 25.02% 5.98%
Communication Services
4.37% 0.00% 14.58% 19.55%
Consumer Cyclical
2.99% -14.17% 32.44% 94.63%
Energy
1.75% 0.00% 98.96% 85.61%
Healthcare
1.44% 0.00% 27.42% 95.44%
Utilities
0.13% 0.00% 21.16% 80.55%
Consumer Defense
0.00% 0.00% 64.11% 96.96%
Real Estate
-0.03% -0.05% 95.70% 99.49%

Stock Geographic Breakdown

Weighting Return Low Return High FPACX % Rank
US
51.75% -1.61% 119.53% 92.81%
Non US
14.92% 0.00% 92.97% 16.40%

Bond Sector Breakdown

Weighting Return Low Return High FPACX % Rank
Cash & Equivalents
10.46% -113.64% 101.61% 6.99%
Government
5.05% -26.55% 90.80% 5.17%
Municipal
2.86% 0.00% 95.11% 0.61%
Corporate
1.51% -0.17% 66.43% 13.88%
Derivative
0.36% -89.94% 6.31% 0.51%
Securitized
0.00% 0.00% 57.40% 24.72%

Bond Geographic Breakdown

Weighting Return Low Return High FPACX % Rank
US
6.23% -95.73% 97.15% 6.28%
Non US
3.86% 0.00% 46.22% 5.26%

FPACX - Expenses

Operational Fees

FPACX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.18% 0.00% 39.68% 38.90%
Management Fee 1.00% 0.00% 1.50% 92.41%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.01% 0.00% 0.85% 0.56%

Sales Fees

FPACX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.00% 5.75% N/A
Deferred Load N/A 0.95% 5.00% N/A

Trading Fees

FPACX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 2.00% 0.15% 2.00% 12.96%

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 Return Low Category Return High Rank in Category (%)
Turnover 64.00% 0.00% 836.00% 67.96%

FPACX - Distributions

Dividend Yield Analysis

FPACX Category Low Category High FPACX % Rank
Dividend Yield 0.00% 0.00% 0.09% 83.10%

Dividend Distribution Analysis

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

Dividend Payout History


Net Income Ratio Analysis

FPACX Category Low Category High FPACX % Rank
Net Income Ratio 0.70% -1.49% 3.90% 64.97%

Capital Gain Distribution Analysis

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

FPACX - Managers

Steven T. Romick

Manager

Start Date

Tenure

Tenure Rank

Jun 02, 1993

26.18

26.2%

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.


Mark Landecker

Manager

Start Date

Tenure

Tenure Rank

Jun 02, 2013

6.16

6.2%

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.


Brian A. Selmo

Manager

Start Date

Tenure

Tenure Rank

Jun 02, 2013

6.16

6.2%

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.


Tenure Analysis

Category Low

0.0

Category High

83.67

Category Average

6.97

Category Mode

3.79