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FPACX FPA Crescent

  • Fund
  • FPACX
  • Price as of: May 23, 2019
  • $32.59 - $0.38 - 1.15%
  • Category
  • Large Cap Blend Equities
  • Fund Company
  • FPA

FPACX - Profile

Vitals

  • YTD Return 10.4%
  • 3 Yr Annualized Return 1.0%
  • 5 Yr Annualized Return -0.8%
  • Net Assets $15.2 B
  • Holdings in Top 10 25.3%

52 WEEK LOW AND HIGH

$32.59
$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 10.4%
  • 3 Yr Annualized Total Return 4.2%
  • 5 Yr Annualized Total Return 3.1%
  • 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 10.4% -14.1% 31.7% 63.27%
1 Yr -6.3% -61.3% 33.4% 46.01%
3 Yr 1.0%* -31.9% 21.1% 65.37%
5 Yr -0.8%* -23.5% 12.0% 58.87%
10 Yr 4.3%* -6.2% 19.0% 79.38%

* Annualized


Return Ranking - Calendar

Period FPACX Return Category Return Low Category Return High Rank in Category (%)
2018 -14.9% -67.0% 16.7% 46.20%
2017 6.4% -32.8% 34.8% 78.25%
2016 5.0% -28.0% 20.8% 59.35%
2015 -7.9% -46.9% 5.7% 58.17%
2014 2.4% -31.3% 53.8% 56.47%

Total Return Ranking - Trailing

Period FPACX Return Category Return Low Category Return High Rank in Category (%)
YTD 10.4% -14.1% 31.7% 63.07%
1 Yr -5.7% -61.3% 34.2% 64.71%
3 Yr 4.2%* -29.3% 21.6% 73.03%
5 Yr 3.1%* -19.4% 13.9% 70.19%
10 Yr 8.2%* -4.0% 23.7% 77.74%

* Annualized


Total Return Ranking - Calendar

Period FPACX Return Category Return Low Category Return High Rank in Category (%)
2018 -14.4% -67.0% 17.4% 67.07%
2017 10.4% -22.1% 34.8% 83.84%
2016 10.3% -14.7% 21.8% 32.89%
2015 -2.0% -40.3% 7.0% 46.87%
2014 6.7% -24.8% 56.3% 67.57%

NAV & Total Return History

FPACX - Holdings

Concentration Analysis

FPACX Category Low Category High FPACX % Rank
Net Assets 15.2 B 1.88 M 804 B 6.22%
Number of Holdings 157 7 3615 38.86%
Net Assets in Top 10 3.72 B -57.2 M 135 B 7.03%
Weighting of Top 10 25.26% 2.4% 936.4% 64.36%

Top 10 Holdings

  1. American International Group Inc 3.30%

  2. Broadcom Inc 2.83%

  3. CIT Group Inc 2.51%

  4. Arconic Inc 2.48%

  5. United Technologies Corp 2.47%

  6. Analog Devices Inc 2.47%

  7. Altaba Inc 2.39%

  8. Comcast Corp Class A 2.32%

  9. Naspers Ltd Class N 2.25%

  10. Citigroup Inc 2.24%


Asset Allocation

Weighting Return Low Return High FPACX % Rank
Stocks
65.94% -6.79% 687.17% 94.18%
Cash
26.45% -187.97% 80.44% 3.71%
Bonds
6.95% -595.81% 186.14% 9.44%
Other
0.44% -4.04% 22.06% 9.74%
Preferred Stocks
0.22% -0.37% 6.87% 6.33%
Convertible Bonds
0.00% 0.00% 6.54% 51.51%

Stock Sector Breakdown

Weighting Return Low Return High FPACX % Rank
Financial Services
21.89% 0.00% 187.22% 7.75%
Technology
19.94% -67.56% 52.42% 54.83%
Industrials
6.86% 0.00% 77.42% 85.51%
Basic Materials
6.04% 0.00% 90.41% 5.43%
Communication Services
4.29% -0.65% 14.58% 19.52%
Consumer Cyclical
3.62% -0.92% 33.07% 91.95%
Energy
1.66% -1.65% 306.37% 84.91%
Healthcare
1.40% 0.00% 47.60% 95.77%
Utilities
0.02% -1.30% 19.90% 81.09%
Consumer Defense
0.00% 0.00% 64.11% 98.29%
Real Estate
-0.03% -1.87% 13.40% 98.69%

Stock Geographic Breakdown

Weighting Return Low Return High FPACX % Rank
US
49.85% -6.79% 223.50% 92.77%
Non US
16.09% 0.00% 463.67% 14.76%

Bond Sector Breakdown

Weighting Return Low Return High FPACX % Rank
Corporate
0.44% -0.25% 77.81% 17.99%
Derivative
0.00% -23.28% 48.68% 46.13%
Cash & Equivalents
0.00% -188.01% 80.44% 91.06%
Securitized
0.00% 0.00% 57.34% 49.85%
Municipal
0.00% 0.00% 58.72% 47.64%
Government
0.00% -595.81% 95.81% 52.16%

Bond Geographic Breakdown

Weighting Return Low Return High FPACX % Rank
Non US
3.69% 0.00% 46.22% 5.52%
US
3.26% -595.81% 162.35% 11.35%

FPACX - Expenses

Operational Fees

FPACX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.18% 0.00% 153.75% 39.09%
Management Fee 1.00% 0.00% 1.50% 93.07%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.01% 0.00% 0.85% 0.74%

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% 21.30%

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% 68.59%

FPACX - Distributions

Dividend Yield Analysis

FPACX Category Low Category High FPACX % Rank
Dividend Yield 0.00% 0.00% 0.10% 90.16%

Dividend Distribution Analysis

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

Dividend Payout History


Net Income Ratio Analysis

FPACX Category Low Category High FPACX % Rank
Net Income Ratio 0.70% -1.49% 3.64% 64.55%

Capital Gain Distribution Analysis

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

FPACX - Managers

Steven T. Romick

Manager

Start Date

Tenure

Tenure Rank

Jun 02, 1993

25.93

25.9%

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

5.91

5.9%

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

5.91

5.9%

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

83.5

Category Average

6.99

Category Mode

3.62