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Mutual Funds Weekly Roundup: August 2
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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.
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| Period | FPACX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 11.9% | -26.4% | 43.4% | 9.76% |
| 1 Yr | 1.6% | -30.7% | 22.4% | 37.93% |
| 3 Yr | 6.6%* | -19.7% | 30.2% | 10.53% |
| 5 Yr | 5.1%* | -15.7% | 25.0% | 10.29% |
| 10 Yr | 8.1%* | -16.1% | 31.1% | 13.95% |
* Annualized
| Period | FPACX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2018 | -14.9% | -33.5% | 18.9% | 90.29% |
| 2017 | 6.4% | -30.7% | 80.9% | 15.79% |
| 2016 | 5.0% | -51.7% | 39.6% | 7.78% |
| 2015 | -7.9% | -34.5% | 18.1% | 91.89% |
| 2014 | 2.4% | -30.8% | 36.2% | 31.67% |
| Period | FPACX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 11.9% | -26.4% | 43.4% | 9.76% |
| 1 Yr | 1.6% | -30.7% | 22.4% | 37.93% |
| 3 Yr | 6.6%* | -19.7% | 30.2% | 10.53% |
| 5 Yr | 5.1%* | -15.7% | 25.0% | 10.29% |
| 10 Yr | 8.1%* | -16.1% | 31.1% | 13.95% |
* Annualized
| Period | FPACX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2018 | -14.4% | -33.5% | 18.9% | 90.29% |
| 2017 | 10.4% | -30.7% | 80.9% | 13.68% |
| 2016 | 10.3% | -51.7% | 39.6% | 5.56% |
| 2015 | -2.0% | -34.5% | 18.1% | 50.00% |
| 2014 | 6.7% | -30.8% | 37.9% | 20.00% |
| FPACX | Category Low | Category High | FPACX % Rank | |
|---|---|---|---|---|
| Net Assets | 13.8 B | 50.2 K | 13.8 B | 0.74% |
| Number of Holdings | 172 | 3 | 2803 | 56.36% |
| Net Assets in Top 10 | 2.85 B | -6.29 B | 2.85 B | 0.91% |
| Weighting of Top 10 | 27.16% | 0.0% | 1763.8% | 65.45% |
| Weighting | Return Low | Return High | FPACX % Rank | |
|---|---|---|---|---|
| Stocks | 63.52% | -112.19% | 78.54% | 9.09% |
| Cash | 34.46% | 0.56% | 1864.05% | 70.00% |
| Bonds | 5.04% | -1826.91% | 74.96% | 55.45% |
| Preferred Stocks | 0.00% | 0.00% | 7.33% | 69.09% |
| Convertible Bonds | 0.00% | 0.00% | 43.43% | 60.00% |
| Other | -3.02% | -171.20% | 94.35% | 88.18% |
| Weighting | Return Low | Return High | FPACX % Rank | |
|---|---|---|---|---|
| Technology | 20.50% | -1.27% | 34.68% | 5.95% |
| Financial Services | 19.69% | -0.86% | 21.20% | 2.38% |
| Industrials | 7.28% | -1.16% | 12.13% | 27.38% |
| Basic Materials | 5.76% | -3.63% | 5.76% | 1.19% |
| Communication Services | 4.37% | -0.92% | 4.37% | 1.19% |
| Consumer Cyclical | 2.69% | -6.55% | 16.64% | 61.90% |
| Energy | 1.64% | -3.45% | 9.54% | 44.05% |
| Healthcare | 1.51% | -0.73% | 40.93% | 71.43% |
| Consumer Defense | 0.16% | -2.58% | 11.33% | 70.24% |
| Real Estate | -0.02% | -0.40% | 7.41% | 83.33% |
| Utilities | -0.24% | -0.24% | 6.31% | 100.00% |
| Weighting | Return Low | Return High | FPACX % Rank | |
|---|---|---|---|---|
| US | 48.49% | -112.19% | 68.75% | 17.27% |
| Non US | 15.03% | -22.20% | 106.26% | 20.00% |
| FPACX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.18% | 0.63% | 14.14% | 89.08% |
| Management Fee | 1.00% | 0.32% | 1.90% | 60.74% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | 0.01% | 0.01% | 0.45% | 2.50% |
| FPACX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 4.00% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 4.00% | N/A |
| FPACX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | 2.00% | 0.25% | 2.00% | 41.67% |
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% | 1298.00% | 38.26% |
| FPACX | Category Low | Category High | FPACX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.00% | 0.00% | 1.80% | 74.07% |
| FPACX | Category Low | Category High | Category Mode | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Semi-Annually | Annually | Monthly | Annually |
| Date | Amount |
|---|---|
| Jul 02, 2013 | $0.130 |
| Jul 03, 2012 | $0.120 |
| Dec 21, 2011 | $0.100 |
| Jul 07, 2011 | $0.210 |
| Dec 17, 2010 | $0.150 |
| Jul 07, 2010 | $0.170 |
| Dec 18, 2009 | $0.135 |
| Jul 07, 2009 | $0.170 |
| Dec 19, 2008 | $0.160 |
| Jul 07, 2008 | $0.210 |
| Dec 21, 2007 | $0.250 |
| Jul 06, 2007 | $0.500 |
| Dec 22, 2006 | $0.250 |
| Jul 07, 2006 | $0.280 |
| Dec 23, 2005 | $0.180 |
| Jul 07, 2005 | $0.150 |
| Dec 23, 2004 | $0.060 |
| Jul 07, 2004 | $0.020 |
| Dec 29, 2003 | $0.080 |
| Jul 09, 2003 | $0.070 |
| Dec 27, 2002 | $0.240 |
| FPACX | Category Low | Category High | FPACX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 0.70% | -1.92% | 3.69% | 34.45% |
| FPACX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Semi-Annually | Annually | Annually | Annually |
Manager
Start Date
Tenure
Tenure Rank
Jun 02, 1993
26.35
26.4%
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.
Manager
Start Date
Tenure
Tenure Rank
Jun 02, 2013
6.33
6.3%
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.
Manager
Start Date
Tenure
Tenure Rank
Jun 02, 2013
6.33
6.3%
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
0.14
Category High
38.77
Category Average
4.06
Category Mode
0.91
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