LETTERS

FPA Crescent Fund 2025 Q4 Letter

Fund:

FPA Crescent Fund

Key Person: Mark Landecker, Steven Romick

Tickers in this letter

ADI, AMZN, AVTR, BDX, C, CHTR, CMCSA, CRM, GOOGL, HEIA.AS, IFF, JEF, KMX, META, MSFT, NOW, NTDOY, ORCL, SAF.PA, SAP, SNOW, TEL, WDAY

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