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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 9, 2026
FPA Crescent Fund - Institutional Class gained 1.48% net of fees in Q3 2026 and 10.34% net of fees over the trailing twelve-month period. For the trailing twelve months, the fund captured 61.7% of the MSCI ACWI return of 16.75% while maintaining an average net risk exposure of 64.0%. Net risk exposure ended the quarter at 66.5%, up from 63.3% in Q2 2026, driven by a common stock long exposure of 62.7%, common short exposure of -0.5%, long credit exposure of 1.3%, and other assets of 3.0%. The fund maintained significant dry powder, deploying capital into short-term U.S. Treasuries with yields near 5% and initiating positions in TIPS with real yields above 3%. From a macroeconomic perspective, the managers highlighted opportunities created by the higher interest rate regime in government debt, while noting that corporate credit spreads remain relatively tight versus Treasuries. Management observed that the rapid rise in interest rates is likely to trigger stress somewhere within credit markets, establishing a disciplined posture to deploy capital once dislocations arise. Consequently, the fund trimmed exposures to beneficiaries of the artificial intelligence ecosystem while selectively identifying value in neglected market segments. Portfolio activity reflected selective capital deployment across both domestic and international equities. The managers introduced new positions in healthcare via Boston Scientific and HCA Healthcare, while adding small- and mid-cap holdings including Core & Main, Fluidra, and JBT Marel. Key trailing twelve-month performance contributors included Alphabet, Analog Devices, and Samsung C&T, whereas Prosus, Charter Communications, and Jefferies detracted from returns amid company-specific and cyclical headwinds.
Deploy capital patiently across global asset classes into durable businesses at sensible valuations while maintaining substantial liquidity to capitalize on credit and market dislocations.
The managers intend to remain patient and disciplined, noting that they are currently building positions in several new investments that offer attractive long-term return potential at sensible valuations. They expect to share further details in their upcoming year-end letter while keeping capital ready to exploit emerging credit market stress.
Moderate Conviction Bullish
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