Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
FPA Crescent Fund achieved a 17.65% return in 2025, outperforming its net risk exposure. The managers are cautious on highly valued US mega-caps, choosing instead to hunt for out-of-favor global small/mid-cap and healthcare names.
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FPA Crescent Fund achieved a 17.65% return in 2025, outperforming its net risk exposure. The managers are cautious on highly valued US mega-caps, choosing instead to hunt for out-of-favor global small/mid-cap and healthcare names.
