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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 10, 2025 | FPA Crescent Fund | 8.4% | 8.1% | 7974.T, ADI, AMRZ, AMZN, C, CMCSA, GLEN.L, GOOGL, HEIO.AS, HOLN.SW, ICLR, IFF, META, NXPI, SAF.PA, TEL | Defensive, global, risk management, SMID Cap, value, volatility | Valuations remain above average, partly justified by lower-than-average interest rates. US companies continue to trade more expensively relative to their historical average and when compared to those based outside the US. Large-capitalization stocks, particularly those that are growthier, have captured the minds and wallets of investors and now trade at unusually high valuations. | View | |
| 2025 Q1 | Mar 31, 2025 | FPA Crescent Fund | -0.2% | -0.2% | ADI, AON, C, CMCSA, FERG, GLEN.L, GOOG, GOOGL, HEIO.AS, HOLN.SW, ICLR, IFF, JEF, KMI, META, TEL | energy, global, Natural Gas, Valuations, value | The fund spoke to generally high stock valuations, particularly in the US, and took advantage of higher prices by reducing and selling some positions. With fewer appealing opportunities to redeploy capital, the fund's net exposure decreased significantly. | View | |
| 2024 Q4 | Dec 31, 2024 | FPA Crescent Fund | 1.1% | 14.0% | 003550.KS, AAPL, AMZN, C, CINF, CMCSA, COST, GLEN.L, GOOGL, HEIO.AS, HOLN.SW, IRM, JDEP.AS, JEF, META, MSFT, NVDA, SHW, TSLA, WSO | contrarian, Exposure, global, momentum, risk, valuation, value | Momentum stocks have led the market, particularly in 2024. According to Morgan Stanley, momentum ruled more than any other factor, with high momentum stocks outperforming low momentum by +28% year-on-year as of Dec 11th, a two standard-deviation event. The current momentum run is one of the top momentum runs since 1995. | 003550.KS CMCSA GLEN.L HEIO.AS |
View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | FPA Crescent Fund | Heineken Holding NV | Consumer Staples | Brewers | Bull | Euronext Amsterdam | Brewers, consumer staples, Developing Countries, dividend, Emerging markets, Global, market leader, Share Buybacks, Value | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||