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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Nov 27, 2025 | FPA Source Capital | 4.6% | 13.5% | C, GOOG, IFF, JDE GR, KMX | CashFlow, credit, Quality, Spreads, value | Source Capital stresses valuation discipline in both equities and credit amid stretched spreads and crowding in risk assets. The fund favors businesses demonstrating margin resilience, free-cash-flow visibility, and improving returns on capital. Credit markets price perfection, offering little compensation for impairment risk at historically low spreads. | KMX IFF |
View |
| 2025 Q3 | Oct 31, 2025 | FPA Crescent Fund | 5.5% | 14.1% | C, GOOG, IFF, JDE GR, KMX | Compounding, diversification, equities, Quality, value | FPA Crescent continues its flexible value approach across equities and credit, balancing defensive positioning with selective growth exposure. The fund maintained holdings in global franchises like Alphabet and Meta while highlighting opportunities in undervalued cyclicals like Citigroup and CarMax. Its disciplined research-driven framework aims to deliver risk-adjusted returns through diverse market environments. | View | |
| 2024 Q3 | Oct 30, 2024 | FPA Crescent Fund | 3.7% | 12.8% | JDE GR, JEF | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| 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. | ||||||||