FPA Crescent Fund Year-End 2024 Commentary

2025-03-24 05:25:00 ET

Summary

• The FPA Crescent Fund – Institutional Class (“Fund” or “Crescent”) gained 1.05% in Q4 2024 and 13.96% in the trailing twelve months.
• Believing that little can go wrong creates the danger that one can lose more than they believe possible.
• Beyond the “Magnificent Seven” stocks (Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla), numerous other more mundane but good businesses have tapped into investor zeitgeist and in our opinion have achieved cult-like status.
• Crescent’s top five performers contributed 6.88% to its trailing twelve-month return while its bottom fivedetracted 2.00%.

Dear Shareholder:

Performance Overview

The FPA Crescent Fund – Institutional Class ( FPACX, “Fund” or “Crescent”) gained 1.05% in Q4 2024 and 13.96% in the trailing twelve months. Its twelve-month return was 79.8% of the global market (i.e., MSCI AWCI, the “ACWI”), outperforming its 69.2% average net risk exposure....

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