FPA Crescent Fund
Moderate allocation fund
The Fund seeks to generate equity-like returns over the long-term, take less risk than the market and avoid permanent impairment of capital.
The fund invests primarily in equity securities selected through fundamental analysis for absolute value—companies believed undervalued by markets, often out-of-favor or undiscovered, with strong earnings growth potential and competitive advantages—supplemented by debt securities, cash, and short positions to lower volatility and diversify opportunities. The portfolio managers may sell short to profit from anticipated price declines or hedge existing positions. Because security selection depends on the managers' judgments about company value and future earnings, fund performance will diverge from market returns based on the accuracy of those assessments.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
3.41% | $425.57M | 1.1M | $397.17 | |
GOOGLAlphabet Inc | 2.87% | $358.34M | 1.0M | $357.37 |
GOOGAlphabet Inc | 2.10% | $261.79M | 740.9K | $353.33 |
2.06% | $257.49M | 1.8M | $139.96 | |
IFFIFF | 2.01% | $250.58M | 3.2M | $79.22 |
1.96% | $244.80M | 434.6K | $563.29 | |
Heineken Holding NV | 1.90% | $236.30M | 3.1M | $76.15 |
Azelis Group NV | 1.73% | $215.49M | 20.2M | $10.65 |
Safran SA | 1.72% | $214.74M | 544.9K | $394.08 |
TREASURY BILL 0.00% · due 2026-08-11 | 1.59% | $198.19M | — | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
All 155 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 59.51% |
| Securitized | 20.81% |
| Bonds | 15.57% |
| Other | 3.02% |
| 2 smaller | 0.64% |
Derivatives are shown at market value, not notional exposure.
By sector
- International
- 24.4%
- Other
- 23.0%
- Government
- 14.7%
- Communication Services
- 9.5%
- 10 other sectors
- 28.4%
- International
- 24.4%
- Other
- 23.0%
- Government
- 14.7%
- Communication Services
- 9.5%
- Financials
- 7.1%
- Information Technology
- 5.2%
- Health Care
- 5.1%
- Consumer Discretionary
- 3.3%
- Industrials
- 3.0%
- Materials
- 2.8%
- Real Estate
- 1.1%
- Energy
- 0.6%
- Cash
- 0.1%
- Utilities
- 0.1%
How it has done
FPACX share class · total returns with dividends reinvested
Volatility over the last 12 months: 8.95%. Past returns are a record, not a forecast.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 3 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 1.05% | +22.01% | +55.72% | +53.52% | -6.21% | |
| 0.99% | +22.06% | +55.99% | +53.96% | -6.18% | |
| 1.15% | +21.91% | — | — | — |
These classes hold the same portfolio, so the 0.15pp spread over 1 year is the cost difference between them — roughly 0.15pp a year — not a difference in what they own.
Fees & fund details
FPA Crescent Fund is a moderate allocation fund.
- Asset class
- Allocation (multi-asset)
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Equity exposure
- Moderate
- Expense ratio, by class
- 0.99% – 1.15%· FPACX 1.05%
- Portfolio turnover
- 23.00% a year · as of 2026 Q2
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
59 new· the largest 3
57 exited· the largest 5
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Zero-coupon or unclassified | 56.4% |
| Fixed rate | 42.2% |
| Floating rate | 1.5% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 96.8% |
| 1-3y | 1.0% |
| 3-5y | 2.3% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying a small fraction as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 92% |
| Credit spreads | 8% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +0.01 yr |
| High yield | +0.00 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.01 yr | 9% |
| 1 yr | 0.02 yr | 13% |
| 5 yr | 0.11 yr | 78% |
| 30 yr | 0.00 yr | 0% |
| 3 mo | 0.01 yr | 89% |
| 1 yr | 0.00 yr | 5% |
| 5 yr | 0.00 yr | 6% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.01 | +0.01 | +0.00 | $13.6k | $51 |
| 1 yr | +0.02 | +0.00 | +0.00 | $228 | $571 |
| 5 yr | +0.11 | +0.00 | +0.00 | $0 | $904 |
| 10 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 30 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
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