FPA Crescent Fund
Investment Managers Series Trust III · Series S000009495 · 3 share classes
data updated 2026-09-08
Fund profile
As filed in the prospectus · 2026 Q2
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.
| Share class | Gross | Net |
|---|---|---|
| FPACX | 1.09% | 1.05% |
| FPCSX | 1.05% | 0.99% |
| FPFRX | 1.28% | 1.15% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 23.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| 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.
Latest quarter
What changed since the fund's previous filing
Largest new: TREASURY BILL ×6, AJG, Pepsico, Inc. DCP DCP, 07/17/26
Largest exited: JDE Peet's NV, TREASURY BILL ×4, Nestle Capital DCP DCP, 06/11/26, JOHNSON & JOHNSON Co. DCP, 06/10/2026, PEPSICO, Inc. DCP, 05/12/2026
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +22.01% | +55.72% | +53.52% | 8.95% | -6.21% | |
| +22.06% | +55.99% | +53.96% | 8.94% | -6.18% | |
| +21.91% | — | — | 8.96% | — |
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.
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.
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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| ADI | Analog Devices IncADI | 3.41% | $397.17 | $425.57M | 1.1M |
| GOOGL | Alphabet IncGOOGL | 2.87% | $357.37 | $358.34M | 1.0M |
| GOOG | Alphabet IncGOOG | 2.10% | $353.33 | $261.79M | 740.9K |
| C | Citigroup IncC | 2.06% | $139.96 | $257.49M | 1.8M |
| IFF | IFFIFF | 2.01% | $79.22 | $250.58M | 3.2M |
| META | Meta Platforms IncMETA | 1.96% | $563.29 | $244.80M | 434.6K |
| — | Heineken Holding NV | 1.90% | $76.15 | $236.30M | 3.1M |
| — | Azelis Group NV | 1.73% | $10.65 | $215.49M | 20.2M |
| — | Safran SA | 1.72% | $394.08 | $214.74M | 544.9K |
| — | TREASURY BILL0.00% · 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.
Top 10 positions are 21.36% of net assets, top 25 41.34%, across 138 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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