- Includes detailed analysis of FPA Crescent Fund's positions in LUK, TCEHY, NAPRF, NPSNY.
- With a January increase of 5.73%, the S&P 500 rose for its 15th consecutive month, breaking its record set in December. February and March reversed the historic trend, declining -6.08% causing the S&P 500 to end the quarter down -0.76%. The MSCI ACWI declined –0.96% for the first quarter.
- The FPA Crescent Fund declined similarly, -0.98% for the period.
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