FPA Capital Fund, Inc. Q3 2018 Commentary

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About: FPA Capital Fund Inv (FPPTX), WDC, SAVE, Includes: AAN, ALGT, ARRS, BNO, DBE, DBO, DNO, DTO, DWT, JJE-OLD, NBL, OIL, OILD, OILK, OILU, OILX, OLEM, OLO, ONG, RDC, RJN, SCO, SM, SZO, UBN, UCO, USAI, USL, USO, USOD, USOI, USOU, UWT, VECO, WTID, WTIU, XEC
by: Fund Letters
Summary

FPA is an institutional money management firm. The Fund’s primary investment objective is long-term growth of capital. Benchmark-agnostic portfolio of 20-40 holdings, small- and mid-cap companies with competitive positions.

Includes detailed analysis of FPA Capital Fund's positions in WDC, SAVE.

The FPA Capital Fund, Inc. was down 0.61% (net) in the third quarter of 2018. As we wrote in our last quarterly letter, even though the Russell 2500 index’s year-to-date performance is strong at 10.41%, most of that performance is coming from Russell 2500 Growth stocks. The Russell 2500 Value index is up only 5.75% for the year.