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The Fund seeks to generate equity-like returns over the long term, take less risk than the market and avoid permanent impairment of capital. We invest across capital structure, geographies, sectors and market caps.
The FPA Crescent Fund returned 4.15% in the quarter, about in line with the value indexes.
Crescent’s long equity book has performed more or less with the value indexes in the third quarter and the year-to-date periods. The performance contribution from the top five holdings versus the bottom five was a net benefit in the third quarter and year to date.