FPA Crescent Fund Fourth Quarter 2018 Commentary

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About: FPA Crescent Fund Inv (FPACX), Includes: AIRR, BTO, FAS, FAZ, FDN, FIDU, FINU, FINZ, FMAT, FNCL, FNGD, FNGU, FXO, FXR, FXZ, IFLY, IYF, IYG, IYJ, IYM, JHMA, JHMF, JHMI, PEO, RGI, RTM, RWW, RYF, SBM, SEF, SIJ, SMN, UXI, UYG, UYM, VAW, VFH, VIS, XLB, XLF, XLI, XWEB
by: Fund Letters
Summary

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.

The FPA Crescent Fund (“Fund”) declined -10.52% in the last quarter of the year and -7.43% for the full year.

The Fund, with its global exposure and value focus, outperformed the global and value indexes but lagged the U.S. market.

Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.