FPA Crescent Fund
FPACX
NASDAQ- -
USD
- -
- -
- -
- -
(- -)
Recent
price
- -
P/E
ratio
- -
div
yld
- -
ROIC.AI
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
•
in mil. unless spec.Growth Rates
FRC
•
in mil. unless spec.Quarterly Revenue
FRC
•
in mil. unless spec.Quarterly Earnings Per Share
FRC
•
in mil. unless spec.Quarterly Dividends Per Share
FRC
•
in mil. unless spec.- Similar Companies
- Business
- FPA Crescent Fund (FPACX) is an open-end mutual fund managed by First Pacific Advisors, LP (FPA), a Los Angeles-based institutional money management firm founded in 1954, that pursues a flexible, multi-asset value investment strategy with a primary objective of generating equity-like returns over the long term while taking less risk than the market and avoiding permanent impairment of capital. The Fund invests primarily in equity securities of companies across capital structures, geographies, sectors, and market capitalizations, complemented by debt securities including corporate bonds, U.S. government securities, mortgage-backed and asset-backed securities, municipal notes and bonds, and commercial paper; it maintains a highly flexible portfolio allocation with historical ranges of 27-74% common stock (net), 1-34% bonds (credit only), 5-58% cash and equivalents, and 0-5% other assets, employing an absolute return focus through independent bottom-up fundamental research to identify compelling risk/reward opportunities, including short-selling and derivatives for risk management. As of September 30, 2025, the Fund held approximately $11.8 billion in assets under management, with a portfolio featuring 64 long equity positions and 9 long fixed income credit issuers, top holdings including Alphabet Inc. (5.5%), Meta Platforms Inc. (2.9%), and Analog Devices Inc. (2.8%), and a net risk exposure of 62.4%; share classes include Institutional (FPACX, net expense ratio 1.06%), Supra (FPCSX, 1.02%), and Investor (FPFRX, 1.27%), all no-load with minimum initial investments starting at $1,500 for Institutional Class shares. The Fund, launched on June 2, 1993, and domiciled in the United States, operates globally with a geographic allocation of roughly 60% United States, 36% international developed markets, and 4% emerging markets in equities (net), targeting institutional and individual investors seeking capital preservation and superior risk-adjusted returns. Recent developments include a contractual expense reimbursement waiver by FPA through April 30, 2026, covering operating expenses in excess of specified thresholds to cap net expense ratios; a distributor name change to Distribution Services, LLC following its acquisition; continued portfolio evolution with low 7% turnover and high 87.6% active share versus benchmarks like MSCI ACWI and S&P 500; and a Q3 2025 webcast by portfolio managers Steven Romick, Mark Landecker, and Brian Selmo providing market views and positioning updates amid ongoing absolute value discipline.