FPA
FPA Crescent Fund
Jun 2026 → Sep 2026
Our archive holds 2 letters from this strategy, behind 2 investment theses and positions in 21 companies. Every quote below is copied verbatim from the letter it came from.
2 letters in a year — follow all of FPA for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD · Institutional
- YTD+7.0%index +13.0%
- 1Y+10.3%index +16.8%
- 3Y · /yr+15.6%index +21.7%
- 5Y · /yr+9.8%index +11.6%
- 10Y · /yr+10.0%index +12.4%
- Inception · /yr+10.2%
Index: MSCI ACWI
| YTD | 1Y | 3Yper year | 5Yper year | 10Yper year | Since inceptionper year | |
|---|---|---|---|---|---|---|
| FPA Crescent Fund | +7.0% | +10.3% | +15.6% | +9.8% | +10.0% | +10.2% |
| MSCI ACWI | +13.0% | +16.8% | +21.7% | +11.6% | +12.4% | — |
Disclaimer
These figures are copied from the manager’s latest letter, as of Sep 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What it bought and sold
In addition to trimming back on positions which have benefited from being associated with the AI ecosystem, we have added new names in healthcare (i.e. Boston Scientific, HCA) as well as SMIDs both domestic and abroad (i.e. Core & Main, Fluidra, JBT Marel).
In addition to trimming back on positions which have benefited from being associated with the AI ecosystem, we have added new names in healthcare (i.e. Boston Scientific, HCA) as well as SMIDs both domestic and abroad (i.e. Core & Main, Fluidra, JBT Marel).
In addition to trimming back on positions which have benefited from being associated with the AI ecosystem, we have added new names in healthcare (i.e. Boston Scientific, HCA) as well as SMIDs both domestic and abroad (i.e. Core & Main, Fluidra, JBT Marel).
- New positionTreasury Inflation Protected SecuritiesSep 2026
the Fund has also initiated a position in Treasury Inflation Protected Securities (TIPS), with real yields north of 3%.
In addition to trimming back on positions which have benefited from being associated with the AI ecosystem, we have added new names in healthcare (i.e. Boston Scientific, HCA) as well as SMIDs both domestic and abroad (i.e. Core & Main, Fluidra, JBT Marel).
In addition to trimming back on positions which have benefited from being associated with the AI ecosystem, we have added new names in healthcare (i.e. Boston Scientific, HCA) as well as SMIDs both domestic and abroad (i.e. Core & Main, Fluidra, JBT Marel).