On April 26, 2023, nearly a month before the Morningstar Gold-rated FPA Crescent Fund’s (FPACX) 30th anniversary, FPA portfolio manager Steven Romick headlined as a keynote speaker at the 2023 Morningstar Investment Conference held in Chicago.1
In his speech, Mr. Romick reflected on how his evolution as an investor enabled the Fund to meet its objective since its inception. He also discussed the recently completed market cycle from October 2007 to January 2022, during which many value investors struggled.2 Mr. Romick imparted valuable lessons he has learned from his nearly four decades of experience in investing.
For those who missed the conference, the full transcript of Steven Romick’s speech and 5-minute video excerpt from the conference is available below.
The Evolution of a Value Investor
Click Here to Download the Speech Transcript
(5-minute excerpt from April 26, 2023 keynote speech)
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1 FPA Crescent Fund (FPACX) inception date is June 2, 1993.
2 A Market Cycle (peak to peak) is defined as a period that contains a decline of at least 20% from the previous market peak over at least a two-month period and a rebound to establish a new peak above the previous one by S&P 500 Index.
Please note that any references in this video to specific securities or instruments are for informational purposes only and should not be construed as tax advice or a recommendation by the Fund, the portfolio managers, FPA, the distributor, or Morningstar to purchase or sell such securities, and any information provided is not a sufficient basis upon which to make an investment decision. It should not be assumed that future investments will be profitable or will equal the performance of the security/instrument examples discussed. Certain information and topics discussed in the video reflect the opinions of the portfolio managers of the FPA Crescent Fund investment team as of the date provided and are subject to change without notice.
For further clarification on any of the information provided in the video, please contact email@example.com.
A complete market cycle is defined as a period that contains a decline of at least 20% from the previous market peak over at least a two-month period and a rebound to establish a new peak above the previous one by S&P 500 Index.
Value style investing presents the risk that the holdings or securities may never reach their full market value because the market fails to recognize what the portfolio management team considers the true business value or because the portfolio management team has misjudged those values.
You should consider the Fund's investment objectives, risks, and charges and expenses carefully before you invest. The Prospectus details the Fund's objective and policies and other matters of interest to a prospective investor. Please read the Prospectus carefully before investing. The Prospectus may be obtained by visiting the website at www.fpa.com, by calling toll-free, 1-800-982-4372, or by contacting the Fund in writing.
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