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 at the conference is available below. A video of the speech will be posted soon.
The Evolution of a Value Investor Click Here to Download the Speech Transcript
Past performance is no guarantee, nor is it indicative, of future results. 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. The Morningstar Analyst Rating is not a credit or risk rating. It is a subjective evaluation performed by the manager research analysts of Morningstar, Inc. Morningstar evaluates funds based on three key pillars, which are people, process, and parent. Analysts use this three-pillar evaluation to determine how they believe actively managed funds are likely to perform relative to a benchmark and peer-group average after fees and accounting for risk, or in the case of exchange-traded funds and index mutual funds, a relative peer-group median, over the long term on a risk-adjusted basis. They consider quantitative and qualitative factors in their research, and the weight of each pillar may vary. The Analyst Rating scale is Gold, Silver, Bronze, Neutral, and Negative. A Morningstar Analyst Rating of Gold, Silver, or Bronze reflects an analyst’s conviction in a fund’s prospects for outperformance. Analyst Ratings are continuously monitored and reevaluated at least every 14 months. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to https://advisor.morningstar.com/Enterprise/VTC/Morningstar_Analyst_Rating_for_Funds_Methodology.pdf. The Morningstar Analyst Rating should not be used as the sole basis in evaluating a fund. Morningstar Analyst Ratings involve unknown risks and uncertainties which may cause Morningstar’s expectations not to occur or to differ significantly from what we expected. ©2023 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted by Morningstar to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.