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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.

Steven Romick, FPA Crescent Fund

Keynote Speaker:

Steven Romick

FPA Crescent Fund | Portfolio Manager

2023 Steven Romick Keynote Speech

The Evolution of a Value Investor
Click Here to Download the Speech Transcript

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.

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.

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