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Analyst Ratings are subjective in nature and should not be used as the sole basis for investment decisions. Analyst Ratings are based on Morningstar’s current expectations about future events and therefore involve unknown risks and uncertainties
that may cause Morningstar’s expectations not to occur or to differ significantly from what was expected. Morningstar does not represent its Analyst Ratings to be guarantees nor should they be viewed as an assessment of a fund’s or the
fund’s underlying securities’ creditworthiness.
Morningstar Inc.’s awards are based on qualitative evaluation and research, thus subjective in nature and should not be used as the sole basis for investment decisions. Morningstar’s awards are not guarantees of a fund’s future investment
performance. Morningstar, Inc. does not sponsor, issue, sell, or promote any open-end mutual funds including the FPA Funds.
We hope that investors will find FPA webcasts helpful to understand application of the same investment discipline in various markets, and can refer to particular items that interest them.
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Portfolio composition will change due to ongoing management of the funds. References to individual securities are for informational purposes only and should not be construed as recommendations by the Funds, Advisor or Distributor.
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The views expressed and any forward-looking statements are as of the date of the publication and are those of the portfolio managers. These views may not be relied upon as investment advice or as an indication of trading intent on behalf of any
First Pacific Advisors portfolio. Future events or results may vary significantly from those expressed and are subject to change at any time in response to changing circumstances and industry developments. Security examples featured are
samples for presentation purposes and are intended to illustrate our investment philosophy and its application. It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the securities.
This information and data has been prepared from sources believed reliable. The accuracy and completeness of the information cannot be guaranteed and is not a complete summary or statement of all available data.
FPA Crescent Fund is offered through UMB Distribution Services, LLC.