Performance

Comparative Performance Quarterly

As of June 30, 2020
Fund/Index QTD YTD 1 Year 3 Years 5 Years 10 Years 20 Years Since Inception* Expense Ratio1
FPA Crescent Fund 15.00 % -8.59 % -4.18 % 2.12 % 3.90 % 7.41 % 9.17 % 9.44 % 1.21 %
S&P 500 20.54 % -3.08 % 7.51 % 10.73 % 10.73 % 13.99 % 5.91 % 9.50 %
MSCI ACWI 19.22 % -6.25 % 2.11 % 6.14 % 6.46 % - - -
60% S&P500/40% BBgBarc US Agg 13.32 % 0.98 % 8.58 % 8.93 % 8.41 % 10.08 % 5.92 % 8.14 %
CPI -0.29 % -0.48 % 0.71 % 1.75 % 1.59 % 1.71 % 2.03 % 2.16 %

* The Fund commenced operations on June 2, 1993. The performance shown for periods prior to March 1, 1996 reflects the historical performance of a predecessor fund. FPA assumed control of the predecessor fund on March 1, 1996. The Fund’s objectives, policies, guidelines, and restrictions are, in all material respects, equivalent to those of the predecessor fund.

** The MSCI ACWI was not considered a relevant illustrative index prior to 2011 because the Fund was not classified as a global mandate until this point in time..

Net Expense Ratio is calculated as of the date of the most recent prospectus and includes short sale dividend and interest expenses of 0.16%.  

A redemption fee of 2.00% will be imposed on redemptions within 90 days.

The Total Annual Fund Operating Expenses before reimbursement is 1.23% (as of most recent prospectus) including short sale dividend and interest expenses. As of April 1, 2020, the Adviser has contractually agreed to reimburse the Fund for Total Annual Fund Operating Expenses in excess of 1.05% of the average net assets of the Fund, excluding short sale dividend expenses and interest expenses on cash deposits relating to short sales, brokerage fees and commissions, interest, taxes, fees and expenses of other funds in which the Fund invests, and extraordinary expenses, including litigation expenses not incurred in the Fund’s ordinary course of business, through April 30, 2021. This agreement may only be terminated earlier by the Fund’s Board of Trustees (the “Board”) or upon termination of the Advisory Agreement.

Periods greater than one year are annualized. Fund performance is shown net of all fees and expenses. Fund performance is calculated on a total return basis which includes reinvestment of all distributions. Fund performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares, which would lower these figures.

Past performance is no guarantee, nor is it indicative, of future results. Current performance may be higher or lower than the performance shown. This data represents past performance and investors should understand that investment returns and principal values fluctuate, so that when you redeem your investment it may be worth more or less than its original cost. Current month-end performance data, which may be lower or higher than the performance data quoted, may be obtained at www.fpa.com or by calling toll-free, 1-800-982-4372.

The performance of the indices are computed on a total return basis which includes reinvestment of all distributions. Comparison to any index is for illustrative purposes only. The Fund may be less diversified than the indices noted herein, and may hold non-index securities or securities that are not comparable to those contained in an index. Indices may hold positions that are not within the investment strategy. Indices are unmanaged and returns do not reflect transaction costs, investment management fees or other commissions, or fees and expenses that would reduce performance for an investor. The Fund does not include outperformance of any index or benchmark in its investment objectives. An investor cannot invest directly in an index.

Standard & Poor's 500 Stock Index (S&P 500) includes a representative sample of 500 leading companies in leading industries of the U.S. economy. The index focuses on the large-cap segment of the market, with over 80% coverage of U.S. equities, but is also considered a proxy for the total market. The MSCI ACWI Index is a free float-adjusted market capitalization weighted index that is designed to represent performance of the full opportunity set of large- and mid-cap stocks across 23 developed and 26 emerging markets. As of December 2019, it covers more than 3,000 constituents across 11 sectors and approximately 85% of the free float-adjusted market capitalization in each market. Bloomberg Barclays U.S. Aggregate Bond Index provides a measure of the performance of the U.S. investment grade bond market, which includes investment grade U.S. Government bonds, investment grade corporate bonds, mortgage pass-through securities and asset-backed securities that are publicly offered for sale in the United States. The securities in the Index must have at least 1 year remaining in maturity. In addition, the securities must be denominated in U.S. dollars and must be fixed rate, nonconvertible, and taxable. 60% S&P 500/40% Bloomberg Barclays U.S. Aggregate Bond Index is a hypothetical combination of unmanaged indices comprised of 60% S&P 500 Index and 40% Bloomberg Barclays U.S. Aggregate Bond Index. The Consumer Price Index (CPI) is an unmanaged index representing the rate of the inflation of the U.S. consumer prices as determined by the U.S. Department of Labor Statistics. There can be no guarantee that the CPI of other indexes will reflect the exact level of inflation at any given time. The CPI reflects non-seasonally adjusted returns.

Comparative Performance Monthly

As of August 31, 2020
Fund/Index MTD YTD 1 Year 3 Years 5 Years 10 Years 20 Years Since Inception*
FPA Crescent Fund 3.93 % -2.40 % 4.84 % 4.18 % 5.97 % 7.97 % 9.07 % 9.64 %
S&P 500 7.19 % 9.74 % 21.94 % 14.52 % 14.46 % 15.16 % 6.34 % 9.94 %
MSCI ACWI 6.12 % 4.75 % 16.52 % 8.99 % 10.21 % - - -
60% S&P500/40% BBgBarc US Agg 3.99 % 9.19 % 16.20 % 11.08 % 10.61 % 10.68 % 6.14 % 8.39 %
CPI 0.37 % 0.48 % 1.32 % 1.92 % 1.76 % 1.77 % 2.06 % 2.18 %

* The Fund commenced operations on June 2, 1993. The performance shown for periods prior to March 1, 1996 reflects the historical performance of a predecessor fund. FPA assumed control of the predecessor fund on March 1, 1996. The Fund’s objectives, policies, guidelines, and restrictions are, in all material respects, equivalent to those of the predecessor fund.

** The MSCI ACWI was not considered a relevant illustrative index prior to 2011 because the Fund was not classified as a global mandate until this point in time.

A redemption fee of 2.00% will be imposed on redemptions within 90 days.

Periods greater than one year are annualized. Fund performance is shown net of all fees and expenses. Fund performance is calculated on a total return basis which includes reinvestment of all distributions. Fund performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares, which would lower these figures.

Past performance is no guarantee, nor is it indicative, of future results. Current performance may be higher or lower than the performance shown. This data represents past performance and investors should understand that investment returns and principal values fluctuate, so that when you redeem your investment it may be worth more or less than its original cost. Current month-end performance data, which may be lower or higher than the performance data quoted, may be obtained at www.fpa.com or by calling toll-free, 1-800-982-4372.

The performance of the indices are computed on a total return basis which includes reinvestment of all distributions. Comparison to any index is for illustrative purposes only. The Fund may be less diversified than the indices noted herein, and may hold non-index securities or securities that are not comparable to those contained in an index. Indices may hold positions that are not within the investment strategy. Indices are unmanaged and returns do not reflect transaction costs, investment management fees or other commissions, or fees and expenses that would reduce performance for an investor. The Fund does not include outperformance of any index or benchmark in its investment objectives. An investor cannot invest directly in an index.

Standard & Poor's 500 Stock Index (S&P 500) includes a representative sample of 500 leading companies in leading industries of the U.S. economy. The index focuses on the large-cap segment of the market, with over 80% coverage of U.S. equities, but is also considered a proxy for the total market. The MSCI ACWI Index is a free float-adjusted market capitalization weighted index that is designed to represent performance of the full opportunity set of large- and mid-cap stocks across 23 developed and 26 emerging markets. As of December 2019, it covers more than 3,000 constituents across 11 sectors and approximately 85% of the free float-adjusted market capitalization in each market. Bloomberg Barclays U.S. Aggregate Bond Index provides a measure of the performance of the U.S. investment grade bond market, which includes investment grade U.S. Government bonds, investment grade corporate bonds, mortgage pass-through securities and asset-backed securities that are publicly offered for sale in the United States. The securities in the Index must have at least 1 year remaining in maturity. In addition, the securities must be denominated in U.S. dollars and must be fixed rate, nonconvertible, and taxable. 60% S&P 500/40% Bloomberg Barclays U.S. Aggregate Bond Index is a hypothetical combination of unmanaged indices comprised of 60% S&P 500 Index and 40% Bloomberg Barclays U.S. Aggregate Bond Index. The Consumer Price Index (CPI) is an unmanaged index representing the rate of the inflation of the U.S. consumer prices as determined by the U.S. Department of Labor Statistics. There can be no guarantee that the CPI of other indexes will reflect the exact level of inflation at any given time. The CPI reflects non-seasonally adjusted returns.
 
 

Historical Annual Returns

FPA Crescent Fund* S&P 500 CPI MSCI ACWI** 60% S&P500/40% BBgBarc US Agg
2019 20.02 % 31.49 % 2.29 % 26.60 % 22.18 %
2018 -7.43 % -4.38 % 1.92 % -9.42 % -2.35 %
2017 10.39 % 21.83 % 2.10 % 23.97 % 14.21 %
2016 10.25 % 11.96 % 2.10 % 7.86 % 2.10 %
2015 -2.06 % 1.38 % 0.67 % -2.36 % 1.28 %
2014 6.64 % 13.69 % 0.69 % 4.16 % 10.62 %
2013 21.95 % 32.39 % 1.55 % 22.80 % 17.56 %
2012 10.33 % 16.00 % 1.78 % 16.13 % 11.31 %
2011 3.02 % 2.11 % 3.06 % -7.35 % 4.69 %
2010 12.04 % 15.06 % 1.44 % 12.13 %
2009 28.37 % 26.46 % 2.81 % 18.40 %
2008 -20.55 % -37.00 % -0.02 % -22.06 %
2007 6.84 % 5.49 % 4.11 % 6.22 %
2006 12.43 % 15.79 % 2.52 % 11.52 %
2005 10.83 % 4.91 % 3.34 % 4.00 %
2004 10.21 % 10.88 % 3.34 % 8.30 %
2003 26.15 % 28.68 % 2.04 % 18.48 %
2002 3.71 % -22.10 % 2.48 % -9.82 %
2001 36.14 % -11.89 % 1.60 % -3.71 %
2000 3.59 % -9.10 % 3.44 % -1.00 %
1999 -6.28 % 21.04 % 2.68 % 12.00 %
1998 2.79 % 28.58 % 1.61 % 20.99 %
1997 21.95 % 33.36 % 1.70 % 23.62 %
1996 22.88 % 22.96 % 3.85 % 14.97 %
1995 26.04 % 37.58 % 2.53 % 29.66 %
1994 4.22 % 1.32 % 2.60 % -0.33 %
1993 9.65 % 4.41 % 1.46 % -2.35 %

* The Fund commenced operations on June 2, 1993. The performance shown for periods prior to March 1, 1996 reflects the historical performance of a predecessor fund. FPA assumed control of the predecessor fund on March 1, 1996. The Fund’s objectives, policies, guidelines, and restrictions are, in all material respects, equivalent to those of the predecessor fund.

** The MSCI ACWI was not considered a relevant illustrative index prior to 2011 because the Fund was not classified as a global mandate until this point in time.

A redemption fee of 2.00% will be imposed on redemptions within 90 days.

Periods greater than one year are annualized. Fund performance is shown net of all fees and expenses. Fund performance is calculated on a total return basis which includes reinvestment of all distributions. Fund performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares, which would lower these figures.

Past performance is no guarantee, nor is it indicative, of future results. Current performance may be higher or lower than the performance shown. This data represents past performance and investors should understand that investment returns and principal values fluctuate, so that when you redeem your investment it may be worth more or less than its original cost. Current month-end performance data, which may be lower or higher than the performance data quoted, may be obtained at www.fpa.com or by calling toll-free, 1-800-982-4372.

The performance of the indices are computed on a total return basis which includes reinvestment of all distributions. Comparison to any index is for illustrative purposes only. The Fund may be less diversified than the indices noted herein, and may hold non-index securities or securities that are not comparable to those contained in an index. Indices may hold positions that are not within the investment strategy. Indices are unmanaged and returns do not reflect transaction costs, investment management fees or other commissions, or fees and expenses that would reduce performance for an investor. The Fund does not include outperformance of any index or benchmark in its investment objectives. An investor cannot invest directly in an index.

Standard & Poor's 500 Stock Index (S&P 500) includes a representative sample of 500 leading companies in leading industries of the U.S. economy. The index focuses on the large-cap segment of the market, with over 80% coverage of U.S. equities, but is also considered a proxy for the total market. The MSCI ACWI Index is a free float-adjusted market capitalization weighted index that is designed to represent performance of the full opportunity set of large- and mid-cap stocks across 23 developed and 26 emerging markets. As of December 2019, it covers more than 3,000 constituents across 11 sectors and approximately 85% of the free float-adjusted market capitalization in each market. Bloomberg Barclays U.S. Aggregate Bond Index provides a measure of the performance of the U.S. investment grade bond market, which includes investment grade U.S. Government bonds, investment grade corporate bonds, mortgage pass-through securities and asset-backed securities that are publicly offered for sale in the United States. The securities in the Index must have at least 1 year remaining in maturity. In addition, the securities must be denominated in U.S. dollars and must be fixed rate, nonconvertible, and taxable. 60% S&P 500/40% Bloomberg Barclays U.S. Aggregate Bond Index is a hypothetical combination of unmanaged indices comprised of 60% S&P 500 Index and 40% Bloomberg Barclays U.S. Aggregate Bond Index. The Consumer Price Index (CPI) is an unmanaged index representing the rate of the inflation of the U.S. consumer prices as determined by the U.S. Department of Labor Statistics. There can be no guarantee that the CPI of other indexes will reflect the exact level of inflation at any given time. The CPI reflects non-seasonally adjusted returns.
 
As of August 31, 2020
1 Year 5 Years 10 Years
Before Tax 4.84 % 5.97 % 7.97 %
After Tax on Distribution* 3.34 % 4.46 % 6.70 %
After Tax on Distribution and Sale of Fund Shares* 3.78 % 4.50 % 6.25 %

* After-tax returns are calculated net of fees, using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend upon an investor's tax situation and may differ from those shown. After-tax returns presented here are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). 

Early withdrawal from a 401(k) account or an IRA could lead to taxation of the withdrawn amount as ordinary income and could be subject to an additional tax penalty. The after-tax returns on distributions and sale of Fund shares may be higher than returns before taxes due to the effect of a tax benefit an investor may receive from the realization of capital losses that would have been incurred on the sale of Fund shares.

Performance has been calculated on a total return basis, which includes reinvestment of all dividends and distributions paid. Total return calculations are based on a $10,000 investment.

Past performance, both before and after taxes, is no guarantee of future results and current performance may be higher or lower than the performance shown. This data represents past performance and investors should understand that investment returns and principal values fluctuate, so that when you redeem your investment it may be worth more or less than its original cost.