Absolute value investors. We seek genuine bargains rather than relatively attractive securities.
Alignment of interests. We invest our money alongside yours, and we act as stewards of our shared capital.
Broad mandate. We invest across the capital structure, asset classes, market caps, industries, and geographies. We are willing to hold cash.
Long-term focus. We believe the best way to accomplish our goals is to accept short-term underperformance in exchange for long-term success.
Macroeconomic view. We incorporate an understanding (sometimes limited) of the economic environment.
Volatility. If we have performed our research correctly, volatility creates opportunity, not risk.
Downside protection / Risk minimization. We aim to protect capital first and create long-term equity-like returns second. We cannot eliminate risk, but we conduct ourselves by hoping for the best, while preparing for the worst.
FPA Crescent Fund Portfolio Manager
FPA Crescent Fund Portfolio Manager and Director of Research
FPA Crescent Fund Research Analyst
Scott joined FPA in 2018. He serves as an Analyst for FPA. Prior to joining the firm, Scott was the China correspondent for Fortune, where he also covered finance and Wall Street topics over nearly a decade at the magazine. He earned a Bachelor’s degree in Public Administration and Public Policy from Michigan State University. FPA Crescent Fund
Hiro joined FPA in 2019. He serves as an Analyst for FPA. Prior to joining the firm, Hiro was an investment analyst at The Baupost Group, Silver Point Capital and Partner Fund Management. Hiro earned his Master’s and Bachelor’s degrees in Science and Engineering from Stanford University. FPA Crescent Fund
Daniel joined FPA in 2020 as an Analyst. Prior to joining the firm, Daniel was one of three people in charge of managing the $20B public markets portfolio at Northrop Grumman. Prior to Northrop, Daniel started his career as a valuation and audit professional at Ernst and Young in the asset management group. Daniel graduated with high honors from UC Santa Barbara with a bachelor’s in Economics and Accounting. He has earned both the CFA and CPA designations.
FPA Crescent Fund
Andrew joined FPA in 2020 as an Analyst. Prior to joining the firm, Mr. Morovati was an investment professional at Capital Group where he focused on public and private software/technology investments. Prior to Capital Group, Mr. Morovati was an investment professional at Clearlake Capital where he focused on leveraged buyouts, distressed debt, special situation and take-private investments across software/technology, industrials and consumer verticals. Mr. Morovati began his career in the investment banking department of Lincoln International and graduated magna cum laude from UCLA with a dual BA in Economics and Political Science.