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 FPA, 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 FundSource Capital
Paras joined FPA in 2024. He serves as an Analyst for FPA. Prior to joining FPA, Paras spent 7 years building an online learning business. He sold the business in 2022 and spent a year helping the portfolio company expand its US footprint. He earned his BS from the University of California, Berkeley.
FPA Crescent Fund
Ben joined FPA in 2024. He serves as an Analyst for FPA. Prior to joining FPA, Ben was an Analyst at Cascade Asset Management, the investment office of Bill Gates and the Gates Foundation. Ben originally began his career at J.P. Morgan. Ben earned a Bachelor’s degree in Business Administration (with honors) from Seattle Pacific University where he was a member of the Varsity Men’s Soccer team. He is a CFA® Charterholder.
FPA Crescent FundSource Capital
Michael joined FPA in 2025. Prior to joining FPA, Michael was the President of CCUR Holdings, a private holding company dedicated to acquiring businesses in the United States. Prior to CCUR, Michael served as a Portfolio Manager at Callaway Capital Management, an emerging markets focused special situations asset management firm. While at Callaway, Michael was also the Chief Financial Officer of Galata Acquisition Corp (NYSE: GLTA), a Special Purpose Acquisition Company (“SPAC”) which combined with Marti Technologies in July 2023. Prior to joining Callaway, Michael was a Senior Analyst at Southpaw Asset Management, a distressed credit hedge fund. He began his career at DG Capital Management, a special situations hedge fund. He holds bachelor’s degrees in economic theory and philosophy from New York University.