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Please click here for Standardized Performance for FPA Crescent Fund – Institutional Class (“Fund”). Please click here for the principal risks of investing in the Fund. The FPA Funds are distributed by UMB Distribution Services, LLC (“UMBDS”). FPA and UMBDS are not affiliated.

There is no guarantee that the Fund will achieve its investment objectives. Portfolio composition will change due to ongoing management of the Fund. References to individual securities or investment categories should not be construed as a recommendation by the Fund, the portfolio managers, the Adviser, or the distributor to purchase or sell such securities or invest in such categories, and any information provided is not a sufficient basis upon which to make an investment decision. It should not be assumed that future investments will be profitable or will equal the performance of the examples discussed. The portfolio holdings as of December 31, 2023 may be obtained here.

Morningstar Moderately Aggressive Category rankings noted in the article are as of September 30, 2023 and are based on total returns. Time periods greater than one-year are annualized. As of September 30, 2023, the Fund’s category percentile rank and number of funds in the category are as follows: 1 year: 2%, 314 funds; 3 years: 2%, 304; 5-years: 5%, 298; 10 years: 25%, 271; and 15 years: 20%, 210.

Moderately Aggressive Allocation Category portfolios seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. These portfolios tend to hold larger positions in stocks than moderate-allocation portfolios. These portfolios typically have 70% to 90% of assets in equities and the remainder in fixed income and cash. As of December 31, 2023, there were 321 funds in the category.

©2024 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Morningstar does not adjust total return for sales charges or for redemption fees.

The Fund’s inception was June 2, 1993. In relation to the Fund’s performance over rolling five-year periods over the last thirty years, there were 307 5-year rolling average monthly periods between July 1, 1993 and December 31, 2023. During these periods, the Fund’s 5-year average net return was 9.54% when the S&P 500 Index average 5-year return was below 0%; 8.16% when the S&P 500 Index average 5-year return was from 0%-10%; and 9.80% when the S&P 500 Index average 5-year return was above 10%. Source: Morningstar Direct.

Note that the article indicates that the Fund has a primary benchmark. Comparison of the Fund to any index is for illustrative purposes only. The Fund does not include outperformance of any index in its investment objectives.

In addition, the article indicates that the Net Expense Ratio of the Fund is 1.05%. This ratio is actually the Adjusted Expense Ratio, which is the same as the Net Expense Ratio but also excludes short sale dividend and interest expenses, none of which is paid to FPA. The Net Expense Ratio for the Fund as of the most recent prospectus is 1.06%, and the Total Expense Ratio is 1.09%. For more information about the Fund’s expenses, click here.

When you click on the below link you will be leaving fpa.com. The website you are accessing is created and maintained by a third party. The third party is not a client or investor of FPA, or otherwise affiliated with FPA. FPA did not compensate the third party for statements about FPA and is not aware of any material conflicts of interest in relation to the statements made therein.  By providing this link, we are not providing you with investment advice or offering securities for sale to you. Past performance is no guarantee, nor is it indicative, of future results.