Thumbnail for Rare Bond Market Conditions Set Up Complacent Investors for Subpar Returns

| FPA Insights

Rare Bond Market Conditions Set Up Complacent Investors for Subpar Returns

Rarely do intermediate and high-yield bonds look risky at the same time. However, it appears they are both risky today. Intermediate-term bonds are barely yielding more than short-term bonds, and “high-yield” bonds are not yielding much more than high quality bonds.

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Thumbnail for Two Decades of Winning by Not Losing by FPA Crescent’s (FPACX) Steven Romick
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FPA Crescent Fund

| FPA Insights

Two Decades of Winning by Not Losing by FPA Crescent’s (FPACX) Steven Romick

Due to elevated valuations in many of the equities we own and a lack of distress or adequate yields in the credit markets, the FPA Crescent Fund (“the Fund”) began 2020 with a net equity exposure of ~57%

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Thumbnail for Letter to Board of Directors at Arconic dated May 4, 2017

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Letter to Board of Directors at Arconic dated May 4, 2017

As you know, I have argued for the removal of the legacy directors. Today’s announcement is a step in the right direction.

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Thumbnail for Letter to Board of Directors at Arconic dated February 6, 2017

| FPA Insights

Letter to Board of Directors at Arconic dated February 6, 2017

First Pacific Advisors, LLC (“FPA”) currently beneficially owns approximately 20.1 million shares of Arconic Inc. (“Arconic” or the “Company”), which represents over 4.5% of the Company’s shares.

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Thumbnail for Today’s Case for FPA New Income, Inc.
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FPA New Income Fund

| FPA Insights

Today’s Case for FPA New Income, Inc.

Due to elevated valuations in many of the equities we own and a lack of distress or adequate yields in the credit markets, the FPA Crescent Fund (“the Fund”) began 2020 with a net equity exposure of ~57%

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Thumbnail for Will Brexit spark a much-needed market revaluation?
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FPA Crescent Fund

| FPA Insights

Will Brexit spark a much-needed market revaluation?

Markets globally have reacted negatively to the British having voted to leave the European Union (EU) after more than four decades.

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Thumbnail for Don’t Be Surprised: Speech to CFA Society of Chicago

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Don’t Be Surprised: Speech to CFA Society of Chicago

Steven Romick, CFA, speech to CFA Society of Chicago in June of 2015

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Thumbnail for The Importance of Full Market Cycle Returns

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The Importance of Full Market Cycle Returns

A full market cycle can be defined as a peak-to-peak period that contains a price decline of at least 20% over at least a two-month period from the previous market peak, followed by a rebound that establishes a new, higher peak.

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Thumbnail for Speech to CFA Society of Reno

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Speech to CFA Society of Reno

CFA Society of Nevada October 30, 2014 Robert L. Rodriguez, CFA Managing Partner and CEO First Pacific Advisors, LLC

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