| Quarterly Commentary
FPA Crescent Fund 2Q25 Commentary
The first half of 2025 brought higher volatility, with the MSCI ACWI and S&P 500 declining by 16.3% and 18.9%, respectively, in a few days in April from their February peaks.
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News & Insights
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Use the category and/or funds filter, or the search box below to find News and Insights, including archived commentaries and webcasts.
| News
Value Investor Insight: Pillars of Strength – FPA Queens Road Small Cap Value Fund
Steven Scruggs and Benjamin Mellman of Bragg Financial Advisors explain how their strategy grounds them during times of market dislocation…
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| Fund Announcements
Source Capital Declares June, July, and August 2025 Distribution
The Board of Trustees of Source Capital maintaining the Fund’s regular monthly distribution rate for June, July, and August 2025.
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| FPA Insights
FPA Crescent: Same Fund, New Morningstar Category
FPA Crescent was reclassified to Morningstar’s Global Moderate Allocation category, reflecting its global, flexible approach while maintaining the same long-term, value-driven strategy.
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| Quarterly Commentary
Source Capital 1Q25 Commentary
Source Capital’s (“Source” or “Fund”) net asset value (NAV) gained 1.75% for the quarter and 7.78% for the trailing twelve months, which is higher than the balanced MSCI ACWI/Bloomberg US Agg index, the Fund’s primary illustrative benchmark.
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| Webcasts
FPA Crescent Fund 1Q25 Webcast
A quarterly webcast with the Crescent Fund team sharing their market views and portfolio updates.
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| FPA Insights
Bonds: A Tale of Two Markets (one is flashing green, the other red)
There are two main risk premiums required by bond investors: interest rate risk and credit risk. In an ideal world, both risk premiums would be high.
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| Quarterly Commentary
FPA New Income Fund 1Q25 Commentary
FPA New Income Fund (the “Fund”) returned 2.61% in first quarter of 2025.
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| Quarterly Commentary
FPA Queens Road Value Fund 1Q25 Commentary
The FPA Queens Road Value Fund (“Fund”) returned -2.28% for the first quarter of 2025. This compares to the S&P 500 Value Index return of 0.28% for the same period.
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