The views expressed in these articles, commentaries or recordings are those of the author and/or presenter at the time created and is for informational purposes only. They do not necessarily reflect the views of FPA or the distributor. Future events, results or views may vary significantly from those expressed and are subject to change at any time based on market and other conditions, and FPA and/or the distributor disclaims any responsibility to update such views. No forecasts can be guaranteed, and certain assumptions may prove to be inaccurate. These views may not be relied upon as investment advice or as indication of trading intent on behalf of any FPA portfolio or the distributor and should not be construed as an offer to sell or a solicitation of an offer to buy securities or any product mentioned. FPA shall not be responsible for any trading decisions, damages or other losses from or related to the information, data analysis or opinions or their use. This information and data has been prepared from sources believed reliable. However, the accuracy and completeness of the information cannot be guaranteed and is not a complete summary or statement of all available data. FPA has received certain nominations or awards by third-parties as reflected herein. Investors should review the criteria for each nomination or award as reflected on the third-party’s webpage. You should not construe the contents herein as legal, tax, accounting, or other advice or recommendations.

You should consider the Fund’s investment objectives, risks, fees and expenses before investing. The Prospectus contain this and other important information which should be read carefully before investing. 

June 8, 2021

Steven Romick, Portfolio Manager for FPA Crescent Fund (FPACX) Discusses Investing in the Midst of Change on ‘Consuelo Mack WealthTrack”, May 14, 2021

On PBS’ ‘Consuelo Mack WealthTrack,” FPA Crescent’s (FPACX) Steven Romick talks about putting cash to work in times of market volatility, and what he‘s investing in now.


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here for Standardized Performance for FPA Crescent Fund (“Fund”) and relevant indices. Please click here for the principal risks of investing in the Fund. You should consider the Fund's investment objectives, risks, and charges and expenses carefully before you invest. The Prospectus details the Fund's objective and policies, risks, and other matters of interest to the prospective investor. Please read this Prospectus carefully before investing. The Prospectus may be obtained by clicking here, by calling toll-free, 1-800-982-4372, or by contacting the Fund in writing. Comparison to indices are for illustrative purposes only. The Fund does not include outperformance of any index or benchmark in the investment objectives. The FPA Funds are distributed by UMB Distribution Services, LLC.

Portfolio composition will change due to ongoing management of the Fund. References to individual investments or sectors should not be construed as a recommendation by the Fund, the portfolio managers, the Adviser, or the distributor to purchase or sell such investments or invest in such sectors, 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 investment or sector examples discussed. The portfolio holdings as March 31, 2021 may be obtained here.

Investing in Special Purpose Acquisition Companies (“SPACS”) involve risks. SPACs are not required to provide the depth of disclosures or undergo the rigorous due diligence of a traditional initial public offering (IPO). Investors in SPACs may become exposed to speculative investments, foreign or domestic, in higher risk sectors/industries. SPAC investors generally pay certain fees and give the sponsor certain incentives (e.g., discounted ownership stakes) not found in traditional IPOs. Certain conflicts of interest may arise between investors and sponsors because of these fees and incentives.

The FPA quarterly Fund Commentaries can be accessed at https://fpa.com/funds/overview/crescent.

Margin of safety is a principle of investing in which an investor only purchases securities when their market price is significantly below their intrinsic value. In other words, when the market price of a security is significantly below your estimation of its intrinsic value, the difference is the margin of safety.

FPA was awarded the Morningstar US Allocation Fund Manager of the Year in 2013.  The US Allocation Fund Manager of the Year winners are chosen based on research and in-depth qualitative evaluation by Morningstar’s Manager Research Group. Nominations are made by Morningstar manager research analysts, then narrowed to a list of finalists by each asset-class team. The entire analyst team meets to debate the merits of the finalists in each asset class. Voting commences immediately after each asset-class meeting, and nominees receiving the most votes are the winners.

The Morningstar Analyst RatingTM is not a credit or risk rating. It is a subjective evaluation performed by the manager research analysts of Morningstar. Morningstar evaluates funds based on five key pillars, which are process, performance, people, parent, and price. Analysts use this five pillar evaluation to determine how they believe funds are likely to perform relative to a benchmark, or in the case of exchange-traded funds and index mutual funds, a relevant peer group, over the long term on a risk-adjusted basis. They consider quantitative and qualitative factors in their research, and the weight of each pillar may vary. The Analyst Rating scale is Gold, Silver, Bronze, Neutral, and Negative. A Morningstar Analyst Rating of Gold, Silver, or Bronze reflects an analyst’s conviction in a fund’s prospects for outperformance. Analyst Ratings are continuously monitored and reevaluated at least every 14 months. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to http://corporate1.morningstar.com/AnalystRating/.

The Morningstar Analyst Rating should not be used as the sole basis in evaluating a fund. Morningstar Analyst Ratings involve unknown risks and uncertainties which may cause Morningstar’s expectations not to occur or to differ significantly from what we expected.

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Past performance is no guarantee, nor is it indicative, of future results.

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