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Investments involve risks, including loss of principal. Please click here for the principal risks of investing in FPA Funds. You should consider the FPA Funds’ investment objectives, risks, and charges and expenses carefully before you invest. The offering documents for the FPA Funds details their objectives and policies and other matters of interest to the prospective investor, please read them carefully before investing. The prospectus may be obtained by clicking here for FPACX, or here for FPAG, by calling toll-free, 1-800-982-4372, or by email at [email protected]. Information relating to Source Capital may be obtained by visiting the website at fpa.com, by email at [email protected], or toll free by calling 1-800-279-1241 (option 1).

The FPA Crescent Fund and FPA Global Equity ETF are distributed by Distribution Services, LLC, Three Canal Plaza, Suite 100, Portland, ME 04101. Distribution Services, LLC and is not affiliated with FPA or any other product discussed.

There is no guarantee that the FPA Funds will achieve their investment objectives.  Portfolio composition will change due to ongoing management of the FPA Funds. The complete list of the Funds’ portfolio holdings for the most recent reporting period may be obtained here for the FPACX and here for the FPAG.  Please note that any references in this report to specific securities or instruments are for informational purposes only and should not be construed as a recommendation by the FPA Funds, the portfolio managers, FPA, the distributor, or Morningstar to purchase or sell such securities, 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 security/instrument examples discussed. The information contained in the article is not complete, may change, and is subject to, and is qualified in its entirety by, the more complete disclosures, risk factors, and other information contained in the Funds’ Prospectus and Statement of Additional Information.

Shares of the FPAG are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Because ETFs trade like stocks, the Fund may trade at prices above or below the ETF’s NAV. While the shares of ETFs are tradable on secondary markets, they may not readily trade in all market conditions and may trade at significant discounts in periods of market stress. Brokerage commissions and ETF expenses will reduce returns.

©2025 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 by Morningstar 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, Inc. has not granted consent for it to be considered or deemed an “expert” under the Securities Act of 1933.

FPA did not compensate the third party for statements about FPA or the FPA Funds and to its knowledge is not aware of any material conflicts of interest in relation to the statements made therein.  By providing this article, 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.

Additional Disclosures

Please see important information at the top of this webpage. The individual investment examples discussed herein were not chosen based on their performance. It should not be assumed that any transactions in the future will be profitable.

Private securities and limited partnerships are not registered under the federal securities laws and are generally eligible for sale only to certain eligible investors. As such, they may be illiquid, and thus more difficult to sell, because there may be relatively few potential purchasers for such investments, and the sale of such investments may also be restricted under securities laws.

End Notes and Definitions Related to the Article:

Rubin, Robert E. and Weisberg, Jacob. In an Uncertain World: Tough Choices from Wall Street to Washington. Random House, 2004.

FPA Crescent Fund Q1 2025 Commentary (https://fpa.com/docs/default-source/funds/fpa-crescent-fund/literature/quarterly-commentaries/fpa-crescent-fund-commentary-2025-03.pdf?sfvrsn=e8f99e9d_7)

BRICS is an acronym referring to an intergovernmental organization comprising ten countries – Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates.

Credit Spread is the difference in yield between securities with similar maturity but different credit quality. Widening spreads generally indicate deteriorating creditworthiness of corporate borrowers and narrowing indicate improving.

Price-to-Earnings (P/E) Ratio measures share price compared to earnings per share for a stock or stocks in a portfolio.

With respect to the various securities mentioned in the article, as of March 31, 2025 the corresponding position sizes (as a % of Net Asset Value) were as follows: (for the FPA Crescent Fund) Analog Devices (ADI) 2.7, Vail Resorts (MTN) 0.8, Eurofins Scientific (ERF FP) 0.8, Howmet Aerospace (HWM) 0.5, Broadcom Inc. (AVGO) 0.2; (for the FPA Global Equity ETF) Grupo Mexico SAB de CV-SER B (GMEXICOB MM) 0.4.

As of December 31, 2012, the FPA Crescent Fund’s Healthcare sector exposure was 16.4% of equity exposure and was the third largest exposure of the Fund.  As of December 31, 2009, the Healthcare exposure was the largest in the fund at 33% of equity exposure.

As of March 31, 2025, the FPA Crescent Fund’s overall average holding period for equity securities was 5.08 yrs, the average holding period for its top 10 holdings was 9.97 yrs.