Please read the following Terms of Use before continuing. If you do not agree to these Terms of Use, you should not use the website. By clicking accept below, you attest that you have read and agree to these Terms of Use.
Strategy Assets
$14.1B
Track Record
32 Years
Investment Objective
The Contrarian Value Strategy seeks to generate equity-like returns over the long term, take less risk than the market and avoid permanent impairment of capital.
Strategy Overview
A flexible, value-oriented strategy focused on absolute returns and downside mitigation. The portfolio invests opportunistically across asset classes, geographies, and capital structures without benchmark constraints, guided by deep fundamental research and a disciplined approach to purchasing securities with a margin of safety.
| Investment Style | Contrarian Value |
|---|---|
| Opportunity Set | Global All-Cap Equities |
| Approach | Bottom-Up Fundamental |
| Strategy Assets | $14.1B |
| Sector Constraints | None |
| Illustrative Benchmarks | MSCI ACWI |
| Strategy Inception | July 1993 |
| Vehicle Availability | Mutual Fund: FPA Crescent Fund |
Our Contrarian Value investment team comprises global generalists with a variety of backgrounds, enabling opportunistic investments across asset classes, capital structures, market capitalizations, geographies, and industries — without regard to the constraints of traditional benchmarks.
May invest in illiquid securities and shorting securities when risk/reward is compelling.
Grounded in fundamental, bottom-up research, we aim to comprehensively understand businesses by analyzing relevant public filings, engaging with experts in relevant fields, and taking a long-term perspective.
We begin with the question: What can go wrong? While not a macro-oriented strategy, an awareness of the macro environment is utilized when deploying capital.
Each investment opportunity is evaluated on its own economic merits, not based on relative comparisons against peers or distinct market sectors.
Strategy holds cash when we believe value opportunities are scarce, preserving capital for deployment when the risk/return proposition is compelling to us.
Exercise discipline throughout the research process, valuation work, and over the holding period. Turnover typically averages 20% per annum and we are comfortable waiting for the right opportunity and then letting the thesis play out over time.
Information Request
To learn more about our strategy processes and investment vehicles, please complete the contact form below: