Fund Evaluator:
FPA Crescent (FPACX)
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Best Performing in Global Moderate Allocation Over the Last Year
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Fund Details
FPA Crescent Overview
FPA Crescent (FPACX) is an actively managed Allocation Global Moderate Allocation fund. FPA launched the fund in 1993.
The investment seeks to generate equity-like returns over the long-term, take less risk than the market and avoid permanent impairment of capital. To pursue the fund's investment objective, the fund's portfolio managers ("portfolio managers") invest in both equity and debt securities of companies. The fund's portfolio managers believe that this combination of securities broadens the universe of opportunities for the fund, offers additional diversification and helps to lower volatility. The portfolio managers invest primarily in equity securities and the balance of the fund's portfolio in debt securities, cash and cash equivalents.
About FPA Crescent (FPACX)
There are 3 members of the management team with an average tenure of 19.84 years: Brian Selmo (2013), Mark Landecker (2013), Steven Romick (1993). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: MSCI ACWI NR USD index with a weighting of 100% and S&P 500 (TR) (1970) index with a weighting of 100%. FPA Crescent has 153 securities in its portfolio. The top 10 holdings constitute 21.3% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
FPA Crescent is part of the Allocation global asset class and is within the Allocation fund group. FPA Crescent has 23.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 36.5%. There is 23.9% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 3.1% (3.1% domestic bond, 0.0% foreign bond and 1.1% convertible bond). FPA Crescent has 34.6% of the portfolio in cash.
Assets Under Management
The fund has $7 billion in total assets, which is above the $947 million average for the Global Moderate Allocation category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
FPACX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The FPA Crescent expense ratio is high compared to funds in the Global Moderate Allocation category. FPA Crescent has an expense ratio of 1.05%, which is 1% higher than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. FPA Crescent has a portfolio turnover rate of 23%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 64% for the Global Moderate Allocation category.
Recently, in the month of July 2026, FPA Crescent returned 2.4%, which earned it a grade of A, as the Global Moderate Allocation category had an average return of 0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
FPA Crescent has a trailing yield of 2.56%, which is below the 2.61% category average. The fund normally distributes its income semi-annually and its capital gains semi-annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
FPA Crescent Grades
Year to date, the fund has returned 8.0%, 0.1 percentage points worse than the category, which translates into a grade of B. The fund has returned 16.4% over the past year (grade of B), 14.5% over the past three years (grade of A) and 9.9% per year over the past five years (grade of A) and 10.3% per year over the past 10 years (grade of A).
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FPACX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FPACX Return (NAV) | 2.4% | 4.3% | 16.4% | 14.5% | 9.9% | 10.3% |
| FPACX Grade | A | A | B | A | A | A |
| +/- Category | 2.2% | 2.2% | 0.4% | 2.5% | 3.7% | 3.0% |
| Global Moderate Allocation Avg | 0.3% | 2.1% | 16.0% | 11.9% | 6.2% | 7.3% |
| FPACX Tax Cost Ratio | na | na | 1.5% | 1.6% | 1.4% | 1.4% |
FPACX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FPACX Return (NAV) | 8.0% | 17.7% | 14.0% | 20.3% | -9.2% | 15.2% | 12.1% | 20.0% | -7.4% | 10.4% | 10.3% |
| FPACX Grade | B | B | A | A | B | A | B | A | D | F | A |
| +/- Category | -0.1% | 1.5% | 5.5% | 8.0% | 4.2% | 3.5% | 2.3% | 2.3% | -0.3% | -3.6% | 3.6% |
| Global Moderate Allocation Avg | 8.1% | 16.1% | 8.4% | 12.2% | -13.4% | 11.6% | 9.8% | 17.7% | -7.1% | 14.0% | 6.6% |
| Risk Measures | |
| Standard Deviation: | 8.4% |
| Total Risk Index: | 0.68 - Below Average |
| Category Risk Index: | 0.91 - Low |
| Category Risk Grade: | A (12% Rank) |
| Beta: | 0.80 |
| R-Squared: | 81% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Value |
| Bond Investment Style: | na |
| Yield: | 2.6% |
| Dividend Distribution: | Semi-Annually |
| Cap Gains Distribution: | Semi-Annually |
| Total Assets: | $12715 Mil |
| Fund Total Assets: | $7,888 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 23% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 33.2 years | |||
| Average Tenure: 19.8 years | |||
| Managers (Year): Romick Steven (1993), Selmo Brian (2013), Landecker Mark (2013) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 153 |
| % in Top 10 Holdings: | 21.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 23.9% |
Portfolio Allocation |
|
| Domestic Stock: | 36.5% |
| Foreign Stock: | 23.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 3.1% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 1.1% |
| Other: | 0.8% |
| Cash: | 34.6% |
Purchase Information
| Fund Family: | FPA |
| Phone Number: | 800-982-4372 |
| Website: | www.fpafunds.com |
| Status: | Open |
| Inception Date: | June 2, 1993 |
| Min. Initial Purchase: | $1,500 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 1.05% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.04% |
| Share Class: | FPA Crescent |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 0 |
