FPA Crescent Fund’s Q2 2023 Investor Letter

Investment management company First Pacific Advisors recently released its “FPA Crescent Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund (Institutional Class) gained 6.29%. It gained 16.13% in the trailing twelve months. The fund has captured 97.6% of the MSCI ACWI Index’s return over the past 12 months outperforming the average net risk of 73.8%. Crescent’s top and bottom performers had a significant impact on its return, with the top five contributing 6.19% and the bottom five detracting 1.54% in the previous twelve months. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.