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FPA Crescent Fund’s Q3 2025 Investor Letter

Investment management company First Pacific Advisors recently released its “The FPA Crescent Fund” third-quarter 2025 investor letter. In the third quarter, the fund gained 5.54% and 15.32% in the trailing twelve months. The fund’s top five performers contributed 6.65% to its trailing twelve-month return while its bottom five detracted 2.58%. In addition, you can check the top 5 holdings of the fund to know its best picks in 2025.

A copy of FPA Crescent Fund’s Q3 2025 investor letter can be downloaded here.