FPA Crescent Fund’s Q4 2020 Investor Letter

FPA Crescent Fund, an investment management firm, published its fourth quarter 2020 investor letter – a copy of which can be downloaded here.  A return of 18.15% was recorded by the fund’s institutional shares for the Q4 of 2020, above its S&P 500 benchmark that delivered a 12.15% return. You can view the fund’s top 5 holdings to have a peek at their top bets for 2021.