Here’s What Made Amazon.com (AMZN) a Performance Detractor for First Pacific Advisors

Investment management company First Pacific Advisors recently released its “FPA U.S. Core Equity Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund returned -18.92% net of fees and expenses compared to a return of -16.10% for the S&P 500 Index. The fund’s underperformance in the quarter was attributed to the greater exposure to low-performed consumer discretionary, communication services, and information technology...