Rationale Behind FPA Crescent Fund’s Sale of Microsoft (MSFT)

Investment management company First Pacific Advisors recently released its fourth-quarter 2025 investor letter for “The FPA Crescent Fund”. A copy of the letter can be downloaded here. The company primarily avoids speculative sectors of the market and adopts a "value-aware" perspective with an emphasis on long-term investments. In Q4, the Fund returned 3.09%, bringing the yearly returns to 17.65%. The twelve-month return was 79.0% of the global market, MSCI AWCI, exceeding the average net risk exposure of 64.9%. In addition, you can check the Fund's top five holdings to see its best...