FPACX : FPA Crescent Fund

Fund Summary

The investment seeks to generate equity-like returns over the long-term, take less risk than the market and avoid permanent impairment of capital. To pursue the fund's investment objective, the fund's portfolio managers ("portfolio managers") invest in both equity and debt securities of companies. The fund's portfolio managers believe that this combination of securities broadens the universe of opportunities for the fund, offers additional diversification and helps to lower volatility. The portfolio managers invest primarily in equity securities and the balance of the fund's portfolio in debt securities, cash and cash equivalents.