- ISIN
- US30254T7596
- CUSIP
- 30254T759
- Issuer
- FPA
- Inception Date
- Jun 1, 1993
- Category
- Diversified Portfolio
- Min. Investment
- $1,500
- Distribution Policy
- Distributing
- Asset Class
- Multi-Asset
- Asset Class Size
- Large-Cap
- Asset Class Style
- Value
Share Price Chart
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Performance
FPACX Performance Chart
FPA Crescent Fund (FPACX) is up 5.7% since the beginning of the year. FPACX is currently trading at $46 per share. Investors who bought $1,000 worth of FPACX shares 5 years ago would now be looking at an investment worth $1,575.
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Returns By Period
FPA Crescent Fund (FPACX) has returned 5.71% so far this year and 17.84% over the past 12 months. Over the last ten years, FPACX has returned 10.25% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
FPA Crescent Fund
- 1D
- 0.80%
- 1M
- 1.67%
- YTD
- 5.71%
- 6M
- 5.68%
- 1Y
- 17.84%
- 3Y*
- 14.69%
- 5Y*
- 9.51%
- 10Y*
- 10.25%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
FPACX Monthly Returns History
Based on dividend-adjusted daily data since Jun 2, 1993, FPACX's average daily return is +0.04%, while the average monthly return is +0.82%. At this rate, an investment would double in approximately 7.1 years.
Historically, 65% of months were positive and 35% were negative. The best month was Jan 2001 with a return of +12.6%, while the worst month was Mar 2020 at -16.3%. The longest winning streak lasted 14 consecutive months, and the longest losing streak was 5 months.
On a daily basis, FPACX closed higher 53% of trading days. The best single day was Mar 24, 2020 with a return of +6.6%, while the worst single day was Dec 18, 1995 at -10.0%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2.58% | 0.93% | -4.91% | 5.21% | 1.72% | 0.33% | 5.71% | ||||||
| 2025 | 2.91% | 0.12% | -3.14% | 0.07% | 4.21% | 3.91% | 0.98% | 3.27% | 1.21% | 0.64% | 0.96% | 1.48% | 17.69% |
| 2024 | 0.41% | 2.40% | 3.02% | -2.00% | 3.97% | -0.57% | 1.99% | 0.38% | 1.29% | -0.12% | 2.46% | -1.29% | 12.42% |
| 2023 | 7.02% | -1.96% | 0.80% | 1.42% | -0.28% | 5.10% | 3.35% | -1.91% | -1.84% | -2.60% | 6.21% | 3.96% | 20.30% |
| 2022 | -1.41% | -1.59% | -0.11% | -5.97% | 2.28% | -5.72% | 4.90% | -2.78% | -6.56% | 4.62% | 6.78% | -2.94% | -9.20% |
| 2021 | -0.19% | 7.19% | 2.60% | 3.67% | 1.00% | -1.39% | 0.08% | 2.22% | -2.49% | 2.75% | -3.24% | 2.40% | 15.09% |
Benchmark Metrics
FPA Crescent Fund has an annualized alpha of 4.97%, beta of 0.48, and R2 of 0.67 versus S&P 500 Index. Calculated based on daily prices since June 02, 1993.
- This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (65.18%) than losses (54.72%) - typical of diversified or defensive assets.
- This fund generated an annualized alpha of 4.97% versus S&P 500 Index - delivering returns beyond what market exposure alone would predict.
- Beta of 0.48 indicates this fund moves significantly less than S&P 500 Index - a genuinely defensive profile with reduced participation in both market rallies and downturns.
- Alpha
- 4.97%
- Beta
- 0.48
- R²
- 0.67
- Upside Capture
- 65.18%
- Downside Capture
- 54.72%
Expense Ratio
FPACX has a high expense ratio of 1.00%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
FPACX ranks 50 for risk / return — on par with similar mutual funds. You're getting a typical balance of risk and reward. Not a standout, but not a red flag either — a reasonable choice if other factors align with your goals.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for FPA Crescent Fund (FPACX) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| FPACX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.37 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.40 | 2.78 | -0.38 |
| Martin ratioReturn relative to average drawdown | 9.05 | 12.44 | -3.38 |
Dividends
Dividend History
FPA Crescent Fund provided a 9.08% dividend yield over the last twelve months, with an annual payout of $4.14 per share. The fund has been increasing its distributions for 3 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $4.14 | $4.14 | $3.20 | $1.44 | $0.26 | $4.30 | $1.72 | $1.57 | $2.62 | $1.29 | $1.63 | $1.97 |
Dividend yield | 9.08% | 9.60% | 7.95% | 3.72% | 0.77% | 11.62% | 4.80% | 4.65% | 8.87% | 3.70% | 4.98% | 6.34% |
Monthly Dividends
The table displays the monthly dividend distributions for FPA Crescent Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.52 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $3.62 | $4.14 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.69 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2.50 | $3.20 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.40 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.03 | $1.44 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.26 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.26 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.08 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $3.22 | $4.30 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the FPA Crescent Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the FPA Crescent Fund was 31.60%, occurring on Nov 20, 2008. Recovery took 341 trading sessions.
The current FPA Crescent Fund drawdown is 0.78%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Financial crisis2007–2009 | -31.60%Nov 2008 | 5mo 17d | 1y 4mo | 1y 9moJun 2008 - Apr 2010 |
COVID crash2020 | -29.46%Mar 2020 | 1mo 9d | 7mo 21d | 9moFeb 2020 - Nov 2020 |
2000 bear market2000 | -20.41%Feb 2000 | 7mo 28d | 11mo 9d | 1y 7moJul 1999 - Jan 2001 |
1998 correction1998 | -19.27%Oct 1998 | 4mo 27d | 7mo 15d | 1y 7dMay 1998 - May 1999 |
Bear market2022 | -18.47%Sep 2022 | 10mo 19d | 9mo 15d | 1y 7moNov 2021 - Jul 2023 |
Drawdown Indicators
| FPACX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.60% | -56.78% | +25.18% |
Max Drawdown (1Y)Largest decline over 1 year | -7.37% | -9.10% | +1.73% |
Max Drawdown (3Y)Largest decline over 3 years | -10.95% | -18.90% | +7.95% |
Max Drawdown (5Y)Largest decline over 5 years | -18.47% | -25.43% | +6.96% |
Max Drawdown (10Y)Largest decline over 10 years | -29.46% | -33.92% | +4.46% |
Current DrawdownCurrent decline from peak | -0.78% | -1.80% | +1.02% |
Average DrawdownAverage peak-to-trough decline | -3.87% | -10.71% | +6.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.95% | 2.03% | -0.08% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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