FPA Crescent Fund

Steve Romick's FPA Crescent Fund Q4: In Bull Markets “Smarter” are those who invest in the most financially-leveraged entities

Steve Romick's FPA Crescent Fund commentary for the fourth quarter ended December 31, 2015.

Dear Shareholders:

The FPA Crescent Fund increased 2.80% in the fourth quarter but declined 2.06% in 2015, only the third year out of the last 22 in which the Fund has lost money. Global markets were down for the year. The S&P 500 was up 7.04% and 1.38% in the fourth quarter and year, respectively. However, the MSCI All Country World Index (ACWI)1 was up 5.03% in the quarter but fell 2.36% for the year.


This content is exclusively for paying members. Access all of our content on including years of timeless investment news and in depth analysis for only a few dollars a month by signing up here while also supporting quality content and journalism, or learn more about our premium content here

If you are subscribed and having an account error please clear cache and then cookies if that does not work email support@valuewalk.com or click chat button and we will get back to you as quick as humanly possible

Saved Articles

Subscribe to our mailing list

* indicates required

Opt out of occasional 3rd party offers