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.

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