FPA Crescent Fund

FPA Crescent Fund 2Q16 Commentary – Gains On Energy

FPA Crescent Fund commentary for the second quarter ended June 30, 2016.

H/T Dataroma

Dear Shareholders:

The FPA Crescent Fund (“the Fund”) returned 0.39% in the second quarter of 2016 and 0.19% in the first half of the year. This compares to 2.46% and 3.84%, respectively, for the S&P 500 and 0.99% and 1.23%, respectively, for the MSCI ACWI index.

In the most . . .

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