First Pacific On WMDs

First Pacific Advisors, LLC is a Los Angeles based investment manager with an emphasis on value, and the firm’s investment record is testament to its long term success. The FPA Crescent Fund has a return since inception (6 February 1993) of 10.4% per annum, compared to 9.31% for the S&P 500 you can hear him speak at the London Value Investor Conference which ValueWalk will be covering (more on that below). Unfortunately, while the Crescent Fund has an enviable long term record, recently the fund has struggled to match the market with a first quarter performance of 3.37% compared to a return…