(PUB) Morningstar FundInvestor
4
Data through May 31, 2013 FPA Crescent
Ticker
Status Yield Total Assets
Mstar Category Moderate Allocation
FPACX Open
0.5% $11,744 mil
Morningstar Analyst Rating 06-04-13
Investment Style Equity Stock %
Historical Profile Return Risk Rating High Average Highest
42% 46% 54% 40% 40% 50% 58% 59% 54%
Œ
Manager Change Partial Manager Change
14.0 18.0 22.0 26.0
Morningstar Pillars Process Performance
Growth of $10,000
Positive Positive Positive Positive Negative
Investment Values of Fund Investment Values of M* MdTgRk
People Parent Price
10.0
§
NAV Total Return % +/-M* MdTgRk +/-Mstr Md Ag Rk Income Return % Capital Return % Total Rtn % Rank Cat Performance Quartile (within Category) History
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 05-13
Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ˇ ¨
17.40
21.79 26.15 3.67 -2.99 0.86 25.29
23.55 10.21 -1.27 -3.86
25.17 10.83
26.40 12.43 -0.52 -3.56
25.29
19.59
24.82 28.37
26.79 12.04 -0.29 -2.88
26.78
29.29 10.33 -1.71 -4.00
31.34 11.34
3.71
-20.55 6.84
3.02 2.43 4.95 1.16 1.86 0.31 0.51 1.13 0.87 13
10.40 16.01
3.79 1.98 1.43 9.40 0.34 0.58 1.40 0.57 2
-1.79 -2.10 2.88
1.64
6.60 0.82 1.56
4.94 2.43 0.17
10.10
2.52 1.19 0.43 0.00 1.50 1.73 1
0.37 9.84 0.08 0.37 1.41 0.67 30
2.13
1.47
1.30
0.45 9.88 0.12 0.12 1.16 0.62 79
10.30
-22.02 3.96
26.81
10.74
11.17
9
25
37
10
23
47
5
Pillar Spectrum Positive
0.15 0.00 1.54 2.06
0.53 1.34 1.39 1.45
0.75 2.16 1.25 2.68
0.37 0.23 1.22 2.06
0.31 0.00 1.23 1.65
0.32 0.64 1.17 1.32
0.05 1.11
Income $
§ Negative
¶ Neutral
Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil
. . .
Performance 05-31-13 1st Qtr 2nd Qtr
3rd Qtr
4th Qtr
Total
34
39
20
17
24
29
29
32
32
32
26
2009 2010 2011 2012 2013
-2.45 14.97 4.27 -5.91 4.44 0.50 6.65 -2.91
8.76 5.25 28.37 7.38 6.35 12.04
209
381
915
1,280
1,411
1,318
1,191
2,659
4,813
7,479
11,744 9,917
-9.73 8.72
3.02
Rating and Risk Time Load-Adj
Portfolio Analysis 03-31-13 Total Stocks:42
4.55 1.91 10.33
7.22
Morningstar
Morningstar Risk vs Cat
Morningstar Risk-Adj Rating
. . . .
P/E
YTD % Net
Period Return % Rtn vs Cat
Share change since 12-31-12
Sectors
Ratio Return % Assets 18.6 13.75 3.39 15.9 19.83 3.30 14.7 10.96 2.90 18.6 38.63 2.49 20.9 28.06 2.10
1 Yr 3 Yr 5 Yr
21.70 12.55
Trailing
Total
+/- M* +/- Mstr
%Rank Growth of
Aon
Finan Svs Cnsmr Def Hlth care Hlth care Hlth care
Return% MdTgRk Md Ag Rk
Cat
$10,000
+Avg +Avg High
Avg -Avg Avg
CVS Caremark Corp Microsoft Corporation
3 Mo 6 Mo 1 Yr
6.09 3.07 13.31 5.69 21.70 5.63 12.55 1.77 6.45 1.47 9.31 1.52
1.84 2.56 0.14 -0.09 1.88 0.66
9 10,609 5 11,331 8 12,170 15 14,257 8 13,669 2 24,356 3 34,853
6.45 9.31
Technology 14.7 32.72 2.96
10 Yr Incept
Covidien, Ltd.
11.06
Thermo Fisher Scientific
3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg
Omnicare Inc
Other Measures
Standard Index Best Fit Index M* MdTgRk Mstr Lft Mod 2040
Cisco Systems Inc
Technology 12.7 24.84 2.02
Anheuser-Busch Inbev SA A Cnsmr Def
19.6 7.79 1.90
Alpha
2.0
3.3
8.68
. .
Google, Inc. Class A
Technology 21.9 21.45 1.79 Date of Amount Value % Net
Beta
0.96
0.62
R-Squared
90
93
Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat 3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated) 11.54 14 0.89 76 5.63 6 0.77 50 8.35 1 0.88 42 Potential Capital Gain Exposure: 17% of assets Morningstar’s Take by Dan Culloton 06-04-13 Even with a more limited palette, FPA Crescent paints a promising picture. The fund has achieved great returns and has gotten noticed. Since its 1993 inception through May 31, 2013, this fund’s 11% annualized gain beats all comers in the moderate-allocation category. Furthermore, the fund whose stated aim is to deliver equitylike returns without the attendant volatility also has bested about 90% of domestic-stock funds in that time while losing less than most stock and allocation funds in down markets, such as 2002, 2008, and 2011. That’s attracted investors scarred by this century’s bear markets. Assets in the fund have swelled from around $1 billion in 2008 to nearly $12 billion. Success has its downside. The fund’s heavier asset load limits its ability to invest as much in small- and mid-cap stocks, which helped its past performance. The fund needs a larger share of average daily trading volume to build a smaller average position size in small- and mid-caps than it did in 2007, shortly before it fully reopened to investors. At the end of 2007, the
Total Fixed-Income:26 U.S. Farming Realty Trust Stanwich Mtg Ln Tr Ser 20
Maturity
$000
$000 Assets
Standard Deviation
9.20
34,416 37,361 0.33
Mean
12.55
08-15-50 46,091 24,309 0.21 03-15-16 18,785 19,442 0.17 02-28-57 32,187 16,229 0.14 06-15-14 15,230 16,182 0.14 12-15-17 15,366 15,472 0.14 09-15-50 28,433 15,217 0.13 06-15-51 33,941 15,072 0.13 08-31-49 24,587 11,489 0.10
Sharpe Ratio
1.33
Istar Finl 5.875%
Stanwich Mtg Ln Tr Ser 20
Rri Engy 7.625%
Amer Gen Fin Medtm Srnt B Stanwich Mtg Ln Tr Ser 20 Stanwich Mtg Ln Tr Ser 20 Stanwich Mtg Ln Tr 2010-4
fund’s average small- and mid-cap long position of 1.30% typically required less than a day of trading volume. Recently, its average small- and mid-cap long position of 0.91% needed about three days’ volume. That limitation need not be a handicap, though. Steve Romick, the manager here since inception, is an omnivorous contrarian who has demonstrated over two decades that he can sniff out value among stocks of all sizes and bonds of varying credit quality. His advantage is patiently waiting for value to emerge and then deploying accumulated cash dispassionately when and where it does. The market cap of the securities that he invests in matters less than his insistence on a margin of safety, and there is no sign of compromise on that front. Indeed, the fund has nearly a third of the portfolio in cash because Romick says attractive opportunities have diminished as stocks have risen and bond yields have fallen. That will change eventually; when it does, Romick now has a larger team to help sift for bargains. This fund is ready for what comes next.
Equity Style
Fixed-Income Style Duration: . Quality: . Avg Eff Duration Avg Eff Maturity Avg Credit Quality Avg Wtd Coupon figure provided by fund 1 1
Style: Blend Size: Large-Cap Value Measures Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield % Growth Measures Long-Term Erngs Book Value Sales Cash Flow Historical Erngs
. . .
Rel Category
13.56 1.41 1.06 5.27 1.92 11.13 3.95 -4.56
0.96 0.75 0.88 0.77 0.80
5.88%
Sector Weightings
% of Stocks
Rel M* MdTgRk High
3 Year Low
% Rel Category
1.10 3.56 NMF 12.74 0.20
Cyclical 33.68 0.88 BasicMat 0.00 0.00 2 0 CnsmrCyc13.84 1.22 14 5 FinanSvs 19.84 1.17 20 11 Real Est 0.00 0.00 . . Sensitive 28.55 0.74 CommSrvs 0.00 0.00 4 2 Energy 6.37 0.68 21 6 Industrl 0.80 0.06 5 1 Technlgy 21.38 1.77 21 6 Defensive37.77 1.63 CnsmrDef19.81 2.20 28 18 Hlthcare 17.96 1.78 23 16 Utilities 0.00 0.00 . .
h r t y u j i o p a k s d f
9.81 0.89
Market Cap % Giant 43.6 Large 37.4 Mid 17.1
Small Micro
1.9 0.0
Avg $mil:
35,006
Address:
FPA Funds Trust Los Angeles, CA 90064 800-982-4372 www.fpafunds.com
Minimum Purchase: Min Auto Inv Plan:
$1500 $100
Add: $100 IRA: $100
Composition - Net
Add: $100
Cash 38.1 Stocks 53.7 Bonds 2.1 Other 6.1 Foreign 21.9
Sales Fees:
No-load, 2.00%R
Web Address: Inception: Advisor: Subadvisor: NTF Plans:
Management Fee:
1.00%
06-02-93
Actual Fees:
Mgt:1.00% Dist: .
First Pacific Advisors, LLC
Expense Projections: Income Distribution:
3Yr:$400
5Yr:$692 10Yr:$1523
None
Semi-Annually
(% of Stock)
Schwab OneSource, DATALynx NTF
Mutual Funds ß ®
© 2013Morningstar, Inc.All rights reserved. The information herein is not representedorwarranted to be accurate, correct, complete or timely. Past performance isnoguaranteeof future results.Accessupdated reportsat Toorder reprints, call312-696-6100. mfb.morningstar.com.
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