Brande Winget on FPA Capital Fund 2Q conference call. Aslo see: Steve Romick Slashes Net Exposure As Stocks Soar On PE Inflation
Brande Winget: Good afternoon, and thank you for joining us today. We’d like to welcome you to the second quarter 2013 conference call for our Small/Midcap Absolute Value Strategy which includes the FPA Capital Fund. My name is Brande Winget and I’m Senior Vice President here at FPA. The audio transcript and visual replay of today’s webcast will be made available on our website FPAFunds.com in approximately one week.
It is now my pleasure to introduce Dennis Bryan, Portfolio Manager of the strategy, Arik Ahitov, Managing Director, and Vice President, Nile Garritson. I will now hand it over to you, Dennis.
Dennis Bryan: Thank you, Brande. On today’s call Arik will discuss the Capital Fund’s performance for the various timeframes, and more importantly, show you the stocks that drove the Fund’s performance year to date, as well as the past year. Next, we’ll go over the portfolio characteristics, and Arik will go into detail on one of the stocks in the portfolio, and then I’ll discuss another large holding in the portfolio. After that I will discuss our market outlook. Finally, we’ll open the call to questions to the listeners, after which Brande will make a brief comment with respect to our recent change to the Fund’s closing language which we updated last month. Arik?
Arik Ahitov: Good afternoon everybody. Thank you very much for joining us this afternoon. If you just go to slide three, I will go over this slide quickly because I will use the next few slides to go deeper in explaining the components of our performance. On this slide you can see our performance for different time periods including since inception compared to both Russell 2000 and Russell 2500. On this slide we can see the major culprit of the last 12 month’s performance. Cash was a major factor to the performance. When the market is trading at rich multiple, we trim our positions and it becomes harder to identify enough companies that fit our buy criteria so we cannot replace what we sell.
FPA Capital Fund Conference Call Audio
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FPA Capital Fund Conference Call Transcript
FPA Capital Fund Conference Call
