FPA 2013 Q3 Fund Fact Sheets

FPA 2013 Q3 Fund Fact Sheets below some commentary from FPA Crescent Fund, followed by links to all funds of FPA.

Investment Objective and Strategy

The Fund seeks to generate equity-like returns over the long-term, take less risk than the market and avoid permanent impairment of capital.

Philosophy

Absolute value investors. We seek genuine bargains rather than relatively attractive securities.

Alignment of interests. We invest our money alongside yours, and we act as stewards of our shared capital.

Broad mandate. We invest across the capital structure, asset classes, market caps, industries, and geographies. We are willing to hold cash.

Long-term focus. We believe the best way to accomplish our goals is to accept short-term underperformance in exchange for long-term success.

Macroeconomic view. We incorporate an understanding (sometimes limited) of the economic environment.

Volatility. If we have performed our research correctly, volatility creates opportunity, not risk.

Downside protection / Risk minimization. We aim to protect capital first and create longterm equity-like returns second. We cannot eliminate risk, but we conduct ourselves by hoping for the best, while preparing for the worst.

For additional information, please reference FPA Crescent Fund’s investment policy statement on our website, fpafunds.com.

Performance (%)

*Annualized. Inception of FPA Crescent in June 2, 1993.

The Fund commenced operations on June 2, 1993. The performance shown for periods prior to March 1, 1996 reflects the historical performance of a predecessor fund. FPA assumed control of the predecessor fund on March 1, 1996. The FPA Crescent Fund’s objectives, policies, guidelines and restrictions are, in all material respects, equivalent to those of the predecessor fund.