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Notes From the Fieldby Martin Weil

February 3, 2012

Morningstar on FPA Crescent

We started buying FPA Crescent in 2005 for our Conservative accounts, adding the fund to all our portfolios during the 2008 financial panic. As of 12/31, FPACX was the largest equity-oriented fund in our MW Investment Strategy client composite.  Morningstar Advisor profiles the FPA fund and manager Steve Romick this month, and notes that the fund has outperformed all but one moderate allocation fund as well as the S&P 500 index since inception.

Romick’s mix of strong conviction in his picks and aversion to losses has resulted in a superb long-term record. The fund has beaten all but one of its 70 moderate-allocation peers that have been in operation since the fund’s 1993 inception through Jan. 22, 2012, and is more than an annualized 3 percentage points ahead of the S&P 500 over that span. (The fund is also in the category’s top 2 percent over five, 10, and 15 years through Jan. 22, 2012.) It’s been less volatile than the category and the index as well.

An added point of value and one that has long been an important criteria in our fund selection process:

With more than $1 million in the fund, Romick is substantially invested alongside shareholders.

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