FPA Crescent Fund 3Q20 Commentary

FPA Crescent Fund commentary for the third quarter ended September 2020, discussing that more than half of the stocks in the ACWI and S&P have declined in value this year.Q3 2020 hedge fund letters, conferences and moreH/T DataromaDear Shareholders:OverviewThe FPA Crescent Fund (“Fund” or “Crescent”) gained 3.80% for the third quarter and declined -5.12% for the first nine months of 2020.1The global MSCI ACWI Index (“ACWI”) advanced 8.13% in the third quarter, while the domestic S&P 500 Index (“S&P”) increased 8.93%. Year-to-date through September, the ACWI and S&P returned 1.37% and 5.57%, re…

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HEDGE accordingly