FPA Queens Road Small Cap Value Fund Institutional Class · NASDAQ:QRSIX
FPA Queens Road Small Cap Value Fund Institutional Class — FPA Crescent Fund — Q1 2022 Earnings Presentation
12 slides from FPA Queens Road Small Cap Value Fund Institutional Class's earnings presentation, Apr 27, 2022
Slide 1: FPA Crescent Fund First Quarter 2022 Q&A Conference Call
L P r s , i so d v FPA Crescent A i f i c Fund (FPACX) a c First Quarter 2022 Q&A Conference Call P Presented by: Steven Romick, Mark Landecker, Brian Selmo t April 27, 2022 i rs Follow us on: F
Slide 2: Performance
P Performance Trailing Performance (%) , L Market Cycle s Performance r 3/25/00- 10/10/07- As of Date: 3/31/2022 Inception* 20 Years 15 Years 10 Years 5 Years 3 Years 1 Year YTD QTD 10/9/07 3/31/22 o FPA Crescent Fund (FPACX) 10.04 8.43 7.42 8.35 8.22 10.67 1.70 -3.08 -3.08 14.70 7.26 s MSCI ACWI NR
Slide 3: Q&A
L P r s , i so d v c A Q&A i f i a c t P F i rs 3
Slide 4: Appendix
L P r s , i so d v c A Appendix i f i a c t P i rs F 4
Slide 5: US Shiller P/E and Stock Market as a Percent of GDP
L P US Shiller Price to Earnings (“P/E”) r US and World Ex-US s , o Stock Market as a Percent of GDP 45 vi s Price-Earnings Ratio (CAPE, P/E10) 270% US World Ex-US Stock Market as a Percent of GDP 40 d 240% 35 34.91 210% A 30 180% 25 150% fi i c 20 120% 15 90% c 10 60% 5 30% a 0 0% '80 '85 '89 '93 '
Slide 6: Twelve-Month Forward Price to Earnings Ratio Discount
L P Twelve-Month Forward Price to Earnings Ratio Discount MSCI AC World Index ex-US vs S&P 500 Index r s , i so d v c A i f i a c t P F i rs As of March 31, 2022. Source: Factset, MSCI, Standard & Poor's, J.P. Morgan Asset Management Guide to the Markets. Forward Price to Earnings is a version of th
Slide 7: Top equity holdings
P Top 10 equity holdings , L s FPA Crescent Fund Top 10 Equity Holdings by Weight Portfolio Holding Portfolio Weight o r i s Alphabet 5.9% SPACs (various issues) 3.4% v Comcast Corp-Class A 3.3% d American International Group 3.0% Analog Devices Inc 2.8% A Broadcom Inc 2.7% Holcim Ltd 2.7% c Te Conn
Slide 8: Fund holdings as of March 31, 2022
P Fund holdings as of March 31, 2022 , L s Communication Services 17.0% Industrials 6.6% Credit – Long 0.4% Alphabet 5.9% Howmet Aerospace 1.4% McDermott International 0.2% r Comcast 3.3% Univar 1.1% Lealand Finance 0.2% Charter Communications 2.2% Wabtec 1.0% Gulfport Energy 0.0% o Meta Platforms 2
Slide 9: Important disclosures
P Important disclosures , These slides are intended as supplemental material to the First Quarter 2022 FPA Crescent Fund audio presentation and transcript that are posted on FPA's website at L s www.fpa.com. r This presentation is for informational and discussion purposes only and does not constitut
Slide 10: Important disclosures (continued)
P Important disclosures (continued) , You should consider the Fund's investment objectives, risks, and charges and expenses carefully before you invest. The Prospectus details the Fund's objective and L s policies and other matters of interest to a prospective investor. Please read the Prospectus ca
Slide 11: Important disclosures (continued)
P Important disclosures (continued) , L Investing in Special Purpose Acquisition Companies (“SPACS”) involves risks. Because SPACs and similar entities have no operating history or ongoing business other than seeking s acquisitions, the value of their securities is particularly dependent on the abil
Slide 12: Important disclosures (continued)
P Important disclosures (continued) , Bloomberg US Aggregate Bond Index provides a measure of the performance of the US investment grade bonds market, which includes investment grade U.S. Government bonds, L s investment grade corporate bonds, mortgage pass-through securities and asset-backed securi