FPA Queens Road Small Cap Value Fund Institutional Class · NASDAQ:QRSIX
FPA Queens Road Small Cap Value Fund Institutional Class — FPA Crescent Fund — Investor Presentation (August 2025)
28 slides from FPA Queens Road Small Cap Value Fund Institutional Class's investor presentation, Aug 7, 2025
Slide 1: FPA Crescent Fund Second Quarter 2025 Webcast Presentation
LP o r s, v is Ad ficFund (FPACX) FPA Crescent c i P a Second Quarter 2025 Webcast Presentation i r s t Presented by: Steven Romick, Mark Landecker, Brian Selmo August 7, 2025 F Follow us on:
Slide 2: Performance
Performance Since 30 Yr 20 Yr 15 Yr 10 Yr 5 Yr 3 Yr 1 Yr YTD QTD 3/25/00- 10/10/07- 1/4/22- As of June 30, 2025 Inception* 10/9/07 1/3/22 6/30/25 FPA Crescent Fund (FPACX) 10.10 9.87 8.34 9.47 8.69 13.71 15.26 13.32 8.14 8.36 14.70 7.65 8.76 MSCI ACWI** - - - - 9.99 13.65 17.35 16.17 10.05 11.53 - 6
Slide 3: Executive summary
Executive summary • Despite volatility in April around “Liberation Day” tariffs, the bull market continued in 1H 2025 with the MSCI ACWI and S&P 500 ending at new highs, making the stock market more expensive. • Crescent performed well on an absolute basis and relative to its net risk exposure durin
Slide 4: Quarter and Trailing Twelve-Month Performance vs Indices
Performance Quarter and Trailing Twelve-Month Performance vs Indices June 30, 2025 Q2 2025 P Trailing 12-month L s, FPA Crescent – FPACX* 8.36 13.32 FPA Crescent – Long Equity** 13.41 o r 17.26 MSCI ACWI v is 11.53 16.17 Ad S&P 500 10.94 15.16 60% MSCI ACWI / 40% Bloomberg US Agg 7.34 12.14 f i c ci
Slide 5: US growth stocks outperformed (again)
US growth stocks outperformed (again) Trailing Twelve-Month Performance vs Indices June 30, 2025 25% LP s, 19.88% 20% 17.72% 17.26% 15% 16.71% 16.26% 16.17% 15.62% s o r 15.29% 15.16% 13.32% Return 10% dv i 9.63% 5% ic A i f ac 0% S&P 500 MSCI FPACX MSCI MSCI MSCI MSCI MSCI EM S&P 500 FPACX* S&P 500
Slide 6: Stock selection drives differentiated returns
Stock selection drives differentiated returns Long Equity Carve-Out Gross Performance vs Indices (%) CAGR 1/1/07 to 6/30/2025 1/1/11 to 6/30/2025 YTD 6/30/2025 FPA Crescent Fund Long Equity 11.38 10.77 LP 11.86 MSCI ACWI* o r7.27 s, 10.05 is Excess Return vs. MSCI ACWI 3.50 1.81 v Ad S&P 500 10.43 1
Slide 7: Performance contribution
Performance contribution Trailing Twelve-Month Contributors and Detractors June 30, 2025 Top Contributors Performance Percent of Bottom Contributors LP Performance Percent of s, Contribution Portfolio Contribution Portfolio Meta Platforms 1.34 3.1 r Int'l Flavors & Fragrances o -0.52 2.2 is Holcim/A
Slide 8: Global markets plunged quickly, but rebounded quickly
Global markets plunged quickly, but rebounded quickly Post Liberation Day Decline and Recovery MSCI ACWI & S&P 500 Index Decline Recovery Percent LP s, April 2-8 April 8-9 Recovery MSCI ACWI -11.1% 5.7% o r 51.4% is S&P 500 -12.1% 9.5% 78.5% v i c Ad ci f P a ir s t F Source: Bloomberg. Past perform
Slide 9: A volatile first half of 2025
A volatile first half of 2025 Daily Pricing in the First Half of 2025 MSCI ACWI & S&P 500 December 31, 2024 to June 30, 2025 LP s, S&P 500 Index Level (LHS) MSCI ACWI Index Level (RHS) 6,400 o r 920 v is Ad 6,000 870 f i c ci 5,600 820 P a 5,200 ir s t 770 4,800 12/31/2024 F 2/28/2025 4/30/2025 720
Slide 10: Less volatile when you look at the endpoints
Less volatile when you look at the endpoints Semi-Annual Pricing in the First Half of 2025 MSCI ACWI & S&P 500 December 31, 2024 to June 30, 2025 LP s, S&P 500 Index Level (LHS) MSCI ACWI Index Level (RHS) 6,300 o r 950 v is i c Ad 900 6,000 ci f P a 850 ir s t 5,700 12/31/2024 F 800 6/30/2025 Sourc
Slide 11: Valuations remain at or above average
Valuations remain at or above average Valuations by Country/Region P/E, next 12 months LP o r s, v is i c Ad ci f P a ir s t F As of June 30, 2025. Forward Price to Earnings is a version of the ratio of price-to-earnings (P/E) that uses forecasted earnings for the P/E calculation. Source: J.P. Morga
Slide 12: Global breadth
Global breadth Net Equity Geographic Exposure June 30, 2025 Domicile Revenue LP United States International 59.5 40.5 o r 46.1 55.3 s, Developed v 36.8 is 28.3 Ad Emerging Mark ets 3.7 17.2 f i Rest of World (Uncategorized) c - 9.8 a ci s t P F ir Source: Factset, based on country of domicile and re
Slide 13: Relative equity valuation metrics
Relative equity valuation metrics FPA Crescent Fund Long Equity Holding Valuations and Earnings Growth vs Stock Market June 30, 2025 Price/Earnings 1-Year Forward Price/Book LP 3-Year Forward Estimated EPS FPA Crescent o r s, Growth Long Equity Portfolio vs. MSCI ACWI 16.1x -14% v is 2.1x -37% 22% 6
Slide 14: Equity exposure generally moves inversely to market
Equity exposure generally moves inversely to market FPA Crescent Net Equity Exposure vs MSCI ACWI Q4 2022 vs Q2 2025 75% FPA Crescent Net Equity Exposure MSCI ACWI Index Level LP 950 s, FPA Crescent Net Equity Exposure 73% 71% s o r 850 i MSCI ACWI Index Level 68.5% 69% v Ad 67.0% 67% 750 65.3% c 65
Slide 15: Exposure shifts as a function of opportunity
Exposure shifts as a function of opportunity Returns and Valuations by Style June 30, 2025 LP o r s, v is i c Ad ci f P a ir s t F Source: JP Morgan Guide to the Markets 3Q25, FactSet, FTSE Russell, S&P. All calculations are cumulative total return, including dividends reinvested for the stated peri
Slide 16: Q&A
LP o rs, v is Q&A i c Ad ci f P a ir s t F 16
Slide 17: Appendix
LP o rs, v is Appendix i c Ad ci f P a ir s t F 17
Slide 18: Value is in the eye of the beholder
Value is in the eye of the beholder Valuations by Sector P/E, next 12 months LP o r s, v is i c Ad ci f P a ir s t F Source: Goldman Sachs, US Weekly Kickstart, June 27, 2025. Past performance is no guarantee, nor is it indicative, of future results. Please refer to the end of the presentation for i
Slide 19: 5-year rolling returns by market type since inception
5-year rolling returns by market type since inception 30% Down Market Normal Market Robust Market FPA Crescent Fund (Net) 20% LP s, 10% o r 0% v is -10% -10% 0% i c Ad 10% 20% 30% f S&P 500 a ci Down Market Normal Market Robust Market s t FPA Crescent (FPACX - average net return %) P S&P 500 5yr Ave
Slide 20: Faster Max Recovery Time
Faster Max Recovery Time Max Time to High-Water Mark (in Years) LP 8 o r s, is 6.1 6 v Ad Years 4 3.5 3.3 f i c ci 1.8 2 0 P a ir s t FPA Crescent Fund S&P 500 60% S&P 500 / 40% BBG US Agg Morningstar Global Moderate Allocation Category F Source: Morningstar Direct. Comparison to any index or catego
Slide 21: Portfolio Composition
Portfolio Composition FPA Crescent Fund Asset Class Composition June 30, 2025 Risk Asset Q2 2025 Q1 2025 Q2 2024 LP Average s, Since Inception1 Common Stocks, Long 59.2 56.7 o r 62.4 57.8 Common Stocks, Short -0.3 v -0.1 is -0.7 -4.4 Ad Credit, Long 2.8 2.4 3.2 11.1 Credit, Short 0.0 0.0 0.0 -0.1 f
Slide 22: Performance
Performance Annual Performance (%)* 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 FPA Crescent Fund (FPACX) 13.96 20.27 -9.20 15.17 12.11 20.02 -7.43 10.39 10.25 -2.06 6.64 MSCI ACWI** 17.49 22.20 -18.36 18.54 16.25 26.60 -9.41 23.97 7.86 -2.36 4.16 P S&P 500 25.02 26.29 -18.11 28.71 18.40
Slide 23: Fund holdings
Fund holdings as of June 30, 2025 Communication Services 14.4 Health Care 1.9 Preferred Stocks 0.0 Alphabet 5.4 Eurofins Scientific 0.8 Gulfport Energy 0.0 Meta Platforms 3.2 ICON 0.6 Comcast 2.5 Bio-Rad Laboratories 0.5 Exchange Traded Funds 0.0 Charter Communications 1.3 Nintendo 1.1 Industrials 5
Slide 24: Important disclosures
Important disclosures These slides are intended as supplemental material to the Second Quarter 2025 FPA Crescent Fund audio presentation and transcript that are posted on FPA's website at fpa.com. This presentation is for informational and discussion purposes only and does not constitute, and should
Slide 25: Important disclosures (continued)
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 policies and other matters of interest to a prospective investor. Please read the Prospectus carefully
Slide 26: Important disclosures (continued)
Important disclosures (continued) Index / Benchmark / Category Definitions Index returns are provided for comparison purposes only. Indices are unmanaged and index returns do not reflect transactions costs (e.g., commissions), investment management fees or other fees and expenses that would reduce p
Slide 27: Important disclosures (continued)
Important disclosures (continued) Bloomberg (BBg) US Aggregate Bond Index provides a measure of the performance of the U.S. investment grade bonds market, which includes investment grade U.S. Government bonds, investment grade corporate bonds, mortgage pass-through securities and asset-backed securi
Slide 28: Important disclosures (continued)
Important disclosures (continued) Net Risk Exposure is a measure of the extent to which a fund’s trading book is exposed to market fluctuations. Regarding the Fund, it is the percent of the portfolio exposed to Risk Assets. Price to Earnings is the ratio for valuing a company that measures its curre
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