FPA Queens Road Small Cap Value Fund Institutional Class · NASDAQ:QRSIX
FPA Queens Road Small Cap Value Fund Institutional Class — FPA Crescent Fund — Q2 2026 Earnings Presentation
15 slides from FPA Queens Road Small Cap Value Fund Institutional Class's earnings presentation, Aug 6, 2026
Slide 1: Second Quarter 2026 Webcast Presentation
Second Quarter 2026 Webcast Presentation FPA Crescent Fund (FPACX) d s n Presented by: Mark Landecker, Steven Romick, Brian Selmo August 6, 2026 F u P A F For Institutional Investors Use Only. Confidential. Not For Distribution.
Slide 2: FPA Investor Day – Los Angeles
FPA Investor Day – Los Angeles d s un A formal invitation with agenda and RSVP details A F will be sent to all FPA Webcast attendees. F P 2
Slide 3: Performance
Performance Average Annual Total Returns (%) Market Cycle As of June 30, 2026 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- Inception* 10/9/07 1/3/22 6/30/26 FPA Crescent (FPACX) MSCI ACWI ** 10.24 - 9.64 - 8.45 - 9.15 10.26 10.41 d 12.78 s 9.43 10.98 14.81 19.70 14
Slide 4: Executive summary
Executive summary • Despite volatility due to the Iran war and subsequent oil price shocks, the bull market continued in 1H 2026 with the MSCI ACWI and S&P 500 at or near all-time highs, making the stock market even more expensive. s • The Fund’s twelve-month return was 62% of the global market (i.e
Slide 5: Performance contribution
Performance contribution Trailing Twelve-Month Contributors and Detractors (%) Top Contributors Alphabet Performance Contribution 4.00 Percent of Portfolio 5.3 d s Bottom Contributors Charter Communications Performance Contribution -1.08 Percent of Portfolio 0.6 Analog Devices EchoStar 1.80 1.24 3.1
Slide 6: Portfolio composition
Portfolio composition FPA Crescent Fund Asset Class Composition (% of Fund) Risk Asset Q2 2026 Q1 2026 d s Q2 2025 Average Since Manager Inception1 n Common Stock, Long 60.8 59.0 59.2 57.8 Common Stock, Short -0.7 -0.7 -0.3 -4.2 Credit, Long Credit, Short Other 1.4 0.0 1.7 F u2.0 0.0 1.8 2.8 0.0 3.9
Slide 7: High yield doesn’t offer great opportunity
High yield doesn’t offer great opportunity High Yield Index Effective Yield and Spread 1997- Q2 2026 Recession ICE BofA US High-Yield Index Effective Yield d OAS s HY Effectiv e Yield Current 6.9% 2.7% Average 8.4% 5.2% 20% un F 15% A 10% 5% 0% Dec-96 F Nov-01 P Oct-06 Sep-11 Aug-16 Jul-21 Jun-26 Hi
Slide 8: Q&A
d s un Q&A A F F P For Institutional Investors Use Only. Confidential. Not For Distribution. 8
Slide 9: Appendix
d s un Appendix A F F P For Institutional Investors Use Only. Confidential. Not For Distribution. 9
Slide 10: What we are doing
What we are doing International Small and Mid Domestic (under $15bn mkt cap) d s Azelis Bureau Veritas CNH Industrial un Avantor Arthur J Gallagher F Delivery Hero Becton Dickinson Diageo Fluidra Baxter Danaher Grupo Mexico Hirose Electric Bio Rad GE Healthcare Technology Merck KGaA Hoshizaki Fortun
Slide 11: Relative valuation metrics
Relative valuation metrics FPA Crescent Fund Long Equity Holding Valuations and Earnings Growth vs Stock Market s As of June 30, 2026 Price/Earnings Price/Book 3-Year Forward Estimated 1-Year Forward EPS Growth FPA Crescent 6/30/2025 6/30/2026 nd 6/30/2025 6/30/2026 6/30/2025 6/30/2026 Long Equity P
Slide 12: Fund holdings as of June 30, 2026 (%)
Fund holdings as of June 30, 2026 (%) Materials 6.0 Communication Services 8.7 Health Care 7.3 Int'l Flavors & Fragrances 2.0 Alphabet 4.9 Becton Dickinson 1.5 Glencore 1.3 Meta Platforms 2.0 Eurofins Scientific 1.1 Nippon Paint 0.9 Liberty Broadband 0.9 Baxter International 0.8 Amrize 0.8 Comcast 0
Slide 13: Important disclosures
Important disclosures These slides are intended as supplemental material to the Fourth 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 14: Important disclosures
Important disclosures 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 before inves
Slide 15: Important disclosures
Important disclosures 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 performance f