FPA Queens Road Small Cap Value Fund Institutional Class · NASDAQ:QRSIX
FPA Queens Road Small Cap Value Fund Institutional Class — FPA Crescent Fund — Q4 2025 Earnings Presentation
27 slides from FPA Queens Road Small Cap Value Fund Institutional Class's earnings presentation, Feb 4, 2026
Slide 1: FPA Crescent Fund Fourth Quarter 2025 Webcast Presentation
L P rs , i s o d v FPA Crescent i c A Fund (FPACX) c i f P a Fourth Quarter 2025 Webcast Presentation s t Presented by: Steven Romick, Mark Landecker, Brian Selmo ir F February 4, 2026 Follow us on:
Slide 2: Performance (%)
Performance (%) Trailing Performance (%) Market Cycle 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 December 31, 2025 Inception* 10/9/07 1/3/22 12/31/25 FPA Crescent Fund (FPACX) 10.22 9.80 8.47 9.12 9.84 11.02 17.27 17.65 17.65 3.09 14.70 7.65 9.91 MSCI ACWI*
Slide 3: Executive summary
Executive summary • Despite volatility in April around “Liberation Day” tariffs, the bull market continued in 2025 with the MSCI ACWI and S&P 500 ending at near all-time highs, making the stock market even more expensive. L P • Twelve-month return was 79.0% of the global market (i.e., MSCI AWCI) out
Slide 4: Relative performance
Relative performance Quarter and Trailing Twelve-Month Performance vs Indices December 31, 2025 Q4 2025 L P Trailing 12-month FPA Crescent – FPACX* FPA Crescent – Long Equity** 3.09 4.30 rs , 17.65 24.97 MSCI ACWI i s 3.29o 22.34 S&P 500 d v 2.66 17.88 60% MSCI ACWI / 40% Bloomberg US Agg ic A 2.42
Slide 5: Emerging markets and non-US led the way in 2025
Emerging markets and non-US led the way in 2025 Trailing Twelve-Month Performance vs Indices December 31, 2025 40% 35% 33.57% 30% 32.39% L P 25% 24.97% 22.44% 22.34% 22.18% 21.98% rs , Return 20% i s o 21.09% 17.88% 17.65% 15% d v 13.19% 10% ic A 5% i f 0% MSCI EM MSCI P FPACX ac MSCI MSCI S&P 500 M
Slide 6: Performance contribution
Performance contribution Trailing Twelve-Month Contributors and Detractors December 31, 2025 Top Contributors Performance Contribution Percent of Portfolio Bottom Contributors L P Performance Contribution Percent of Portfolio Alphabet 3.19 5.0 CarMax rs , -0.64 0.9 Citigroup 1.45 2.4 s o Charter Com
Slide 7: Portfolio Composition
Portfolio Composition FPA Crescent Fund Asset Class Composition December 31, 2025 Risk Asset Q4 2025 Q3 2025 P Q4 2024 L Average Since Inception1 Common Stock, Long 60.4 57.5 rs ,60.0 57.8 Common Stock, Short -0.2 -0.2 i s o 0.0 -4.3 Credit, Long Credit, Short 3.7 0.0 d v 3.2 0.0 2.4 0.0 10.9 -0.1 O
Slide 8: Q&A
L P rs , is o d v Q&A ic A i f Pac irst F 8
Slide 9: Appendix
L P rs , is o d v Appendix ic A i f Pac irst F 9
Slide 10: Big fish in small ponds
Big fish in small ponds FPA Crescent Fund Trailing 24-Month Purchases International Small and Mid P Domestic L (under $15bn mkt cap) rs , i s o Azelis d v A Hirose Electric Avantor Hoshizaki ic Bio Rad Grupo Mexico Becton Dickinson Merck KGaA i f IMCD Echostar Thermo Fisher ac Magnum Ice Cream Fortu
Slide 11: Possible, but also possibly improbable
Possible, but also possibly improbable Oracle SAP Salesforce ServiceNow Nintendo Workday Snowflake Microsoft LTM Competitor Revenue: Incremental Revenue $178 Billion required to achieve 10%/yr Growth 500 450 40 13 12 9 s , LP4 178 r Workday Snowflake Nintendo o 40 ServiceNow 400 350 60 Salesforce vi
Slide 12: Global breadth
Global breadth Net Equity Geographic Exposure December 31, 2025 Domicile L P Revenue United States 57.4 rs , 43.3 International 42.6 i s o 56.7 v Developed 38.6 28.7 Emerging Markets A d 4.1 19.0 ic Rest of World (Uncategorized) - 9.0 i f P ac irst F Source: Factset, based on country of domicile and
Slide 13: Relative equity valuation metrics
Relative equity valuation metrics FPA Crescent Fund Long Equity Holding Valuations and Earnings Growth vs Stock Market December 31, 2025 P Price/Earnings Price/Book 3-Year Forward 1-Year Forward s , L Estimated EPS Growth FPA Crescent Long Equity Portfolio 15.8x o 2.1x s r 24% vs. MSCI ACWI vs. S&P
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 Q4 2025 L P 75% FPA Crescent Net Equity Exposure rs , MSCI ACWI Index Level 1100 o FPA Crescent Net Equity Exposure 70% v i s 1000 MSCI ACWI Index Level A d 900 ic 800 65% i f ac 700 60% t P
Slide 15: Stock selection drives differentiated returns
Stock selection drives differentiated returns Long Equity Carve-Out Gross Performance vs Indices (%) CAGR 1/1/07 to 12/31/2025 1/1/11 to 12/31/2025 L P YTD 12/31/2025 FPA Crescent Fund Long Equity MSCI ACWI* 11.71 13.87 9.81 rs , 24.97 22.34 Excess Return vs. MSCI ACWI i s o 4.06 2.63 S&P 500 Excess
Slide 16: Global stock valuations are above historic average
Global stock valuations are above historic average Valuations by Country/Region P/E, next 12 months L P rs , i s o d v ic A i f P ac irst F As of December 31, 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. S
Slide 17: Europe quality marked the worst year in the last years
Europe quality marked the worst year in the last 35 years Calendarized Relative Performance of MSCI Europe Quality vs. MSCI Europe (since 1990) L P rs , i s o d v ic A i f P ac irst F As of December 31, 2025. Goldman Sachs Global Investment Research. For the shaded areas; the chart covers the period
Slide 18: Forward P/E of the Top and remaining stocks in the S&P
Forward P/E of the Top 10 and remaining stocks in the S&P 500 L P rs , i s o d v ic A i f P ac irst F Source: JP Morgan Guide to the Markets 4Q25. As of December 31, 2025. Average refers to the weighted average P/E of the time period shown. Past performance is no guarantee, nor is it indicative, of
Slide 19: Small and Mid-Cap stock under-performance offers opportunity
Small and Mid-Cap stock under-performance offers opportunity S&P Forward P/E Ratios: Large Cap vs Small and Mid-Cap L P rs , i s o d v ic A i f P ac irst F Source: Yardini. The data represents the period from January 1, 1999, through market close on January 16, 2026. https://yardeni.com/charts/stock
Slide 20: Healthcare at attractive valuations
Healthcare at attractive valuations Valuations by Sector P/E, next 12 months L P rs , i s o d v ic A i f P ac irst F Source: Goldman Sachs, US Weekly Kickstart, June 27, 2025. Sector classifications in the table reflect GICS (Global Industry Classification Standard). The table depicts a sector’s the
Slide 21: Annual Performance
Annual Performance Annual Performance (%)* 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 FPA Crescent Fund (FPACX) 17.65 13.96 20.27 -9.20 15.17 12.11 20.02 -7.43 10.39 10.25 -2.06 MSCI ACWI** 22.34 17.49 22.20 -18.36 18.54 16.25 26.60 -9.41 23.97 7.86 -2.36 S&P 500 17.88 25.02 26.29 -18.11
Slide 22: Fund holdings as of December 31, 2025
Fund holdings as of December 31, 2025 Communication Services 11.1 Industrials 9.0 Credit – Long 1.6 Alphabet 5.7 Safran 1.6 Echostar 0.9 Meta Platforms 2.5 Azelis Group 1.6 McDermott International 0.4 Comcast 1.0 Ferguson Enterprises 1.1 Charles Schwab 0.2 Liberty Broadband 0.8 Samsung C&T 0.9 Vorna
Slide 23: 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 24: 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 25: 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 26: Important disclosures (continued)
Important disclosures (continued) Bloomberg (BBg) U.S. 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 secu
Slide 27: Important disclosures (continued)
Important disclosures (continued) Net Risk Exposure is defined as the percentage of portfolio exposed to Risk Assets. Risk Assets include all investments excluding cash and cash equivalents. Price to Earnings is the ratio for valuing a company that measures its current share price relative to its EP