LongDHRJul 2026
Danaher Corporation
FPA bought Danaher during the quarter as part of its effort to deploy capital into businesses that are less dependent on the most crowded AI themes. The manager describes its…
FPA Crescent Fund
Flexible global value-oriented strategy investing across equities, credit and other securities with an emphasis on absolute returns, downside protection and high-quality businesses purchased at conservative valuations.10 published ideas
FPA Crescent is a flexible global strategy that manages net risk exposure dynamically rather than remaining fully invested in equities. Its managers seek high-quality businesses with strong balance sheets, good management and valuations that can support attractive absolute returns under conservative assumptions. In Q2 2026 the fund increasingly emphasized mid-sized, relatively AI-agnostic companies while scaling back exposure to areas where valuations had been driven higher by the AI capital cycle.
Ideas from FPA Crescent Fund
Long7974.TJul 2026
Nintendo Co., Ltd.
Nintendo remained a long position despite detracting from portfolio performance during the period. The fund points to the successful launch and adoption of the Nintendo Switch 2…
LongDHRJul 2026
Danaher Corporation
FPA bought Danaher during the quarter as part of its effort to deploy capital into businesses that are less dependent on the most crowded AI themes. The manager describes its…
LongGEHCJul 2026
GE HealthCare Technologies Inc.
FPA bought GE HealthCare during the quarter as part of a broader shift toward reasonably valued businesses outside the most crowded AI infrastructure trades. The fund…
LongINTUJul 2026
Intuit Inc.
FPA bought Intuit during the quarter while seeking opportunities in businesses with more supportable long-term valuation math than the most expensive market leaders. The fund…
LongSAPJul 2026
SAP SE
FPA bought SAP during the quarter as part of a portfolio increasingly built around companies that can generate attractive absolute returns without depending on extreme…
Long7974.TJul 2026
Nintendo Co., Ltd.
Nintendo remained a long position despite detracting from portfolio performance during the period. The fund points to the successful launch and adoption of the Nintendo Switch 2…
LongGEHCJul 2026
GE HealthCare Technologies Inc.
FPA bought GE HealthCare during the quarter as part of a broader shift toward reasonably valued businesses outside the most crowded AI infrastructure trades. The fund…
LongINTUJul 2026
Intuit Inc.
FPA bought Intuit during the quarter while seeking opportunities in businesses with more supportable long-term valuation math than the most expensive market leaders. The fund…
LongSAPJul 2026
SAP SE
FPA bought SAP during the quarter as part of a portfolio increasingly built around companies that can generate attractive absolute returns without depending on extreme…
Letters covered
- FPA Crescent Fund 2Q 2026 CommentaryJuly 30, 2026
- FPA Crescent Fund 2Q 2026 CommentaryJuly 30, 2026
Source PDFs are not republished here; only extracted ideas and quotes.