LongCHTROct 2026
Charter Communications, Inc.
Charter combines fixed broadband with mobile connectivity in an important competitive offering. The company completed acquisitions of Liberty Broadband and Cox Communications…
FPA Crescent Fund
Flexible global value-oriented multi-asset approach spanning equities, fixed income and cash.25 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
LongJEFOct 2026
Jefferies Financial Group Inc.
Jefferies has momentum in core investment banking and equities trading, which generated record quarterly net revenues. The fund values significant management ownership and a…
LongGOOGLOct 2026
Alphabet Inc.
Search has remained resilient despite the potential for generative AI to alter consumer behavior. Google Cloud is seeing demand for AI infrastructure, and AI features are being…
LongADIOct 2026
Analog Devices, Inc.
Analog Devices is benefiting from rising semiconductor requirements across AI infrastructure, industrial applications and communications. The company reported record quarterly…
Long028260Oct 2026
Samsung C&T Corporation
The fund sees value in Samsung C&T through its strategic holdings, including assets associated with the Samsung ecosystem. Its construction operation benefits from high-tech…
LongPRXOct 2026
Prosus N.V.
Prosus is becoming more profitable across its e-commerce portfolio and improving cash generation. The company has been repurchasing shares, funded partly by Tencent share…
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…
LongUPBDJul 2026
Upbound Group, Inc.
Upbound serves subprime consumers through Rent-A-Center, Acima and the recently acquired Brigit platform. Its customers are under financial pressure, but the company's operating…
LongARWJul 2026
Arrow Electronics, Inc.
Arrow is the world's largest semiconductor distributor and benefits from scale, broad product availability and relatively stable competitive dynamics. Its products are…
LongUTLJul 2026
Unitil Corporation
Unitil is a diversified regulated utility serving Maine, New Hampshire and northern Massachusetts. The fund considers these attractive regulatory jurisdictions and believes…
LongVSHJul 2026
Vishay Intertechnology, Inc.
Vishay manufactures passive components and discrete semiconductors used across numerous industrial and electronic applications. New management began investing aggressively in…
LongNTBJul 2026
The Bank of N.T. Butterfield & Son Limited
Butterfield owns attractive deposit and wealth-management franchises in the Caribbean financial centers of Bermuda and Cayman. The bank generates a strong return on equity while…
LongGPKJul 2026
Graphic Packaging Holding Company
Graphic Packaging is a vertically integrated paper-packaging manufacturer with operations in the U.S. and Europe. Weak industry conditions, major cost overruns at its Waco…
LongSFMJul 2026
Sprouts Farmers Market, Inc.
Sprouts has strong operating margins, attractive returns on capital and favorable economics on newly opened stores. The fund trimmed aggressively when the valuation became…
LongSNXJul 2026
TD SYNNEX Corporation
TD SYNNEX is the world's largest IT distributor and has expanded beyond traditional hardware into software, security, cloud licenses and services. The fund values the company's…
LongFNJul 2026
Fabrinet
Fabrinet is a leading contract manufacturer of complex optical-networking equipment and modules and dominates a specialized manufacturing niche. High-bandwidth products are…
LongCNXCJul 2026
Concentrix Corporation
Concentrix is one of the world's largest customer-experience outsourcing providers and has evolved beyond call centers into technology-enabled business-process outsourcing. The…
LongVNTJul 2026
Vontier Corporation
Vontier was a new Q2 purchase and manufactures tanks, pumps and payment systems used primarily by gas stations and convenience stores. Since its 2021 separation from Fortive, the…
LongLFUSJul 2026
Littelfuse, Inc.
Littelfuse manufactures niche electrical components including fuses, sensors, passive components and semiconductors across a broad collection of end markets. The business…
LongRLIJul 2026
RLI Corp.
RLI is a specialty property-and-casualty insurer with a highly selective underwriting culture and exposure to numerous niche insurance markets. Its incentive structure and…
LongUGIJul 2026
UGI Corporation
UGI combines a regulated gas utility in Pennsylvania and West Virginia with pipelines and propane-distribution operations in the U.S. and Europe. Problems at AmeriGas previously…
Letters covered
- FPA Crescent Fund 3Q 2026 CommentaryOctober 9, 2026
- FPA Crescent Fund 2Q 2026 CommentaryJuly 30, 2026
- FPA Queens Road Small Cap Value Fund 2Q 2026 CommentaryJuly 20, 2026
Source PDFs are not republished here; only extracted ideas and quotes.