FPA Crescent Fund on Danaher Corporation
Thesis
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 recent purchases as industry leaders with strong balance sheets and attractive growth profiles. These businesses were generally acquired at valuations that the fund believes can support equity-like absolute returns under conservative assumptions. The position therefore fits FPA's preference for easier long-term valuation questions rather than paying stretched prices for momentum.
“our recent purchases are industry leaders, with strong balance sheets and attractive growth profiles.”