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 the prospective investor. Please read the Prospectus carefully before investing. The Prospectus may be obtained by visiting the website at www.fpa.com, by calling toll-free, 1-800-982-4372, or by contacting the Fund in writing. 在投资之前，您应仔细考虑基金的投资目标、风险、费用和支出。招股说明书详细说明了基金的目标、政策和其他对潜在投资者感兴趣的事项。请在投资之前仔细阅读招股说明书。您可以通过访问网站 www.fpa.com、免费拨打 1-800-982-4372 或书面联系基金来获取招股说明书。
Annualized Total Returns 年化总回报
Trailing Performance (% 滞后表现（%）
Market 市场
Cycle Perf 周期表现
ormance 性能
As of Date: 截至日期：
Inception* 起源*
20 年
20
Years
15 年
15
Years
10 年
10
Years
5 年
5
Years
3 年
3
Years
1 Year 1 年
YTD
QTD
3/25/00-
10/9/07
FPA Crescent Fund
(FPACX)
9.65
8.65
7.12
7.13
6.83
15.98
-0.91
5.76
5.76
14.70
7.65
-3.55
MSCI ACWI NR**
-
-
-
8.06
6.93
15.36
-7.44
7.31
7.31
-
6.33
-10.35
S&P 500 标准普尔 500
9.78
10.37
10.06
12.24
11.19
18.60
-7.73
7.50
7.50
2.00
10.43
-10.25
60% MSCI ACWI NR**I Bloomberg 美国 Agg
60% MSCI ACWI NR**I
Bloomberg US Agg
-
-
-
5.57
4.81
8.02
-6.14
5.57
5.57
-
5.74
-9.16
60% S&P500I 彭博美国聚合
60% S&P500I
Bloomberg US Agg
7.93
7.72
7.39
8.03
7.34
9.90
-6.25
5.67
5.67
3.97
8.14
-9.04
CPI
2.51
2.51
2.34
2.65
3.87
5.35
4.99
0.94
0.94
2.75
2.12
5.98
Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. This data represents past performance and investors should understand that investment returns and principal values fluctuate, so that when you redeem your investment it may be worth more or less than its original cost. Current month-end performance data, which may be lower or higher than the performance data quoted, may be obtained at www.fpa.com or by calling toll-free, 1800-982-4372. The FPA Crescent Fund - Institutional Class ("Fund" or "FPACX") total expense ratio as of its most recent prospectus is , and net expense ratio is (both including dividend and interest expense on short sales). 过往表现并不预示未来结果，当前表现可能高于或低于所示表现。这些数据代表过往表现，投资者应了解投资回报和本金价值会波动，因此当您赎回投资时，其价值可能高于或低于原始成本。最新月末表现数据可能低于或高于引用的表现数据，可在 www.fpa.com 获取，或致电免费电话 1800-982-4372。FPA Crescent Fund - 机构级别 ("基金" 或 "FPACX") 最新招股说明书中的总费用比率为 ，净费用比率为 （均包括做空交易的股息和利息费用）。
Calculated using Morningstar direct. Periods greater than one year are annualized. Fund performance is shown net of all fees and expenses. Fund performance is calculated on a total return basis which includes reinvestment of all distributions. Fund returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares, which would lower these figures. Comparison to any index is for illustrative purposes only. An investor cannot invest directly in an index. The Fund does not include outperformance of any index or benchmark in its investment objectives. 使用 Morningstar 直接计算。超过一年的期间是年化的。基金表现显示净费用和支出。基金表现是根据总回报基础计算的，其中包括所有分配的再投资。基金回报不反映股东在基金分配上支付的税款或基金份额的赎回，这将降低这些数字。与任何指数的比较仅供说明目的。投资者不能直接投资于指数。基金的投资目标不包括任何指数或基准的跑赢。
The Fund commenced operations on June 2, 1993. The performance shown for periods prior to March 1,1996 reflects the historical performance of a predecessor fund. FPA assumed control of the predecessor fund on March 1, 1996. The Fund's objectives, policies, guidelines, and restrictions are, in all material respects, equivalent to those of the predecessor fund. 该基金于 1993 年 6 月 2 日开始运作。1996 年 3 月 1 日之前的表现反映了前身基金的历史表现。FPA 于 1996 年 3 月 1 日接管了前身基金。该基金的目标、政策、指导方针和限制在所有重要方面与前身基金相当。
** The MSCI ACWI NR USD Index (“MSCI ACWI") was not considered a relevant illustrative index prior to 2011 because the Fund was not classified as a global mandate until this point in time. Market Cycle performance for MSCI ACWI is being shown for illustrative purposes only to illustrate how global equities have performed during those market cycles. MSCI ACWI NR USD 指数（“MSCI ACWI”）在 2011 年之前并不被视为相关的示例指数，因为在此之前该基金并未被分类为全球性 mandate。MSCI ACWI 的市场周期表现仅用于说明全球股票在这些市场周期中的表现。
Market Cycle Performance reflects the two most recent completed market cycles (peak to peak) defined as a period that contains a decline of at least from the previous market peak over at least a two-month period and a rebound to establish a new peak above the previous one by S&P 500 Index. It also includes the current cycle, which is ongoing and thus presented through the most recent quarter-end. Once the current cycle closes, the results presented may differ materially and may reflect a different time period than shown here. 市场周期表现反映了最近两个已完成的市场周期（峰值到峰值），定义为包含至少 的下跌幅度的期间，持续至少两个月，并通过标普 500 指数建立新高峰。它还包括当前周期，该周期正在进行中，因此通过最近的季度末呈现。一旦当前周期结束，呈现的结果可能会有实质性差异，并可能反映不同于此处所示的时间段。
First Pacific Advisors, LP (the "Adviser" or "FPA"), the Fund's investment adviser, has contractually agreed to reimburse the Fund for operating expenses in excess of of the average net assets of the Fund, excluding management fees, administrative service fees, short sale dividend expenses and interest expenses on cash deposits relating to short sales, brokerage fees and commissions, redemption liquidity service expenses, interest, taxes, fees and expenses of other funds in which the Fund invests, and extraordinary expenses, including litigation expenses not incurred in the Fund's ordinary course of business, through April 30, 2023. The Adviser has also contractually agreed to reimburse the Fund for redemption liquidity service expenses in excess of of the average net assets of the Fund through April 30, 2023. These agreements may only be terminated earlier by the Fund's Board of Trustees (the "Board") or upon termination of the Advisory Agreement. Effective September 4, 2020, the Fund's management fee of includes both an advisory fee of and a class-specific administrative fee of First Pacific Advisors, LP（“顾问”或“FPA”），基金的投资顾问，已经合同约定，将在基金的平均净资产超过 的运营费用方面进行补偿，不包括管理费、行政服务费、做空股息费用和与做空相关的现金存款利息费用、经纪费和佣金、赎回流动性服务费用、利息、税费以及基金投资的其他基金的费用和支出，以及非基金业务常规经营中未发生的诉讼费用等特殊费用，直至 2023 年 4 月 30 日。顾问还已经合同约定，将在基金的平均净资产超过 的赎回流动性服务费用方面进行补偿，直至 2023 年 4 月 30 日。这些协议只能由基金董事会（“董事会”）或终止咨询协议时提前终止。自 2020 年 9 月 4 日起，基金的管理费为 ，包括 的咨询费和 的特定类别行政费。
Effective September 4, 2020, the current single class of shares of the Fund was renamed the Institutional Class shares. All data herein is representative of the Institutional Share Class. Please see important disclosures at the end of the speech transcript. 自 2020 年 9 月 4 日起，基金当前的单一股份类别更名为机构级股份。此处所有数据代表机构级股份类别。请查看演讲文本末尾的重要披露信息。
The Evolution of a Value Investor 价值投资者的演变
I picked up an ornate bottle not long ago, and out popped a genie who offered me one wish. "Why only one?" I asked, thinking three was customary. She argued that inflation had devalued wishes to just one in 2023. Putting selfishness aside, I asked for peace in the Middle East. The genie responded, "That's too difficult, given that conflict has gripped the region for millennia." I pivoted and asked for help finding an exceptional active portfolio manager. She said, "I'll get to work on the Middle East." 我不久前捡起了一个华丽的瓶子，出现了一个精灵，提供给我一个愿望。 “为什么只有一个？”我问道，认为三个是惯例。她辩称通货膨胀已经使 2023 年的愿望贬值为一个。抛开自私，我请求中东地区的和平。精灵回答说：“鉴于冲突已经困扰该地区几千年，这太困难了。”我转而请求帮助找到一位出色的主动投资组合经理。她说：“我会着手处理中东地区的事务。”
Thank you, Morningstar, for following the FPA Crescent Fund since 1997 and inviting me to speak today. I would like to additionally acknowledge Director of Research Russ Kinnel and his colleague Dan Culloton, who until recently had been the long-time lead analyst on our fund and firm. They and the research team have generously expressed the Fund's strengths and reasonably pointed out its (or our) weaknesses along the way. 自 1997 年以来，感谢晨星公司一直关注 FPA Crescent 基金，并邀请我今天发言。我还要特别感谢研究总监 Russ Kinnel 及其同事 Dan Culloton，他们直到最近一直是我们基金和公司的首席分析师。他们和研究团队慷慨地表达了基金的优势，并合理地指出了其（或我们）的弱点。
I frankly can't believe I'm standing in front of you. I have been fortunate both personally and professionally. I turned sixty yesterday, and I'm happily married with four daughters who still like to spend time with me. And, I've been privileged to have shepherded the FPA Crescent Fund for half my life - though not entirely on my own. 坦率地说，我简直无法相信我站在你面前。在个人和职业上，我都很幸运。昨天我满六十岁了，我和四个女儿幸福地结婚，她们仍然喜欢和我在一起。而且，我有幸半辈子来管理 FPA Crescent 基金 - 尽管并非完全靠自己。
While who I am today as an investor bears a passing resemblance to the person I was in 1985, I have learned many lessons along the way and have the bumps, bruises, and, more recently, gray hair to show for it. I want to share some of what l've discovered and how it has informed my evolution as an investor in the hopes that you can avoid some of my painful missteps. 尽管作为一名投资者，我今天的身份与 1985 年的我有些相似，但我在这条道路上学到了许多教训，也留下了一些坎坷、伤痕，最近还有些白发。我想分享一些我所发现的东西，以及这些发现如何影响了我作为一名投资者的发展，希望你能避免我痛苦的错误。
As portfolio managers, we have beaten the odds. Crescent has survived multiple market cycles when only of U.S. domestic equity funds last even twenty years, let alone thirty. And only a few dozen domestic equity managers have guided the same fund consistently for thirty years out of almost 作为投资组合经理，我们战胜了种种不利。当只有美国国内股票基金中的 个能够存活二十年，更别提三十年时，Crescent 已经度过了多个市场周期。 只有几十位国内股票基金经理在近 中连续三十年指导同一基金。
We are all investors but with unique financial needs, goals, and varied psychologies that lead us down different investing paths. While there isn't one right way, there are plenty of wrong ways: like betting too aggressively such that you could lose it all, over-trading, buying into the latest fad regardless of valuation, or selling into the inevitable downdrafts, also regardless of valuation. 我们都是投资者，但有着独特的财务需求、目标和不同的心理特征，这导致我们选择不同的投资路径。虽然没有一种正确的方法，但有很多错误的方法：比如过于激进地下注，可能导致你失去一切；过度交易；盲目跟风，不顾估值；或者在必然的下跌中抛售，同样不顾估值。
Some of us are bold, and some of us are old. However, there are few, both bold and old. The bold investor often ends up underperforming or, worse, going broke. 我们中有些人大胆，有些人年长。然而，很少有人即大胆又年长。大胆的投资者往往最终表现不佳，甚至破产。
We have successfully delivered on Crescent's charter to provide equity-like rates of return while protecting capital relatively well in the teeth of two complete market cycles, which included the internet bubble, 9/11, 我们成功地实现了 Crescent 的承诺，即在两个完整的市场周期中（包括互联网泡沫、9/11 事件）提供类似股权的回报率，同时相对有效地保护资本
the Great Financial Crisis, Covid, inflation, and other crises and distractions. In part, I believe Crescent has endured multiple market cycles by first considering what can go wrong. We have generally stood on the right corner at the intersection of return and risk, allowing the Fund to deliver a return about equal to the stock market with only about of our capital typically at risk. And, on average, Crescent has declined about less than the S&P 500 during plus market drawdowns and has been less volatile since its inception. 金融危机、Covid、通货膨胀和其他危机和干扰。 在某种程度上，我相信新月基金通过首先考虑可能出现的问题而经受住了多个市场周期的考验。我们通常站在回报和风险的交汇点的正确角落，使基金能够提供与股市大致相等的回报，而我们的资本只有约 处于风险之中。 平均而言，新月基金在 次以上市场回撤期间的跌幅约为标普 500 指数的 ，自成立以来波动性也较低。
Unlike the broader market and the balanced fund benchmark, Crescent has made its investors' money every rolling five years. The S&P 500 has declined more than and fully recovered three times since 1993. When that occurred, it took the S&P as long as 6.1 years and an average of 3.7 years to get back to even. The balanced benchmark did better, with a max and average recovery time of 3.5 and 2.3 years, respectively. Crescent took just 1.8 years at its longest to get back to its high-water mark and 1.4 years on average. While our peers may share a similar destination, our investor's journey may be more pleasant, which is important because, as Morningstar studies have shown, investors can better stick with less volatile funds over the long term. Historically, Crescent has had less amplitude, as we have sacrificed higher highs to avoid lower lows, pulling ahead of our peers as they pull back more. However, this is not Crescent's overarching focus but merely a significant by-product of our philosophy and process. 与更广泛的市场和平衡基金基准不同，Crescent 每隔五年都为投资者赚钱。 自 1993 年以来，标普 500 指数下跌超过 并完全恢复了三次。当发生这种情况时，标普指数需要长达 6.1 年，平均 3.7 年才能回到原点。 平衡基准表现更好，最长和平均恢复时间分别为 3.5 年和 2.3 年。Crescent 最长只需 1.8 年就能回到最高水平，平均 1.4 年。 虽然我们的同行可能有类似的目标，但我们投资者的旅程可能更愉快，这很重要，因为正如晨星研究所显示的那样，投资者可以更好地长期坚持不太波动的基金。 从历史上看，Crescent 的振幅较小，因为我们牺牲了更高的高点以避免更低的低点，超过了我们的同行，因为他们更多地退缩。然而，这并不是 Crescent 的主要关注点，而只是我们哲学和流程的一个重要副产品。
Meeting a mandate as we have over thirty years is rare. Some strategies work exceptionally well in some environments but get eviscerated in others, and none that l've seen work well in all environments, including ours. The longer the track record, the more likely skill has played a more prominent role than luck. We want to be more like a planet in our solar system than a bright comet just passing through. 在我们有三十多年历史的情况下履行任务是罕见的。有些策略在某些环境中表现得非常出色，但在其他环境中却被削弱，我所见过的没有一种策略在所有环境中表现良好，包括我们的环境。记录越长，技能比运气发挥更重要作用的可能性就越大。我们希望更像太阳系中的行星，而不是只是经过的明亮彗星。
Morningstar honored us with a nomination for its Domestic Stock Fund Manager of the Decade Award in 2009. The best-performing manager that decade did so with such volatility that its average shareholder lost money, which was the fault of the investor, not the manager. Unfortunately, its investors, on average, did not have the fortitude to ride through the periods when his portfolio was dramatically selling off. That fund admirably compounded at for the ten years, but its average shareholder lost 11%, a twenty-nine-point annualized delta! Crescent's returns that decade were lower, though it delivered a less stressful journey that helped many of our shareholders remain invested. And Crescent, thankfully, is still here while that fund is not. 晨星公司在 2009 年提名我们获得十年内国内股票基金经理奖。那十年表现最佳的基金经理的波动性如此之大，以至于其平均股东亏损，这是投资者的错，而不是基金经理的错。不幸的是，其投资者平均而言，没有足够的韧性来度过其投资组合大幅抛售的时期。该基金在过去十年里表现出色，但其平均股东亏损了 11%，年化差距为 29 个百分点！那十年里 Crescent 的回报率较低，尽管它提供了一个更少压力的投资旅程，帮助我们许多股东保持投资。而 Crescent 幸运地仍在，而那个基金已不复存在。
Thinking about Crescent's anniversary and this speech has pushed me to consider why Crescent has prevailed. I attribute it to continuous learning, avoiding major mistakes, and a bit of luck. 思考着新月的周年纪念和这篇演讲促使我考虑新月为何能够取得成功。我认为这归功于持续学习、避免重大错误以及一点运气。
Continuous learning has allowed me to evolve as an investor. I have the same thirty trillion or so cells that I started with in 1985 when I started my career, but my investment DNA has mutated. I like to think I'm a good listener and open to change, though my wife might argue otherwise. 持续学习让我作为一名投资者不断进化。自 1985 年开始职业生涯时，我拥有的三万亿左右的细胞数量与当初一样，但我的投资 DNA 已经发生了变异。我喜欢认为自己是一个善于倾听并愿意改变的人，尽管我的妻子可能持相反观点。
Baupost Group's Seth Klarman is editing the soon-to-be-released 7th Edition of Graham and Dodd's Security Analysis, and he asked me to write an introduction to a chapter. In it, I talk about my evolution as a value investor. I had remained anchored for longer than I should have to a narrow focus on the importance of balance sheets, book value, and current cash flow or earnings. My continuing education in the real world fostered a more nuanced understanding of value. As my career progressed, it became clear that many of the better businesses in the world hardly ever trade at a discount to book value, and most rarely sold at a low multiple of current cash flow. And today, when considering similar companies, I rarely regret paying an extra multiple or two of earnings to partner with capable and shareholder-centric management teams. 贝普斯特集团的塞思·克拉曼正在编辑即将发布的格雷厄姆和多德的《证券分析》第 7 版，他请我为一章写一篇导言。在其中，我谈到了我作为价值投资者的发展。我长时间将注意力集中在资产负债表、账面价值和当前现金流或收益的重要性上，比我应该的时间更长。在现实世界中持续的学习促使我对价值有了更加细致的理解。随着我的职业发展，很明显世界上许多更好的企业几乎从不以低于账面价值的折价交易，大多数也很少以低倍数的现金流出售。如今，在考虑类似公司时，我很少后悔支付额外的几倍收益来与能干且以股东为中心的管理团队合作。
While I had focused on the price paid compared to balance sheet metrics as the essential arbiter of downside protection, I've since come to appreciate the substance of a business - such as its competitive position, profit margins, and growth rate - has greater importance. I also came to realize two other essential factors: 1) an assessment of a business's value that includes both its current and estimated future earnings could also provide a valuable margin of safety for the investor, and 2) a seemingly inexpensive business with significant current earnings and apparent balance sheet protection could nonetheless prove to be an unattractive investment if a competitor disrupts its business model. 尽管我曾专注于支付价格与资产负债表指标相比作为下行保护的重要仲裁者，但我后来开始欣赏企业的实质 - 例如其竞争地位、利润率和增长率 - 具有更重要的意义。我还意识到另外两个关键因素：1）对企业价值的评估应包括当前和预计未来收益，这也可以为投资者提供有价值的安全边际，2）一个看似廉价的企业，具有显著的当前收益和明显的资产负债表保护，如果竞争对手扰乱其商业模式，仍可能证明是一项不吸引人的投资。
Many investors think value investing is owning the shares of established but dull businesses, often those in cyclical industries experiencing little growth. Conversely, they consider growth stocks businesses that can grow vigorously for years while experiencing limited economic cyclicality. But l've come to appreciate that there is no bright line dividing growth and value. One can find value in rapidly growing businesses and growth in what appear to be more traditional value investments. 许多投资者认为价值投资是持有那些成熟但乏味企业的股票，通常是那些处于周期性行业且增长有限的企业。相反，他们认为成长股是那些能够在多年内快速增长且经济周期性有限的企业。但我开始意识到，成长和价值之间并没有明显的界限。人们可以在快速增长的企业中找到价值，在看似更传统的价值投资中找到成长。
I have made my share of commission and omission mistakes - like every investor. Errors in judgment are unavoidable. Fortunately, I have avoided major, life-altering investment mistakes for our investors and myself. 我犯过我的份额的佣金和疏忽错误 - 就像每个投资者一样。判断错误是不可避免的。幸运的是，我已经为我们的投资者和自己避免了重大的、改变生活的投资错误。
As a parent, I try to instill life lessons in my children, and I have learned to keep them short because going on too long sounds like the muted trombone sounds of the adults speaking in the old Peanuts cartoons. I would tell my girls when they were in secondary school that underage drinking is dumb, but recoverable, like stubbing your toe. However, drinking and driving is dangerous and could be akin to having your toes severed. The first might get you into trouble, but the second could irretrievably change your life. I attribute our long tenure in managing the Fund to stubbing our toes rather than losing them - making the small mistakes rather than those more existential. 作为一个父母，我试图向我的孩子灌输人生教训，我学会了让它们简短，因为说得太长听起来就像老花生漫画中成年人说话时的消音长号声。我会告诉我的女儿们，当她们还在中学时，未成年饮酒是愚蠢的，但是可以挽回，就像踩到脚趾一样。然而，酒后驾驶是危险的，可能会像截断你的脚趾一样。前者可能会让你陷入麻烦，但后者可能会永久改变你的生活。我把我们在管理基金方面的长期任职归因于踩到脚趾，而不是失去它们 - 犯一些小错误而不是更加存在主义的错误。
Crescent's returns have benefited from what we have kept out of the portfolio as much as it has profited by owning securities that have performed well. The price we have paid to avoid significant mistakes - keeping all our toes - has sometimes been to lag until a market correction. Crescent 的回报受益于我们从投资组合中保持的部分，就像拥有表现良好的证券一样获利一样。为了避免重大错误所付出的代价 - 保持所有脚趾 - 有时会导致在市场调整之前落后。
One stark example is not getting seduced by sizable returns in tech stocks in the late 1990s. We didn't own that hot sector, so from the beginning of 1998 through the end of 1999, when the market peaked, Crescent underperformed the S&P 500 by 59 percentage points. As a result, the Fund experienced massive redemptions from peak to trough. Assets dropped from more than 300 million dollars to just over 30 million. I sometimes felt that the only reason there was any money left in the Fund was that shareholders either forgot they had money with me or felt sorry for me. I looked, and I must confess, felt, at times, quite out of touch. Morningstar wrote of Crescent in April 1999, "This dramatic underperformance has upped the fund's once stellar risk scores and left it with a mediocre three-year performance record. The fund still has a lot to recommend it, though." 12 In the next three years, Crescent outperformed by 84 percentage points, which allowed it to end up ahead of the S&P by 44 percentage points over the five years through 2002, which included 1998 to 2000's terrible start. 一个鲜明的例子是在 20 世纪 90 年代末不被科技股的高回报所诱惑。我们没有持有那个炙手可热的行业，所以从 1998 年初到 1999 年底，当市场达到顶峰时，Crescent 的表现低于标普 500 指数 59 个百分点。 结果，该基金经历了大规模的赎回，从高点到低点。资产从 3 亿多美元下降到 3000 多万美元。 有时我觉得基金里还有钱的唯一原因是股东们要么忘记了他们把钱交给了我，要么是因为可怜我。我有时感到有些脱节。Morningstar 在 1999 年 4 月写道：“这种明显的表现不佳提高了该基金曾经卓越的风险评分，并使其留下了一份平庸的三年表现记录。尽管如此，该基金仍有很多值得推荐的地方。”在接下来的三年里，Crescent 的表现超过了 84 个百分点，这使其在 2002 年前五年中超过标普 500 指数 44 个百分点，其中包括 1998 年至 2000 年的糟糕开局。
I have mentioned that skill has helped drive our success, but that does not mean luck has not also played a role. When I started my initial firm, I was fortunate to get to know Bob Rodriguez - FPA's retired managing partner and the only person to have received Morningstar's manager of the year award in two disciplines - stocks and bonds, the latter of which he won twice. When I went looking for a firm to call home, Bob offered me a place to hang my hat, and his confidence and support allowed me to get through that terrible late 1990s period of underperformance. First Pacific Advisors, populated with thoughtful, kind professionals, has had my back ever since. It is my good fortune that I ended up here. I was similarly privileged to have two competent individuals join my team, and they ultimately agreed to partner with me in managing the capital entrusted to us. Brian Selmo and Mark Landecker found me, challenged me, and helped me grow and evolve as an investor. We have different but complementary skills and biases and are openminded and candid with each other. We do not always agree, thankfully, for if we did, that echo chamber would likely have translated into returns that would have been less robust. When disagreements occur, intellectual honesty and collegial delivery have promoted our success. I stand here today on Brian and Mark's shoulders. If not for them, Crescent might not exist or be smaller, and I would guess that our clients would not have compounded as well as they have. We have a nice rhythm in working together, and I look forward to more years of making good music. 我已经提到技能帮助推动了我们的成功，但这并不意味着运气没有发挥作用。当我创立我的第一家公司时，我很幸运地认识了鲍勃·罗德里格斯（Bob Rodriguez）- FPA 的退休管理合伙人，也是唯一一位获得晨星年度最佳基金经理奖的人，涵盖股票和债券两个领域，后者他曾两次获奖。当我寻找一个可以称之为家的公司时，鲍勃给了我一个可以安身立命的地方，他的信任和支持让我度过了那个糟糕的晚期 1990 年代表现不佳的时期。First Pacific Advisors，由深思熟虑、善良的专业人士组成，自那时起一直支持着我。我很幸运能在这里结束。同样幸运的是，有两位能干的人加入了我的团队，他们最终同意与我合作管理委托给我们的资金。布莱恩·塞尔莫（Brian Selmo）和马克·兰德克（Mark Landecker）找到了我，挑战了我，并帮助我成长和发展为一名投资者。我们拥有不同但互补的技能和偏见，彼此之间开放和坦诚。 我们并不总是意见一致，谢天谢地，因为如果我们意见一致，那个回音室可能会转化为收益，而这些收益可能会不那么强劲。当发生分歧时，诚实和同事间的交流促进了我们的成功。今天我站在 Brian 和 Mark 的肩膀上。如果不是因为他们，Crescent 可能不会存在或规模更小，我猜想我们的客户的复利效应也不会像现在这样好。我们在一起工作有一种美妙的节奏，我期待着未来更多年的合作。
Together, we established and prosecuted a mandate allowing us to make the best investment decisions possible, not the least bad ones. Crescent operates with a comprehensive charter that enables it to invest across the capital structure - in common and preferred stock, convertible bonds, high yield and distressed debt, private credit, and more, including the occasional derivative. And we can do this here in the United States or abroad. This breadth - which has expanded over time - has been a foundational element that has allowed us to accomplish our goals. If you try to fit yourself into a box, you will be constrained to make the best possible decision as defined by the surrounding walls. Sometimes the menu of options available within that box may not offer asymmetric risk/reward. At worst, there are times when the odds are stacked against you due to prevailing valuations, almost like trying to play blackjack when you know you will be going up against a dealer sitting with two face cards every hand. Instead, we embraced a strategy that allows us to search across industries, geographies, and the capital stack for opportunities where we believe the odds are in our favor before we place our bet. If we can't find such a game, we wait until the cards are more to our liking. 我们共同建立并执行了一项授权，使我们能够做出最佳的投资决策，而不是最糟糕的决策。Crescent 运作的全面章程使其能够跨越资本结构进行投资 - 包括普通股和优先股、可转换债券、高收益和困境债务、私人信贷等，甚至包括偶尔的衍生品。我们可以在美国境内或海外进行这些投资。这种广度 - 随着时间的推移而扩大 - 是我们实现目标的基础要素。如果你试图把自己局限在一个框里，你将被限制在由周围墙壁定义的最佳决策中。有时，在那个框内可用的选项菜单可能不提供对称的风险/回报。最糟糕的是，有时由于当前估值的影响，情况可能对你不利，就像在知道每手都要面对庄家拿着两张点数牌时玩二十一点。 相反，我们采取了一种策略，允许我们在各行业、地理位置和资本结构中寻找我们认为胜算在我们一边的机会，然后再下注。如果找不到这样的机会，我们会等到牌更符合我们口味。
Protecting capital is who my partners and I are at a cellular level. We look to mitigate the potential loss by anchoring to security valuations that afford a margin of safety and having a healthy allocation to cash that, by default, increased due to a lack of attractive opportunities. We need to ensure that we see a return of our capital before getting a return on it. While suitable for us, I don't want to suggest this is a universal truth, and it's less a philosophical construct than it is who we are. 保护资本是我和我的合作伙伴在细胞水平上的本质。我们试图通过锚定安全估值来减少潜在损失，同时健康配置现金，由于缺乏有吸引力的机会，现金比例默认增加。在获得投资回报之前，我们需要确保资本的回收。虽然适合我们，但我不想暗示这是普遍真理，这不是一种哲学构建，而是我们的本质。
We have gotten more right than wrong in making our capital allocation decisions, which is why I am fortunate to be up here talking to you today. Some of the big decisions we have made that have helped are: 我们在做资本配置决策方面做得比错得多，这就是为什么我很幸运能站在这里今天和大家交谈。我们做出的一些重要决策有助于我们的发展：
- As I mentioned earlier, we didn't own inappropriately valued tech growth companies in the late 90s, which allowed the Fund to make money when in 2000, those stocks declined precipitously. Getting more fully invested in inexpensive small-cap stocks and high-yielding corporate bonds at that time drove positive returns in the face of a negative tape. - Due to questionable assets and excessive leverage, we eliminated banks from the portfolio before 2007. And an absence of attractive opportunities led us to build cash to its highest level in Crescent's history. Not owning some of the worst-performing assets and holding cash helped us to protect our investor's capital in the subsequent Great Financial Crisis. 正如我之前提到的，我们在 90 年代末并没有持有被错误定价的科技成长公司，这使得基金在 2000 年那些股票急剧下跌时赚钱。在那个时候更充分地投资廉价的小市值股和高收益公司债券推动了在负面市场环境中的正回报。由于存在质疑的资产和过度杠杆，我们在 2007 年之前将银行股从投资组合中剔除。缺乏有吸引力的投资机会导致我们将现金储备建设到 Crescent 历史上的最高水平。不持有一些表现最糟糕的资产并持有现金有助于我们在随后的大型金融危机中保护投资者的资本。
- In the depth of that 2008/09 downturn, we leaned into the market weakness and increased Crescent's exposure, particularly to high yield and distressed debt. With many corporate bonds yielding more than twenty and even thirty percent, the Fund's exposure jumped from the mid-single digits to over thirty percent in just a few months. 在 2008/09 年的低谷时期，我们抓住市场疲软的机会，增加了对 Crescent 的敞口，特别是对高收益和困境债务的敞口。随着许多公司债券的收益率超过 20%甚至 30%，基金的敞口在短短几个月内从中位数增加到超过 30%。
- In 2011, we increased the Fund's exposure to higher-quality companies and expanded our stakes in more foreign-domiciled businesses that helped Crescent relative to more traditional Value funds. I evolved and embraced the idea of buying great businesses at reasonable prices, not just good ones at great prices. Continuing to invest with a margin of safety did not change, but it came from a different place, more from a business's quality than its balance sheet. Had I remained tethered to value precepts that had previously guided me, I would not have been comfortable buying Microsoft, Google (now Alphabet), and high-quality, growing companies that had fallen from favor in the last decade or so. Many of these have become significant contributors to Crescent's performance. Some clients questioned our path as it diverged from how other tried and true value investors operated and how we operated. They reasonably asked if we were no longer value investors, if we had we become benchmark huggers, and if we had strayed from our process. Our response was and always has been that being a value investor means insisting on a margin of safety when committing capital. That does not mean just buying stocks with low price-to-earnings or price-to-book ratios. Often those were the businesses disintermediated by new or better competition. For validation, you don't have to look much further when you walk out of McCormick and see what was once known as the Sears Tower. 在 2011 年，我们增加了基金对高质量公司的曝光，并扩大了对更多外国注册企业的持股，这有助于 Crescent 相对于更传统的价值基金。我逐渐接受并采纳了以合理价格购买优秀企业的理念，而不仅仅是以极佳价格购买良好企业。继续在安全边际上投资并没有改变，但它来自不同的地方，更多来自企业的质量而非其资产负债表。如果我仍然固守以前指导我的价值准则，我就不会舒服地购买微软、谷歌（现在的 Alphabet）以及在过去十年左右失宠的高质量、增长型公司。其中许多公司已成为 Crescent 绩效的重要贡献者。一些客户对我们的做法提出了质疑，因为它与其他经过考验的价值投资者的操作方式以及我们的操作方式有所不同。他们合理地问道，我们是否不再是价值投资者，我们是否成为了跟踪基准的投资者，以及我们是否偏离了我们的流程。我们的回应一直是，作为价值投资者意味着在投入资本时坚持安全边际。 这并不仅仅意味着购买低市盈率或低市净率股票。通常这些企业是被新的或更好的竞争所淘汰的。要验证的话，当你走出麦科密克公司，看看曾经被称为西尔斯大厦的地方就明白了。
- In 2020, we misread Covid's near-term market and economic impact, which caused the portfolio to participate more in the market's decline than our investors and we had become accustomed to. However, that drop was temporary, and the quality of the businesses we owned at that time shined through as none of them had to lever their balance sheets excessively or resort to dilutive equity raises to get through that time. We again leaned into the fear that caused excessive selling and became buyers. That wasn't easy. It was a scary time with people discussing financial ruin and death in the same conversation. Amid the tumult, Mark was the clearest thinker on our team and helped ensure that Crescent was one of only two funds in our category to get more invested. The portfolio bounced back strongly as a result. - 在 2020 年，我们错误地判断了新冠疫情对市场和经济的短期影响，导致投资组合在市场下跌中参与度比我们和投资者习惯的更高。然而，那次下跌是暂时的，我们当时拥有的企业的质量得以展现，因为它们没有过度杠杆化其资产负债表，也没有采取稀释性股权发行来度过那段时间。我们再次借助引发过度抛售的恐惧成为买家。这并不容易。那是一个可怕的时刻，人们在同一谈话中讨论财务破产和死亡。在动荡中，马克是我们团队中头脑最清晰的人，帮助确保 Crescent 是我们类别中仅有的两只基金之一增加了投资。 由此，投资组合强劲反弹。
- And lastly, in 2022, we steered clear of long-duration bonds, which allowed the Fund to avoid impairment when interest rates increased off their one-thousand-year lows. We have looked (and even felt) dumb not maximizing return on our cash in the period leading up to this, but we did so because we thought it stupid to reach for yield in fixed income when rates were as low as they were. Owning interest rate derivatives that increased in value along with rates was an additional benefit - and not holding exceptionally overvalued cash-burning growth stocks that saw substantial price declines allowed for one of our best years relative to our benchmarks. - 最后，在 2022 年，我们避开了长期债券，这使基金在利率从千年低点上升时避免了损失。在此之前的时期，我们看起来（甚至感觉）很愚蠢，没有最大化现金回报，但我们这样做是因为我们认为在固定收益领域追求收益是愚蠢的，当时利率如此之低。拥有随着利率上升而升值的利率衍生品是一个额外的好处 - 不持有异常高估值的烧钱增长股，这些股票看到了实质性的价格下跌，使我们相对于我们的基准取得了最佳年度之一。
\footnotetext{ Source: Morningstar Direct. Funds within the Morningstar Allocation - to Equity Category with a minimum of in . 来源：晨星直接。在晨星配置 - 至 股票类别中，最低 在 的基金。
Note, the Fund does not include outperformance of any index or benchmark in its investment objectives. Past results are no guarantee of future results. 注意，该基金的投资目标不包括超越任何指数或基准。过往业绩不预示未来结果。
}
These six significant decisions over thirty years have helped drive our success - or, to invert that assertion, have helped us avoid failure. Most decisions aren't big ones. In the humdrum of the quotidian, many small decisions help us build a robust portfolio that we try to keep out of trouble while we keep our ears to the ground for the tremors of what could be a larger idea. You can get by with just one thoughtful move every five years. We don't feel an urgency to come up with something noteworthy each year, let alone every month, and certainly not daily. 这三十年来的六个重要决策推动了我们的成功 - 或者说，帮助我们避免了失败。大多数决策并不是大事。在日常琐事中，许多小决策帮助我们建立一个强大的投资组合，我们努力避免麻烦，同时密切留意可能是一个更大想法的颤动。每五年只需一个深思熟虑的举措就能过得去。我们并不感到每年都要提出值得注意的东西的紧迫感，更不用说每个月，当然更不是每天。
Thinking about how things might play out over five to seven years simplifies our lives and keeps me out of trouble by removing the need for frequent decision-making. I can get to know businesses better which gives me greater comfort in buying into price weakness. Less trading improves my after-tax returns. The absence of frenetic decision-making and trading improves my happiness quotient by allowing me to be more reflective and relaxed daily. 考虑未来五到七年可能发展的情况简化了我们的生活，并通过减少频繁决策的需要使我避免了麻烦。我可以更好地了解企业，这让我更加放心地在价格下跌时买入。较少的交易提高了我的税后回报。不再疯狂决策和交易提高了我的幸福指数，让我能够更多地反思和放松每天。
As I enter my seventh decade, I still find myself learning and don't plan for that to change. Of the many lessons l've learned, four stand out, which I hope will help make you a better investor. 当我进入第七个十年时，我仍然发现自己在学习，并且不打算改变。在我学到的许多教训中，有四个是突出的，我希望这些能帮助你成为更好的投资者。
Determine what strategy works best for you and stick with it. Whether you invest your capital or allocate it to others, you must execute a replicable process. You should find a style that synchs with your personality so that when tested during stress, you are not getting pushback from the person in the mirror. There isn't one right way, but there's probably one way for you. The way I invest works for me because a need to protect capital is ingrained in my psyche. And I'm okay with lagging in hot markets, believing that I will keep up with the market over complete cycles but will do so with less risk. Chances are you will likely stick with a less volatile strategy than one with more ups and downs. 确定哪种策略最适合您，并坚持下去。无论是投资您的资本还是将其分配给他人，您都必须执行一个可复制的过程。您应该找到一种与您的个性相符的风格，这样在压力测试时，您不会受到镜子里的人的反对。没有一种正确的方法，但可能有一种适合您的方法。我投资的方式适合我，因为保护资本的需求已经根深蒂固在我的心理中。我可以接受在炙手可热的市场中落后，相信我会在完整的周期内跟上市场，但风险更小。您很可能会坚持采用比波动更小的策略，而不是波动更大的策略。
I prefer to buy securities at a discount to what I believe is their intrinsic value. I may use different tools or frameworks to calculate that value, such as replacement cost, comparable private market transactions, or discounted cash flows. Find that consistent, disciplined approach that keeps you out of trouble. Knowing what is in and out of bounds for you will help keep you focused and help you steer clear of the FOMO that might otherwise drive you to participate in the latest and greatest, but ultimately fleeting. I have seen my share, from e-Toys to the Rainforest Café, crypto this or that, meme stocks, NFTs, and so many more. Liking Krispy Kreme donuts didn't mean I should buy its shares. Because my kids loved their Crocs didn't mean I should invest in the company. That would be more faith-based investing. I'll take fundamentals over blind belief any day. 我更喜欢以低于我认为的内在价值的折扣购买证券。我可能会使用不同的工具或框架来计算这个价值，比如替代成本、类似的私人市场交易或贴现现金流。找到那种一贯、有纪律的方法，让你远离麻烦。知道对你来说什么是可以接受的，什么是不可以接受的，将有助于保持你的专注，并帮助你避免可能会驱使你参与最新和最伟大，但最终是短暂的 FOMO。我见过很多，从 e-Toys 到雨林咖啡馆，加密货币这个或那个，模因股票，NFT 等等。喜欢 Krispy Kreme 甜甜圈并不意味着我应该购买它的股票。因为我的孩子喜欢他们的卡骆驰并不意味着我应该投资这家公司。那将更像是基于信仰的投资。我宁愿选择基本面而不是盲目的信仰。
Doing your homework to gain the conviction that you will eventually be proven right can comfort you when you feel so wrong. I remember going to a Laker game back in 1999. There were four of us in the car driving from the Westside of LA to get to Staples Center downtown. I am talking about Los Angeles, where a 16-mile ride can take an hour and a half. The long ride consisted of the other three talking about how much money they were making in dotcom this or that. I just sat quietly in the back seat with nothing worthwhile to contribute. My portfolio was flattish, while theirs was up huge. Nothing I was going to say was going to dampen their euphoria. It took the market bubble popping. 做好功课，坚信最终会被证明是正确的，当你感到如此错误时，这种信念可以给你安慰。我记得 1999 年去看湖人比赛。我们四个人坐在车里，从洛杉矶西区开车去市中心的斯台普斯中心。我说的是洛杉矶，16 英里的车程可能需要一个半小时。整个漫长的车程，其他三个人一直在谈论他们在互联网公司赚了多少钱。我只是静静地坐在后座，没有什么值得贡献的东西。我的投资组合基本持平，而他们的涨幅巨大。我说什么也不会让他们的兴奋情绪受到影响。直到市场泡沫破裂。
Do nothing most of the time because there is nothing to do most of the time! Great opportunities only happen some of the time. High-yield bonds, for example, have only traded six hundred basis points better than Treasuries - a healthy spread that has generally allowed for an equity rate of return but with lower risk -- less than a third of the time since Crescent's inception. Doing more can cost you more, particularly if you are a taxable investor. If you bought a great business well and its price quintupled, you should think twice before selling. After its price rise, that company might be valued at thirty times next year's earnings, but after you sell and pay your taxes, you would 大部分时间什么也不做，因为大部分时间没有什么可做的！伟大的机会只会在某些时候出现。例如，高收益债券与国债相比只交易了六百个基点 - 这种健康的利差通常可以实现股权回报，但风险较低 - 自 Crescent 成立以来只有不到三分之一的时间。做得更多可能会让你付出更多成本，特别是如果你是一个应纳税的投资者。如果你买了一家优秀的企业并且它的价格翻了五倍，你在出售之前应该三思。在价格上涨后，该公司可能被估值为明年收益的三十倍，但在你出售并支付税款后，你将支付更多。
have a third less to reinvest if you're a California resident, as I am. That would be the same as you had sold that business at twenty times earnings, a valuation you might otherwise find reasonable. As Charlie Munger has said, "The first rule of compounding: Never interrupt it unnecessarily." 如果您是加利福尼亚州居民，那么您要再投资的资金就会少三分之一，就像您以二十倍收益出售该业务一样，这个估值您可能会觉得合理。正如查理·芒格所说：“复利的第一条规则：不要不必要地中断它。”
Don't run with the crowd. It's better to operate with a variant view. Most people feel insecure investing in what may not be currently working, especially if it means running in the opposite direction of the herd. But if they have done their due diligence, then that's what they should do. Many studies support this, and Crescent's results versus its peers reflect it. If you actively seek diverse well-reasoned views that challenge your thinking, you will avoid the confirmation bias of living in an echo chamber. This will allow you to buy into weakness and sell into strength. Or, as I said, do nothing. Do it yourself or have a time-tested manager whose sensibilities dovetail with yours do it for you. If you're allocating to a third party, avoid the closet indexer and invest with a manager who is comfortable when looking wrong over the short or intermediate term to be right over a more extended period. 不要随波逐流。最好是持有一种不同的观点来操作。大多数人感到不安，投资于当前可能不起作用的事物，尤其是如果这意味着与群体背道而驰。但如果他们已经做好了尽职调查，那么这就是他们应该做的。许多研究支持这一观点，Crescent 的结果与其同行相比也反映了这一点。如果你积极寻求挑战你思维的多样而合理的观点，你将避免生活在一个回音壁中的确认偏见。这将使你能够在弱势时买入，在强势时卖出。或者，就像我说的，什么都不做。自己动手，或者让一个经过时间考验的经理人，其感性与你的相契合，来为你做这件事。如果你要分配给第三方，避免选择衣柜指数基金，与一个在短期或中期看起来错误时感到舒适的经理合作，以便在更长的时间内做对。
And lastly - the theme of this talk - look at each new day with fresh eyes, learning and expanding your circle of competence. Develop new tools and use old ones differently that you can apply in different environments to take advantage of the opportunities and avoid the pitfalls unique to that time. 最后 - 这次谈话的主题 - 用新鲜的眼光看待每一个新的一天，学习并扩大你的能力圈。开发新工具，以不同的方式使用旧工具，这样你就可以在不同环境中应用，抓住机会，避免那个时期独特的陷阱。
I will learn from different mistakes and lessons in the coming decades, but if you remember these, l'm confident you will have a head start from where I began thirty years ago. You don't need to make the same mistakes I have made. Before the invention of safety razors, it was best to learn to shave using someone else's face. I offer you my experience and nicked cheeks so that you may avoid some of my mistakes. Hopefully, this helps you make more money over time while sleeping better at night. Both have been important to me. 在未来几十年里，我将从不同的错误和教训中学习，但如果你记住了这些，我相信你将比我三十年前起步更有优势。你不需要重蹈我所犯的错误。在安全剃须刀发明之前，最好是学会用别人的脸来刮胡子。我将我的经验和被割伤的脸颊奉献给你，这样你就可以避免一些我犯过的错误。希望这能帮助你在睡得更好的同时赚更多的钱。这两者对我来说都很重要。
I won't tell you I'm always having fun, but it is always exciting and challenging. I wouldn't trade these last three decades for anything. I love what I do, and can't wait to ride my bike to the office. Talk to companies. Read, read, and read some more. Sift through the noise to find the symphony within. And, if done well, that should manifest itself in the form of strong risk-adjusted returns. 我不会告诉你我总是玩得开心，但总是充满刺激和挑战。这三十年来的经历，我不会拿任何东西来交换。我热爱我的工作，迫不及待地骑着自行车去办公室。与公司交谈。阅读，阅读，再多读一些。筛选出噪音中的交响乐。如果做得好，这应该以强大的风险调整回报的形式显现出来。
A mentor of mine once said you could choose to move forward or backward. There's no such thing as standing still because those around you are moving forward, which would leave you behind. The world will move forward with or without you. 我曾经的一位导师说过，你可以选择前进或后退。没有停滞不前这回事，因为你周围的人在前进，这会让你落后。无论你是否跟上，世界都会继续前进。
In closing, thank you to my colleagues and investors for sticking by me for the last three decades and moving forward with me in the years ahead. 在结束时，感谢我的同事和投资者在过去的三十年里一直支持我，并在未来的岁月中与我一起前行。
Steven Romick 史蒂文·罗米克
Important Disclosures 重要披露
This speech is for informational and discussion purposes only and does not constitute, and should not be construed as, an offer or solicitation for the purchase or sale with respect to any securities, products or services discussed, and neither does it provide investment advice. Any such offer or solicitation shall only be made pursuant to the Fund's Prospectus, which supersedes the information contained herein in its entirety. This speech does not constitute an investment management agreement or offering circular. 此演讲仅供信息和讨论之用，不构成也不应被解释为任何证券、产品或服务的购买或销售的要约或招揽，也不提供投资建议。任何此类要约或招揽应仅根据基金招股说明书进行，该说明书将完全取代此处包含的信息。此演讲不构成投资管理协议或发行通知。
Any views expressed herein and any forward-looking statements are as of the date of the publication and are those of the portfolio manager and are subject to change without notice. Future events or results may vary significantly from those expressed and are subject to change at any time in response to changing circumstances and industry developments. This information and data have been prepared from sources believed reliable, but the accuracy and completeness of the information cannot be guaranteed and is not a complete summary or statement of all available data. 本文中表达的任何观点和任何前瞻性声明均截至出版日期，均为投资组合经理的观点，并可能随时更改而无需通知。未来事件或结果可能与表达的情况大不相同，并可能随时根据不断变化的情况和行业发展而发生变化。此信息和数据来源可靠，但信息的准确性和完整性不能保证，并非所有可用数据的完整摘要或陈述。
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 the prospective investor. Please read the Prospectus carefully before investing. The Prospectus may be obtained by visiting the website at www.fpa.com, by calling toll-free, 1-800-982-4372, or by contacting the Fund in writing. 在投资之前，您应仔细考虑基金的投资目标、风险、费用和支出。招股说明书详细说明了基金的目标、政策和其他对潜在投资者感兴趣的事项。请在投资之前仔细阅读招股说明书。您可以通过访问网站 www.fpa.com、免费拨打 1-800-982-4372 或书面联系基金来获取招股说明书。
Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. This data represents past performance and investors should understand that investment returns and principal values fluctuate, so that when you redeem your investment it may be worth more or less than its original cost. Current month-end performance data, which may be lower or higher than the performance data quoted, may be obtained at www.fpa.com or by calling toll-free, 1-800-982-4372. The FPA Crescent Fund - Institutional Class ("Fund" or "FPACX") total expense ratio as of its most recent prospectus is , and net expense ratio is (both including dividend and interest expense on short sales). 过往表现并不预示未来结果，当前表现可能高于或低于所示表现。这些数据代表过往表现，投资者应了解投资回报和本金价值会波动，因此当您赎回投资时，其价值可能高于或低于原始成本。最新月末表现数据可能高于或低于引用的表现数据，可在 www.fpa.com 获取，或致电免费电话 1-800-982-4372。FPA Crescent Fund - 机构级别 ("基金" 或 "FPACX") 最新招股说明书中的总费用比率为 ，净费用比率为 （均包括做空交易的股息和利息费用）。
Periods greater than one year are annualized. Fund performance is shown net of all fees and expenses. Fund performance is calculated on a total return basis which includes reinvestment of all distributions. Fund returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares, which would lower these figures. Comparison to any index is for illustrative purposes only. An investor cannot invest directly in an index. The Fund does not include outperformance of any index or benchmark in its investment objectives. 超过一年的期间是年化的。 基金表现净值已扣除所有费用和支出。 基金表现是根据总回报基础计算的，其中包括所有分配的再投资。 基金回报不反映股东在基金分配上应缴纳的税款或基金份额的赎回，这将降低这些数字。 与任何指数的比较仅供说明目的。 投资者不能直接投资于指数。 基金的投资目标不包括任何指数或基准的跑赢。
The Fund commenced operations on June 2, 1993. The performance shown for periods prior to March 1, 1996 reflects the historical performance of a predecessor fund. FPA assumed control of the predecessor fund on March 1, 1996. The Fund's objectives, policies, guidelines, and restrictions are, in all material respects, equivalent to those of the predecessor fund. 该基金于 1993 年 6 月 2 日开始运作。1996 年 3 月 1 日之前的表现反映了前身基金的历史表现。FPA 于 1996 年 3 月 1 日接管了前身基金。该基金的目标、政策、指导方针和限制在所有重要方面与前身基金相当。
Portfolio composition will change due to ongoing management of the Fund. References to individual securities or sectors are for informational purposes only and should not be construed as recommendations by the Fund, the portfolio managers, the Adviser, or the distributor. It should not be assumed that future investments will be profitable or will equal the performance of the security or sector examples discussed. The portfolio holdings as of the most recent quarter-end may be obtained at www.fpa.com. 投资组合构成将因基金的持续管理而发生变化。对个别证券或行业的提及仅供信息目的，不应被视为基金、投资组合经理、顾问或分销商的推荐。不应假设未来的投资将是有利可图的，或将等同于所讨论的证券或行业示例的表现。最近季度末的投资组合持仓可在 www.fpa.com 获取。
Investments, including investments in mutual funds, carry risks and investors may lose principal value. Capital markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. The Fund may purchase foreign securities, including American Depository Receipts (ADRs) and other depository receipts, which are subject to interest rate, currency exchange rate, economic and political risks; these risks may be heightened when investing in emerging markets. Foreign investments, especially those of companies in emerging markets, can be riskier, less liquid, harder to value, and more volatile than investments in the United States. Adverse political and economic developments or changes in the value of foreign 投资，包括对共同基金的投资，存在风险，投资者可能会损失本金价值。资本市场波动较大，可能会因不利的发行人、政治、监管、市场或经济发展而显著下降。基金可能购买外国证券，包括美国存托凭证（ADRs）和其他存托凭证，这些证券受利率、汇率、经济和政治风险影响；在投资新兴市场时，这些风险可能会加剧。外国投资，尤其是新兴市场公司的投资，可能比在美国的投资更具风险，流动性较差，估值更困难，波动性更大。不利的政治和经济发展或外国价值变化的变化可能会对这些投资产生负面影响。
currency can make it more difficult for the Fund to value the securities. Differences in tax and accounting standards, difficulties in obtaining information about foreign companies, restrictions on receiving investment proceeds from a foreign country, confiscatory foreign tax laws, and potential difficulties in enforcing contractual obligations, can all add to the risk and volatility of foreign investments. 货币可以使基金更难估值证券。税收和会计标准的差异、获取外国公司信息的困难、接收外国投资收益的限制、没收性外国税法以及执行合同义务可能存在的困难，都可能增加外国投资的风险和波动性。
Small and mid-cap stocks involve greater risks and may fluctuate in price more than larger company stocks. Short-selling involves increased risks and transaction costs. You risk paying more for a security than you received from its sale. 小市值和中市值股票涉及更大的风险，价格波动可能比大公司股票更大。卖空涉及增加的风险和交易成本。您可能会为某项证券支付比您从其销售中获得的更多的费用。
Value style investing presents the risk that the holdings or securities may never reach their full market value because the market fails to recognize what the portfolio management team considers the true business value or because the portfolio management team has misjudged those values. In addition, value style investing may fall out of favor and underperform growth or other styles of investing during given periods. 价值风格投资存在的风险是，持有的证券可能永远无法达到其全面市场价值，因为市场未能认识到投资组合管理团队认为的真实业务价值，或者因为投资组合管理团队错误判断了这些价值。此外，价值风格投资可能在特定时期不受青睐，并表现不佳，落后于成长或其他投资风格。
The return of principal in a bond investment is not guaranteed. Bonds have issuer, interest rate, inflation and credit risks. Interest rate risk is the risk that when interest rates go up, the value of fixed income securities, such as bonds, typically go down and investors may lose principal value. Credit risk is the risk of loss of principal due to the issuer's failure to repay a loan. Generally, the lower the quality rating of a security, the greater the risk that the issuer will fail to pay interest fully and return principal in a timely manner. If an issuer defaults the security may lose some or all of its value. Lower rated bonds, callable bonds and other types of debt obligations involve greater risks. Mortgage-backed securities and asset-backed securities are subject to prepayment risk and the risk of default on the underlying mortgages or other assets. High yield securities can be volatile and subject to much higher instances of default. Derivatives may increase volatility. 债券投资中的本金返还并非保证。债券存在发行人、利率、通货膨胀和信用风险。利率风险是指当利率上升时，固定收益证券（如债券）的价值通常会下降，投资者可能会损失本金价值。信用风险是指由于发行人未能偿还贷款而导致本金损失的风险。一般来说，证券的信用评级越低，发行人未能全额支付利息并及时返还本金的风险就越大。如果发行人违约，证券可能会损失部分或全部价值。评级较低的债券、可赎回债券和其他类型的债务债券涉及更大的风险。抵押支持证券和资产支持证券面临提前偿还风险以及基础抵押贷款或其他资产违约的风险。高收益证券可能波动较大，并且更容易发生违约。衍生品可能会增加波动性。
Please refer to the Fund's Prospectus for a complete overview of the primary risks associated with the Fund. 请参阅基金招募说明书，了解与基金相关的主要风险的完整概述。
The FPA Funds are distributed by UMB Distribution Services, LLC, 235 W. Galena Street, Milwaukee, WI, 53212. Index Definitions FPA 基金由 UMB Distribution Services, LLC 分销，地址为 235 W. Galena Street, Milwaukee, WI, 53212。指数定义
Comparison to any index is for illustrative purposes only and should not be relied upon as a fully accurate measure of comparison. The Fund may be less diversified than the indices noted herein and may hold non-index securities or securities that are not comparable to those contained in an index. Indices will hold positions that are not within the Fund's investment strategy. Indices are unmanaged and do not reflect any commissions, transaction costs, or fees and expenses which would be incurred by an investor purchasing the underlying securities and which would reduce the performance in an actual account. You cannot invest directly in an index. The Fund does not include outperformance of any index in its investment objectives. 与任何指数的比较仅供说明目的，不应被视为完全准确的比较标准。该基金可能比此处提及的指数更少分散，并且可能持有非指数证券或与指数中包含的证券不可比较的证券。指数将持有不符合基金投资策略的头寸。指数是未经管理的，不反映投资者购买基础证券时将产生的任何佣金、交易成本或费用，这些将减少实际账户中的表现。您不能直接投资于指数。该基金的投资目标不包括任何指数的跑赢。
S&P 500 Index includes a representative sample of 500 hundred companies in leading industries of the U.S. economy. The Index focuses on the large-cap segment of the market, with over coverage of U.S. equities, but is also considered a proxy for the total market. 标普 500 指数包括美国经济领先行业中的 500 家公司的代表样本。该指数侧重于市场的大市值部分，覆盖美国股票超过 ，同时也被视为整个市场的代理指数。
MSCI ACWI NR Index is a free float-adjusted market capitalization weighted index that is designed to represent performance of the full opportunity set of large- and mid-cap stocks across developed and emerging markets. MSCI ACWI NR 指数是一个自由流通调整的市值加权指数，旨在代表发达市场和新兴市场大中盘股票的全部机会集的表现。
Bloomberg US Aggregate Bond Index provides a measure of the performance of the US investment grade bonds market, which includes investment grade U.S. Government bonds, investment grade corporate bonds, mortgage pass-through securities and asset-backed securities that are publicly offered for sale in the United States. The securities in the Index must have at least 1-year remaining in maturity. In addition, the securities must be denominated in US dollars and must be fixed rate, nonconvertible, and taxable. 彭博美国综合债券指数提供了美国投资级债券市场表现的衡量，包括美国政府投资级债券、投资级公司债、按揭证券和资产支持证券，这些证券在美国公开发行。指数中的证券必须剩余到期期限至少 1 年。此外，这些证券必须以美元计价，必须是固定利率、不可转换且应纳税的。
60% MSCI ACWI NR IndexI40% Bloomberg US Aggregate Index is a hypothetical combination of unmanaged indices comprised of 60% MSCI ACWI NR Index and 40% Bloomberg U.S. Aggregate Bond Index. 60% MSCI ACWI NR 指数 I40%彭博美国综合指数是由未管理指数构成的假设组合，包括 60% MSCI ACWI NR 指数和 40%彭博美国综合债券指数。 S&P 500/40% Bloomberg US Aggregate Index is a hypothetical combination of unmanaged indices comprised of S&P 500 Index and 40% Bloomberg U.S. Aggregate Bond Index. 标普 500 指数/40%彭博美国综合指数是一个假设的组合，由 标普 500 指数和 40%彭博美国综合债券指数组成。
Margin of safety - Buying with a "margin of safety" is when a security is purchased at a discount to the portfolio manager's estimate of its intrinsic value. Buying a security with a margin of safety is designed to protect against permanent capital loss in the case of an unexpected event or analytical mistake. A purchase made with a margin of safety does not guarantee the security will not decline in price. 安全边际 - 以“安全边际”购买是指以低于投资组合经理对其内在价值的估计的折扣购买证券。以安全边际购买证券旨在防止在出现意外事件或分析错误的情况下永久资本损失。以安全边际购买的证券并不保证该证券不会下跌。
Morningstar Nominations and Awards 晨星奖提名和奖项
FPA has received certain nominations or awards by third parties as reflected herein. Investors should review the criteria for each nomination or award as reflected on the third-party's webpage. Morningstar fund manager nominations and awards are presented to fund managers who have distinguished themselves and have achieved strong risk-adjusted historical performance through the careful execution of their investment strategy and responsible fund stewardship. The Morningstar Fund Manager of the Decade and Year nominations and awards should not be used as the sole basis in evaluating a fund. Morningstar Analyst Ratings involve unknown risks and uncertainties which may cause Morningstar's expectations not to occur or to differ significantly from what they expected FPA 已收到第三方提名或奖项，如下所示。投资者应查看每个提名或奖项的标准，如第三方网页上所示。晨星基金经理提名和奖项授予那些通过谨慎执行其投资策略和负责任的基金管理而在风险调整后的历史表现上脱颖而出的基金经理。晨星十年和年度基金经理提名和奖项不应作为评估基金的唯一依据。晨星分析师评级涉及未知风险和不确定性，可能导致晨星的预期未能实现或与他们的预期大不相同。
The 2009 Morningstar Domestic Fund Manager of the Decade award is based on risk adjusted results over the past 10 years (20002009), and other considerations, including the risks assumed to achieve the results, the strength of the manager, strategy, the firm's stewardship, and asset size. Both individual fund managers and management teams are eligible, and being a previous winner of the Morningstar Fund Manager of the Year award isn't a prerequisite. Morningstar's fund analysts select the Fund Manager of the Decade award winners based on Morningstar's proprietary research and in-depth evaluation. 2009 年晨星基金经理十年奖基于过去 10 年（2000-2009 年）的风险调整结果以及其他考虑因素，包括为实现结果而承担的风险、经理人的实力、策略、公司的管理、资产规模。个别基金经理和管理团队都有资格获奖，而且曾获得晨星年度基金经理奖并非必要条件。晨星基金分析师根据晨星专有研究和深入评估选择十年基金经理奖获奖者。
The nominee for the Fund Manager of the Year award is presented each year to recognize a manager's past achievements. The Fund Manager of the Year award winners are chosen based on research and in depth qualitative evaluation by Morningstar's Manager Research Group. Nominations are made by Morningstar manager research analysts, then narrowed to a list of finalists by each asset-class team. The entire analyst team meets to debate the merits of the finalists in each asset class. Voting commences immediately after each asset-class meeting, and nominees receiving the most votes are the winners. The award is presented to fund managers who have distinguished themselves over the past calendar year and have achieved strong risk adjusted historical performance through the careful execution of a solid investment strategy and responsible fund stewardship. Morningstar's Manager Research Group consists of various wholly owned subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC. For more information, please see https://go.morningstar.com/Morningstar-Awards. 每年提名年度基金经理奖的候选人，旨在表彰基金经理过去的成就。年度基金经理奖的获奖者是根据晨星公司的经理研究小组进行的研究和深入的定性评估而选择的。提名由晨星公司的经理研究分析师提出，然后由各资产类别团队缩小到决赛名单。整个分析团队会就每个资产类别的决赛名单进行辩论。在每个资产类别会议结束后立即开始投票，获得最多票数的提名者将成为获奖者。该奖项授予在过去一年中表现突出并通过谨慎执行稳健的投资策略和负责任的基金管理获得强劲风险调整历史绩效的基金经理。晨星公司的经理研究小组由晨星公司的各个全资子公司组成，包括但不限于晨星研究服务有限责任公司。更多信息，请参阅 https://go.morningstar.com/Morningstar-Awards。
The Morningstar Fund Manager of the Decade and Year nominations and awards should not be used as the sole basis in evaluating a fund. Past performance is no guarantee of future results. Past nominations and awards may not reflect the current status of any portfolio manager or individual. 不应将晨星十年和年度基金经理提名和奖项作为评估基金的唯一依据。过往表现不代表未来结果。过去的提名和奖项可能不反映任何投资组合经理或个人的当前状况。
Morningstar Allocation - to Equity Funds in allocation categories seek to provide both income and capital appreciation by investing in multiple asset classes, including stocks, bonds, and cash. These portfolios are dominated by domestic holdings and have equity exposures between and . 晨星配置 - 至 股票基金在配置类别中寻求通过投资于多种资产类别（包括股票、债券和现金）来提供收入和资本增值。这些投资组合主要由国内持有的资产组成，股票敞口在 至 之间。
S&P U.S. Scorecard Year-End 2022. 标普美国绩效报告 2022 年年底。
Source: Morningstar Direct through April 14, 2023. 来源：Morningstar Direct 截至 2023 年 4 月 14 日。
The two market cycles references are 3/25/2000-10/9/20072007; 10/10/2007-1/3/2022. Market Cycle Performance is defined as a period that contains a decline of at least from the previous market peak over at least a two-month period and a rebound to establish a new peak above the previous one by S&P 500 Index. 两个市场周期参考日期为 3/25/2000-10/9/20072007；10/10/2007-1/3/2022。市场周期表现被定义为一个时期，其中包含至少 的下跌，持续至少两个月，并且反弹以建立一个新的峰值，超过 S&P 500 指数的先前峰值。
Since inception of the FPA Crescent Fund (“Fund”) on June 2, 1993. 自 1993 年 6 月 2 日 FPA Crescent 基金（“基金”）成立以来。
Source: Morningstar Direct as of March 31, 2023. Since inception of the Fund, time periods where S&P 500 drawdowns were greater than were calculated from that index's peak and trough dates, (i.e., 3/24/2000-10/9/2002, 10/10/2007-3/9/2009, 2/19/2020-3/23/2020, and 1/4/2022 ) 来源：截至 2023 年 3 月 31 日的 Morningstar Direct。基金成立以来，S&P 500 下跌幅度大于 的时间段是根据该指数的峰值和谷底日期计算的（即，3/24/2000-10/9/2002，10/10/2007-3/9/2009，2/19/2020-3/23/2020，和 1/4/2022 ）
Source: Morningstar Direct through March 31, 2023. The Fund does not have a benchmark. 来源：Morningstar Direct 截至 2023 年 3 月 31 日。该基金没有基准。
Source: FPA, Morningstar Direct as of March 31, 2023. 来源：FPA，截至 2023 年 3 月 31 日的 Morningstar Direct。
Throughout this document, the following disclosure applies to the Fund: Past performance is no guarantee, nor is it indicative, of future results. Comparison to any index is for illustrative purposes only. The Fund does not include outperformance of any index or benchmark in its investment objectives. 本文件中，以下披露适用于基金：过往表现不代表未来结果，也不具有预示作用。与任何指数的比较仅供说明目的。基金的投资目标不包括超越任何指数或基准。
Source: Are You Leaving Money on the Table From Your Funds' Returns? Morningstar, Amy C. Arnott. July 13, 2022. 来源：您是否在基金回报中留下了利润？Morningstar，Amy C. Arnott。2022 年 7 月 13 日。