FPACX
Activity:
Trimmed CVS, Intel and
Thermo Fisher
Added to a few names, including
Bank of America, Carlsberg, Citigroup, Joy Global and
Owens Illinois
Purchased 2 new equity positions in the quarter
General Electric included
Initiated a
couple new debt positions, though small.
Top contributors for
the quarter were
Naspers, TE Connectivity, CVS, Thermo Fisher
and Alibaba (short)
.
Top detractors were
TenCent
(short)
, Microsoft, Alcoa, Oracle and
Bank of America
.
Positioning:
Gross
exposure to equities
remains at approximately 55%
and net exposure is circa 52%. Fixed Income remains extremely low
at around 1.4%
.
Added
to private investments, specifically
real estate partnerships
Cash is approximately 45%Outlook:
Remains difficult to find opportunities and businesses
that trade at attractive valuations.
We are looking at the shipping industry
and continue to explore possibilities in oil and
gas, specifically manufacturing and equipment.
http://fpafunds.com/docs/fpa-crescent-fund/q1-2015-crescent-update-w_o-cpi-docx.pdf?sfvrsn=2Fact Sheet
http://fpafunds.com/docs/fund-fact-sheets/cre-fact-sheet-q4-2014.pdf?sfvrsn=2df?sfvrsn=2
Comments