Cash and cash equivalents allocation is 35.5%.
net equity exposure is 57.4%.
Corporate bond exposure increased to 6.2%.
Top contributors for the quarter were Navistar bonds, American International Group,
Bank of America, Citigroup, and CIT Group. Naspers/Tencent pair trade, Oracle, Nexeo,
General Electric, and Alleghany were the largest detractors for the period.
Outlook:
o We continue to spend time on one-off securities to build our research library. Quality
compounders and high yield bonds remain expensive.
http://www.fpafunds.com/docs/fund-updates/q3-2016-crescent-update.pdf?sfvrsn=2M* data: Alcoa Inc 2.76 % of FPACX portfolio weight. 8th largest holding
Total Assets
$ 16.3 bil
Alcoa -14% in two sessions since earnings breakdownOct 12 2016, 19:22 ET | By: Carl Surran, SeekingAlpha News Editor
Alcoa (NYSE:AA) shares have tanked 14% since Tuesday morning when it announced worse than expected Q3 earnings and cut its full-year 2016 revenue targets across all areas of the business.
Fun fact: In the three quarters in which Alcoa has fallen more than 10% following its report, the S&P 500 traded down by 7.5%, 2.6% and 6.5% for the remainder of those three earnings seasons.
http://seekingalpha.com/news/3213686-alcoa-minus-14-percent-two-sessions-since-earnings-breakdown
