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Romick's FPA Crescent Fund Year-End Shareholder Commentary

johnNjohnN
in The Bullpen
https://www.gurufocus.com/news/1032156/steven-romicks-fpa-crescent-fund-yearend-shareholder-commentary

Steven Romick's FPA Crescent Fund Year-End Shareholder Commentary
Discussion of markets and holdings

Global stock markets ended 2019 on a high note, with the global MSCI ACWI Index returning 8.95% and 26.60% for the fourth quarter and full year, respectively, and the domestic S&P 500 Index returning 9.06% and 31.49% for the same periods. It was a “risk on” year with even U.S. investment grade bonds delivering 14.23% for the year, approximately in line with the high yield bond market’s 14.41% performance.1 The FPA Crescent Fund, or the Fund, increased 5.69% and 20.02% for 2019’s fourth quarter and full year, underperforming the average of its two comparative equity indices at 9.01% and 29.04% for the fourth quarter and full year, respectively.
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