N-PORT filing recap · March 2025

What did FPA Crescent Fund buy in March 2025?

Reported stock-position changes between this filing and the previous one. These are FPA Crescent Fund's own holdings, not the firm's.

Stock value

$5.60B

Positions

Estimated turnover

11.0%

Turnover is a proxy: verified trade-origin share changes valued at period-end and divided by average reported stock value. SEC holdings reports do not disclose execution dates or prices. Corporate actions and unreconciled activity are excluded.

Period in review

FPA Crescent Fund opened new positions in Mcdermott International and exited Metals Acquisition Corp. II. The fund trimmed Meta Platforms, Holcim, Citigroup, and Wells Fargo, while adding substantially to Vail Resorts, Pernod Ricard, and Bio-Rad Laboratories. It also sharply increased its stake in Fortune Brands Innovations and reduced Kinder Morgan and Broadcom.

New positions

MCDIFMcdermott International Ltd$32.66Mreported value+2.51M shares MCDIFMcdermott International Inc$4.31Mreported value+331.3K shares MDRMcdermott International Inc$109.6Kreported value+8.4K shares

Increased positions

HEIOHeineken Holding N.v.$203.55Mreported value+67.4K shares+2.5%JDEPJde Peet'S N.v.$128.67Mreported value+49.1K shares+0.8%FERGFerguson Enterprises Inc.$126.58Mreported value+90.9K shares+13.0%MTNVail Resorts, Inc.$82.24Mreported value+170.6K shares

Reduced positions

METAMeta Platforms, Inc.$289.27Mreported value-76.6K shares-13.2%ADIAnalog Devices, Inc.$277.38Mreported value-13.2K shares-1.0%GOOGLAlphabet Inc.$274.12Mreported value-91.8K shares-4.9%HOLNHolcim AG$271.61Mreported value-581.3K shares

Exited positions

MCDIFMcdermott International Ltd$15.70Mprior reported value-314.02M shares-100.0%MDRMcdermott International Inc$2.07Mprior reported value-41.41M shares-100.0%MTALMetals Acquisition Corp. II$585.4Kprior reported value-55.1K shares-100.0%MDRMcdermott International Inc$52.7Kprior reported value