N-PORT filing recap · September 2025

What did FPA Crescent Fund buy in September 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

$6.17B

Positions

Estimated turnover

12.2%

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 Hoshizaki Corporation and Shiseido Co Ltd. It trimmed several holdings, with moderate decreases in Te Connectivity, Citigroup, Safran, and Ferguson Enterprises, and substantially reduced Holcim, Wells Fargo, Nintendo, Nexon, and Echostar. The fund also added to Fortune Brands Innovations and International Flavors & Fragrances.

New positions

6465Hoshizaki Corporation$29.79Mreported value+793.0K shares 4911Shiseido Co Ltd$15.14Mreported value+886.1K shares

Increased positions

HEIOHeineken Holding N.v.$211.60Mreported value+276.5K shares+9.8%IFFInternational Flavors & Fragrances Inc$184.48Mreported value+401.3K shares+15.5%FBINFortune Brands Innovations, Inc.$97.80Mreported value+548.4K shares+42.7%271560Orion Corp$39.05Mreported value+44.1K shares

Reduced positions

GOOGLAlphabet Inc.$429.68Mreported value-5.1K shares-0.3%METAMeta Platforms, Inc.$337.84Mreported value-37.6K shares-7.6%ADIAnalog Devices, Inc.$328.14Mreported value-37.8K shares-2.8%TELTe Connectivity Plc$309.94Mreported value-330.5K shares