This ETF giant wasn't too big to fail
A mix of conviction and caution has paid off for this 5-star fund.
With little margin of safety available in today's market, the Gold-rated FPA Crescent manager is waiting for better opportunities.
Their managers may be skilled, but these funds haven't shared economies of scale with investors.
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The FPA Crescent manager takes a pass on long-dated bonds and high yield, but found value in old-school tech firms.
Seeing few opportunities that meet their risk-reward criteria, the team at FPA Crescent --winner of Morningstar's 2013 Allocation Fund Manager of the Year award--is sticking to its discipline and letting cash build, says manager Steve Romick.
Top managers continue to find opportunities for some new-money purchases, while taking full advantage of a rising stock market to book gains in shares trading above their fair value estimates.
Top managers were finding new places to put money to work and adding to existing high-conviction ideas in the first quarter.