FPFRX Fees and Costs — FPA Crescent Fund, Investor Class
Data updated: 2026-08-26
The net expense ratio is 1.15%: a 1.00% management fee plus 0.28% other expenses, less a 0.13% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $3.3M in broker commissions, 0.0298% of average net assets, and portfolio turnover was 23%.
FPFRX Fees and Expenses
Annual operating expenses and sales charges of FPFRX. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.28% |
| Gross expense ratio | 1.28% |
| Fee waiver | −0.13% |
| Net expense ratio | 1.15% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
FPFRX Costs Over Time
On $10,000 invested in FPFRX, assuming 5% a year before costs, total costs come to $735 over 5 years, cutting the return by 1.24% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 1.15%) | $121 | $376 | $651 |
| Trading costs (broker commissions) | $3 | $10 | $17 |
| Lost growth on money paid in costs | $0 | $19 | $68 |
| Total costs | $124 | $405 | $735 |
| Value after costs | $10,376 | $11,171 | $12,027 |
| Impact on return, per year | 1.24% | 1.24% | 1.24% |
FPFRX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0298%
- Total broker commissions: $3.3M
- Bought from dealers (principal trades, not a cost): $22.2B
- Portfolio turnover (prospectus): 23%
- Securities lending: none during the year
FPFRX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| SANFORD C. BERNSTEIN & CO., LLC | $427K | 17.12% |
| MORGAN STANLEY | $325K | 13.01% |
| BARCLAYS CAPITAL INC. | $320K | 12.80% |
| BOFA SECURITIES, INC. | $312K | 12.49% |
| GOLDMAN SACHS & CO. | $285K | 11.42% |
| UBS SECURITIES LLC | $276K | 11.04% |
| CITIGROUP GLOBAL MARKETS INC. | $264K | 10.57% |
| JEFFERIES LLC | $106K | 4.24% |
| JONES TRADING INSTITUTIONAL SERVICES LLC | $95K | 3.81% |
| DAIWA CAPITAL MARKETS AMERICA INC. | $87K | 3.50% |
FPFRX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $8.4B | 38.02% |
| ACADEMY SECURITIES | $4.6B | 21.05% |
| EXXON MOBIL | $3.4B | 15.27% |
| BARCLAYS CAPITAL INC. | $2.2B | 9.75% |
| STATE STREET CORP | $1.3B | 5.85% |
| CITIGROUP GLOBAL MARKETS INC. | $885.6M | 4.02% |
| WELLS FARGO CLEARING SERVICES, LLC | $647.4M | 2.94% |
| NOMURA SECURITIES INTERNATIONAL, INC. | $334.6M | 1.52% |
| JEFFERIES LLC | $195.7M | 0.89% |
| COWEN EXECUTION SERVICES LLC | $154.4M | 0.70% |
FPA Crescent Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| FPCSX | Supra Institutional Class | 0.99% | none |
| FPACX | Institutional Class | 1.05% | none |
| FPFRX | Investor Class | 1.15% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.