- FPA Crescent Fund 2Q26 Commentary FPA Crescent Fund scaled back exposure to AI and data-center beneficiaries as valuations and capital-cycle risks left little margin of safety. It added 14 largely AI-agnostic mid-cap businesses, including specialty chemical distribution and biotech equipment companies, seeking durable growth, strong balance sheets and conservative valuation support. 2Q26 +7.1% 028260 $47BADI $180BNTDOF $62BNVDA $5.1T
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