Group 1 - The FPA Crescent Fund gained 5.54% in Q3 2025 and 15.32% over the trailing twelve months, with top five performers contributing 6.65% and bottom five detracting 2.58% from the returns [1] - International Flavors & Fragrances Inc. (NYSE:IFF) is a key holding in the fund, with a one-month return of 6.40% but a significant decline of 29.64% over the past 52 weeks, closing at $64.00 per share and a market capitalization of $16.39 billion [2][3] Group 2 - IFF is a major producer of ingredients for various industries, including food and beverage, with its products being essential in many household items [3] - The company has faced challenges due to previous management's poor capital allocation and acquisitions, which led to lower margins and increased leverage [3] - A new CEO is focusing on operational excellence and divesting non-core assets, which is expected to reduce leverage and improve margins [3] - Current free cash flow of approximately $4 is projected to increase to $5-6 in a few years, potentially leading to a higher P/E ratio in line with peers [3] - The stock price, currently at $61, has a potential path to double if the company executes its strategy effectively [3]