Firm
The Value of Independence
Our Story
Investors First
For over 70 years, FPA has delivered a meaningful and measurable track record of success. As of March 31, 2026, the firm has approximately $32 billion in assets under management (AUM).
Guided by price discipline through a focus on intrinsic value, we help investors allocate capital across market cycles.
As an independent and investor-aligned firm, we operate with a commitment to patient execution, and prudent decision-making.
Our goal is simple: we aim to provide investors with superior risk-adjusted returns via capital preservation—by thinking differently, acting deliberately, and putting our investors first.
Capital Invested Alongside Investors
>$500M
Employee
Ownership
100%
Firm AUM in Funds with 20+ Year History
76%
Number of Investment Professionals
21
Number of
Strategies
10
Investment
Approach
1
Click here for an overview of FPA Fund Ownership.
We aim to be a leading practitioner of value investing by delivering superior long-term risk-adjusted returns with a disciplined focus on capital preservation—all while remaining committed to our core values and high ethical standards.
Our History
Discipline Measured Across Decades
Our history is a reflection of our core principles—built over decades of disciplined investing, investor alignment, and independent thinking.
This is a chronological timeline of key milestones. Use the previous and next buttons to navigate through the events.
1 The 2026 US Morningstar Awards for Investing Excellence recognize portfolio managers and asset management firms that demonstrate excellent investment skill, the courage to differ from the consensus to benefit investors, and a commitment to aligning their interests with those of their investors. Morningstar’s manager research analysts conduct in-depth qualitative analyses to select nominees and, subsequently, vote to determine the award winner. Morningstar presents the Exemplary Stewardship Award to an asset manager that has shown an unwavering focus on serving the best interests of investors. To qualify for the award, the firm must have received a Parent Pillar rating of High or Above Average. The Parent Pillar rating measures the quality of the firm’s care of investors’ capital. The firm must demonstrate an investor-focused corporate culture and an alignment of interests between investors and the people who control the destiny of the investment strategies. Read more about the award and nomination here.
Core Values
Independent Thinking. Enduring Quality.
Investment Excellence
Exceptional Discipline
Independent & Unconstrained
Investor Alignment
We measure success by the long-term returns we generate for our investors—not by assets under management (AUM). We aim to deliver strong risk-adjusted performance that supports exceptional long-term outcomes for our investors.
We are committed to our approach, resisting external noise and short-term market movements. Staying disciplined builds trust with our investors and allows us to focus on the long-term performance.
Our independence gives us the flexibility to offer broader mandates unconstrained by benchmarks. This autonomy enables us to avoid forced exposures, focus on quality, and allocate capital where we see long-term value.
We invest alongside our investors, aligning our interests and prioritizing fairness in all aspects of our approach. By managing capacity with discipline, we aim to preserve the integrity of our strategies and enhance long-term returns for our investors.
Our Culture
Empowering People. Delivering Results.
Owning Outcomes
We seek to hold ourselves to high standards of character and conduct. We strive to take ownership of our actions, and when mistakes occur, acknowledge them, learn from them, and ensure they are not repeated.
Learning Mindset
We prioritize intellectual growth and adaptability. We seek to evolve with changing market conditions, remain open to new ideas, and challenge assumptions to sharpen our perspective and improve continuously over time.
Honest Exchange
We communicate clearly and timely within the firm and to our investors. By aligning our words with our actions, we aim to foster trust and transparency with our investors.
Unified Effort
Our culture is one where knowledge is shared, voices are heard, and initiative is encouraged. This empowers our people to make confident decisions, collaborate with purpose, and drive the firm forward.