The Long View

That's the perspective FPA has taken since its founding in 1954. Long-term relationships making long-term investments. Here on our Timeline page, you can see exactly how this view has benefited FPA's investors.

  • The foundation for FPA is formed under the name Shareholders Management Company, a mutual fund company formed by Shareholders Capital.

  • Source Capital (SOR), a NYSE traded closed-end fund, is established.

  • Shareholder Management Company changes its name to Angeles Management Company.

  • Angeles Management Company changes its name to FPA.

  • George Michaelis becomes Director and President of FPA and establishes FPA’s emphasis on value investing.

    FPA becomes adviser to Paramount Mutual Fund, formerly the FPA Paramount Fund, started by Joseph Lowitz in 1958.


The Morningstar Fund Manager of the Decade award is based on risk adjusted results over the past 10 years (2000-2009), and other considerations, including the strength of the manager, strategy, and stewardship.

The nominee for the Fund Manager of the Year award is presented each year to recognize a manger's past achievements. The Fund Manager of the Year award winners are chosen based on research and in depth qualitative evaluation by Morningstar’s Manager Research Group. Nominations are made by Morningstar manager research analysts, then narrowed to a list of finalists by each asset-class team. The entire analyst team meets to debate the merits of the finalists in each asset class. Voting commences immediately after each asset-class meeting, and nominees receiving the most votes are the winners. The award is presented to fund managers who have distinguished themselves over the past calendar year and have achieved strong risk adjusted historical performance through the careful execution of a solid investment strategy and responsible fund stewardship. Morningstar’s Manager Research Group consists of various wholly owned subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC. For more information, please see

The Morningstar Fund Manager of the Decade and Year nominations and awards, as well as the Morningstar Analyst Rating for a fund should not be used as the sole basis in evaluating a fund. Morningstar Analyst Ratings involve unknown risks and uncertainties which may cause Morningstar’s expectations not to occur or to differ significantly from what they expected.

Past performance is no guarantee of future results. Past nominations and awards may not reflect the current status of any portfolio manager or individual.