Investment Objective

The Fund seeks to generate equity-like returns over the long-term, take less risk than the market and avoid permanent impairment of capital.

Absolute Return Focus

Investments require a compelling risk/reward proposition on an absolute basis.

Flexible Approach

Invest across capital structure, geographies, sectors and market caps.

Deep Research

Independent, bottom-up, fundamental research process seeking to minimize risk.

Fund Facts

Ticker Symbol FPACX
Share Class No load, no 12b-1 fees
Initial Minimum Investment $1,500
Fund Assets $17 Billion
Fund Inception Jun 2, 1993
FPA Manager Inception Mar 1, 1996
Expense Ratio (as of most recent prospectus) 1.10%
Redemption Fee 2% on shares held 90 days or less
Dividend Frequency Semi-Annually

Fund Facts are as of September 30, 2018. 
FPA was awarded the Morningstar US Allocation Fund Manager of the Year in 2013.  The US Allocation Fund Manager of the Year 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.

Portfolio Managers

  • Mark Landecker, CFA

    Joined FPA in 2009
    Mark joined FPA in 2009. He serves as Portfolio Manager for the FPA Crescent Fund and Source Capital, Inc.  Prior to joining FPA, Mark served as Portfolio Manager at both Kinney Asset Management and Arrow Investments, Inc., and as associate at TD Capital and PricewaterhouseCoopers.  He earned a BBA (with honors) from the Schulich School of Business, York University, Toronto, Canada. He is a CFA Charterholder.
  • Steven Romick, CFA

    Joined FPA in 1996
    Steven joined FPA in 1996. He serves as Portfolio Manager for the FPA Crescent Fund, Source Capital, Inc. and the FPA Multi-Advisor Strategy. Prior to joining FPA, Steven was Chairman of Crescent Management and a consulting security analyst for Kaplan, Nathan & Co. He earned a Bachelor’s degree in Education from Northwestern University. He is a CFA Charterholder.
  • Brian A. Selmo, CFA

    Joined FPA in 2008
    Brian joined the firm in 2008. He serves as Portfolio Manager and Director of Research for the FPA Crescent Fund and Source Capital, Inc.  Prior to joining FPA, Brian was founder and managing member of Eagle Lake Capital, LLC, and Portfolio Manager of its predecessor.  Previously, he was an analyst at Third Avenue Management and Rothschild, Inc.  Brian earned a Bachelor's degree in Economics (with honors) from The Johns Hopkins University, where he graduated Phi Beta Kappa. He is a CFA Charterholder.