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

Share Class No load, no 12b-1 fees
Ticker Symbol
NAV
Initial Minimum Investment
Fund Assets
Fund Inception
FPA Manager Inception
Gross Expense Ratio (as of most recent prospectus)
Net Expense Ratio (as of most recent prospectus)
Dividend Frequency

Fund Facts are as of September 30, 2024 unless otherwise noted, and are for the Institutional Class shares.

*  Net Expense Ratio includes a contractual fee waiver, which is in place through April 30, 2025.

Fund Inception reflects the date when the Fund was first available for purchase under FPA management.

FPA Manager Inception Reflects the date the current portfolio managers began managing the Fund.

As of most recent prospectus, total expense ratio is 1.08%, and net expense ratio is 1.05%. First Pacific Advisors, LP (the “Adviser” or “FPA”), the Fund’s investment adviser, has contractually agreed to reimburse the Fund for operating expenses in excess of 0.05% of the average net assets of the Fund, excluding management fees, administrative service fees, short sale dividend expenses and interest expenses on cash deposits relating to short sales, brokerage fees and commissions, redemption liquidity service expenses, interest, taxes, fees and expenses of other funds in which the Fund invests, and extraordinary expenses, including litigation expenses not incurred in the Fund’s ordinary course of business, through April 30, 2025. The Adviser has also contractually agreed to reimburse the Fund for redemption liquidity service expenses in excess of 0.0044% of the average net assets of the Fund through April 30, 2025. These agreements may only be terminated earlier by the Fund’s Board of Trustees (the “Board”) or upon termination of the Advisory Agreement. 

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. 

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Portfolio Managers

  • Mark Landecker, CFA

    Joined FPA in 2009
    Mark joined FPA in 2009. He serves as a Portfolio Manager for FPA. 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. Mark earned a BBA (with honors) from the Schulich School of Business, York University, Toronto, Canada. He is a CFA® Charterholder.

    FPA Crescent Fund
    Source Capital
  • Steven Romick, CFA

    Joined FPA in 1996
    Steven joined FPA in 1996. He serves on FPA’s Management Committee and as a Portfolio Manager for FPA. Prior to joining FPA, Steven was Chairman of Crescent Management and a consulting security analyst for Kaplan, Nathan & Co. Steven earned a Bachelor’s degree in Education from Northwestern University. He is a CFA® Charterholder.

    FPA Crescent Fund
    Source Capital
  • Brian A. Selmo, CFA

    Joined FPA in 2008
    Brian joined FPA in 2008. He serves as a Portfolio Manager and Director of Research for FPA. 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.

    FPA Crescent Fund
    Source Capital