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
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)*
Adjusted Expense Ratio*
Dividend Frequency

Fund Facts are as of March 31, 2023 unless otherwise noted, and are for the Institutional Class shares. Morningstar Analyst Rating is as of March 17, 2023.

*  Net Expense Ratio includes a contractual fee waiver, which is in place through April 30, 2024. The Adjusted Expense Ratio is the same as the Net Expense Ratio, but also excludes short sale dividend and interest expense equal to 0.01%, none of which is paid to FPA.

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.

Effective September 4, 2020, the current single class of shares of the Fund was renamed the Institutional Class shares and has the same ticker symbol (FPACX). In addition, effective September 4, 2020, the management fees for the Institutional Class includes both an advisory fee of 0.93% and class-specific administrative service fee of 0.07%. For additional information about the administrative service fee please see the Prospectus.

As of most recent prospectus, total expense ratio is 1.09%, and net expense ratio is 1.06% (including short sale dividend and interest expenses). 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, 2024. 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, 2024. 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. 

In relation to the Morningstar Medalist RatingTM, the Analyst-Driven % data point displays the weighted percentage of a vehicle’s pillar ratings assigned directly or indirectly by analysts. The Data Coverage % data point is a summary metric describing the level of data completeness used to generate the overall rating. 

The Morningstar Medalist RatingTM is the summary expression of Morningstar’s forward-looking analysis of investment strategies as offered via specific vehicles using a rating scale of Gold, Silver, Bronze, Neutral, and Negative. The Medalist Ratings indicate which investments Morningstar believes are likely to outperform a relevant index or peer group average on a risk-adjusted basis over time. Investment products are evaluated on three key pillars (People, Parent, and Process) which, when coupled with a fee assessment, forms the basis for Morningstar’s conviction in those products’ investment merits and determines the Medalist Rating they’re assigned. Pillar ratings take the form of Low, Below Average, Average, Above Average, and High. Pillars may be evaluated via an analyst’s qualitative assessment (either directly to a vehicle the analyst covers or indirectly when the pillar ratings of a covered vehicle are mapped to a related uncovered vehicle) or using algorithmic techniques. Vehicles are sorted by their expected performance into rating groups defined by their Morningstar Category and their active or passive status. When analysts directly cover a vehicle, they assign the three pillar ratings based on their qualitative assessment, subject to the oversight of the Analyst Rating Committee, and monitor and reevaluate them at least every 14 months. When the vehicles are covered either indirectly by analysts or by algorithm, the ratings are assigned monthly. For more detailed information about these ratings, including their methodology, please go to global.morningstar.com/managerdisclosures/.

The Morningstar Medalist RatingsTM are not statements of fact, nor are they credit or risk ratings. The Morningstar Medalist Rating (i) should not be used as the sole basis in evaluating an investment product, (ii) involves unknown risks and uncertainties which may cause expectations not to occur or to differ significantly from what was expected, (iii) are not guaranteed to be based on complete or accurate assumptions or models when determined algorithmically, (iv) involve the risk that the return target will not be met due to such things as unforeseen changes in management, technology, economic development, interest rate development, operating and/or material costs, competitive pressure, supervisory law, exchange rate, tax rates, exchange rate changes, and/or changes in political and social conditions, and (v) should not be considered an offer or solicitation to buy or sell the investment product. A change in the fundamental factors underlying the Morningstar Medalist Rating can mean that the rating is subsequently no longer accurate.

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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 the firm, 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 as a Portfolio Manager for FPA. Prior to joining the firm, 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 the firm in 2008. He serves as a Portfolio Manager and Director of Research for FPA. Prior to joining the firm, 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