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 $9.99 Billion
Fund Inception Jun 2, 1993
FPA Manager Inception Mar 1, 1996
Net Expense Ratio (as of most recent prospectus) 1.21%
Redemption Fee 2% on shares held 90 days or less
Dividend Frequency Semi-Annually

Fund Facts are as of June 30, 2020 unless otherwise noted. Morningstar Analyst Rating is as of April 6, 2020.

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.

The Total Annual Operating Expenses (as of the most recent prospectus) before reimbursement is 1.23%.  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, 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 September 4, 2021. This agreement 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.

The Morningstar Analyst RatingTM is not a credit or risk rating. It is a subjective evaluation performed by the manager research analysts of Morningstar. Morningstar evaluates funds based on five key pillars, which are process, performance, people, parent, and price. Analysts use this five pillar evaluation to determine how they believe funds are likely to perform relative to a benchmark, or in the case of exchange-traded funds and index mutual funds, a relevant peer group, over the long term on a risk-adjusted basis. They consider quantitative and qualitative factors in their research, and the weight of each pillar may vary. The Analyst Rating scale is Gold, Silver, Bronze, Neutral, and Negative. A Morningstar Analyst Rating of Gold, Silver, or Bronze reflects an analyst’s conviction in a fund’s prospects for outperformance. Analyst Ratings are continuously monitored and reevaluated at least every 14 months. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to

The Morningstar Analyst Rating 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 we expected.

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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
  • 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
  • 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