The Fund seeks to generate equity-like returns over the long-term, take less risk than the market and avoid permanent impairment of capital.
Investments require a compelling risk/reward proposition on an absolute basis.
Invest across capital structure, geographies, sectors and market caps.
Independent, bottom-up, fundamental research process seeking to minimize risk.
Fund Facts are as of March 31, 2025 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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