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, 2026.
*The Adjusted Expense Ratio is the same as the Net Expense Ratio, but 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.
As of the most recent prospectus, the Fund's total expense ratio is 1.06%, the net expense ratio is 1.06% (including short sale dividend and interest expenses), and the Adjusted Expense Ratio is 1.05% (excludes short sale dividend and interest expenses of 0.01%). 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, 2026. 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, 2026. These agreements may only be terminated earlier by the Fund’s Board of Trustees (the “Board”) or upon termination of the investment advisory agreement. Note that the management fees include 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 section in the Prospectus titled “Management of the Fund.”
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.
©2025 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted by Morningstar to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.