The Fund seeks long-term capital growth.
Our research process is built on the principles established by Benjamin Graham to identify companies that are trading at a discount to their intrinsic value.
Quantitative & Qualitative Analysis.
1. Balance Sheet
4. Sector and Industry
The Queens Road Value Fund uses fundamental, bottom-up analysis to construct a diversified portfolio of companies with valuations typically from $2 billion and up.
Fund Facts are as of June 30, 2023 unless otherwise noted.
Fund Inception reflects the inception date of the Fund.
FPA Manager Inception reflects the date that the Fund was first available for purchase under FPA management.
Effective November 1, 2020, as approved by the shareholders of each series of Bragg Capital Trust ("Bragg Trust"), including the Fund: (i) FPA became the investment adviser to the Fund; (ii) Bragg Financial Advisors, Inc. ("BFA"), the former investment adviser to the Fund, transitioned to serving as the sub-adviser to the Fund pursuant to a subadvisory agreement by and among FPA, BFA and the Bragg Trust. BFA continues to be responsible for the day-to-day management of the the Fund, subject to FPA's oversight; and (iii) each of the current Trustees of the Fund were elected by shareholders of the Bragg Trust to serve as the Board of Trustees of the Bragg Trust, replacing the previous Board of Trustees of the Bragg Trust in its entirety. No changes to the Fund's principal investment strategies were made in connection with these changes in management of the Fund, and Steve Scruggs, CFA, Director of Research and Senior Portfolio Manager for BFA, continues to serve as the portfolio manager for the Fund.
*The Fund's Total Annual Operating Expenses (as of the most recent prospectus) before reimbursement is 1.51%. The adviser has contractually agreed to reimburse the Fund for operating expenses in excess of 0.65% of average net assets of the Fund, excluding interest, taxes, brokerage fees and commissions payable by the Fund in connection with the purchase or sale of portfolio securities, 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, until July 27, 2024. These expense reimbursements are subject to possible recoupment by the adviser from the Fund in future years (within the three years from the date when the amount is waived or reimbursed) if such recoupment can be achieved within the lesser of the foregoing expense limits or the the current expense limits. This agreement may be terminated only by the Fund’s Board of Trustees, upon written notice to the adviser. Prior to November 1, 2020, the Fund had a unitized fee structure that limited annual operating expenses to 0.95%.
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Steve has served as the sole portfolio manager for the fund since its inception in 2002. Steve joined Bragg Financial Advisors (BFA) in 1999 as a research analyst. Prior to his work with BFA, Steve worked as Product Manager for GMAC Insurance and Reliance Insurance Companies. He received his BA from North Carolina State University in 1992 and his MBA from Wake Forest University in 1996. Steve is a member of the CFA Institute and the North Carolina Society of Financial Analysts.