Investment Objective

The Fund seeks to provide above average capital appreciation over the long term while attempting to minimize the risk of capital loss.

Absolute Value

Seek genuine bargains and hold cash when opportunities are scarce.

Broad Universe and Benchmark Indifferent

Invest across market caps, sectors, and geographies employing a benchmark indifferent style.

Concentrated

Focus on best ideas, typically 25-35 holdings.

Fund Facts

Ticker Symbol FPIVX
Share Class No load, no 12b-1 fees
Initial Minimum Investment $1,500
Fund Assets $301.4 Million
Fund Inception Dec 1, 2011
FPA Manager Inception Dec 1, 2011
Net Expense Ratio (as of most recent prospectus) 1.29%
Dividend Frequency Semi-Annually

Fund Facts are as of September 30, 2020 unless otherwise noted.

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 Fund’s Total Annual Fund Operating Expenses (as of most recent prospectus) is 1.34%. First Pacific Advisors, LP (the “Adviser” or “FPA”), the Fund’s investment adviser, has contractually agreed to reimburse the Fund for Total Annual Fund Operating Expenses in excess of 1.29% of the average net assets of the Fund (excluding 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 April 30, 2021. This agreement may only be terminated earlier by the Fund’s Board of Directors (the “Board”) or upon termination of the Advisory Agreement.

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 http://corporate1.morningstar.com/AnalystRating/.

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 Manager

  • Pierre O. Py

    Joined FPA in 2011
    Pierre joined FPA in 2011. He serves as a Portfolio Manager for FPA. Prior to joining the firm, Pierre was Sr. International Investment Analyst at Chicago-based value manager Harris Associates LP. He was previously Analyst in Principal Investing at Goldman Sachs and in Investment Banking at Salomon Brothers. Pierre earned a Master in Management (MIM) - Grande Ecole at HEC Paris with a Specialization in Finance, Tax Strategy and International Law, and an MBA from Harvard Business School. He also holds an LLM in International Business and Tax Law, and is a former student of the Paris Institute of Political Studies (IEP Paris).

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