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.


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 $231 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 March 31, 2020.

The total expense ratio is 1.35% (as of most recent prospectus). The 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, 2020. This agreement may only be terminated earlier by the Fund’s Board of Directors (the “Board”) or upon termination of the Advisory Agreement.

Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. This data represents past performance and investors should understand that investment returns and principal values fluctuate, so that when you redeem your investment it may be worth more or less than its original cost. The Fund’s expense ratio as of its most recent prospectus is 1.29%. Current month-end performance data may be obtained by calling toll-free, 1-800-982-4372.

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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