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 $238 Million
Fund Inception Dec 1, 2011
FPA Manager Inception Dec 1, 2011
Expense Ratio (as of most recent prospectus) 1.29%
Dividend Frequency Semi-Annually
Fund Facts are as of June 30, 2018.

Portfolio Manager

  • Pierre O. Py

    Joined FPA in 2011
    Pierre joined FPA in 2011. He serves as the Portfolio Manager of the FPA International Value Fund, and for the FPA Paramount Fund, Inc. Prior to joining FPA, 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).