Investment Objective

The Fund seeks to provide long-term total return, which includes income and capital appreciation, while considering capital preservation.

Absolute Return Focus

Benchmark indifferent, seeks to provide a positive return in a 12-month period.

Opportunistic Allocation

May invest up to 25% in credit sensitive securities (BBB+ & below).

Deep Research

Bottom-up research, cash allocation is a residual of investment opportunities.

Fund Facts

Share Class No load, no 12b-1 fees
Ticker Symbol
NAV
Initial Minimum Investment
Fund Assets
Fund Inception
Net Expense Ratio (as of most recent prospectus)
Dividend Frequency

Fund Facts are as of March 31, 2025 unless otherwise noted, and are for the Institutional Class shares. 

Fund Inception reflects the date when the Fund was first available for purchase under FPA management.

Effective April 30, 2024, the current single class of shares of the Fund was renamed the Institutional Class shares and has the same ticker symbol (FPNIX). All data herein is representative of the Institutional Share Class. 

*The Total Annual Fund Operating Expenses before reimbursement is 0.58% (as of the most recent prospectus). 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 (excluding interest, taxes, brokerage fees and commissions payable by the Fund in connection with the purchase or sale of portfolio securities, and extraordinary expenses, including litigation expenses not incurred in the Fund’s ordinary course of business) in excess of 0.454% of the average daily net assets of the Fund through January 31, 2026. This agreement may only be terminated earlier by the Fund’s Board of Trustees (the “Board”) or upon termination of the Advisory Agreement.

In addition, the Adviser has voluntarily agreed to waive the advisory fee it receives from the Fund by 0.046% through January 31, 2026 of the Fund’s average daily net assets. FPA will not seek recoupment of the advisory fees voluntarily waived.


Portfolio Manager

  • Abhijeet Patwardhan

    Joined FPA in 2010

    Abhi joined FPA in 2010. He serves as a Portfolio Manager and Co-Director of Research for FPA. Prior to joining FPA, Abhi was an investment analyst at Reservoir Capital Group and D.B. Zwirn & Co. and an investment banking analyst at UBS Warburg and Donaldson, Lufkin & Jenrette. He earned a Bachelor’s degree in Economics, summa cum laude, and an MBA from the Wharton School of the University of Pennsylvania.

    FPA New Income Fund
    FPA Flexible Fixed Income Fund
    Source Capital