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
Initial Minimum Investment
Fund Assets
Fund Inception
Net Expense Ratio (as of most recent prospectus)*
Dividend Frequency

Fund Facts are as of December 31, 2023 unless otherwise noted.

Effective July 28, 2023, the Fund was reorganized into the FPA Funds Trust and its name changed from FPA New Income, Inc. to FPA New Income Fund. On January 10, 2024, the FPA Funds Trust was renamed to Investment Managers Series Trust III.

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

*The Total Annual Fund Operating Expenses before reimbursement is 0.59% (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 in excess of 0.45% of the 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, and extraordinary expenses, including litigation expenses not incurred in the Fund’s ordinary course of business) through July 27, 2024. This agreement may only be terminated earlier by the Fund’s Board of Directors (the “Board”) or upon termination of the Advisory Agreement.

In relation to the Morningstar Medalist RatingTM, the Analyst-Driven % data point displays the weighted percentage of a vehicle’s pillar ratings assigned directly or indirectly by analysts. The Data Coverage % data point is a summary metric describing the level of data completeness used to generate the overall rating. 

The Morningstar Medalist RatingTM is the summary expression of Morningstar’s forward-looking analysis of investment strategies as offered via specific vehicles using a rating scale of Gold, Silver, Bronze, Neutral, and Negative. The Medalist Ratings indicate which investments Morningstar believes are likely to outperform a relevant index or peer group average on a risk-adjusted basis over time. Investment products are evaluated on three key pillars (People, Parent, and Process) which, when coupled with a fee assessment, forms the basis for Morningstar’s conviction in those products’ investment merits and determines the Medalist Rating they’re assigned. Pillar ratings take the form of Low, Below Average, Average, Above Average, and High. Pillars may be evaluated via an analyst’s qualitative assessment (either directly to a vehicle the analyst covers or indirectly when the pillar ratings of a covered vehicle are mapped to a related uncovered vehicle) or using algorithmic techniques. Vehicles are sorted by their expected performance into rating groups defined by their Morningstar Category and their active or passive status. When analysts directly cover a vehicle, they assign the three pillar ratings based on their qualitative assessment, subject to the oversight of the Analyst Rating Committee, and monitor and reevaluate them at least every 14 months. When the vehicles are covered either indirectly by analysts or by algorithm, the ratings are assigned monthly. For more detailed information about these ratings, including their methodology, please go to global.morningstar.com/managerdisclosures/.

The Morningstar Medalist RatingsTM are not statements of fact, nor are they credit or risk ratings. The Morningstar Medalist Rating (i) should not be used as the sole basis in evaluating an investment product, (ii) involves unknown risks and uncertainties which may cause expectations not to occur or to differ significantly from what was expected, (iii) are not guaranteed to be based on complete or accurate assumptions or models when determined algorithmically, (iv) involve the risk that the return target will not be met due to such things as unforeseen changes in management, technology, economic development, interest rate development, operating and/or material costs, competitive pressure, supervisory law, exchange rate, tax rates, exchange rate changes, and/or changes in political and social conditions, and (v) should not be considered an offer or solicitation to buy or sell the investment product. A change in the fundamental factors underlying the Morningstar Medalist Rating can mean that the rating is subsequently no longer accurate.

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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 the Firm, 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