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

Ticker Symbol FPNIX
Share Class No load, no 12b-1 fees
Initial Minimum Investment $1,500
Fund Assets $7.12 Billion
Fund Inception Jul 11, 1984
Net Expense Ratio (as of most recent prospectus) 0.50%
Dividend Frequency Monthly

Fund Facts are as of March 31, 2020. Morningstar Analyst Rating is as of July 15, 2019.

Morningstar evaluates funds based on five key pillars - Process, Performance, People, Parent, and Price - which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analysts assign a rating of Positive, Neutral, or Negative to each pillar.  The Bronze analyst rating indicates the analysts conviction that the fund displays notable advantages across several, but perhaps not all, of the five pillars.

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.

©2019 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted by Morningstar to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

The Total Annual Fund Operating Expenses before reimbursement is 0.58% (as of most recent prospectus). The Advisor has contractually agreed to reimburse the Fund for Total Annual Fund Operating Expenses in excess of 0.50% through January 31, 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. Current month-end performance data, which may be lower or higher than the performance data quoted, may be obtained by calling toll-free, 1-800-982-4372.

Portfolio Managers

  • Thomas H. Atteberry, CFA

    Joined FPA in 1997
    Tom joined the firm in 1997. He serves as a Portfolio Manager for FPA. Prior to joining the firm, Tom served as Chief Fixed Income Strategist of Fifth Third Bank and Chief Investment Officer of Mercantile Bank in Joplin, MO. He earned a Bachelor’s degree in Business Administration from Texas Christian University. He is a CFA® Charterholder.

    FPA New Income Inc.
    FPA Flexible Fixed Income Fund
  • Abhijeet Patwardhan

    Joined FPA in 2010

    Abhi joined FPA in 2010. He serves as a Portfolio Manager and 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 Inc.
    FPA Flexible Fixed Income Fund