Investment Objective

The Fund’s primary investment objective is a high total investment return, including capital
appreciation and income.

Broad Universe

Invest across market caps (>$2 billion), sectors, and geographies employing a benchmark-agnostic style.

Company Focus

Select and value companies based on fundamentals with an emphasis on high quality.


Focus on best ideas, typically 25-50 holdings.

Fund Facts

Ticker Symbol FPRAX
Share Class No load, no 12b-1 fees
Initial Minimum Investment $1,500
Fund Assets $152.38 Million
Fund Inception Jul 1, 1978
FPA Manager Inception Sep 1, 2013
Net Expense Ratio (as of most recent prospectus) 1.29%
Dividend Frequency Semi-Annually

Fund Facts are as of June 30, 2020. 
The total expense ratio is 1.36% (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 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.

The Fund transitioned to its current investment strategy on September 1, 2013. Performance prior to that date reflects performance of the prior portfolio management team and investment strategy. Performance prior to September 1, 2013 is not indicative of performance for any subsequent periods.

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

  • Gregory Herr, CFA

    Joined FPA in 2007
    Greg joined FPA in 2007. He serves as a Portfolio Manager for FPA. Greg was previously Senior Research Analyst at Vontobel Asset Management, Inc., Vice President at Sanford C. Bernstein & Co., LLC, and Assistant Vice President at Bankers Trust Company. He earned a Bachelor’s degree in Art History at Colgate University. He is a CFA® Charterholder.

    FPA Paramount Fund
  • 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).

    FPA International Value Fund
    FPA Paramount Fund