The primary objective of the FPA U.S. Value Strategy is long-term growth of capital. Current income is a secondary consideration.
Avoid permanent capital impairment.
Invest in quality businesses at attractive valuations.
Preference for companies with good management.
Fund Facts as as of June 30, 2020.
The Total Annual Fund Operating Expenses before reimbursement is 1.43% (as of most recent prospectus). The Investment Advisory Agreement (“IAA”) between the Fund and FPA requires FPA to reduce its investment advisory fee to the extent necessary to reimburse the Fund for any annual expenses (exclusive of interest, taxes, the cost of brokerage and research services, legal expenses related to portfolio securities, and extraordinary expenses such as litigation, merger, reorganization or recapitalization) in excess of 1.50% of the first $30 million and 1% of the remaining average net assets of the Fund for the year. This agreement is coterminous with the IAA, and the IAA is renewed annually as of October 1 each year. The IAA may be terminated by the Board, by the vote of a majority of the Fund's shareholders, or by the Adviser. The current term of the IAA runs through September 30, 2020.
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. The Fund’s expense ratio as of its most recent prospectus is 1.20%. 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.