Investment Objective

The primary objective of the FPA U.S. Core Equity Strategy is long-term growth of capital. Current income is a secondary consideration.

Absolute Return Focus

Avoid permanent capital impairment.

Deep Research

Invest in quality businesses at attractive valuations.

Company Focus

Preference for companies with good management.

Fund Facts

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

Fund Facts as of December 31, 2020 unless otherwise noted.

Effective December 28, 2020, the Fund’s name is changed from FPA U.S. Value Fund, Inc. to FPA U.S. Core Equity Fund, Inc.

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

FPA Manager Inception Reflects the date the current portfolio manager began managing the Fund.

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.

Portfolio Manager

  • Gregory R. Nathan

    Joined FPA in 2003
    Greg originally joined FPA in 2003. He serves as Portfolio Manager for the FPA U.S. Core Equity, Inc.  Prior to rejoining FPA in 2007, Greg was a managing member of Coldwater Asset Management, LLC, from 2005 to 2006.  He was an equity research analyst at Lakeway Capital from 2002 to 2003.  Greg earned a Bachelor’s degree in Business Administration (with distinction) from the University of Michigan.

    FPA U.S. Core Equity Fund