Performance

As of June 30, 2020
Fund/Index QTD YTD 1 Year 3 Year 5 Year Inception Expense Ratio1
FPA International Value Fund 18.61 % -1.23 % 8.50 % 6.05 % 5.87 % 7.81 % 1.29 %
MSCI ACWI ex US 16.12 % -11.00 % -4.80 % 1.13 % 2.26 % 4.75 %
*Inception date of the Fund was December 1, 2011.

1 Net Expense Ratio is calculated as of the date of the most recent prospectus.

The Total Annual Fund Operating Expenses before reimbursement is 1.34% (as of the most recent prospectus). The Advisor 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 April 30, 2021. This agreement may only be terminated earlier by the Fund's Board of Trustees (the “Board”) or upon termination of the Advisory Agreement.

Periods greater than one year are annualized. Fund performance is shown net of all fees and expenses. Fund performance is calculated on a total return basis which includes reinvestment of all distributions. Fund performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares, which would lower these figures. 

Past performance is no guarantee, nor is it indicative, of future results. 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 at www.fpa.com or by calling toll-free, 1-800-982-4372.

The performance of the index is computed on a total return basis which includes reinvestment of all distributions. Comparison to any index is for illustrative purposes only. The Fund may be less diversified than the indices noted herein, and may hold non-index securities or securities that are not comparable to those contained in an index. Indices may hold positions that are not within the investment strategy. Indices are unmanaged and returns do not reflect transaction costs, investment management fees or other commissions, or fees and expenses that would reduce performance for an investor. The Fund does not include outperformance of any index or benchmark in its investment objectives. An investor cannot invest directly in an index.

The MSCI ACWI ex-USA Index (Net) is a float-adjusted market capitalization index that is designed to measure the combined equity market performance of developed and emerging market countries excluding the United States. Net index returns reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

As of August 31, 2020
Fund/Index MTD YTD 1 Year 3 Year 5 Year Since Inception*
FPA International Value Fund 2.74 % 6.46 % 19.29 % 6.94 % 9.03 % 8.58 %
MSCI ACWI ex US 4.28 % -3.05 % 8.31 % 2.63 % 5.75 % 5.69 %
*Inception date of the Fund was December 1, 2011.

Periods greater than one year are annualized. Fund performance is shown net of all fees and expenses. Fund performance is calculated on a total return basis which includes reinvestment of all distributions. Fund performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares, which would lower these figures. 

Past performance is no guarantee, nor is it indicative, of future results. 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 at www.fpa.com or by calling toll-free, 1-800-982-4372.

The performance of the index is computed on a total return basis which includes reinvestment of all distributions. Comparison to any index is for illustrative purposes only. The Fund may be less diversified than the indices noted herein, and may hold non-index securities or securities that are not comparable to those contained in an index. Indices may hold positions that are not within the investment strategy. Indices are unmanaged and returns do not reflect transaction costs, investment management fees or other commissions, or fees and expenses that would reduce performance for an investor. The Fund does not include outperformance of any index or benchmark in its investment objectives. An investor cannot invest directly in an index.

The MSCI ACWI ex-USA Index (Net) is a float-adjusted market capitalization index that is designed to measure the combined equity market performance of developed and emerging market countries excluding the United States. Net index returns reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

 
 

Historical Annual Returns

FPA International Value Fund* MSCI ACWI ex US
2019 24.05 % 21.51 %
2018 -10.81 % -14.20 %
2017 27.12 % 27.19 %
2016 9.05 % 4.50 %
2015 -6.34 % -5.66 %
2014 -9.19 % -3.87 %
2013 18.00 % 15.29 %
2012 24.04 % 16.83 %
2011 1.10 % -1.12 %
*Inception date of the Fund was December 1, 2011.

Periods greater than one year are annualized. Fund performance is shown net of all fees and expenses. Fund performance is calculated on a total return basis which includes reinvestment of all distributions. Fund performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares, which would lower these figures. 

Past performance is no guarantee, nor is it indicative, of future results. 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 at www.fpa.com or by calling toll-free, 1-800-982-4372.

The performance of the index is computed on a total return basis which includes reinvestment of all distributions. Comparison to any index is for illustrative purposes only. The Fund may be less diversified than the indices noted herein, and may hold non-index securities or securities that are not comparable to those contained in an index. Indices may hold positions that are not within the investment strategy. Indices are unmanaged and returns do not reflect transaction costs, investment management fees or other commissions, or fees and expenses that would reduce performance for an investor. The Fund does not include outperformance of any index or benchmark in its investment objectives. An investor cannot invest directly in an index.

The MSCI ACWI ex-USA Index (Net) is a float-adjusted market capitalization index that is designed to measure the combined equity market performance of developed and emerging market countries excluding the United States. Net index returns reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

 
As of August 31, 2020
1 Year 5 Year
Before Tax 19.29 % 9.03 %
After Tax on Distribution* 17.11 % 8.29 %
After Tax on Distribution and Sale of Fund Shares* 11.83 % 6.96 %

* After-tax returns are calculated net of fees, using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend upon an investor's tax situation and may differ from those shown. After-tax returns presented here are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). 

Early withdrawal from a 401(k) account or an IRA could lead to taxation of the withdrawn amount as ordinary income and could be subject to an additional tax penalty. The after-tax returns on distributions and sale of Fund shares may be higher than returns before taxes due to the effect of a tax benefit an investor may receive from the realization of capital losses that would have been incurred on the sale of Fund shares.

Performance has been calculated on a total return basis, which includes reinvestment of all dividends and distributions paid. Total return calculations are based on a $10,000 investment.

Past performance, both before and after taxes, 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.