Performance

Comparative Performance Quarterly

As of December 31, 2019
Fund/Index QTR YTD 1 Year 3 Year 5 Year Since Inception* Expense Ratio1
FPA International Value Fund 9.35 % 24.05 % 24.05 % 12.04 % 7.51 % 8.48 % 1.29 %
MSCI ACWI ex US 8.92 % 21.51 % 21.51 % 9.87 % 5.51 % 6.58 %

Periods over one year annualized. Performance is provided net of fees. 
*Inception of FPA International Value Fund is December 1, 2011.
1Expense Ratio is calculated as of the date of the most recent prospectus.

Periods greater than one year are annualized. FPA Fund performance is net of all fees and expenses and includes the reinvestment of distributions. FPA Fund returns do not reflect the deduction of taxes that a shareholder would pay on FPA Fund distributions or the redemption of FPA 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.

You should consider the Fund's investment objectives, risks, and charges and expenses carefully before you invest. The Prospectus details the Fund's objective and policies and other matters of interest to a prospective investor. Please read the Prospectus carefully before investing. The Prospectus may be obtained by visiting the website at www.fpa.com, by calling toll-free, 1-800-982-4372, or by contacting the Fund in writing.

Comparison to any index is for illustrative purposes only and should not be relied upon as a fully accurate measure of comparison. The FPA Funds 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 do not reflect any commissions or fees which would be incurred by an investor purchasing the underlying securities. The FPA Funds do 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 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. These indices do not reflect any commissions or fees which would be incurred by an investor purchasing the stocks they represent. This index does not reflect any commissions or fees which would be incurred by an investor purchasing the stocks it represents.  The performance of the Fund and of the Index is computed on a total return basis which includes reinvestment of all distributions.  It is not possible to invest directly in an index.

Comparative Performance Monthly

As of February 29, 2020
Fund/Index MTD YTD 1 Year 3 Year 5 Year Since Inception*
FPA International Value Fund -5.78 % -7.71 % 4.88 % 7.10 % 4.70 % 7.25 %
MSCI ACWI ex US -7.90 % -10.38 % -0.69 % 4.15 % 2.18 % 5.04 %

Periods over one year annualized. Performance is provided net of fees. 
*Inception of FPA International Value Fund is December 1, 2011.
Expense ratio calculated as of most recent prospectus is 1.29%.
The MSCI ACWI ex-USA Index 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. These indices do not reflect any commissions or fees which would be incurred by an investor purchasing the stocks they represent. This index does not reflect any commissions or fees which would be incurred by an investor purchasing the stocks it represents.  The performance of the Fund and of the Index is computed on a total return basis which includes reinvestment of all distributions.  It is not possible to invest directly in an index.
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 may be obtained by calling toll-free, 1-800-982-4372.

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 December 1, 2011

Performance is provided net of fees.
The MSCI ACWI ex-USA Index 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. These indices do not reflect any commissions or fees which would be incurred by an investor purchasing the stocks they represent. This index does not reflect any commissions or fees which would be incurred by an investor purchasing the stocks it represents.  The performance of the Fund and of the Index is computed on a total return basis which includes reinvestment of all distributions.  It is not possible to invest directly in an index.
* Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Performance has been calculated on a total return basis, which combines principal and dividend income changes for the periods shown. Principal changes are based on the difference between the beginning and closing net asset values for the period and assume reinvestment of all dividends and distributions paid. All applicable expenses such as advisory fees have been included in calculating performance. 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 may be obtained http://www.fpa.com/internationalvalue or by calling toll-free, 1-800-982-4372.
You should consider the Fund’s investment objectives, risks, and charges and expenses carefully before you invest. The Prospectus details the Fund's objective and policies and other matters of interest to the prospective investor. Please read this Prospectus carefully before investing. The Prospectus may be obtained at this link, by email at info@fpa.com, toll-free by calling 1-800-982-4372 or by contacting the Fund in writing.

As of February 29, 2020
1 Year 5 Year
Before Tax 4.88 % 4.70 %
After Tax on Distribution* 3.44 % 3.99 %
After Tax on Distribution and Sale of Fund Shares* 3.36 % 3.56 %
* 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 IRAs. Performance has been calculated on a total return basis, which combines principal and dividend income changes for the periods shown. Principal changes are based on the difference between the beginning and closing net asset values for the period and assume reinvestment of all dividends and distributions paid. Total return calculations are based on a $10,000 investment. 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 Prospectus details the Fund"s objective and policies and other matters of interest to the prospective investor. Please read this Prospectus carefully before investing.