Performance

Comparative Performance Quarterly

As of March 31, 2024
Fund/Index QTD YTD 1 Year 3 Years 5 Years 10 Years 15 Years 20 Years 30 Years Expense Ratio 1
FPA New Income Fund 0.86 % 0.86 % 6.29 % 1.81 % 2.19 % 2.05 % 2.08 % 2.53 % 4.09 % 0.45 %
Bloomberg U.S. Aggregate -0.78 % -0.78 % 1.70 % -2.46 % 0.36 % 1.54 % 2.62 % 2.99 % 4.49 %
CPI + 100 1.38 % 1.38 % 4.51 % 6.69 % 5.23 % 3.87 % 3.63 % 3.62 % 3.57 %
Bloomberg US Aggregate 1-3 Yr 0.45 % 0.45 % 3.56 % 0.26 % 1.31 % 1.27 % 1.54 % 2.09 % 3.40 %

Fund performance shown is for the Institutional Class shares. 

Inception date for the Fund was July 11, 1984.

Periods greater than one year are annualized. Fund performance is shown net of all fees and expenses.

Effective July 28, 2023, the Fund was reorganized into the FPA Funds Trust and its name changed from FPA New Income, Inc. to FPA New Income Fund. On January 10, 2024, the FPA Funds Trust was renamed to Investment Managers Series Trust III.

Effective April 30, 2024, the current single class of shares of the Fund was renamed the Institutional Class shares and has the same ticker symbol (FPNIX). All data herein is representative of the Institutional Share Class. 

1The Total Annual Fund Operating Expenses before reimbursement is 0.59% (as of the most recent prospectus). First Pacific Advisors, LP (The “Adviser” or “FPA”), the Fund’s investment adviser, has contractually agreed to reimburse the Fund for Total Annual Fund Operating Expenses in excess of 0.45% of the average net assets of the Fund (excluding interest, taxes, brokerage fees and commissions payable by the Fund in connection with the purchase or sale of portfolio securities, and extraordinary expenses, including litigation expenses not incurred in the Fund’s ordinary course of business) through July 27, 2024, and in excess of 0.454% of the average net assets of the Fund from July 28, 2024 through April 30, 2025. This agreement may only be terminated earlier by the Fund’s Board of Directors (the “Board”) or upon termination of the Advisory Agreement.

Abhijeet Patwardhan has been portfolio manager for the Fund since November 2015. Thomas Atteberry managed/co-managed the Fund from November 2004 through June 2022. Effective July 1, 2022, Mr. Atteberry transitioned to a Senior Advisory role. There were no material changes to the investment process due to this transition. Effective September 30, 2023, Mr. Atteberry no longer acts as Senior Advisor to the Fund’s investment team, but he remains as Senior Advisor to FPA.

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 fpa.com or by calling toll-free, 1-800-982-4372.

The performance of the indices are 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.

Bloomberg US Aggregate Bond Index provides a measure of the performance of the U.S. investment grade bonds market, which includes investment grade U.S. Government bonds, investment grade corporate bonds, mortgage pass-through securities and asset-backed securities that are publicly offered for sale in the United States.  The securities in the Index must have at least 1 year remaining in maturity. In addition, the securities must be denominated in U.S. dollars and must be fixed rate, nonconvertible, and taxable. Bloomberg US Aggregate 1-3 Year Index provides a measure of the performance of the U.S. investment grade bonds market, which includes investment grade U.S. Government bonds, investment grade corporate bonds, mortgage pass-through securities and asset-backed securities that are publicly offered for sale in the United States.  The securities in the Index must have a remaining maturity of 1 to 3 years.  In addition, the securities must be denominated in U.S. dollars and must be fixed rate, nonconvertible, and taxable. The CPI +100 Basis Points is created by adding 1% to the annual percentage change in the Consumer Price Index (“CPI The CPI is an unmanaged index representing the rate of the inflation of the U.S. consumer prices as determined by the U.S. Department of Labor Statistics. There can be no guarantee that the CPI will reflect the exact level of inflation at any given time. The CPI reflects non-seasonally adjusted returns.

 

Comparative Performance Monthly

As of April 30, 2024
Fund/Index MTD YTD 1 Year 3 Years 5 Years 10 Years 15 Years 20 Years 30 Years Expense Ratio 1
FPA New Income Fund -0.88 % -0.02 % 4.93 % 1.48 % 1.93 % 1.94 % 2.01 % 2.46 % 4.08 % 0.45 %
Bloomberg U.S. Aggregate -2.53 % -3.28 % -1.47 % -3.54 % -0.16 % 1.20 % 2.41 % 3.00 % 4.43 %
CPI + 100 0.40 % 1.78 % 4.39 % 6.55 % 5.22 % 3.88 % 3.64 % 3.63 % 3.58 %
Bloomberg US Aggregate 1-3 Yr -0.34 % 0.11 % 2.86 % 0.12 % 1.19 % 1.22 % 1.48 % 2.12 % 3.40 %

Fund performance shown is for the Institutional Class shares. 

Inception date for the Fund was July 11, 1984.

Periods greater than one year are annualized. Fund performance is shown net of all fees and expenses.

Effective July 28, 2023, the Fund was reorganized into the FPA Funds Trust and its name changed from FPA New Income, Inc. to FPA New Income Fund. On January 10, 2024, the FPA Funds Trust was renamed to Investment Managers Series Trust III.

Effective April 30, 2024, the current single class of shares of the Fund was renamed the Institutional Class shares and has the same ticker symbol (FPNIX). All data herein is representative of the Institutional Share Class. 

1The Total Annual Fund Operating Expenses before reimbursement is 0.59% (as of the most recent prospectus). First Pacific Advisors, LP (The “Adviser” or “FPA”), the Fund’s investment adviser, has contractually agreed to reimburse the Fund for Total Annual Fund Operating Expenses in excess of 0.45% of the average net assets of the Fund (excluding interest, taxes, brokerage fees and commissions payable by the Fund in connection with the purchase or sale of portfolio securities, and extraordinary expenses, including litigation expenses not incurred in the Fund’s ordinary course of business) through July 27, 2024, and in excess of 0.454% of the average net assets of the Fund from July 28, 2024 through April 30, 2025. This agreement may only be terminated earlier by the Fund’s Board of Directors (the “Board”) or upon termination of the Advisory Agreement.

Abhijeet Patwardhan has been portfolio manager for the Fund since November 2015. Thomas Atteberry managed/co-managed the Fund from November 2004 through June 2022. Effective July 1, 2022, Mr. Atteberry transitioned to a Senior Advisory role. There were no material changes to the investment process due to this transition. Effective September 30, 2023, Mr. Atteberry no longer acts as Senior Advisor to the Fund’s investment team, but he remains as Senior Advisor to FPA.

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 fpa.com or by calling toll-free, 1-800-982-4372.

The performance of the indices are 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.

Bloomberg US Aggregate Bond Index provides a measure of the performance of the U.S. investment grade bonds market, which includes investment grade U.S. Government bonds, investment grade corporate bonds, mortgage pass-through securities and asset-backed securities that are publicly offered for sale in the United States.  The securities in the Index must have at least 1 year remaining in maturity. In addition, the securities must be denominated in U.S. dollars and must be fixed rate, nonconvertible, and taxable. Bloomberg US Aggregate 1-3 Year Index provides a measure of the performance of the U.S. investment grade bonds market, which includes investment grade U.S. Government bonds, investment grade corporate bonds, mortgage pass-through securities and asset-backed securities that are publicly offered for sale in the United States.  The securities in the Index must have a remaining maturity of 1 to 3 years.  In addition, the securities must be denominated in U.S. dollars and must be fixed rate, nonconvertible, and taxable. The CPI +100 Basis Points is created by adding 1% to the annual percentage change in the Consumer Price Index (“CPI The CPI is an unmanaged index representing the rate of the inflation of the U.S. consumer prices as determined by the U.S. Department of Labor Statistics. There can be no guarantee that the CPI will reflect the exact level of inflation at any given time. The CPI reflects non-seasonally adjusted returns.

Historical Annual Returns

FPA New Income Fund* Bloomberg U.S. Aggregate Bloomberg U.S. Aggregate 1-3 Yr CPI + 100bps
YTD 2024 -0.02 % -3.28 % 0.11 % 1.78 %
2023 7.51 % 5.53 % 4.65 % 4.33 %
2022 -3.10 % -13.01 % -3.72 % 7.51 %
2021 0.82 % -1.54 % -0.49 % 8.27 %
2020 2.51 % 7.51 % 3.08 % 2.34 %
2019 3.81 % 8.72 % 4.04 % 3.34 %
2018 2.30 % 0.01 % 1.60 % 3.03 %
2017 2.67 % 3.54 % 0.86 % 3.15 %
2016 2.53 % 2.65 % 1.31 % 3.07 %
2015 0.15 % 0.55 % 0.66 % 1.65 %
2014 1.32 % 5.97 % 0.82 % 1.66 %
2013 0.67 % -2.02 % 0.64 % 2.53 %
2012 2.18 % 4.21 % 1.33 % 2.78 %
2011 2.23 % 7.84 % 1.73 % 4.09 %
2010 3.18 % 6.54 % 2.62 % 2.46 %
2009 2.89 % 5.93 % 5.00 % 3.84 %
2008 4.31 % 5.24 % 4.62 % 0.98 %
2007 6.02 % 6.97 % 6.73 % 5.15 %
2006 4.79 % 4.33 % 4.34 % 3.55 %
2005 1.57 % 2.43 % 1.82 % 4.37 %
2004 2.60 % 4.34 % 1.44 % 4.38 %
2003 8.32 % 4.10 % 2.42 % 3.06 %
2002 4.52 % 10.26 % 6.29 % 3.51 %
2001 12.33 % 8.44 % 8.77 % 2.62 %
2000 9.32 % 11.63 % 8.15 % 4.47 %
1999 3.39 % -0.82 % 3.32 % 3.71 %
1998 3.86 % 8.69 % 6.83 % 2.63 %
1997 8.31 % 9.65 % 6.68 % 2.72 %
1996 7.12 % 3.63 % 5.19 % 4.41 %
1995 14.36 % 18.47 % 11.00 % 3.56 %
1994 1.46 % -2.92 % 0.62 % 3.63 %
1993 10.17 % 9.75 % NA 3.84 %
1992 11.12 % 7.40 % NA 4.00 %
1991 18.80 % 16.00 % NA 4.01 %
1990 8.38 % 8.96 % NA 7.32 %
1989 12.22 % 14.53 % NA 5.69 %
1988 8.55 % 7.89 % NA 5.46 %
1987 7.83 % 2.76 % NA 5.38 %
1986 10.76 % 15.26 % NA 2.20 %
1985 21.31 % 22.10 % NA 4.83 %
1984 19.79 % 17.10 % NA 2.24 %

Fund performance shown is for the Institutional Class shares. 

*Inception date for the Fund was July 11, 1984.

Effective July 28, 2023, the Fund was reorganized into the FPA Funds Trust and its name changed from FPA New Income, Inc. to FPA New Income Fund. On January 10, 2024, the FPA Funds Trust was renamed to Investment Managers Series Trust III.

Abhijeet Patwardhan has been portfolio manager for the Fund since November 2015. Thomas Atteberry managed/co-managed the Fund from November 2004 through June 2022. Effective July 1, 2022, Mr. Atteberry transitioned to a Senior Advisory role. There were no material changes to the investment process due to this transition. Effective September 30, 2023, Mr. Atteberry no longer acts as Senior Advisor to the Fund’s investment team, but he remains as Senior Advisor to FPA.

Effective April 30, 2024, the current single class of shares of the Fund was renamed the Institutional Class shares and has the same ticker symbol (FPNIX). All data herein is representative of the Institutional Share Class. 

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 fpa.com or by calling toll-free, 1-800-982-4372.

The performance of the indices are 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.

Bloomberg US Aggregate Bond Index provides a measure of the performance of the U.S. investment grade bonds market, which includes investment grade U.S. Government bonds, investment grade corporate bonds, mortgage pass-through securities and asset-backed securities that are publicly offered for sale in the United States.  The securities in the Index must have at least 1 year remaining in maturity. In addition, the securities must be denominated in U.S. dollars and must be fixed rate, nonconvertible, and taxable. Bloomberg US Aggregate 1-3 Year Index provides a measure of the performance of the U.S. investment grade bonds market, which includes investment grade U.S. Government bonds, investment grade corporate bonds, mortgage pass-through securities and asset-backed securities that are publicly offered for sale in the United States.  The securities in the Index must have a remaining maturity of 1 to 3 years.  In addition, the securities must be denominated in U.S. dollars and must be fixed rate, nonconvertible, and taxable. The CPI +100 Basis Points is created by adding 1% to the annual percentage change in the Consumer Price Index (“CPI The CPI is an unmanaged index representing the rate of the inflation of the U.S. consumer prices as determined by the U.S. Department of Labor Statistics. There can be no guarantee that the CPI will reflect the exact level of inflation at any given time. The CPI reflects non-seasonally adjusted returns.

 
As of April 30, 2024
1 Year 5 Years 10 Years
Before Tax 4.93 % 1.93 % 1.94 %
After Tax on Distribution* 3.35 % 0.94 % 0.88 %
After Tax on Distribution and Sale of Fund Shares* 3.14 % 1.08 % 1.03 %

Fund performance shown is for the Institutional Class shares. 

Effective July 28, 2023, the Fund was reorganized into the FPA Funds Trust and its name changed from FPA New Income, Inc. to FPA New Income Fund. On January 10, 2024, the FPA Funds Trust was renamed to Investment Managers Series Trust III.

*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”). 

Effective April 30, 2024, the current single class of shares of the Fund was renamed the Institutional Class shares and has the same ticker symbol (FPNIX). All data herein is representative of the Institutional Share Class. 

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.