We do not like to lose money!
In order to do this we adhere to the following principles:
Absolute value investors. We seek genuine bargains rather than relatively attractive securities.
Absolute Return. We are absolute return investors and each investment must meet our strict fundamental research and macroeconomic criteria, not just offer opportunity relative to other alternatives.
Long-term Focus. Our investment time horizon is usually three to five years. We expect to hold our investments to maturity unless fundamental valuation parameters change. We are not speculators and adhere to a strict investment discipline.
Alignment of Interest. We invest alongside you as partners in our process. As managers we have significant amounts of our own capital invested in this strategy.
Strict Risk/Reward Parameters. We like to invest when there is a target rich environment. Risk of loss is a critical element in our thinking and thus, each investment must compensate for its unique risks, combined with a margin of safety.
Independent Decision Making. We do not follow the crowd. As we are independent in our decision making, we are often viewed as contrarian in our strategy and execution.
Flexible Mandate. We do not bind ourselves to any one benchmark or index. We believe this flexibility provides a competitive advantage over those who do not have this capability. This is a critical element in achieving our goal.
For additional information, please reference the Flexible Fixed Income Policy Statement
FPA Flexible Fixed Income Fund Portfolio Manager and Co-Director of Research
Abhi joined FPA in 2010. He serves as a Portfolio Manager and Co-Director of Research for FPA. Prior to joining FPA, Abhi was an investment analyst at Reservoir Capital Group and D.B. Zwirn & Co. and an investment banking analyst at UBS Warburg and Donaldson, Lufkin & Jenrette. He earned a Bachelor’s degree in Economics, summa cum laude, and an MBA from the Wharton School of the University of Pennsylvania.FPA New Income FundFPA Flexible Fixed Income FundSource Capital
FPA Flexible Fixed Income Fund Research Analyst
FPA Flexible Fixed Income Fund Research Analyst and Co-Director of Research
FPA Flexible Fixed Income Fund Trader
Felix joined FPA in 2019. He serves as a Trader for FPA. Prior to joining FPA, Felix was a Vice President at Loomis, Sayles & Co where he traded agency MBS and non-agency RMBS sectors. Preceding this role, Felix was a Managing Director at Mesirow Financial. Felix began his career as a structured products analyst at Bear, Stearns & Co, later becoming an Associate Director within the Mortgage and Structured Products sales and trading department. He earned a Bachelor’s degree in Commerce from the University of Virginia's McIntire School of Commerce, with concentrations in Finance and Accounting.FPA New Income FundFPA Flexible Fixed Income FundSource Capital