Process

The FPA Queens Road team follows a disciplined four-step process to seek to identify companies with the greatest likelihood to maximize after-tax returns while limiting volatility.

  1. Balance Sheet - The team looks for companies with strong balance sheets, manageable debt, and strong free cash flow.
  2. Valuation - The team attempts to normalize economic earnings over full market cycles using a classic Graham and Dodd methodology.
  3. Management - The team looks at management’s long-term track record of defining effective strategies and executing to achieve their stated objectives.
  4. Sector and Industry - The team strives to own companies in growing industries with favorable economics for long-term growth.
Value investing does not protect against loss of principal and there is no assurance that the Fund will meet its objective.

Investment Team

Steven H. Scruggs

FPA Queens Road Small Cap Value Fund
Portfolio Manager

Biography

Steve joined Bragg Financial Advisors (BFA) in 1999 and serves as the Portfolio Manager for the FPA Queens Road Funds. He is the Director of Research for BFA and a member of the Investment Committee. Previously, Steve served as Product Manager for GMAC Insurance and Reliance Insurance Companies. Steve earned a BA in Business Management from North Carolina State University and an MBA from Wake Forest University. He is a CFA® Charterholder.

Brian Bonewitz

FPA Queens Road Small Cap Value Fund
Analyst

Biography

Brian joined Bragg Financial Advisors (BFA) in 2018 and serves as an analyst for the FPA Queens Road Funds. He is a portfolio manager for BFA and a member of the Investment Committee. Previously, Brian was in the Wealth Management Division at TIAA. He earned a BS in Business from the University of South Carolina and is a CFA® Charterholder.

Benton S. Bragg

FPA Queens Road Small Cap Value Fund
Analyst

Biography

Benton joined Bragg Financial Advisors in 1993 and serves as an analyst for the FPA Queens Road Funds. He was promoted to President and CEO in 1998 and serves as chairman of the Investment Committee. Previously, Benton worked in the consumer bank of Bank of America. Benton earned both a BA in History (cum laude) and an MBA from Wake Forest University. He is a CFA® Charterholder and a CFP® certificant.

Matt DeVries

FPA Queens Road Small Cap Value Fund
Analyst

Biography

Matt joined Bragg Financial Advisors (BFA) in 2015 and serves as an analyst for the FPA Queens Road Small Cap Value Fund. He is a portfolio manager for BFA and a member of the Investment Committee. Previously, Matt led the investment team at a large, independent wealth management firm in Charlotte, North Carolina. He also worked with an online brokerage firm. Matt graduated from the University of North Carolina at Chapel Hill with a BS in Business Administration and a BA in Political Science. He is a CFA® Charterholder.