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 Value Fund
Portfolio Manager

Biography

Steve has served as the sole portfolio manager for the fund since its inception in 2002. Steve joined Bragg Financial Advisors (BFA) in 1999 as a research analyst. Prior to his work with BFA, Steve worked as Product Manager for GMAC Insurance and Reliance Insurance Companies. He received his BA from North Carolina State University in 1992 and his MBA from Wake Forest University in 1996. Steve is a member of the CFA Institute and the North Carolina Society of Financial Analysts.

Benton S. Bragg

FPA Queens Road 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.

T. Ben Rose

FPA Queens Road Value Fund
Analyst

Biography

Ben joined Bragg Financial Advisors (BFA) in 2012 and serves as an analyst for the FPA Queens Road Value Fund. He is a portfolio manager for BFA and a member of the Investment Committee. Previously, Ben was a founding partner of Cygnus Asset Management, an affiliate of the Wells Fargo Advisors Financial Network. At Cygnus, Ben chaired the Investment Committee and was lead portfolio manager. He also served as First Vice President for Morgan Keegan and as a research analyst with IJL Wachovia. Ben earned a BS in Business from Wake Forest University. He is a CFA® Charterholder, a CFP® certificant, and an AIF® designee.