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