Process

Absolute value investors: We seek genuine bargains in the equity markets rather than relatively attractive ones. We may at times hold large amounts of cash if we cannot find enough opportunities meeting our investment requirements.

Long-term focus: We find that our investment goals are best achieved by taking a long-term contrarian approach. In practice we tend to stay invested on average about five years.

Bottom-up: We select and value individual stocks based on the fundamentals of the underlying businesses. We always demand that our investments meet the following criteria:

  1. High quality businesses with long-term staying power.
  2. Overall financial strength and ability to weather market dislocations.
  3. Management teams that allocate capital in a value creative manner.
  4. Significant discount to the intrinsic value of the business.

Broad investment universe: We invest across market caps, industries, and geographies.

Concentration: We focus only on our best ideas and expect to be invested in no more than 25-50 stocks.

Research-driven: Prior to making investments, we engage into an extensive research and valuation process. Portfolio construction is the product of that process with the most attractive names accounting for the greatest weightings.

Downside focused: Avoid unsustainable businesses and high leverage. Look to buy at a significant discount to fair value

Value investing does not protect against loss of principal and there is no assurance that the Fund will meet its objective.

 

Investment Team

Gregory Herr, CFA

Portfolio Manager

FPA Paramount Fund
Portfolio Manager

Joined FPA in 2007
Biography
Greg joined FPA in 2007. He serves as a Portfolio Manager for FPA. Greg was previously Senior Research Analyst at Vontobel Asset Management, Inc., Vice President at Sanford C. Bernstein & Co., LLC, and Assistant Vice President at Bankers Trust Company. He earned a Bachelor’s degree in Art History at Colgate University. He is a CFA® Charterholder.

FPA Paramount Fund

Pierre O. Py

Portfolio Manager

FPA Paramount Fund
Portfolio Manager

Joined FPA in 2011
Biography
Pierre joined FPA in 2011. He serves as a Portfolio Manager for FPA. Prior to joining the firm, Pierre was Sr. International Investment Analyst at Chicago-based value manager Harris Associates LP. He was previously Analyst in Principal Investing at Goldman Sachs and in Investment Banking at Salomon Brothers. Pierre earned a Master in Management (MIM) - Grande Ecole at HEC Paris with a Specialization in Finance, Tax Strategy and International Law, and an MBA from Harvard Business School. He also holds an LLM in International Business and Tax Law, and is a former student of the Paris Institute of Political Studies (IEP Paris).

FPA International Value Fund
FPA Paramount Fund

Jason Dempsey, CFA

Analyst

FPA Paramount Fund
Research Analyst

Joined FPA in 2013
Biography
Jason joined FPA in 2013. He serves as an Analyst for FPA. Prior to joining the firm, Jason was Research Analyst at Artisan Partners and was Analyst at Deccan Value Advisors LP.  Previously to Deccan, he taught at the Ecole Normale Superieure in Paris.  Jason earned a Bachelor’s degree in Rhetoric at University of California, Berkeley and a Doctorate in Rhetoric and French language from Université de Paris IV-Sorbonne. He is a CFA® Charterholder.

FPA International Value Fund
FPA Paramount Fund

John Harris, CFA

Analyst

FPA Paramount Fund
Research Analyst

Joined FPA in 2017
Biography
John joined FPA in 2017. He serves as an Analyst for FPA. Prior to joining the firm, John was a Research Associate at global value manager Brandes Investment Partners. He previously worked at Nuveen Investments, and also has experience in investment banking and institutional investment consulting. John earned a Bachelor’s degree in Business Economics from University of California, Santa Barbara, where he graduated with High Honors and Distinction in the Major. He is a CFA® Charterholder.

FPA Paramount Fund
FPA International Value Fund

John Madden

Analyst

FPA Paramount Fund
Research Analyst

Joined FPA in 2016
Biography
John joined FPA in 2016. He serves as an Analyst for FPA. Prior to joining FPA, John was Research Analyst at NWQ Investment Management and was a Junior Equity Analyst at Tradewinds Global Investors. He earned a Bachelor’s degree in Economics at the University of Notre Dame.

FPA International Value Fund
FPA Paramount Fund