| FPA Insights
Bonds: A Tale of Two Markets (one is flashing green, the other red)
There are two main risk premiums required by bond investors: interest rate risk and credit risk. In an ideal world, both risk premiums would be high.
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| Quarterly Commentary
FPA New Income Fund 1Q25 Commentary
FPA New Income Fund (the “Fund”) returned 2.61% in first quarter of 2025.
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| Quarterly Commentary
FPA Queens Road Value Fund 1Q25 Commentary
The FPA Queens Road Value Fund (“Fund”) returned -2.28% for the first quarter of 2025. This compares to the S&P 500 Value Index return of 0.28% for the same period.
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| Quarterly Commentary
FPA Queens Road Small Cap Value Fund 1Q25 Commentary
The FPA Queens Road Small-cap Value Fund (“Fund”) returned -2.51% in the first quarter of 2025 vs. -7.74% for the Russell 2000 Value Index (“R2KV”).
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| Quarterly Commentary
FPA Flexible Fixed Income Fund 1Q25 Commentary
Through the end of March, the trailing economic data suggested a healthy economy with a low unemployment rate and inflation that, while still above the Federal Reserve’s 2% inflation target, generally trended toward that target.
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| Quarterly Commentary
FPA Crescent Fund 1Q25 Commentary
The FPA Crescent Fund – Institutional Class (“Fund” or “Crescent”) declined 0.20% in Q1 2025 but gained 7.37% in the trailing twelve months.
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| Webcasts
FPA New Income and Flexible Fixed Income Funds 1Q25 Webcast
A quarterly webcast with the Flexible Fixed Income team sharing their market views and portfolio updates.
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| Fund Announcements
Source Capital Declares April and May 2025 Distribution on Common Stock
Board of Trustees of Source Capital approved maintaining the Fund’s regular monthly distribution rate.
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| News
FPA Donates to FireAid in Support of Los Angeles Area Relief Efforts
In support of our community, recently devastated by wildfires, FPA has contributed $100,000 to FireAid.
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