| 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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Category: Quarterly Commentary
| 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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| Quarterly Commentary
FPA Queens Road Value Fund 4Q24 Commentary
FPA Queens Road Value Fund (“Fund”) returned -2.69% for the fourth quarter of 2024.
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| Quarterly Commentary
FPA Flexible Fixed Income Fund 4Q24 Commentary
FPA Flexible Fixed Income Fund (the “Fund”) returned -0.99% in the fourth quarter of 2024 and 5.29% for the year ended December 31, 2024.
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| Quarterly Commentary
FPA Crescent Fund 4Q24 Commentary
The FPA Crescent Fund – Institutional Class (“Fund” or “Crescent”) gained 1.05% in Q4 2024 and 13.96% in the trailing twelve months.
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| Quarterly Commentary
FPA New Income Fund 4Q24 Commentary
FPA New Income Fund (the “Fund”) returned -1.08% in the fourth quarter of 2024 and 4.59% for the year ended December 31, 2024.
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| Quarterly Commentary
FPA Queens Road Small Cap Value Fund 4Q24 Commentary
The FPA Queens Road Small-cap Value Fund (“Fund”) returned 2.38% for the fourth quarter of 2024 compared to a -1.06% return for the Russell 2000 Value Index in the same period.
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| Quarterly Commentary
FPA Crescent Fund 3Q24 Commentary
The FPA Crescent Fund – Institutional Class (“Fund” or “Crescent”) gained 3.70% in Q3 2024 and 21.27% in the trailing twelve months.
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