The views expressed in these articles, commentaries or recordings are those of the author and/or presenter at the time created and is for informational purposes only. They do not necessarily reflect the views of FPA or the distributor. Future events, results or views may vary significantly from those expressed and are subject to change at any time based on market and other conditions, and FPA and/or the distributor disclaims any responsibility to update such views. No forecasts can be guaranteed, and certain assumptions may prove to be inaccurate. These views may not be relied upon as investment advice or as indication of trading intent on behalf of any FPA portfolio or the distributor and should not be construed as an offer to sell or a solicitation of an offer to buy securities or any product mentioned. FPA shall not be responsible for any trading decisions, damages or other losses from or related to the information, data analysis or opinions or their use. This information and data has been prepared from sources believed reliable. However, the accuracy and completeness of the information cannot be guaranteed and is not a complete summary or statement of all available data. FPA has received certain nominations or awards by third-parties as reflected herein. Investors should review the criteria for each nomination or award as reflected on the third-party’s webpage. You should not construe the contents herein as legal, tax, accounting, or other advice or recommendations.

You should consider the Fund’s investment objectives, risks, fees and expenses before investing. The Prospectus contain this and other important information which should be read carefully before investing. 

  • November 11, 2020

    Morningstar Highlights FPA New Income (FPNIX) in a Piece that Asks Whether Portfolio Manager Ownership May Indicate Good Performance

    Morningstar highlights three short-term bond funds with significant manager ownership. Manager ownership in FPNIX exceeds $1.5mm as of January 31, 2020. You can find updated manager ownership statistics for all FPA funds here.

    The Morningstar Analyst RatingTM is not a credit or risk rating. It is a subjective evaluation performed by the manager research analysts of Morningstar. Morningstar evaluates funds based on five key pillars, which are process, performance, people, parent, and price. Analysts use this five pillar evaluation to determine how they believe funds are likely to perform relative to a benchmark, or in the case of exchange-traded funds and index mutual funds, a relevant peer group, over the long term on a risk-adjusted basis. They consider quantitative and qualitative factors in their research, and the weight of each pillar may vary. The Analyst Rating scale is Gold, Silver, Bronze, Neutral, and Negative. A Morningstar Analyst Rating of Gold, Silver, or Bronze reflects an analyst’s conviction in a fund’s prospects for outperformance. Analyst Ratings are continuously monitored and reevaluated at least every 14 months. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to http://corporate1.morningstar.com/AnalystRating/.

    The Morningstar Analyst Rating should not be used as the sole basis in evaluating a fund. Morningstar Analyst Ratings involve unknown risks and uncertainties which may cause Morningstar’s expectations not to occur or to differ significantly from what we expected.

    ©2020 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted by Morningstar to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

    You should consider the Fund’s investment objectives, risks, fees and expenses before investing. The Prospectus contain this and other important information which should be read carefully before investing. 

    Please click here for Standardized Performance for FPA New Income, Inc.. Please click here for the Fund’s Q2 2020 Commentary, which also includes a full list of the Fund’s holdings as of June 30, 2020. 

    Past performance is no guarantee, nor is it indicative, of future results.

    The FPA Funds are distributed by UMB Distribution Services, LLC, 235 W Galena Street, Milwaukee, Wisconsin 53212

    For further details, please click here.
  • September 16, 2020

    Morningstar’s The Long View – Steven Romick: ‘We Think Defensively’

    Steven Romick, founding Portfolio Manager of FPA Crescent Fund (“FPACX” or “Fund”), discusses investing through the pandemic and broader market cycles, shifting return dynamics, and opportunities within the U.S. and abroad on Morningstar’s The Long View.

    Please find the link to the podcast and transcript after the following disclosures:

    References to individual investments are for informational purposes only and should not be construed as recommendations by the Fund, the portfolio managers, FPA or the distributor. Any information provided is not a sufficient basis upon which to make an investment decision. It should not be assumed that future investments will be profitable or will equal the performance of any investment examples discussed. Past performance is no guarantee, nor is it indicative, of future results.

    Morningstar Fund Manager of the Year/Decade Nominations and Awards

    FPA has received certain nominations or awards by third-parties as reflected herein. Investors should review the criteria for each nomination or award as reflected on the third-party’s webpage.  More detail is provided below.

    The 2009 Morningstar Domestic Fund Manager of the Decade award is based on risk adjusted results over the past 10 years (2000-2009), and other considerations, including the risks assumed to achieve the results, the strength of the manager, strategy, the firm’s stewardship, and asset size. Both individual fund managers and management teams are eligible, and being a previous winner of the Morningstar Fund Manager of the Year award isn’t a prerequisite. Morningstar’s fund analysts select the Fund Manager of the Decade award winners based on Morningstar’s proprietary research and in-depth evaluation.

    The nominee for the Fund Manager of the Year award is presented each year to recognize a manager's past achievements. The Fund Manager of the Year award winners are chosen based on research and in depth qualitative evaluation by Morningstar’s Manager Research Group. Nominations are made by Morningstar manager research analysts, then narrowed to a list of finalists by each asset-class team. The entire analyst team meets to debate the merits of the finalists in each asset class. Voting commences immediately after each asset-class meeting, and nominees receiving the most votes are the winners. The award is presented to fund managers who have distinguished themselves over the past calendar year and have achieved strong risk adjusted historical performance through the careful execution of a solid investment strategy and responsible fund stewardship. Morningstar’s Manager Research Group consists of various wholly owned subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC. For more information, please see https://go.morningstar.com/Morningstar-Awards.

    The Morningstar Analyst RatingTM is not a credit or risk rating. It is a subjective evaluation performed by the manager research analysts of Morningstar. Morningstar evaluates funds based on five key pillars, which are process, performance, people, parent, and price. Analysts use this five-pillar evaluation to determine how they believe funds are likely to perform relative to a benchmark, or in the case of exchange-traded funds and index mutual funds, a relevant peer group, over the long term on a risk-adjusted basis. They consider quantitative and qualitative factors in their research, and the weight of each pillar may vary. The Analyst Rating scale is Gold, Silver, Bronze, Neutral, and Negative. A Morningstar Analyst Rating of Gold, Silver, or Bronze reflects an analyst’s conviction in a fund’s prospects for outperformance. Analyst Ratings are continuously monitored and reevaluated at least every 14 months. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to http://corporate1.morningstar.com/AnalystRating.

    The Morningstar Fund Manager of the Decade and Year nominations and awards, as well as the Morningstar Analyst Rating for a fund should not be used as the sole basis in evaluating a fund. Morningstar Analyst Ratings involve unknown risks and uncertainties which may cause Morningstar’s expectations not to occur or to differ significantly from what they expected.

    ©2020 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted by Morningstar to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

    Additional Disclosures

    References to geographic location of the companies that the Fund holds is as of June 30, 2020.

    The information noted about the Fund’s private credit investments or private loans is as of June 30, 2020 and is for illustrative purposes only, and is not intended to imply any future performance of the Fund. The reference to ‘mid-teens returns’ is the weighted average Internal Rate of Return (“IRR”) of those investments. The weighted average IRR is based on the size of all investment level IRRs plus net income from private loans that were committed but not invested. Weighted average allocations are based on firm level allocations. Of the 40 investments the Fund has made since 2009, 35 have been exited and 5 are still open. IRR is calculated from the ‘Initiated’ date through the ‘Exited’ date for exited investments, and through June 30, 2020 for open investments. IRR is presented net of all underlying manager or sourcing fees, but gross of FPA management fees and expenses, which would reduce these returns. The IRR noted herein should not be construed as, and is not indicative of, the performance of the Fund. 

    Source for Warren Buffet Quote: Fortune Magazine, February 19, 2001, ‘The Value Machine Warren Buffet’s Berkshire Hathaway is on a buying binge. You were expecting stocks?’, Interviewer, Carol Loomis.

    ‘Margin of Safety’ is a principle of investing in which an investor purchases securities when they believe the market price is significantly below its estimated intrinsic value. In other words, when the market price of a security is, in an investor’s view, significantly below their estimation of the intrinsic value, the difference is the margin of safety. Using the margin of safety principle may help to reduce downside risk. Note, determining a company’s “true” worth or intrinsic value is highly subjective. There is no guarantee that the methods used to evaluate intrinsic value will be accurate or precise or that an investment made using this principle will be successful. Margin of safety does not imply future performance or profitability.

    References to the Fund’s “equity portfolio” refers to the Fund’s long equity holdings, which excludes the long portion of any pair trade. The long equity segment average weight in the Fund was 70.2% and 69.2% for Q2 2020 and YTD through 6/30/20, respectively. Long  equity portfolio statistics noted herein do not represent the results that the Fund or an investor can or should expect to receive. Fund investors may only invest or redeem their shares at net asset value.  

    References to current and prospective earnings yield are based on FPA calculations as of June 30, 2020 and uses data sourced from  CapIQ, Factset, and/or Bloomberg. The 5% earnings yield on the Fund’s equity portfolio noted refers to the earnings per share for the most recent 12-month period divided by the current market price per share as of June 30, 2020.

    You should consider the Fund’s investment objectives, risks, fees and expenses before investing. The Prospectus contain this and other important information which should be read carefully before investing. 

    Please click here for Standardized Performance for FPA Crescent Fund. Please click here for the Fund’s Q2 2020 Commentary, which also includes a full list of the Fund’s holdings as of June 30, 2020. Past performance is no guarantee, nor is it indicative, of future results.

    The FPA Funds are distributed by UMB Distribution Services, LLC: UMB Fund Services 235 W Galena Street, Milwaukee, Wisconsin 53212

    For further details, please click here.
  • August 14, 2020

    Tom Atteberry, Portfolio Manager for FPA New Income (FPNIX) Discusses Safe Haven Investing on ‘Consuelo Mack Wealthtrack”, July 24, 2020.

    On PBS’ ‘Consuelo Mack WealthTrack,” FPA New Income’s (FPNIX) Tom Atteberry talks about current conditions in the bond market and where to find safe haven investments.

    Please click here for Standardized Performance for FPA New Income, Inc. (“Fund”). Please click here for the principal risks of investing in the Fund. You should consider the Fund's investment objectives, risks, and charges and expenses carefully before you invest. The Prospectus details the Fund's objective and policies and other matters of interest to the prospective investor. Please read this Prospectus carefully before investing. The Prospectus may be obtained by clicking here, by calling toll-free, 1-800-982-4372, or by contacting the Fund in writing. Comparison to indices are for illustrative purposes only. The Fund does not include outperformance of any index or benchmark in the investment objectives. The FPA Funds are distributed by UMB Distribution Services, LLC.

    Past performance is no guarantee, nor is it indicative, of future results.

    For further details, please click here.
  • August 5, 2020

    FPA New Income, Inc. (FPNIX) Retains Bronze Rating in Latest Morningstar Analyst Report

    Morningstar’s recent analysis of the FPA New Income, Inc. (FPNIX) maintains the Fund's Analyst Rating of 'Bronze.'

    This Fund along with FPA Crescent Fund (FPACX)(Gold) and FPA International Fund (FPIVX)(Bronze) are among FPA Funds currently earning the "Medalist" designation.

    The Morningstar Analyst RatingTM is not a credit or risk rating. It is a subjective evaluation performed by the manager research analysts of Morningstar. Morningstar evaluates funds based on five key pillars, which are process, performance, people, parent, and price. Analysts use this five pillar evaluation to determine how they believe funds are likely to perform relative to a benchmark, or in the case of exchange-traded funds and index mutual funds, a relevant peer group, over the long term on a risk-adjusted basis. They consider quantitative and qualitative factors in their research, and the weight of each pillar may vary. The Analyst Rating scale is Gold, Silver, Bronze, Neutral, and Negative. A Morningstar Analyst Rating of Gold, Silver, or Bronze reflects an analyst’s conviction in a fund’s prospects for outperformance. Analyst Ratings are continuously monitored and reevaluated at least every 14 months. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to http://corporate1.morningstar.com/AnalystRating/.

    The Morningstar Analyst Rating should not be used as the sole basis in evaluating a fund. Morningstar Analyst Ratings involve unknown risks and uncertainties which may cause Morningstar’s expectations not to occur or to differ significantly from what we expected.

    ©2020 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted by Morningstar to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Morningstar, Inc. has not granted consent for it to be considered or deemed an “expert” under the Securities Act of 1933.

    Please note that any references in this article to specific securities are being provided as a means of illustrating our investment thesis and should not be construed as a recommendation by the strategy, the portfolio managers, FPA or the distributor to purchase or sell such securities, and any information provided is not a sufficient basis upon which to make an investment decision. It should not be assumed that future investments will be profitable or will equal the performance of the security examples discussed. Past performance is no guarantee, nor is it indicative, of future results. Certain information in this article reflects the opinions of the portfolio managers of the International Value investment team as of the date provided and are subject to change. 

    For further details, please click here.
  • August 3, 2020

    Morningstar Affirms Gold Rating for FPA Crescent Fund (FPACX) in Latest Analyst Report

    Morningstar’s recent analysis of the FPA Crescent Fund (FPACX) maintains the Fund's Analyst Rating of 'Gold.'

    This Fund along with FPA International Value (FPIVX)(Bronze) and FPA New Income, Inc. (FPNIX)(Bronze) are among FPA Funds currently earning the "Medalist" designation.

    The Morningstar Analyst RatingTM is not a credit or risk rating. It is a subjective evaluation performed by the manager research analysts of Morningstar. Morningstar evaluates funds based on five key pillars, which are process, performance, people, parent, and price. Analysts use this five pillar evaluation to determine how they believe funds are likely to perform relative to a benchmark, or in the case of exchange-traded funds and index mutual funds, a relevant peer group, over the long term on a risk-adjusted basis. They consider quantitative and qualitative factors in their research, and the weight of each pillar may vary. The Analyst Rating scale is Gold, Silver, Bronze, Neutral, and Negative. A Morningstar Analyst Rating of Gold, Silver, or Bronze reflects an analyst’s conviction in a fund’s prospects for outperformance. Analyst Ratings are continuously monitored and reevaluated at least every 14 months. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to http://corporate1.morningstar.com/AnalystRating/.

    The Morningstar Analyst Rating should not be used as the sole basis in evaluating a fund. Morningstar Analyst Ratings involve unknown risks and uncertainties which may cause Morningstar’s expectations not to occur or to differ significantly from what we expected.

    ©2020 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted by Morningstar to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Morningstar, Inc. has not granted consent for it to be considered or deemed an “expert” under the Securities Act of 1933.

    Please note that any references in this article to specific securities are being provided as a means of illustrating our investment thesis and should not be construed as a recommendation by the strategy, the portfolio managers, FPA or the distributor to purchase or sell such securities, and any information provided is not a sufficient basis upon which to make an investment decision. It should not be assumed that future investments will be profitable or will equal the performance of the security examples discussed. Past performance is no guarantee, nor is it indicative, of future results. Certain information in this article reflects the opinions of the portfolio managers of the Crescent  investment team as of the date provided and are subject to change. 

    For further details, please click here.
  • May 19, 2020

    Barron’s Highlights FPA New Income’s (FPNIX) 36-Year Positive Track Record

    FPA started managing the New Income Fund in 1984, and since that time has not had a negative calendar year. This Barron’s piece covers both the Fund’s long-term track record, as well as how portfolio managers Thomas Atteberry and Abhijeet Patwardhan have adjusted the portfolio as bond markets have sold off and yields have picked up.

    Please note that auto loan example contained in this piece is for illustrative purposes only and does not necessarily reflect the overall loan-to-value of the underlying collateral for auto asset backed securities in which the Fund invests.

    Please click here for Standardized Performance for FPA New Income, Inc. (“Fund”). Please click here for the principal risks of investing in the Fund. You should consider the Fund's investment objectives, risks, and charges and expenses carefully before you invest. The Prospectus details the Fund's objective and policies and other matters of interest to the prospective investor. Please read this Prospectus carefully before investing. The Prospectus may be obtained by clicking here, by calling toll-free, 1-800-982-4372, or by contacting the Fund in writing. Past performance is no guarantee, nor is it indicative, of future results. Comparison to indices are for illustrative purposes only. The Fund does not include outperformance of any index or benchmark in the investment objectives. The FPA Funds are distributed by UMB Distribution Services, LLC.

    For further details, please click here.
  • March 25, 2020

    New York Times Speaks with Steven Romick About How FPA Crescent Fund (FPACX) is Taking Advantage of the Bear Market to Invest with a Long-Term Focus

    In this piece by the New York Times, Steven Romick speaks with Jeff Sommer about how FPA Crescent Fund (FPACX) is investing for five to seven years from now, taking a tempered approach to investing while the market is cheaper, and looking to really jump in when they believe things get cheap

    Please click here for Standardized Performance for FPA Crescent Fund (“Fund”). Please click here for the principal risks of investing in the Fund. You should consider the Fund’s investment objectives, risks, fees and expenses before investing.

    Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown.


    For further details, please click here.
  • March 25, 2020

    Morningstar Includes FPA New Income (FPNIX) in List of "12 Battle-Tested, Low Volatility Funds"

    Please click here for Standardized Performance for FPA New Income, Inc. (“Fund”). Please click here for the principal risks of investing in the Fund. You should consider the Fund's investment objectives, risks, and charges and expenses carefully before you invest. The Prospectus details the Fund's objective and policies and other matters of interest to the prospective investor. Please read this Prospectus carefully before investing. The Prospectus may be obtained by clicking here, by calling toll-free, 1-800-982-4372, or by contacting the Fund in writing. Past performance is no guarantee, nor is it indicative, of future results. Comparison to indices are for illustrative purposes only. The Fund does not include outperformance of any index or benchmark in the investment objectives. The FPA Funds are distributed by UMB Distribution Services, LLC.

    © 2020 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted by Morningstar to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Morningtar, Inc. has not granted consent for it to be considered or deemed an "expert" under the Securities Act of 1933.
    For further details, please click here.
  • March 19, 2020

    FPA Crescent Fund’s (FPACX) Steven Romick Discusses Market Volatility Amidst Coronavirus Pandemic on CNBC’s Squawk Box

    In an interview with CNBC, FPA Crescent Fund’s (FPACX) Steven Romick outlines both short- and long-term views of the current market, highlighting the opportunity today’s volatility presents for putting cash to work.  

    The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

    FPA Crescent Fund was rated against the following numbers of funds in the Allocation – 50% to 70% Equity Category over the following time periods: 640 funds in the last three years, 560 funds in the last five years, and 412 funds in the last ten years. Past performance is no guarantee of future results.

    The FPA Funds are distributed by UMB Distribution Services, LLC, 235 W. Galena Street, Milwaukee, WI, 53212.

    For further details, please click here.
  • December 11, 2019

    Morningstar’s Director of Research Makes the Case for FPA Crescent (FPACX) Amidst Continued Active Management Outflows

    Russel Kinnel, Director of Manager Research for Morningstar, discusses why investors should hold onto Gold-rated FPA Crescent Fund (FPACX) despite outflows from active managers across the industry.

    The Morningstar Analyst RatingTM is not a credit or risk rating. It is a subjective evaluation performed by the manager research analysts of Morningstar. Morningstar evaluates funds based on five key pillars, which are process, performance, people, parent, and price. Analysts use this five pillar evaluation to determine how they believe funds are likely to perform relative to a benchmark, or in the case of exchange-traded funds and index mutual funds, a relevant peer group, over the long term on a risk-adjusted basis. They consider quantitative and qualitative factors in their research, and the weight of each pillar may vary. The Analyst Rating scale is Gold, Silver, Bronze, Neutral, and Negative. A Morningstar Analyst Rating of Gold, Silver, or Bronze reflects an analyst’s conviction in a fund’s prospects for outperformance. Analyst Ratings are continuously monitored and reevaluated at least every 14 months. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to https://morningstardirect.morningstar.com/clientcomm/Morningstar_Analyst_Rating_Brief_Descriptions.pdf.
    This report is for the one-year period ending May 2019.

    The Morningstar Analyst Rating should not be used as the sole basis in evaluating a fund. Morningstar Analyst Ratings involve unknown risks and uncertainties which may cause Morningstar’s expectations not to occur or to differ significantly from what we expected.

    ©2019 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted by Morningstar to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Morningstar, Inc. has not granted consent for it to be considered or deemed an “expert” under the Securities Act of 1933.

    Please note that any references in this article to specific securities are being provided as a means of illustrating FPA’s investment thesis and should not be construed as a recommendation by the strategy, the portfolio managers, FPA or the distributor to purchase or sell such securities, and any information provided is not a sufficient basis upon which to make an investment decision. It should not be assumed that future investments will be profitable or will equal the performance of the security examples discussed. Past performance is no guarantee, nor is it indicative, of future results.

    For further details, please click here.
  • May 13, 2019

    Morningstar Reaffirms FPA Crescent Fund’s (FPACX) Gold Rating in Newest Analyst Report

    The Morningstar Analyst RatingTM is not a credit or risk rating. It is a subjective evaluation performed by the manager research analysts of Morningstar. Morningstar evaluates funds based on five key pillars, which are process, performance, people, parent, and price. Analysts use this five pillar evaluation to determine how they believe funds are likely to perform relative to a benchmark, or in the case of exchange-traded funds and index mutual funds, a relevant peer group, over the long term on a risk-adjusted basis. They consider quantitative and qualitative factors in their research, and the weight of each pillar may vary. The Analyst Rating scale is Gold, Silver, Bronze, Neutral, and Negative. A Morningstar Analyst Rating of Gold, Silver, or Bronze reflects an analyst’s conviction in a fund’s prospects for outperformance. Analyst Ratings are continuously monitored and reevaluated at least every 14 months. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please view Morningstar's Research Ratings Guide. This report is for the one-year period ending May 2019.


    The Morningstar Analyst Rating should not be used as the sole basis in evaluating a fund. Morningstar Analyst Ratings involve unknown risks and uncertainties which may cause Morningstar’s expectations not to occur or to differ significantly from what we expected.

    ©2019 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted by Morningstar to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Morningstar, Inc. has not granted consent for it to be considered or deemed an “expert” under the Securities Act of 1933.

    Please note that any references in this article to specific securities are being provided as a means of illustrating FPA's investment thesis and should not be construed as a recommendation by the strategy, the portfolio managers, FPA or the distributor to purchase or sell such securities, and any information provided is not a sufficient basis upon which to make an investment decision. It should not be assumed that future investments will be profitable or will equal the performance of the security examples discussed. Past performance is no guarantee, nor is it indicative, of future results. Certain information in this article reflects the opinions of the portfolio managers of the Contrarian Value investment team as of the date provided and are subject to change.

    For further details, please click here.
  • May 9, 2019

    Financial Advisor Magazine Features FPA Crescent Fund (FPACX) in their Portfolio Spotlight for May 2019

    Steven Romick, Brian Selmo and Mark Landecker speak with Financial Advisor about how they define value, the diversity that their outlook can help bring to the portfolio, and where they currently see risk in the market. 

    Please note that any references in this article to specific securities are being provided as a means of illustrating our investment thesis and should not be construed as a recommendation by the strategy, the portfolio managers, FPA or the distributor to purchase or sell such securities, and any information provided is not a sufficient basis upon which to make an investment decision. It should not be assumed that future investments will be profitable or will equal the performance of the security examples discussed. Past performance is no guarantee, nor is it indicative, of future results. Certain information in this article reflects the opinions of the portfolio managers of the Contrarian Value investment team as of the date provided and are subject to change.
    For further details, please click here.
  • May 31, 2018

    Barron's 'Sector Focus' Blog Features FPA U.S. Value's (FPPFX) Greg Nathan Stock Picks

    Barron's 'Sector Focus' blog features some of Greg Nathan's Consumer-sector stock picks.

    For further details, please click here.
  • March 27, 2018

    Financial Times Covers the New Income (FPNIX) Team’s Newest Special Commentary

    For the original article, please click here. (Financial Times subscription needed)

    To read the New Income Special Commentary discussed in this article, please click here.

    For further details, please click here.
  • January 7, 2018

    Consuelo Mack Interviews New Income’s (FPNIX) Tom Atteberry on WealthTrack

    Tom Atteberry sits down with Consuelo Mack to discuss the risk associated with traditional corporate and Treasury Bonds.

    Please note that in this video, Tom Atteberry is incorrectly referred to as the lead Portfolio Manager of New Income (FPNIX). Tom Atteberry and Abhijeet Patwardhan serve as co-Portfolio Managers for the Fund. 

     

    For further details, please click here.
  • December 8, 2017

    Citywire Interviews FPA Crescent's (FPACX) Steven Romick

    For further details, please click here.
  • April 20, 2017

    Morningstar Highlights FPA New Income (FPNIX) among Non-Traditional Bond Medalists

    For further details, please click here.
  • March 29, 2017

    Citywire 'Research Radar: Four Managers on the Rise' Features FPA Crescent's (FPACX) Brian Selmo and Mark Landecker

    For further details, please click here.
  • February 28, 2017

    Welling on Wall St. interview with FPA Capital's (FPPTX) Dennis Bryan and Arik Ahitov

    For further details, please click here.
  • January 12, 2017

    Morningstar Nominates FPA Crescent Team for Allocation/Alternatives Fund Manager of the Year Award

    For further details, please click here.
  • December 16, 2016

    MarketWatch 'Outside the Box' on Bob Rodriguez Retirement

    MarketWatch's 'Outside the Box' column today reports on the retirement of Bob Rodriguez ("This mutual fund manager knew how to make your money grow: FPA's Rodriguez beat stock and bond markets with patience and realism," by John Coumarianos).

    For further details, please click here.
  • November 4, 2016

    Reuters Quotes FPA Capital (FPPTX) Q3 Commentary

    In coverage today of investment managers' positioning for the U.S. election, Reuters quotes the FPA Capital Third Quarter Commentary ("Amid election jitters, many big funds stay aggressive but cash tempts," by Tim McLaughlin and Jamie McGeever).

    For further details, please click here.
  • September 20, 2016

    Citywire 'Manager Profile' on Steven Romick

    Steven Romick and FPA Crescent are the subjects of the 'Manager Profile' in the September 12 debut issue of Citywire Professional Buyer magazine ("Steven Romick: Value investing may be out favor but FPA Crescent fund manager Steven Romick tells Alex Steger how he arrived at this philosophy, times it has caused him pain and where he sees opportunities in the current market").

    For further details, please click here.
  • September 20, 2016

    TheStreet Interviews Tom Atteberry

    TheStreet featured a video interview of Tom Atteberry by investment reporter Rhonda Schaffler ("Bond Fund Manager Favors Asset Backed Debt in Low Rate Environment; One fund manager finds investment opportunities in subprime auto loans; Tom Atteberry, who manages the FPA New Income Fund, is investing in asset backed securities as a way to generate additional yield for bond investors. Atteberry favors securities backed by subprime auto loans, and avoids high yield debt.").

    For further details, please click here.
  • July 7, 2016

    Morningstar 'Fund Spy' Highlights FPA New Income (FPNIX) Expense Cut

    In Morningstar's 'Fund Spy' column today, senior analyst for fixed-income strategies Eric Jacobson highlights FPA's expense limitation agreement for FPA New Income effective June 1 ("Putting the Investor Horse in Front of the Fund Company Cart: FPA New Income's shareholder-conscious pricing and policy decisions are almost novel in their genesis").

    For further details, please click here.
  • June 30, 2016

    Morningstar: FPA Crescent in "A Review of U.S. Objectives-Based Funds"

    See the section, "Objective: Volatility Protection," on pages 23 to 28. 

    For further details, please click here.
  • April 26, 2016

    Morningstar Interviews Steven Romick

    For further details, please click here.
  • March 16, 2016

    FPA Crescent Fund (FPACX) Highlighted in Wall Street Journal Article

    In The Wall Street Journal's Investing In Funds & ETFs supplement today, FPA Crescent is highlighted as a fund that has produced strong risk-adjusted results while not adhering to any one particular style box, "Some Mutual Funds Rally by Not Sticking to a Style: Go outside the category? That worked for some funds that did best over the past 15 years.

    For further details, please click here.
  • February 4, 2016

    Morningstar on FPA New Income (FPNIX): "Safety and stability are the hallmarks of this offering."

    Morningstar produced their latest analyst report on FPA New Income, in which they state "safety and stability are the hallmarks of this offering." 

    For glossary of terms, please click here

    For further details, please click here.
  • September 17, 2015

    Kiplinger.com Names FPA Crescent Fund Among "Best Funds for a Bear Market"

    For further details, please click here.
  • August 12, 2015

    Barron's Interviews Steven Romick

    For further details, please click here.
  • April 2, 2015

    Morningstar: FPA New Income Among Defensive Go-Anywhere Bond Funds, 4/1

    Morningstar's 'Five-Star Investor' column today highlights FPA New Income among "Medalist funds in the multisector- and non-traditional-bond groups . . . that held up reasonably well in the last two stress tests for fixed-income funds: the disparate bond-market years of 2008 and 2013" ("5 Go-Anywhere Bond Funds That Have Shown Resilience: While hardly low-risk, these multisector- and non-traditional-bond funds have held up well in recent stress tests," by Christine Benz).

    For further details, please click here.
  • January 14, 2015

    Barron's: Arik Ahitov Quoted in Cover Story, 1/12

    Arik Ahitov comments in the cover story of this week's Barron's on active management ("Return of the Stockpickers: Reports of the death of active fund management are greatly exaggerated. In fact, it's likely to do quite well again if interest rates go up," p. L7, by Sarah Max).

    See the excerpt below. (Subscription required for full access.)

    [Excerpt:]
    When John Templeton said, "The time of maximum pessimism is the best time to buy," he probably wasn't thinking that his tenet might one day refer to his own industry. Yet, for active mutual fund managers, 2014 was a point of maximum pessimism.

    While the Standard & Poor's 500 returned 13.7% for the year, stockpickers struggled to keep up. Just 19.9% of U.S. equity fund managers bested their benchmarks, according to Morningstar -- but those who did managed an advantage of 1.8 percentage points, on average. Specialists, such as sector and alternative funds, also struggled, with 33% and 25%, respectively, beating their benchmarks.

    [...]

    As more money moves into the indexes, it could create more opportunity for stockpickers. "It becomes a self-fulfilling prophecy," says Arik Ahitov, co-manager of $1.2 billion FPA Capital (FPPTX). Ahitov says more than a quarter of the companies in his bogey, the Russell 2500, have net negative income. "You have all of these unprofitable companies going up, and nobody seems to care. An index fund doesn't distinguish between what is and isn't profitable. Everything moves together." His fund has averaged 14.4% annual gains since 1984, versus 11.9% for its benchmark. But, like many deep-value funds with large cash positions -- recently 28% of assets -- it has lagged behind lately, last year by nearly six percentage points.

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