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Strategy Assets
$54M
Track Record
23 Years
The strategy’s sub-adviser is responsible for the track record.
Investment Objective
The Large Cap Value Strategy seeks to generate returns in excess of the S&P 500 Value Index over full market cycles with less risk.
Strategy Overview
A high-conviction U.S. large-cap equity strategy rooted in disciplined value investing. The strategy seeks to invest in high-quality companies trading at attractive valuations with an emphasis on businesses that generate high returns on invested capital.
| Investment Style | Value |
|---|---|
| Opportunity Set | Large Cap (U.S.) |
| Approach | Bottom-Up Fundamental |
| Strategy Assets | $54M |
| Sector Constraints | None |
| Illustrative Benchmark | S&P 500 Value |
| Strategy Investment Adviser | First Pacific Advisors, LP |
| Strategy Investment Sub-Adviser | Bragg Financial Advisors, Inc. |
| Strategy Inception | June 2002 |
| FPA Investment Adviser Start Date | November 2020 |
| Vehicle Availability | Mutual Fund: FPA Queens Road Value Fund |
The Strategy’s Investment Adviser since November 2020 is First Pacific Advisors, LP. The Strategy’s Investment Sub-Adviser is Bragg Financial Advisors, Inc. (“Bragg”). Prior to November 2020, Bragg was the Investment Adviser of the Strategy. Bragg is responsible for the Strategy’s portfolio management decisions. FPA receives a fee from Bragg for its services in connection with this Strategy.
Focuses on high-quality U.S. companies with strong balance sheets, durable competitive positioning, and attractive valuation metrics such as price-to-earnings and price-to-cash flow ratios—seeking durable sources of long-term capital appreciation.
With a typical turnover near 0%, the fund maintains long holding periods—often spanning years—reflecting our discipline, patiently investing in businesses that meet strict valuation and quality criteria.
Maintains a focus portfolio of large-cap companies selected through independent, bottom-up analysis. Allocation decisions are guided strictly by conviction rather than benchmark composition.
With a range of 25 to 40 positions, the strategy is designed to capture the volatility damping benefits of diversification while allowing security selection and sector allocations to drive returns.
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