First Pacific Advisors, LP (“FPA”), investment adviser to the
FPA Queens Road Small Cap Value Fund (QRSIX/QRSAX/QRSVX) (“the
Fund”), is pleased to announce that FPA Capital has completed its
reorganization into the Fund, with more than 85% of the FPA Capital
shares cast in support of the reorganization.
This milestone serves as an important step in the long-term,
strategic partnership between FPA and Bragg Financial Advisors,
Inc. (former adviser and current sub-adviser to the Fund) announced
in July of 2020.1
The reorganization offers significant benefits for shareholders
of both funds. FPA Capital shareholders gain access to a
Morningstar 5-star rated fund2 led by portfolio manager Steve
Scruggs’ almost two decades of successful stewardship, and the
lower expenses of the Fund’s institutional class shares (QRSIX),
currently capped at 0.89% for three years,3 placing expenses for
the class at “Below Average” amongst its peers in the Morningstar
Small-Value Category. Meanwhile, FPA expects that the economies of
scale of the combined $428 million Fund4 coupled with continued
growth could help to lower expenses further.
The Fund is currently available on most major platforms
including, Fidelity, Schwab, TD Ameritrade, Ameriprise and
Commonwealth Financial Network.
About FPA
FPA, a Los Angeles-based institutional money management firm,
employs a disciplined approach to value investing, prudently
seeking superior long-term returns while maintaining a focus on
capital preservation. As of December 31, 2020, FPA manages
approximately $26 billion across multiple strategies.
For questions, please contact: FPA: Ryan Leggio, 310-996-5484,
rleggio@fpa.com
1
https://fpa.com/docs/default-source/FPA-News-Documents/fpa-qr-press-release-(07-30-20).pdf?sfvrsn=2
2 As of December 31, 2020. The Queens Road Small Cap Value Fund has
been rated five stars in the Morningstar Small Value Category since
February 1, 2020. Additional disclosures can be found at the end of
this press release. 3 First Pacific Advisors, LP, (the “adviser”),
has contractually agreed to waive its management fees and to make
payments to limit Fund expenses, until February 1, 2024 so that the
total annual operating expenses (excluding interest, taxes,
brokerage fees and commissions payable by the Fund in connection
with the purchase or sale of portfolio securities, fees and
expenses of other funds in which the Fund invests, and
extraordinary expenses, including litigation expenses not incurred
in the Fund’s ordinary course of business) of the Fund do not
exceed 1.04%, 0.99% and 0.89%, for Investor Class, Advisor Class,
and Institutional Class shares, respectively. These fee waivers and
expense reimbursements are subject to possible recoupment by the
adviser from the Fund in future years (within the three years from
the date when the amount is waived or reimbursed) if such
recoupment can be achieved within the lesser of the foregoing
expense limits or the then-current expense limits. The expense
limit agreement may be terminated only by the Fund’s Board of
Trustees, upon written notice to the adviser. 4 As of January 28,
2021.
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, charges, and
other matters of interest to a prospective investor. Please read
the Prospectus carefully before investing. The Prospectus may be
obtained by visiting the website at www.fpa.com, by email at
crm@fpa.com, toll-free by calling 1-800-982-4372 or by contacting
the Fund in writing.
Past performance is no guarantee of future results and
current performance may be higher or lower than the performance
shown. This data represents past performance and investors should
understand that investment returns and principal values fluctuate,
so that when you redeem your investment it may be worth more or
less than its original cost. Current month-end performance
data, which may be higher or lower than the performance data
quoted, may be obtained at www.fpa.com or by calling toll-free,
1-800-982-4372. There can be no assurance that the funds will meet
any of their objectives. As of its most recent prospectus, the
Queens Road Small Cap Value Fund’s total expense ratio is 1.16%
(Investor Class), 1.11% (Advisor Class), and 1.06% (Institutional
Class).
Investments, including investments in mutual funds, carry risks
and investors may lose principal value. Capital markets are
volatile and can decline significantly in response to adverse
issuer, political, regulatory, market, or economic developments.
Small and mid-cap stocks involve greater risks and they can
fluctuate in price more than larger company stocks. You risk paying
more for a security than you received from its sale. Groups of
stocks, such as value and growth, go in and out of favor which may
cause certain funds to underperform other equity funds. It is
important to remember that there are risks inherent in any
investment and there is no assurance that any investment or asset
class will provide positive performance over time. Value style
investing presents the risk that the holdings or securities may
never reach our estimate of intrinsic value because the market
fails to recognize what the portfolio management team considers the
true business value or because the portfolio management team has
misjudged those values. In addition, value style investing may fall
out of favor and underperform growth or other style investing
during given periods.
The Fund primarily invests in equity securities (common stocks,
preferred stocks and convertible securities) of
small-capitalization U.S. companies, defined as those with market
capitalization, at the time of purchase, of $5 billion or less.
Investing in small companies involves special risks including, but
not limited to, the following: smaller companies typically have
more risk and their company stock prices are more volatile than
that of large companies; their securities may be less liquid and
may be thinly traded which makes it more difficult to dispose of
them at prevailing market prices; these companies may be more
adversely affected by poor economic or market conditions; they may
have limited product lines, limited access to financial resources,
and may be dependent on a limited management group; and small cap
stocks may fluctuate independently of large cap stocks. All
investment decisions are made at the discretion of the Portfolio
Manager, in accordance with the then current Prospectus.
Please refer to the Fund’s prospectus for a complete overview of
the primary risks associated with the Fund.
Bragg Financial Advisors, Inc. serves as the sub-adviser
for the Fund. The Fund is distributed by UMB Distribution Services,
LLC. Queens Road Securities, LLC, an affiliate of Bragg Financial
Advisors, Inc., previously served as the distributor of the Funds
from inception through August 2020.
This material has been distributed for informational purposes
only and should not be considered as investment advice or a
recommendation of any particular security, strategy or investment
product. No part of this material may be reproduced in any form, or
referred to in any other publication, without express written
permission.
Definitions
The Morningstar Rating™ 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.
The Queens Road Small Cap Value Fund has been rated five stars
in the Morningstar Small Value Category since February 1, 2020, and
has been ranked five stars for the past 3, 5, and 10 year periods
of as December 31, 2020. In the following periods through December
31, 2020, the Morningstar Small-Value Category included the
following number of funds: 386 funds in the last three years, 358
funds in the last five years, and 259 funds in the last ten years.
Past performance is no guarantee of future results.
Morningstar Category
Morningstar Small-Value Category portfolios invest in
small U.S. companies with valuations and growth rates below other
small-cap peers. Stocks in the bottom 10% of the capitalization of
the U.S. equity market are defined as small cap. Value is defined
based on low valuations (low price ratios and high dividend yields)
and slow growth (low growth rates for earnings, sales, book value,
and cash flow).
©2021 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.
The FPA Funds are distributed by UMB Distribution Services,
LLC.
This material has been distributed for informational purposes
only and should not be considered as investment advice or a
recommendation of any particular security, strategy or investment
product. No part of this material may be reproduced in any form, or
referred to in any other publication, without express written
permission.
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version on businesswire.com: https://www.businesswire.com/news/home/20210201005495/en/
Ryan Leggio, 310-996-5484, rleggio@fpa.com
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