Investment Objective

FPA Flexible Fixed Income Fund seeks to provide long-term total return, which includes income and capital appreciation, while considering capital preservation.

Absolute Return Focus

Benchmark indifferent, seeks to provide a positive return in a 36-month period.

Opportunistic Allocation

May invest up to 75% in credit sensitive securities (BBB+ & below).

Deep Research

Bottom-up research, cash allocation is a residual of investment opportunities.

Fund Facts

Ticker Symbol FPFIX
Share Class No load, no 12b-1 fees
Initial Minimum Investment $100,000
Fund Assets $117.11 Million
Fund Inception Dec 31, 2018
Expense Ratio (as of most recent prospectus) 0.39%
Dividend Frequency Monthly
Fund Facts are as of September 30, 2019.

First Pacific Advisors, LP (“FPA” or the “Adviser”), the Fund’s investment adviser, has contractually agreed to reimburse the Fund for Total Annual Fund Operating Expenses(excluding interest, taxes, brokerage fees and commissions payable by the Fund in connection with the purchase or sale of portfolio securities, and extraordinary expenses, including litigation expenses not incurred in the Fund’s ordinary course of business) in excess of 0.39% of the average net assets of the Fund through December 31, 2019, in excess of 0.49% of net assets of the Fund for the year ended December 31, 2020, and in excess of 0.59% of net assets of the Fund for the year ended December 31, 2021. During the term of the current expense limit agreement, beginning December 31, 2018 and ending December 31, 2021, any expenses reimbursed to the Fund by FPA during any of the previous 36 months may be recouped by FPA, provided the Fund’s Total Annual Fund Operating Expenses do not exceed the then-applicable expense limit. Beginning January 1, 2022, any expenses reimbursed to the Fund by FPA during any of the previous 36 months may be recouped by FPA, provided the Fund’s Total Annual Fund Operating Expenses do not exceed 0.64% of average net assets of the Fund for any subsequent calendar year, regardless of whether there is a then-effective higher expense limit. This agreement may only be terminated earlier by the Fund’s Board of Trustees (the “Board”) or upon termination of the Advisory Agreement.

Portfolio Managers

  • Thomas H. Atteberry, CFA

    Joined FPA in 1997
    Tom joined the firm in 1997. He serves as a Portfolio Manager for FPA. Prior to joining the firm, Tom served as Chief Fixed Income Strategist of Fifth Third Bank and Chief Investment Officer of Mercantile Bank in Joplin, MO. He earned a Bachelor’s degree in Business Administration from Texas Christian University. He is a CFA® Charterholder.

    FPA New Income Inc.
    FPA Flexible Fixed Income Fund
  • Abhijeet Patwardhan

    Joined FPA in 2010

    Abhi joined FPA in 2010. He serves as a Portfolio Manager and Director of Research for FPA. Prior to joining the firm, Abhi was an investment analyst at Reservoir Capital Group and D.B. Zwirn & Co. and an investment banking analyst at UBS Warburg and Donaldson, Lufkin & Jenrette. He earned a Bachelor’s degree in Economics, summa cum laude, and an MBA from the Wharton School of the University of Pennsylvania.

    FPA New Income Inc.
    FPA Flexible Fixed Income Fund