Performance

Comparative Performance Quarterly

As of June 30, 2020
As of June 30, 2020 Expense Ratio 1
Fund/Index QTD YTD 1 Year 3 Years 5 Years 10 Years 15 Years 20 Years 30 Years 0.50 %
FPA New Income, Inc. 2.66 % 1.24 % 2.54 % 2.93 % 2.35 % 2.02 % 2.80 % 3.79 % 5.35 %
BBgBarc US Agg Bond 2.90 % 6.14 % 8.74 % 5.32 % 4.30 % 3.82 % 4.39 % 5.14 % 6.02 %
CPI + 100 -0.04 % 0.02 % 1.72 % 2.77 % 2.61 % 2.73 % 2.93 % 3.05 % 3.33 %
BBgBarc US Aggregate 1-3 Yr 0.88 % 2.68 % 4.00 % 2.82 % 2.08 % 1.62 % 2.64 % 3.22 % NA

Additional Performance Documentation

 Inception date for the Fund was July 11, 1984.

1 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 in excess of 0.50% of the average net assets of the Fund (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) through January 31, 2021. This agreement may only be terminated earlier by the Fund’s Board of Directors (the “Board”) or upon termination of the Advisory Agreement. Effective July 1, 2020, the Adviser is temporarily reimbursing annualized Fund operating expenses in excess of 0.48% of the average net assets of the Fund (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) until such time as the Fund’s portfolio managers believe the waiver is no longer appropriate. When this temporary waiver is terminated, the Fund’s expenses will be return to the contractual limit of 0.50%.

Thomas Atteberry and Abhijeet Patwardhan have been portfolio managers for the Fund since November 2004 and November 2015, respectively, and manage the Fund in a manner that is substantially similar to the prior portfolio manager, Robert Rodriguez. Mr. Rodriguez ceased serving as the Fund’s portfolio manager effective December 2009.

Past performance is no guarantee, nor is it indicative, of future results. 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 lower or higher than the performance data quoted, may be obtained at www.fpa.com or by calling toll-free, 1-800-982-4372.

The performance of the indices are computed on a total return basis which includes reinvestment of all distributions. Comparison to any index is for illustrative purposes only. The Fund may be less diversified than the indices noted herein, and may hold non-index securities or securities that are not comparable to those contained in an index. Indices may hold positions that are not within the investment strategy. Indices are unmanaged and returns do not reflect transaction costs, investment management fees or other commissions, or fees and expenses that would reduce performance for an investor. The Fund does not include outperformance of any index or benchmark in its investment objectives. An investor cannot invest directly in an index.

Bloomberg Barclays US Aggregate Bond Index provides a measure of the performance of the U.S. investment grade bonds market, which includes investment grade U.S. Government bonds, investment grade corporate bonds, mortgage pass-through securities and asset-backed securities that are publicly offered for sale in the United States.  The securities in the Index must have at least 1 year remaining in maturity. In addition, the securities must be denominated in U.S. dollars and must be fixed rate, nonconvertible, and taxable. Bloomberg Barclays US Aggregate 1-3 Year Index provides a measure of the performance of the U.S. investment grade bonds market, which includes investment grade U.S. Government bonds, investment grade corporate bonds, mortgage pass-through securities and asset-backed securities that are publicly offered for sale in the United States.  The securities in the Index must have a remaining maturity of 1 to 3 years.  In addition, the securities must be denominated in U.S. dollars and must be fixed rate, nonconvertible, and taxable. The CPI +100 Basis Points is created by adding 1% to the annual percentage change in the Consumer Price Index (“CPI The CPI is an unmanaged index representing the rate of the inflation of the U.S. consumer prices as determined by the U.S. Department of Labor Statistics. There can be no guarantee that the CPI will reflect the exact level of inflation at any given time. The CPI reflects non-seasonally adjusted returns.

Comparative Performance Monthly

As of July 31, 2020
Fund/Index MTD YTD 1 Year 3 Years 5 Years 10 Years 15 Years 20 Years 30 Years
FPA New Income, Inc. 0.28 % 1.52 % 2.71 % 2.89 % 2.41 % 2.02 % 2.80 % 3.73 % 5.31 %
BBgBarc US Agg Bond 1.49 % 7.72 % 10.12 % 5.69 % 4.47 % 3.87 % 4.56 % 5.17 % 6.03 %
CPI + 100 NA NA NA NA NA NA NA NA NA
BBgBarc US Aggregate 1-3 Yr 0.15 % 2.84 % 4.19 % 2.78 % 2.10 % 1.59 % 2.67 % 3.19 % NA

Additional Performance Documentation

 Inception date for the Fund was July 11, 1984.

Thomas Atteberry and Abhijeet Patwardhan have been portfolio managers for the Fund since November 2004 and November 2015, respectively, and manage the Fund in a manner that is substantially similar to the prior portfolio manager, Robert Rodriguez. Mr. Rodriguez ceased serving as the Fund’s portfolio manager effective December 2009.

Periods greater than one year are annualized. Fund performance is shown net of all fees and expenses. Fund performance is calculated on a total return basis which includes reinvestment of all distributions. Fund performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares, which would lower these figures.

Past performance is no guarantee, nor is it indicative, of future results. 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 lower or higher than the performance data quoted, may be obtained at www.fpa.com or by calling toll-free, 1-800-982-4372.

The performance of the indices are computed on a total return basis which includes reinvestment of all distributions. Comparison to any index is for illustrative purposes only. The Fund may be less diversified than the indices noted herein, and may hold non-index securities or securities that are not comparable to those contained in an index. Indices may hold positions that are not within the investment strategy. Indices are unmanaged and returns do not reflect transaction costs, investment management fees or other commissions, or fees and expenses that would reduce performance for an investor. The Fund does not include outperformance of any index or benchmark in its investment objectives. An investor cannot invest directly in an index.

Bloomberg Barclays US Aggregate Bond Index provides a measure of the performance of the U.S. investment grade bonds market, which includes investment grade U.S. Government bonds, investment grade corporate bonds, mortgage pass-through securities and asset-backed securities that are publicly offered for sale in the United States.  The securities in the Index must have at least 1 year remaining in maturity. In addition, the securities must be denominated in U.S. dollars and must be fixed rate, nonconvertible, and taxable. Bloomberg Barclays US Aggregate 1-3 Year Index provides a measure of the performance of the U.S. investment grade bonds market, which includes investment grade U.S. Government bonds, investment grade corporate bonds, mortgage pass-through securities and asset-backed securities that are publicly offered for sale in the United States.  The securities in the Index must have a remaining maturity of 1 to 3 years.  In addition, the securities must be denominated in U.S. dollars and must be fixed rate, nonconvertible, and taxable. The CPI +100 Basis Points is created by adding 1% to the annual percentage change in the Consumer Price Index (“CPI The CPI is an unmanaged index representing the rate of the inflation of the U.S. consumer prices as determined by the U.S. Department of Labor Statistics. There can be no guarantee that the CPI will reflect the exact level of inflation at any given time. The CPI reflects non-seasonally adjusted returns.

 

 

Historical Annual Returns

FPA New Income, Inc.* BBgBarc US Agg Bond CPI + 100bps BBgBarc US Aggregate 1-3 Yr
2019 3.81 % 8.72 % 3.31 % 4.04 %
2018 2.30 % 0.01 % 2.95 % 1.60 %
2017 2.67 % 3.54 % N/A 0.86 %
2016 2.53 % 2.65 % 3.12 % 1.31 %
2015 0.15 % 0.55 % 1.68 % 0.66 %
2014 1.32 % 5.97 % 1.70 % 0.82 %
2013 0.67 % -2.02 % 2.56 % 0.64 %
2012 2.18 % 4.21 % 2.80 % 1.33 %
2011 2.23 % 7.84 % 4.09 % 1.73 %
2010 3.18 % 6.54 % 2.46 % 2.62 %
2009 2.89 % 5.93 % 3.84 % 5.00 %
2008 4.31 % 5.24 % 0.98 % 4.62 %
2007 6.02 % 6.97 % 5.15 % 6.73 %
2006 4.79 % 4.33 % 3.55 % 4.34 %
2005 1.57 % 2.43 % 4.37 % 1.82 %
2004 2.60 % 4.34 % 4.38 % 1.44 %
2003 8.32 % 4.10 % 3.06 % 2.42 %
2002 4.52 % 10.26 % 3.51 % 6.29 %
2001 12.33 % 8.44 % 2.62 % 8.77 %
2000 9.32 % 11.63 % 4.47 % 8.15 %
1999 3.39 % -0.82 % 3.71 % 3.32 %
1998 3.86 % 8.69 % 2.63 % 6.83 %
1997 8.31 % 9.65 % 2.72 % 6.68 %
1996 7.12 % 3.63 % 4.41 % 5.19 %
1995 14.36 % 18.47 % 3.56 % 11.00 %
1994 1.46 % -2.92 % 3.63 % 0.62 %
1993 10.17 % 9.75 % 3.84 % NA
1992 11.12 % 7.40 % 4.00 % NA
1991 18.80 % 16.00 % 4.01 % NA
1990 8.38 % 8.96 % 7.32 % NA
1989 12.22 % 14.53 % 5.69 % NA
1988 8.55 % 7.89 % 5.46 % NA
1987 7.83 % 2.76 % 5.38 % NA
1986 10.76 % 15.26 % 2.20 % NA
1985 21.31 % 22.10 % 4.83 % NA
1984 19.79 % 17.10 % 2.24 % NA
end of data

Additional Performance Documentation

Inception date for the Fund was July 11, 1984.

Thomas Atteberry and Abhijeet Patwardhan have been portfolio managers for the Fund since November 2004 and November 2015, respectively, and manage the Fund in a manner that is substantially similar to the prior portfolio manager, Robert Rodriguez. Mr. Rodriguez ceased serving as the Fund’s portfolio manager effective December 2009.

Periods greater than one year are annualized. Fund performance is shown net of all fees and expenses. Fund performance is calculated on a total return basis which includes reinvestment of all distributions. Fund performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares, which would lower these figures.

Past performance is no guarantee, nor is it indicative, of future results. 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 lower or higher than the performance data quoted, may be obtained at www.fpa.com or by calling toll-free, 1-800-982-4372.

The performance of the indices are computed on a total return basis which includes reinvestment of all distributions. Comparison to any index is for illustrative purposes only. The Fund may be less diversified than the indices noted herein, and may hold non-index securities or securities that are not comparable to those contained in an index. Indices may hold positions that are not within the investment strategy. Indices are unmanaged and returns do not reflect transaction costs, investment management fees or other commissions, or fees and expenses that would reduce performance for an investor. The Fund does not include outperformance of any index or benchmark in its investment objectives. An investor cannot invest directly in an index.

Bloomberg Barclays US Aggregate Bond Index providesa measure of the performance of the U.S. investment grade bonds market, which includes investment grade U.S. Government bonds, investment grade corporate bonds, mortgage pass-through securities and asset-backed securities that are publicly offered for sale in the United States.  The securities in the Index must have at least 1 year remaining in maturity. In addition, the securities must be denominated in U.S. dollars and must be fixed rate, nonconvertible, and taxable. Bloomberg Barclays US Aggregate 1-3 Year Index provides a measure of the performance of the U.S. investment grade bonds market, which includes investment grade U.S. Government bonds, investment grade corporate bonds, mortgage pass-through securities and asset-backed securities that are publicly offered for sale in the United States.  The securities in the Index must have a remaining maturity of 1 to 3 years.  In addition, the securities must be denominated in U.S. dollars and must be fixed rate, nonconvertible, and taxable. The CPI +100 Basis Points is created by adding 1% to the annual percentage change in the Consumer Price Index (“CPI The CPI is an unmanaged index representing the rate of the inflation of the U.S. consumer prices as determined by the U.S. Department of Labor Statistics. There can be no guarantee that the CPI will reflect the exact level of inflation at any given time. The CPI reflects non-seasonally adjusted returns.

 
As of July 31, 2020
1 Year 5 Years 10 Years
Before Tax 2.71 % 2.41 % 2.02 %
After Tax on Distribution* 1.68 % 1.31 % 0.81 %
After Tax on Distribution and Sale of Fund Shares* 1.59 % 1.35 % 1.02 %

Additional Performance Documentation

* After-tax returns are calculated net of fees, using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend upon an investor's tax situation and may differ from those shown. After-tax returns presented here are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). 

Early withdrawal from a 401(k) account or an IRA could lead to taxation of the withdrawn amount as ordinary income and could be subject to an additional tax penalty. The after-tax returns on distributions and sale of Fund shares may be higher than returns before taxes due to the effect of a tax benefit an investor may receive from the realization of capital losses that would have been incurred on the sale of Fund shares.

Performance has been calculated on a total return basis, which includes reinvestment of all dividends and distributions paid. Total return calculations are based on a $10,000 investment.

Past performance, both before and after taxes, 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.