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The May 2019 Morningstar FundInvestor newsletter names the FPA International Value Fund (“Fund”) to the 'FundInvestor 500' list of the industry's 500 “best and most notable funds,” based on Morningstar’s analysis. The Fund joins the FPA Crescent Fund and FPA New Income Inc., already among the 500. In adding the Fund, Morningstar Editor Russ Kinnel notes:
“FPA International Value was upgraded to Bronze as we have gained confidence in manager Pierre Py, who worked as an analyst at Oakmark International (OAKIX) prior to joining FPA. He has so far made a little more use of small and mid-caps as well as growth names than David Herro does at Oakmark. Still, the basic idea is to find a focused portfolio of stocks that are trading at large discounts to Py’s estimate of intrinsic value.
Our growing confidence comes from the fact that the three-person analyst team has stabilized after some turnover early in Py’s tenure. Performance has also improved in recent years. The Fund has a small $236 million asset base, and expenses are merely average at 1.29%.”
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