Process & Management
Comparative Performance Quarterly
Fund/Index
Since Inception*
Expense Ratio1
FPA Queens Road Value Fund* 8.27 % 27.78 % 27.78 % 19.14 % 14.15 % 12.81 % 7.98 % 9.18 % 0.65 %
S&P 500 Value 8.31 % 24.90 % 24.90 % 18.65 % 11.90 % 13.29 % 7.59 % 8.66 %
The Fund commenced operations on June 13, 2002.
* The performance shown reflects the historical performance of the Fund when Bragg Financial Advisors, Inc. ("BFA") served as investment adviser of the Fund. Effective November 1, 2020, FPA became the investment adviser of the Fund and BFA transitioned to serving as the sub-adviser. BFA continues to be responsible for the day-to-day management of the Fund, subject to FPA's oversight. No changes to the Fund's principal investment strategies were made in connection with these changes in management of the Fund, and Steve Scruggs, CFA, Director of Research and Senior Portfolio Manager for BFA, continues to serve as the portfolio manager for the Fund.
From inception of the Fund to December 31, 2004, BFA and it affiliates voluntarily absorbed certain expenses of the Fund and voluntarily waived its management fee. Had BFA not done this, returns would have been lower during that period. Effective January 1, 2005 through October 31, 2020, BFA charged a single unitary management fee and contractually agreed to pay all operating expenses of the Fund except for brokerage, taxes, interest, litigation expenses, and other extraordinary expenses.
The Fund's Total Annual Operating Expenses (as of the most recent prospectus) before reimbursement is 1.91%. Effective November 1, 2020, First Pacific Advisors, LP (the "Adviser" or "FPA"), the Fund's investment adviser, has contractually agreed to reimburse the Fund for operating expenses in excess of 0.65% of 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, 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, until October 31, 2023. 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. This agreement may be terminated only by the Fund's Board of Trustees, upon written notice to the Adviser.
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. An investor cannot invest directly in an index.
The S&P 500 / Citigroup Value Index is a market capitalization-weighted index developed by Standard and Poor's consisting only of those stocks within the S&P 500 Index that exhibit strong value characteristics. The value factors used to determine a stock's value score are price-to-book, cash flow to price ratio, sales to price ratio and dividend yield.
Comparative Performance Monthly
FPA Queens Road Value Fund* 6.07 % 27.78 % 27.78 % 19.14 % 14.15 % 12.81 % 7.98 % 9.18 %
Historical Annual Returns
FPA Queens Road Value Fund*
S&P 500 Value
2021 27.78 % 24.90 %
2020 6.80 % 1.36 %
2018 -4.75 % -8.95 %
2014 9.41 % 12.36 %
2011 5.07 % -0.48 %
2008 -33.13 % -39.22 %
Quarterly Commentary
2021 Q3 Commentary
Commentary Archive
2021-02 Portfolio Holdings
Value Investor Insight Interview, May 29, 2020
Semi-Annual Report
Statement of Addtl Information (SAI)
Fund Fact Sheet