Founded over 70 years ago, FPA is an independent, employee-owned, boutique investment management company and manages $34 billion in assets as of June 30, 2026. FPA provides a series of mutual funds as well as individual and institutional investment strategies to clients in major markets and geographic regions worldwide.  

FPA uses an intrinsic value approach to investing in undervalued companies trading below their estimated long-term value. FPA uses a bottom-up, fundamental research-driven approach to investing in companies. Each portfolio is managed by an individual portfolio manager who conducts in-depth research on individual companies. Key factors that the portfolio managers use in their analysis of companies include their financial strength, business fundamentals, and valuation, which make them reliable investment options.  

We have picked two FPA mutual funds — FPA Queens Road Small Cap Value Advisor (QRSAX Quick QuoteQRSAX - Free Report) and FPA Flexible Fixed Income Advisor (FFIAX Quick QuoteFFIAX - Free Report) — which investors should buy now for the long term. These funds have a Zacks Mutual Fund Rank #2 (Buy), positive three-year and five-year annualized returns, minimum initial investments within $5000 and expense ratios considerably lower than the category average. So, these funds have provided a comparatively stronger performance and carry a lower fee.

FPA Queens Road Small Cap Value Advisor fund invests in the equity securities of U.S. small-cap companies, including common shares, preferred shares and convertible securities. 

Steven Scruggs has been the lead manager of QRSAX since June 13, 2002. Most of the fund’s holdings were in companies, such as RLI Corp. (3.9%), UGI Corp (3.9%) and Vanguard 0-3 Month Treasury Bill ETF (3.9%) as of Feb. 28, 2026.

QRSAX’s 3-year and 5-year annualized returns are 20.8% and 12.3%, respectively. Its net expense ratio is 0.86%. QRSAX has a Zacks Mutual Fund Rank #1.

To see how this fund performed compared to its category, and other 1 (Strong Buy) and 2 Ranked Mutual Funds,please click here.

FPA Flexible Fixed Income Advisor fund invests in a diversified portfolio of debt securities and may also invest in below-"A" rated fixed-income securities. 

Abhijeet Patwardhan has been the lead manager of FFIAX since Dec. 31, 2018. Most of the fund’s holdings were in companies like Miscellaneous Bonds (38.9%), U.S. Treasury Notes (8.8%) and U.S. Treasury Notes (8.5%) as of March 31, 2026.

FFIAX’s 3-year and 5-year annualized returns are 6% and 3.8%, respectively. Its net expense ratio is 0.60%. FFIAX has a Zacks Mutual Fund Rank #2.

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