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Trending ETFs

Name

As of 03/27/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

FPA New Income Fund

FPNIX | Fund

$9.79

$8.5 B

4.09%

$0.40

0.59%

Vitals

YTD Return

0.9%

1 yr return

6.6%

3 Yr Avg Return

1.8%

5 Yr Avg Return

2.3%

Net Assets

$8.5 B

Holdings in Top 10

16.0%

52 WEEK LOW AND HIGH

$9.8
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.59%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 81.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,500

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/27/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

FPA New Income Fund

FPNIX | Fund

$9.79

$8.5 B

4.09%

$0.40

0.59%

FPNIX - Profile

Distributions

  • YTD Total Return 0.9%
  • 3 Yr Annualized Total Return 1.8%
  • 5 Yr Annualized Total Return 2.3%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.28%
DIVIDENDS
  • Dividend Yield 4.1%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    FPA New Income Fund
  • Fund Family Name
    Investment Managers Series Trust III
  • Inception Date
    Jan 03, 1994
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Thomas Atteberry

Fund Description

The Fund primarily invests in a diversified portfolio of debt securities, cash and cash equivalents. The Fund generally invests in highly rated debt securities and invests at least 75% of its total assets, calculated at market value at the time of purchase, in debt securities rated at least A- or its equivalent by a nationally recognized statistical rating organization ("NRSRO") and in cash equivalent securities.

Under normal circumstances, the Fund invests primarily in the following debt securities, among others:

°  Corporate bonds, municipal bonds, bank loans, bonds issued by governments and their agencies and instrumentalities, mortgage-backed pools, sovereign debt, and obligations of supra-national agencies, including international development institutions that provide global financing and advisory services for economic development.

°  Structured investments, commercial mortgage-backed securities, residential mortgage-backed securities, collateralized mortgage obligations, asset-backed securities, collateralized loan obligations, collateralized debt obligations and structured notes. The Fund may invest a significant portion of its portfolio in these investments.

°  Cash equivalent securities, which may include publicly traded securities issued by the U.S. government or agencies of the U.S. government, money market funds, certificates of deposit, commercial paper, repurchase agreements, bankers' acceptances and other similar short-term bonds.

The Fund may invest up to 25% of its total assets, calculated at market value at the time of purchase, in debt securities that are rated below A- or its equivalent by an NRSRO, which may include securities that are in default, or that are unrated.

The Fund may also invest up to 25% of its total assets, calculated at market value at the time of purchase, in securities of non-U.S. governments and corporations, non-U.S. structured investments or in securities that are not denominated in U.S. dollars; and up to 15% of its total assets, calculated at market value at the time of purchase, in stripped mortgage securities (such as interest-only and principal-only classes of collateralized mortgage obligations), collateralized mortgage obligations structured as accrual certificates, also known as Z-Bonds, and inverse floating rate debt instruments.

The Fund may also invest up to 5% of its total assets, calculated at market value at the time of purchase, in preferred stocks.

The Fund may hold investments in common stocks and rights to purchase common stocks. Such investments are typically received as a result of a conversion, corporate restructuring or recapitalization. Further, common stocks may be purchased as a result of exercising such rights, or purchased to increase an existing investment in common stocks. The Fund may also hold investments in privately placed securities.

The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis. The Fund may also invest in currency forwards, swaps and other certain currency derivatives, in each case for hedging purposes only.

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FPNIX - Performance

Return Ranking - Trailing

Period FPNIX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.9% -1.8% 9.2% 39.60%
1 Yr 6.6% -0.2% 24.4% 11.41%
3 Yr 1.8%* -5.9% 4.1% 5.76%
5 Yr 2.3%* -3.8% 4.4% 14.48%
10 Yr 2.0%* -19.2% 169.7% 15.32%

* Annualized

Return Ranking - Calendar

Period FPNIX Return Category Return Low Category Return High Rank in Category (%)
2023 3.2% -5.4% 7.6% 9.07%
2022 -5.1% -17.7% -2.6% 8.13%
2021 -0.4% -4.0% 4.4% 7.06%
2020 0.3% -8.3% 7.6% 87.70%
2019 1.1% -2.3% 9.3% 91.13%

Total Return Ranking - Trailing

Period FPNIX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.9% -1.8% 9.2% 39.60%
1 Yr 6.6% -0.2% 24.4% 11.41%
3 Yr 1.8%* -5.9% 4.1% 5.76%
5 Yr 2.3%* -3.8% 4.4% 14.48%
10 Yr 2.0%* -19.2% 169.7% 15.32%

* Annualized

Total Return Ranking - Calendar

Period FPNIX Return Category Return Low Category Return High Rank in Category (%)
2023 7.5% -1.1% 15.2% 7.44%
2022 -3.1% -17.3% -1.3% 7.02%
2021 0.8% -2.7% 7.7% 24.62%
2020 2.6% -4.4% 14.5% 92.19%
2019 3.8% 0.6% 12.6% 81.25%

NAV & Total Return History


FPNIX - Holdings

Concentration Analysis

FPNIX Category Low Category High FPNIX % Rank
Net Assets 8.5 B 14.1 K 58.8 B 13.82%
Number of Holdings 315 2 9721 59.43%
Net Assets in Top 10 1.32 B 1.16 M 6.6 B 20.47%
Weighting of Top 10 16.00% 1.8% 108.7% 74.33%

Top 10 Holdings

  1. United States Treasury Note 3.56%
  2. United States Treasury Bill 2.66%
  3. Fortress Credit Opportunities IX CLO Ltd. 1.44%
  4. United States Treasury Note 1.35%
  5. PFS Financing Corp. 1.24%
  6. Fannie Mae Pool 1.23%
  7. Fannie Mae Pool 1.18%
  8. Freddie Mac Pool 1.18%
  9. Fannie Mae Pool 1.09%
  10. Golub Capital Partners ABS Funding 2021-2 Ltd. 1.06%

Asset Allocation

Weighting Return Low Return High FPNIX % Rank
Bonds
59.51% 0.00% 130.68% 89.59%
Other
37.57% -0.97% 72.36% 2.69%
Cash
1.23% -20.59% 62.18% 66.25%
Stocks
0.99% 0.00% 103.64% 13.64%
Preferred Stocks
0.00% 0.00% 21.82% 37.34%
Convertible Bonds
0.00% 0.00% 27.71% 95.50%

Stock Sector Breakdown

Weighting Return Low Return High FPNIX % Rank
Energy
57.52% 0.00% 100.00% 34.38%
Financial Services
42.48% 0.00% 100.00% 20.31%
Utilities
0.00% 0.00% 81.48% 54.69%
Technology
0.00% 0.00% 24.45% 50.00%
Real Estate
0.00% 0.00% 8.31% 54.69%
Industrials
0.00% 0.00% 100.00% 57.81%
Healthcare
0.00% 0.00% 23.11% 50.00%
Communication Services
0.00% 0.00% 65.64% 62.50%
Consumer Defense
0.00% 0.00% 21.37% 48.44%
Consumer Cyclical
0.00% 0.00% 10.75% 48.44%
Basic Materials
0.00% 0.00% 22.71% 48.44%

Stock Geographic Breakdown

Weighting Return Low Return High FPNIX % Rank
US
0.99% 0.00% 103.64% 13.64%
Non US
0.00% 0.00% 0.02% 28.37%

Bond Sector Breakdown

Weighting Return Low Return High FPNIX % Rank
Securitized
83.36% 0.00% 97.27% 1.26%
Government
9.66% 0.00% 73.63% 68.35%
Corporate
4.38% 0.00% 100.00% 98.56%
Cash & Equivalents
0.64% 0.00% 62.18% 65.17%
Derivative
0.00% -0.55% 24.84% 56.73%
Municipal
0.00% 0.00% 17.46% 66.91%

Bond Geographic Breakdown

Weighting Return Low Return High FPNIX % Rank
US
59.51% 0.00% 130.68% 88.51%
Non US
0.00% 0.00% 83.16% 42.55%

FPNIX - Expenses

Operational Fees

FPNIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.59% 0.01% 3.24% 60.51%
Management Fee 0.50% 0.00% 1.19% 86.54%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.01% 0.01% 0.50% 0.44%

Sales Fees

FPNIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 5.75% 55.23%
Deferred Load N/A 0.50% 4.00% N/A

Trading Fees

FPNIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% 11.19%

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

FPNIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 81.00% 2.00% 500.00% 54.62%

FPNIX - Distributions

Dividend Yield Analysis

FPNIX Category Low Category High FPNIX % Rank
Dividend Yield 4.09% 0.00% 10.34% 27.47%

Dividend Distribution Analysis

FPNIX Category Low Category High Category Mod
Dividend Distribution Frequency None Monthly Monthly Monthly

Net Income Ratio Analysis

FPNIX Category Low Category High FPNIX % Rank
Net Income Ratio 1.28% -1.27% 4.98% 42.75%

Capital Gain Distribution Analysis

FPNIX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

FPNIX - Fund Manager Analysis

Managers

Thomas Atteberry


Start Date

Tenure

Tenure Rank

Nov 08, 2004

17.57

17.6%

Thomas H. Atteberry, CFA, Partner at FPA, joined the firm in 1997. Thomas is the CEO of FPA New Income and a manager of the Absolute Fixed Income Strategy. Prior to joining FPA, Tom served as Chief Fixed Income Strategist of Fifth Third Bank and Chief Investment Officer of Mercantile Bank in Joplin, MO. He received a Bachelor’s degree in Business Administration from Texas Christian University.

Abhijeet Patwardhan


Start Date

Tenure

Tenure Rank

Nov 17, 2015

6.54

6.5%

Abhijeet Patwardhan is a Partner (since January 2017) and a Director of Research (since April 2015) of First Pacific Advisors, LLC. Previously Mr. Patwardhan served as Managing Director of the Adviser from November 2015 to January 2017, Senior Vice President from January 2014 to November 2015 and as an analyst and Vice President from June 2010 to December 2013

Tenure Analysis

Category Low Category High Category Average Category Mode
0.07 28.77 6.13 2.41