FPA Flexible Fixed Income Fund
Name
As of 05/03/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
1.1%
1 yr return
7.0%
3 Yr Avg Return
2.6%
5 Yr Avg Return
3.2%
Net Assets
$956 M
Holdings in Top 10
21.5%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.63%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 35.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$100,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 05/03/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
FPFIX - Profile
Distributions
- YTD Total Return 1.1%
- 3 Yr Annualized Total Return 2.6%
- 5 Yr Annualized Total Return 3.2%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 1.91%
- Dividend Yield 4.8%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameFPA Flexible Fixed Income Fund
-
Fund Family NameInvestment Managers Series Trust III
-
Inception DateDec 31, 2018
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerThomas Atteberry
Fund Description
Under normal circumstances, the Fund's portfolio manager ("portfolio manager") invests at least 80% of the value of its assets in a diversified portfolio of debt instruments. The debt instruments (bonds, debentures, notes, loans, convertible debt and other debt-related or fixed income instruments) will generally comprise the core of the Fund's portfolio, including, but not limited to the, following:
• Debt instruments issued by corporations, municipalities, governments, and their agencies and instrumentalities, including high yield bonds (sometimes called "junk" bonds), mortgage-backed pools, and obligations of supra-national agencies, including international development institutions that provide global financing and advisory services for economic development; and/or
• Structured debt instruments including, commercial mortgage-backed securities (CMBS), residential mortgage-backed securities (RMBS), asset-backed securities (ABS), collateralized loan obligations (CLOs), collateralized debt obligations (CDOs), whole loans, structured notes, and similar such issues; and
• Privately placed debt instruments, including securities initially offered and sold without registration pursuant to Rule 144A under the Securities Act of 1933, as amended (Rule 144A Securities).
The Fund's 80% investment policy is a non-fundamental investment policy that may be changed by the Fund's Board without shareholder approval upon at least 60 days' notice to shareholders.
The portfolio manager may also invest opportunistically using other investments and/or strategies including, but not limited to:
• Cash and cash equivalents;
• Preferred shares, including convertible preferred securities;
• Equity residuals of structured debt transactions;
• Common shares, rights, and warrants: (i) attached to securities purchased or held; and (ii) in connection with conversion, corporate restructuring and/or recapitalization;
• Derivatives including forwards, options, futures, swaps, and others;
• Exchange Traded Funds ("ETF" or "ETFs"), generally to replicate exposure that cannot otherwise or might be less efficiently obtained through other investments or strategies;
• Selling short investments including, selling short or creating short exposure through the use of derivatives and/or ETFs (including long ETFs that replicate short exposure), in each case for hedging purposes, or selling short investments that the portfolio expects to receive in a recapitalization, reorganization, or other exchange for securities the portfolio contemporaneously owns or has the right to obtain, and uncovered or naked short selling; and
• Currency, for both hedging and investment purposes.
The portfolio manager may also invest in cash equivalents, which may include publicly traded debt securities issued by the US Government or agencies of the US government, certificates of deposit, commercial paper, repurchase agreements, bankers' acceptance, and other similar short-term investments. Cash equivalents shall generally have maturities of 13 months or less.
The Fund will follow the general investment limitations below:
The Fund may invest up to 75% of its total assets in securities rated less than "A" (or its equivalent) by a nationally recognized statistical rating organization ("NRSRO"). If the security is rated by more than one NRSRO, the lowest rating shall be utilized. "A" or equivalent includes the plus (+) or minus (-) within the rating category.
The Fund may invest up to 25% of its total assets in: (i) non-US dollar denominated securities of US and non-US issuers; and (ii) US dollar denominated securities of non-US issuers. An issuer is generally classified as non-US if it is domiciled outside of the US and derives a significant amount of its assets, revenues, or operating profits from non-US countries. Conversely, an issuer domiciled outside of the US is generally classified a US issuer if a significant amount of its assets, revenues, or operating profits is US based. Determination of whether an issuer is a non-US issuer is made by the portfolio manager in their discretion.
The Fund may invest up to 10% of its total assets in preferred shares, including convertible preferred shares.
The Fund may invest up to 5% of its total assets in derivatives, ETFs and currencies not used for hedging purposes and uncovered (naked) short positions. For the avoidance of doubt, options, futures, swaps, other derivatives, ETFs, and securities sold short are excluded from the 5% limit to the extent such investments are used for hedging purposes to seek to minimize the impact of losses to one or more investments.
The portfolio manager expects to manage the portfolio such that the average duration remains positive and they will not borrow to enhance returns.
FPFIX - Performance
Return Ranking - Trailing
Period | FPFIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 1.1% | -11.1% | 7.4% | 54.83% |
1 Yr | 7.0% | -10.0% | 27.6% | 30.84% |
3 Yr | 2.6%* | -17.6% | 17.4% | 11.76% |
5 Yr | 3.2%* | -13.6% | 14.9% | 17.42% |
10 Yr | N/A* | -13.6% | 6.5% | N/A |
* Annualized
Return Ranking - Calendar
Period | FPFIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 3.8% | -12.0% | 15.7% | 29.08% |
2022 | -5.6% | -31.8% | 18.4% | 9.09% |
2021 | -0.5% | -26.6% | 25.7% | 29.49% |
2020 | 1.6% | -49.2% | 18.7% | 54.37% |
2019 | 1.3% | -35.1% | 15.3% | 85.82% |
Total Return Ranking - Trailing
Period | FPFIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 1.1% | -11.1% | 7.4% | 54.83% |
1 Yr | 7.0% | -10.0% | 27.6% | 30.84% |
3 Yr | 2.6%* | -17.6% | 17.4% | 11.76% |
5 Yr | 3.2%* | -13.6% | 14.9% | 17.42% |
10 Yr | N/A* | -13.6% | 6.5% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | FPFIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 9.0% | -7.0% | 22.2% | 33.28% |
2022 | -2.8% | -31.8% | 21.1% | 15.63% |
2021 | 1.8% | -13.5% | 49.9% | 54.20% |
2020 | 4.6% | -28.6% | 24.1% | 58.82% |
2019 | 3.8% | -4.8% | 19.1% | 92.15% |
NAV & Total Return History
FPFIX - Holdings
Concentration Analysis
FPFIX | Category Low | Category High | FPFIX % Rank | |
---|---|---|---|---|
Net Assets | 956 M | 2.53 M | 143 B | 42.54% |
Number of Holdings | 342 | 4 | 9868 | 57.30% |
Net Assets in Top 10 | 205 M | -1.57 B | 65.8 B | 45.84% |
Weighting of Top 10 | 21.47% | 0.7% | 171.7% | 67.25% |
Top 10 Holdings
- United States Treasury Bill 4.98%
- United States Treasury Note 4.74%
- United States Treasury Bill 2.09%
- United States Treasury Note 2.08%
- MSILF Treasury Portfolio - Class Institutional USD 1.79%
- Fannie Mae Pool 1.23%
- United States Treasury Note 1.19%
- Fannie Mae Pool 1.18%
- Fannie Mae Pool 1.10%
- Freddie Mac Pool 1.10%
Asset Allocation
Weighting | Return Low | Return High | FPFIX % Rank | |
---|---|---|---|---|
Bonds | 69.71% | -150.81% | 196.48% | 77.24% |
Other | 30.67% | -62.91% | 100.00% | 6.59% |
Cash | 1.79% | -94.66% | 258.91% | 69.07% |
Stocks | 0.23% | -4.18% | 99.88% | 53.22% |
Preferred Stocks | 0.00% | 0.00% | 30.46% | 78.96% |
Convertible Bonds | 0.00% | 0.00% | 33.50% | 95.22% |
Stock Sector Breakdown
Weighting | Return Low | Return High | FPFIX % Rank | |
---|---|---|---|---|
Financial Services | 100.00% | 0.00% | 100.00% | 2.29% |
Utilities | 0.00% | 0.00% | 100.00% | 76.50% |
Technology | 0.00% | 0.00% | 28.30% | 71.35% |
Real Estate | 0.00% | 0.00% | 100.00% | 74.21% |
Industrials | 0.00% | 0.00% | 100.00% | 80.52% |
Healthcare | 0.00% | 0.00% | 18.60% | 72.21% |
Energy | 0.00% | 0.00% | 100.00% | 88.54% |
Communication Services | 0.00% | 0.00% | 100.00% | 74.79% |
Consumer Defense | 0.00% | 0.00% | 99.97% | 73.07% |
Consumer Cyclical | 0.00% | 0.00% | 89.95% | 77.65% |
Basic Materials | 0.00% | 0.00% | 100.00% | 75.07% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | FPFIX % Rank | |
---|---|---|---|---|
US | 0.23% | -4.11% | 99.88% | 50.55% |
Non US | 0.00% | -0.07% | 17.73% | 68.29% |
Bond Sector Breakdown
Weighting | Return Low | Return High | FPFIX % Rank | |
---|---|---|---|---|
Securitized | 82.94% | 0.00% | 99.65% | 4.32% |
Corporate | 10.86% | 0.00% | 96.66% | 78.56% |
Cash & Equivalents | 1.79% | 0.00% | 74.29% | 65.67% |
Derivative | 0.00% | -62.91% | 37.37% | 56.38% |
Municipal | 0.00% | 0.00% | 54.26% | 75.52% |
Government | 0.00% | 0.00% | 99.43% | 94.56% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | FPFIX % Rank | |
---|---|---|---|---|
US | 69.71% | -151.11% | 196.48% | 61.38% |
Non US | 0.00% | 0.00% | 67.77% | 89.17% |
FPFIX - Expenses
Operational Fees
FPFIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.63% | 0.03% | 20.67% | 88.58% |
Management Fee | 0.50% | 0.00% | 2.29% | 25.39% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | 0.00% | 0.00% | 0.70% | 0.94% |
Sales Fees
FPFIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 0.00% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
FPFIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 2.00% | N/A |
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.
FPFIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 35.00% | 0.00% | 632.00% | 7.71% |
FPFIX - Distributions
Dividend Yield Analysis
FPFIX | Category Low | Category High | FPFIX % Rank | |
---|---|---|---|---|
Dividend Yield | 4.82% | 0.00% | 13.05% | 53.50% |
Dividend Distribution Analysis
FPFIX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Quarterly | Monthly | Monthly |
Net Income Ratio Analysis
FPFIX | Category Low | Category High | FPFIX % Rank | |
---|---|---|---|---|
Net Income Ratio | 1.91% | -1.55% | 10.56% | 80.70% |
Capital Gain Distribution Analysis
FPFIX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Apr 26, 2024 | $0.040 | OrdinaryDividend |
Mar 28, 2024 | $0.041 | OrdinaryDividend |
Feb 27, 2024 | $0.043 | OrdinaryDividend |
Jan 25, 2024 | $0.023 | OrdinaryDividend |
Dec 19, 2023 | $0.041 | OrdinaryDividend |
Nov 29, 2023 | $0.044 | OrdinaryDividend |
Oct 30, 2023 | $0.044 | OrdinaryDividend |
Sep 28, 2023 | $0.044 | OrdinaryDividend |
Aug 30, 2023 | $0.042 | OrdinaryDividend |
Jul 27, 2023 | $0.040 | OrdinaryDividend |
Jun 29, 2023 | $0.039 | OrdinaryDividend |
May 30, 2023 | $0.039 | OrdinaryDividend |
Apr 27, 2023 | $0.038 | OrdinaryDividend |
Mar 30, 2023 | $0.036 | OrdinaryDividend |
Feb 27, 2023 | $0.036 | OrdinaryDividend |
Jan 30, 2023 | $0.036 | OrdinaryDividend |
Dec 20, 2022 | $0.036 | OrdinaryDividend |
Nov 29, 2022 | $0.033 | OrdinaryDividend |
Oct 27, 2022 | $0.029 | OrdinaryDividend |
Sep 29, 2022 | $0.026 | OrdinaryDividend |
Aug 30, 2022 | $0.026 | OrdinaryDividend |
Jul 28, 2022 | $0.022 | OrdinaryDividend |
Jun 29, 2022 | $0.020 | OrdinaryDividend |
May 26, 2022 | $0.020 | OrdinaryDividend |
Apr 29, 2022 | $0.018 | OrdinaryDividend |
Mar 30, 2022 | $0.017 | OrdinaryDividend |
Feb 24, 2022 | $0.013 | OrdinaryDividend |
Jan 27, 2022 | $0.021 | OrdinaryDividend |
Nov 29, 2021 | $0.015 | OrdinaryDividend |
Oct 28, 2021 | $0.015 | OrdinaryDividend |
Sep 29, 2021 | $0.015 | OrdinaryDividend |
Aug 30, 2021 | $0.017 | OrdinaryDividend |
Jul 29, 2021 | $0.018 | OrdinaryDividend |
May 27, 2021 | $0.019 | OrdinaryDividend |
Apr 29, 2021 | $0.018 | OrdinaryDividend |
Mar 30, 2021 | $0.019 | OrdinaryDividend |
Feb 25, 2021 | $0.017 | OrdinaryDividend |
Jan 28, 2021 | $0.020 | OrdinaryDividend |
Nov 30, 2020 | $0.022 | OrdinaryDividend |
Oct 30, 2020 | $0.015 | OrdinaryDividend |
Sep 29, 2020 | $0.025 | OrdinaryDividend |
Aug 28, 2020 | $0.020 | OrdinaryDividend |
Jul 30, 2020 | $0.020 | OrdinaryDividend |
Jun 29, 2020 | $0.021 | OrdinaryDividend |
May 29, 2020 | $0.023 | OrdinaryDividend |
Apr 29, 2020 | $0.023 | OrdinaryDividend |
Mar 30, 2020 | $0.024 | OrdinaryDividend |
Feb 27, 2020 | $0.024 | OrdinaryDividend |
Jan 30, 2020 | $0.024 | OrdinaryDividend |
Dec 18, 2019 | $0.023 | OrdinaryDividend |
Nov 27, 2019 | $0.024 | OrdinaryDividend |
Oct 30, 2019 | $0.026 | OrdinaryDividend |
Sep 27, 2019 | $0.026 | OrdinaryDividend |
Aug 29, 2019 | $0.023 | OrdinaryDividend |
Jul 30, 2019 | $0.022 | OrdinaryDividend |
Jun 27, 2019 | $0.021 | OrdinaryDividend |
May 30, 2019 | $0.020 | OrdinaryDividend |
Apr 29, 2019 | $0.017 | OrdinaryDividend |
Mar 28, 2019 | $0.019 | OrdinaryDividend |
Feb 27, 2019 | $0.015 | OrdinaryDividend |
Jan 30, 2019 | $0.011 | OrdinaryDividend |
FPFIX - Fund Manager Analysis
Managers
Thomas Atteberry
Start Date
Tenure
Tenure Rank
Dec 31, 2018
3.42
3.4%
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
Dec 31, 2018
3.42
3.4%
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 |
---|---|---|---|
0.08 | 28.19 | 5.78 | 3.19 |