LOS ANGELES--()--FPA, a leading practitioner of value investing, is pleased to announce that Victor Liu, CFA, has joined the International Value team as Senior Vice President. Mr. Liu reports to Pierre Py, portfolio manager of FPA International Value Fund [FPIVX].
“I am honored to join FPA and be part of a Firm with a rich history of impressive value investors”
FPA has also extended the fee waiver and reduced the Fund’s fees effective February 1, 2013. In keeping with the firm’s long standing commitment to putting investors first, FPA has contractually capped the Fund’s fees at 1.32% through June 30, 2015.
"Victor is a powerful addition to the International Value Team,” commented Mr. Py. “He is a seasoned, well-rounded professional who fundamentally understands business quality and has employed a long-term value investment approach with great success. Victor is an impressive individual who is keen to build a track record and reputation he can be proud of, and I have every expectation that he will quickly join me as a co-portfolio manager."
"We are excited Victor has joined FPA," said Rich Atwood, Chief Operating Officer and one of FPA's Managing Partners. “We believe that his experience and thoughtful approach to investing will contribute to the success of the FPA International Value Strategy."
“I am honored to join FPA and be part of a Firm with a rich history of impressive value investors,” said Mr. Liu. “I am excited about contributing to the International Value Strategy that Pierre and the FPA team have built.”
Prior to joining FPA, Mr. Liu was a Vice President and Research Analyst at Causeway Capital Management LLC from 2005 until 2013. Previously, Mr. Liu was an Investment Banking Analyst at Merrill Lynch and Business Analyst at McKinsey & Company. He earned a BA in Economics at Pomona College where he was selected for Phi Beta Kappa membership. Originally from Los Angeles, Mr. Liu lives in L.A. with his wife and two children.
Led by Pierre Py, the FPA International Value Fund looks to provide above-average capital appreciation over the long run while attempting to minimize the risk of permanent capital losses. The FPA International Value Strategy employs an investment philosophy that is consistent across FPA's strategies: a focus on absolute value, bottom-up analysis, and seeking downside protection. Taking a long-term, often contrarian view, the strategy focuses on purchasing high-quality businesses that are well-run, financially robust and trade at a significant discount to estimated intrinsic value. The FPA International Value Fund celebrated its first anniversary on December 1, 2012. The Fund has returned 24.04% and ranks in the top 2% of Morningstar’s Foreign Large Value fund category for the 1-year period ended December 31, 2012. Over the period, the Fund’s cash stake has fluctuated along with the opportunity set and has averaged about 30%. As of January 30, the Fund had approximately $60 million in assets.
FPA is a leading practitioner of value investing. Providing a prudent place to invest, the firm focuses on generating superior returns over the long-term, coupled with capital preservation. FPA fosters a culture that promotes high ethical standards.
Located in Los Angeles, California, FPA is independently owned, with 24 investment professionals and 64 employees in total. Currently, FPA manages $21 billion across four equity strategies and one fixed income strategy.
FPA's equity and fixed income styles are linked by a common fundamental value orientation. Our goal is to provide a consistent, risk-averse and disciplined approach to long-term investing in individual securities with the objective of achieving superior total returns for client portfolios.
Investors should consider the investment objectives, risks, charges, and expenses of a fund carefully before investing. The prospectus and summary prospectus contain this and other information about the fund, and may be obtained by contacting your financial advisor, visiting our website at fpafunds.com or calling us 800.638.3060. Please read the prospectus carefully before investing. Investments are not FDIC insured or bank guaranteed, and may lose value.
FPA International Value Fund: The Morningstar percentile ranking for the FPA International Value Fund was derived using the total return associated with its 1-year period as of 12/31/2012. The Fund’s Morningstar percentile ranking was 2% for the 1-year (1/391) period when compared against the Morningstar Foreign Large Value Category.
As of the last quarter ended December 31, 2012, the Fund’s total return for the quarter was 24.04% compared to 16.83% for MSCI ACWI ex US. Since the Fund’s inception on December 1, 2011, the total return through September 30, 2012 was 23.22% versus 13.29% for MSCI ACWI ex US.
The performance data quoted herein represents past performance and does not guarantee future results. Market volatility can dramatically impact the Fund’s short-term performance. Current performance may be lower or higher than figures shown. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Past performance data through the most recent month end is available at fpafunds.com or by calling 800.638.3060.
A redemption fee of 2% will be imposed on redemptions within 90 days of purchase. Gross expense ratio: 16.64%. FPA has contractually agreed to waive certain fees/expenses through June 30, 2015 to ensure that the Total Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement will not exceed 1.32%.
Investments in mutual funds carry risks and investors may lose principal value. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Certain funds may purchase foreign securities, including American Depository Receipts (ADRs) and other depository receipts, which are subject to interest rate, currency exchange rate, economic and political risks; this may be enhanced when investing in emerging markets. Small and mid cap stocks involve greater risks and they can fluctuate in price more than larger company stocks.
These materials are provided for informational purpose only. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. Any statistics contained herein have been obtained from sources believed to be reliable, but the accuracy of this information cannot be guaranteed. The views expressed herein may change at any time subsequent to the date of issue hereof. The information provided is not to be construed as a recommendation or an offer to buy or sell or the solicitation of an offer to buy or sell any fund or security.
The MSCI ACWI ex-USA Index is a float-adjusted market capitalization index that is designed to measure the combined equity market performance of developed and emerging market countries excluding the United States.
The performance returns for the FPA International Value Fund reflect fee waivers and expense reimbursements in effect. In absence of such waivers/reimbursements, the returns and percentile rankings would be reduced.
The FPA Funds are distributed by UMB Distribution Services, LLC. 803 W. Michigan Street, Milwaukee, WI 53233.