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Fund Times

FPA's Steven Geist Retires

FPA has two other managers on the fund and as such has no plans to replace Geist at this time.

Steven Geist, a comanager of Gold-rated  FPA Perennial and  Source Capital (SOR) since 1996, has stepped down from the funds and will retire at the end of the year. Lead manager Eric Ende, who also has worked on the funds since the mid-1990s, and Greg Herr, who joined the team in 2007 and became a third comanager in 2013, remain and will continue to run the fund on their own. FPA currently has no plans to hire a replacement for Geist, who will serve as an advisor to the fund until he formally retires.

The $316 million in assets in the open-end Perennial fund and the $659 million in assets in the closed-end Source Capital will still follow the same low-turnover, bottom-up, valuation-conscious, concentrated process that favors small- and mid-cap stocks with little debt and decent growth prospects. Like many FPA funds, it is a high-conviction approach that is prone to periodic slumps, but it's one that has produced strong results over the long term. For the 15-year period through May 29, 2013, the fund's 11% gain beats its Russell 2500 Index benchmark's by nearly 2 percentage points and 88% of all mid-cap growth funds.

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