FPA made a couple of announcements a few weeks ago that to most people would be the stuff of put-me-to-sleep reading.
The first change was that FPA cut expenses for FPA New Income (FPNIX) to 0.49% from its September 2015 fiscal year-end fee of 0.58%. (At least until May 2017, when they will revisit the decision.) It also changed the fund's investment parameters to permit holding securities rated at least single A in its high-quality sleeve (which must hold at least 75% of its assets), a change from AA-.
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Eric Jacobson does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.