Morningstar

FPA Flexible Fixed Income Fund Advisor Class FFIAX

Medalist Rating as of Apr 27, 2026 See FPA Investment Hub

Will FFIAX outperform in the future?

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Process Pillar
The Process Pillar is our assessment of how sensible, clearly defined, and repeatable FFIAX’s performance objective and investment process is for both security selection and portfolio construction.
People Pillar
The People Pillar is our evaluation of the FFIAX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.
Parent Pillar
The Parent Pillar is our rating of FFIAX’s parent organization’s priorities and whether they’re in line with investors’ interests.

A model of restraint.

Senior Principal Eric Jacobson

Eric Jacobson

Senior Principal

Summary

Decades of experience covering FPA and its management underpin our trust in this team and fund. With few constraints and no set benchmark, FPA Flexible Fixed Income’s goal is to produce a positive absolute return over trailing three-year periods while beating inflation by 200 basis points over five years. So, while those targets—and a risk-sensitive culture at First Pacific Advisors—make it unlikely to go to extremes, the strategy’s only constraint on interest rate risk as measured by duration is to stay positive; it can also hold up to 75% of assets in debt rated BBB or lower.

by Eric Jacobson

Rated on Apr 27, 2026 Published on Apr 27, 2026

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