FPA Flexible Fixed Income Fund Advisor Class FFIAX

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.