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.
FPA Flexible Fixed Income Fund Advisor Class FFIAX
- NAV / 1-Day Return 10.19 / 0.00
- Total Assets 2.2B
-
Adj. Expense Ratio
0.600%
- Expense Ratio 0.600%
- Distribution Fee Level Low
- Share Class Type No Load
- Category Nontraditional Bond
- Credit Quality / Interest Rate Sensitivity High/Limited
- Min. Initial Investment 1,500
- Status Open
- TTM Yield 4.01%
- Effective Duration 3.52 years
USD | NAV as of Jun 09, 2026 | 1-Day Return as of Jun 09, 2026, 12:11 AM GMT+0
Morningstar’s Analysis FFIAX
Will FFIAX outperform in the future?
Get our overall rating based on a fundamental assessment of the pillars below.
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.
- Current Portfolio Date
- Equity Holdings —
- Bond Holdings —
- Other Holdings —
- % Assets in Top 10 Holdings 35.6
|
Top 10 Holdings
|
% Portfolio Weight
|
Market Value USD
|
Sector
|
|---|---|---|---|
United States Treasury Notes | 8.83 | 184M | Government |
United States Treasury Notes | 8.49 | 177M | Government |
United States Treasury Notes | 6.61 | 138M | Government |
United States Treasury Notes | 5.85 | 122M | Government |
United States Treasury Bills | 3.45 | 72M | Government |
United States Treasury Bills | 2.61 | 54M | Government |
United States Treasury Notes | 2.25 | 47M | Government |
United States Treasury Bills | 1.71 | 36M | Government |
J.P. MORGAN MORTGAGE TRUST 2022-1 | 0.93 | 19M | Securitized |
Federal National Mortgage Association | 0.72 | 15M | Securitized |