Morningstar

FPA Flexible Fixed Income Fund Investor Class FFIRX

Morningstar Medalist Rating
Medalist Rating as of | See FPA Investment Hub
  • NAV / 1-Day Return 10.19  /  +0.10 %
  • Total Assets 2.2B
  • Adj. Expense Ratio
    0.650%
  • Expense Ratio 0.650%
  • Distribution Fee Level Below Average
  • Share Class Type No Load
  • Category Nontraditional Bond
  • Credit Quality / Interest Rate Sensitivity High/Limited
  • Min. Initial Investment 1,500
  • Status Open
  • TTM Yield —
  • Effective Duration 3.52 years

USD | NAV as of Jul 10, 2026 | 1-Day Return as of Jul 10, 2026, 12:11 AM GMT+0

Morningstar’s Analysis FFIRX

Will FFIRX outperform in the future?

Get our overall rating based on a fundamental assessment of the pillars below.

  • Process Pillar

    The Process Pillar is our assessment of how sensible, clearly defined, and repeatable FFIRX’s performance objective and investment process is for both security selection and portfolio construction.

  • People Pillar

    The People Pillar is our evaluation of the FFIRX 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 FFIRX’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 Published on

Unlock our full analysis with Morningstar Investor

Portfolio Holdings FFIRX

More FFIRX Holdings
  • 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

Sponsor Center