Morningstar

FPA Flexible Fixed Income Fund FPFIX

Morningstar Medalist Rating
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  • NAV / 1-Day Return $10.00  /  0.00
  • Fund Size $2.1B
  • Adjusted Expense Ratio 0.550%
  • Net Expense Ratio 0.550%
  • Fee Level: Distribution Low
  • Share Class Type Institutional
  • Morningstar Category Nontraditional Bond
  • Fixed-Income Style Box (Funds) High/Limited
  • Minimum Initial Investment $100,000
  • Investment Status Open
  • TTM Yield 4.22%
  • Average Effective Duration 3.60 yrs
NAV and 1-Day Return as of

Morningstar’s Analysis FPFIX

Will FPFIX 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 FPFIX’s performance objective and investment process is for both security selection and portfolio construction.

  • People Pillar

    The People Pillar is our evaluation of the FPFIX 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 FPFIX’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

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Portfolio Holdings FPFIX

More FPFIX Holdings
  • Current Portfolio Date
  • Equity Holdings —
  • Bond Holdings —
  • Other Holdings —
  • % Assets in Top 10 Holdings 38.2
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

United States Treasury Notes 0.08472%

8.47 180M
Government

United States Treasury Notes 0.08321%

8.32 177M
Government

United States Treasury Notes 0.05503%

5.50 117M
Government

United States Treasury Notes 0.05029%

5.03 107M
Government

United States Treasury Notes 0.04276%

4.28 91M
Government

United States Treasury Notes 0.02939%

2.94 62M
Government

United States Treasury Bills 0.02099%

2.10 45M
Government

United States Treasury Notes 0.01408%

1.41 30M
Government

United States Treasury Bills 0.01272%

1.27 27M
Government

J.P. MORGAN MORTGAGE TRUST 2022-1 0.00819%

0.82 17M
Securitized

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