Morningstar

FPA New Income - Institutional FPNIX

Morningstar Medalist Rating
Medalist Rating as of | See FPA Investment Hub
  • NAV / 1-Day Return 9.91  /  −0.10 %
  • Total Assets 11.2B
  • Adj. Expense Ratio
    0.450%
  • Expense Ratio 0.450%
  • Distribution Fee Level Below Average
  • Share Class Type No Load
  • Category Short-Term Bond
  • Credit Quality / Interest Rate Sensitivity High/Limited
  • Min. Initial Investment 1,500
  • Status Open
  • TTM Yield 4.18%
  • Effective Duration 3.33 years

USD | NAV as of Jul 11, 2026 | 1-Day Return as of Jul 11, 2026, 2:25 AM GMT+0

Morningstar’s Analysis FPNIX

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

  • People Pillar

    The People Pillar is our evaluation of the FPNIX 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 FPNIX’s parent organization’s priorities and whether they’re in line with investors’ interests.

Strategic guardrails keep this strategy from overextending itself.

Senior Principal Eric Jacobson

Eric Jacobson

Senior Principal

Summary

FPA New Income’s approach is deceptively simple.

by Eric Jacobson
Rated on Published on

Unlock our full analysis with Morningstar Investor

Portfolio Holdings FPNIX

More FPNIX Holdings
  • Current Portfolio Date
  • Equity Holdings —
  • Bond Holdings —
  • Other Holdings —
  • % Assets in Top 10 Holdings 34.6
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

United States Treasury Notes 0.09474%

9.47 1B
Government

United States Treasury Notes 0.08882%

8.88 995M
Government

United States Treasury Notes 0.07158%

7.16 802M
Government

United States Treasury Bills 0.02354%

2.35 264M
Government

United States Treasury Notes 0.0212%

2.12 238M
Government

United States Treasury Bills 0.02104%

2.10 236M
Government

United States Treasury Notes 0.01935%

1.94 217M
Government

United States Treasury Bills 0.0153%

1.53 171M
Government

United States Treasury Notes 0.01515%

1.52 170M
Government

PHI Group Inc

1.09 122M
Industrials

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