A well-planned and executed mid-2022 comanager departure reaffirmed our confidence in FPA New Income’s standout team and rigorous approach. Abhijeet Patwardhan became the sole manager of this strategy in the middle of 2022, at which point longtime comanager Tom Atteberry stepped away to become a senior advisor with no portfolio management responsibilities. The firm had announced Atteberry’s intentions a year earlier and had been preparing his successor for the role since Patwardhan became a comanager in November 2015. Given the long preparation and our exposure to Patwardhan as a comanager over several years, we continue to believe shareholders are in good hands.
- NAV / 1-Day Return 9.64 / 0.31 %
- Total Assets 7.8 Bil
-
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 4.01%
- Effective Duration 2.22 years
Morningstar’s Analysis FPNIX
Will FPNIX outperform in future?
Get our overall rating based on a fundamental assessment of the pillars below.
Process Pillar
People Pillar
Parent Pillar
- Current Portfolio Date
- Equity Holdings 3
- Bond Holdings 336
- Other Holdings 5
- % Assets in Top 10 Holdings 12.7
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector
United States Treasury Bills 0%
2.84
222,314,337
Government
United States Treasury Notes 4.375%
2.55
199,095,147
Government
Fortress Credit Investments IV Limited 7.11957%
1.48
115,619,171
Securitized
PFS Financing Corp 2.47%
1.29
100,559,386
Securitized
VCP CLO II LTD 7.23957%
1.28
100,327,249
Securitized
KUBOTA CREDIT OWNER TRUST 2022-1 2.67%
1.08
84,360,991
Securitized
GOLUB CAPITAL PARTNERS ABS FUNDING LLC 2.9436%
1.07
84,033,978
Securitized
Federal Home Loan Mortgage Corporation 2.57%
1.04
81,399,625
Securitized
CERBERUS LOAN FUNDING XXIX LP 7.46957%
1.01
79,267,069
Securitized
VERIZON MASTER TRUST 5.35%
0.97
76,151,690
Securitized