Morningstar

FPA Queens Road Small Cap Value Fund Advisor Class QRSAX

Medalist Rating as of Jul 24, 2026 See FPA Investment Hub

Will QRSAX outperform in the future?

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

Start a 7-Day Free Trial

Process Pillar
The Process Pillar is our assessment of how sensible, clearly defined, and repeatable QRSAX’s performance objective and investment process is for both security selection and portfolio construction.
People Pillar
The People Pillar is our evaluation of the QRSAX 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 QRSAX’s parent organization’s priorities and whether they’re in line with investors’ interests.

Steady but not stagnant.

Principal Tony Thomas

Tony Thomas

Principal

Summary

FPA Queens Road Small Cap Value is a no-drama offering where changes are gradual—and often positive. It earns Above Average People and Process ratings.

by Tony Thomas

Rated on Jul 24, 2026 Published on Jul 24, 2026

Start a 7-Day Free Trial

Unlock our full analysis with Morningstar Investor

Sponsor Center

Transparency is our policy. Learn how it impacts everything we do

Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data.

We’d like to share more about how we work and what drives our day-to-day business.

How we make money

We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

How we use your personal data

How we use your information depends on the product and service that you use and your relationship with us. We may use it to:

Verify your identity, personalize the content you receive, or create and administer your account.
Provide specific products and services to you, such as portfolio management or data aggregation.
Develop and improve features of our offerings.
Gear advertisements and other marketing efforts towards your interests.

To learn more about how we handle and protect your data, visit our privacy center.

How we approach editorial content

Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.

To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.

Read our editorial policy to learn more about our process.

© Copyright 2026 Morningstar, Inc. All rights reserved. Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time.