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Morningstar

FPA New Income FPNIX

Morningstar Medalist Rating
Medalist Rating as of | See FPA Investment Hub
  • NAV / 1-Day Return 9.67  /  0.00
  • Total Assets 8.5 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 4.18%
  • Effective Duration 2.75 years

USD | NAV as of Apr 22, 2024 | 1-Day Return as of Apr 22, 2024, 10:14 PM GMT+0

Morningstar’s Analysis FPNIX

Will FPNIX outperform in 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.

The extension of a fee waiver only further solidifies our comfort with this offering.

Director Eric Jacobson

Eric Jacobson

Director

Summary

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.‎

by Eric Jacobson
Rated on Published on

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Portfolio Holdings FPNIX

More FPNIX Holdings
  • Current Portfolio Date
  • Equity Holdings —
  • Bond Holdings —
  • Other Holdings —
  • % Assets in Top 10 Holdings 15.2
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

United States Treasury Notes 4%

4.66 396.7 Mil
Government

United States Treasury Bills 5.1575%

4.26 362.8 Mil
Government

Fnma Pass-Thru I 1%

1.52 129.1 Mil
Securitized

Fortress Credit Investments IV Limited 7.1256%

1.39 118.5 Mil
Securitized

United States Treasury Notes 4.625%

1.28 108.8 Mil
Government

Morgan Stanley Instl Lqudty Trs Instl

1.20 102.3 Mil
Cash and Equivalents

United States Treasury Notes 4.25%

1.12 95.4 Mil
Government

Fnma Pass-Thru I 1.5%

1.10 93.9 Mil
Securitized

Federal National Mortgage Association 1.5%

1.10 93.8 Mil
Securitized

GOLUB CAPITAL PARTNERS ABS FUNDING LLC 2.9436%

1.03 88.0 Mil
Securitized