Fund Evaluator:
FPA Flexible Fixed Income (FPFIX)
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Fund Details
FPA Flexible Fixed Income Overview
FPA Flexible Fixed Income (FPFIX) is an actively managed Taxable Bond Nontraditional Bond fund. FPA launched the fund in 2018.
The investment seeks to provide long-term total return, which includes income and capital appreciation, while considering capital preservation. Under normal circumstances, the fund invests at least 80% of the value of its assets in a diversified portfolio of debt instruments. The fund may invest up to 75% of its total assets in securities rated less than "A" (or its equivalent) by a nationally recognized statistical rating organization ("NRSRO").
About FPA Flexible Fixed Income (FPFIX)
There are 1 members of the management team with an average tenure of 7.59 years: Abhijeet Patwardhan (2018). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Universal TR USD index with a weighting of 100% and CPI + 2.0% index with a weighting of 100%. FPA Flexible Fixed Income has 393 securities in its portfolio. The top 10 holdings constitute 42.4% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
FPA Flexible Fixed Income is part of the Fixed Income global asset class and is within the Taxable Bond fund group. FPA Flexible Fixed Income has 0.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.1%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 90.5% (89.8% domestic bond, 0.7% foreign bond and 0.2% convertible bond). FPA Flexible Fixed Income has 9.2% of the portfolio in cash.
Assets Under Management
The fund has $2 billion in total assets, which is above the $663 million average for the Nontraditional Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
FPFIX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The FPA Flexible Fixed Income expense ratio is average compared to funds in the Nontraditional Bond category. FPA Flexible Fixed Income has an expense ratio of 0.55%, which is 61% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. A portfolio turnover rate cannot be currently calculated for FPA Flexible Fixed Income. By way of comparison, the average portfolio turnover is 304% for the Nontraditional Bond category.
Recently, in the month of July 2026, FPA Flexible Fixed Income returned -0.4%, which earned it a grade of D, as the Nontraditional Bond category had an average return of -0.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
FPA Flexible Fixed Income has a trailing yield of 4.09%, which is below the 4.94% category average. The fund normally distributes its income monthly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
FPA Flexible Fixed Income Grades
Year to date, the fund has returned 0.1%, 1.2 percentage points worse than the category, which translates into a grade of F. The fund has returned 3.2% over the past year (grade of D), 5.8% over the past three years (grade of C) and 3.7% per year over the past five years (grade of A).
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FPFIX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FPFIX Return (NAV) | -0.4% | -0.3% | 3.2% | 5.8% | 3.7% | na |
| FPFIX Grade | D | F | D | C | A | na |
| +/- Category | -0.1% | -0.7% | -1.2% | 0.2% | 1.2% | na |
| Nontraditional Bond Avg | -0.2% | 0.4% | 4.4% | 5.6% | 2.5% | 3.1% |
| FPFIX Tax Cost Ratio | na | na | 0.2% | 0.1% | 0.1% | na |
FPFIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FPFIX Return (NAV) | 0.1% | 7.2% | 5.3% | 9.0% | -2.8% | 1.8% | 4.7% | 3.8% | na | na | na |
| FPFIX Grade | F | C | D | A | B | C | C | F | na | na | na |
| +/- Category | -1.2% | 0.4% | -0.2% | 2.5% | 3.2% | 0.4% | -0.7% | -2.8% | na | na | na |
| Nontraditional Bond Avg | 1.2% | 6.8% | 5.4% | 6.5% | -6.1% | 1.3% | 5.4% | 6.5% | -0.8% | 4.1% | 6.4% |
| Risk Measures | |
| Standard Deviation: | 2.8% |
| Total Risk Index: | 0.23 - Low |
| Category Risk Index: | 0.78 - Below Average |
| Category Risk Grade: | B (37% Rank) |
| Beta: | 0.44 |
| R-Squared: | 83% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 4.1% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $2161 Mil |
| Fund Total Assets: | $2,062 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | na |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 7.6 years | |||
| Average Tenure: 7.6 years | |||
| Managers (Year): Patwardhan Abhijeet (2018) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 393 |
| % in Top 10 Holdings: | 42.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.7% |
Portfolio Allocation |
|
| Domestic Stock: | 0.1% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 89.8% |
| Foreign Bond: | 0.7% |
| Convertible Bond: | 0.2% |
| Other: | 0.0% |
| Cash: | 9.2% |
Purchase Information
| Fund Family: | FPA |
| Phone Number: | 800-638-3060 |
| Website: | www.fpafunds.com |
| Status: | Open |
| Inception Date: | December 31, 2018 |
| Min. Initial Purchase: | $100,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.55% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 1.42% |
| Share Class: | FPA Flexible Fixed Income |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 0 |
