Fund Evaluator:
FPA Queens Road Value (QRVLX)
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Fund Details
FPA Queens Road Value Overview
FPA Queens Road Value (QRVLX) is an actively managed U.S. Equity Large Value fund. FPA launched the fund in 2002.
The investment seeks long-term capital growth. The fund seeks to achieve its investment objective by investing primarily in the equity securities (common stocks, preferred stocks and convertible securities) of U.S. companies. Investments will be made based on their potential for capital growth without limitation on issuer capitalization.
About FPA Queens Road Value (QRVLX)
There are 1 members of the management team with an average tenure of 22.28 years: Steven Scruggs (2004). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and S&P 500 Value TR USD index with a weighting of 100%. FPA Queens Road Value has 30 securities in its portfolio. The top 10 holdings constitute 60.6% 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 Queens Road Value is part of the Equity global asset class and is within the U.S. Equity fund group. FPA Queens Road Value has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 91.3%. 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 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). FPA Queens Road Value has 8.8% of the portfolio in cash.
Assets Under Management
The fund has $56 million in total assets, which is below the $1 billion average for the Large Value 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.
QRVLX 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 Queens Road Value expense ratio is above average compared to funds in the Large Value category. FPA Queens Road Value has an expense ratio of 0.74%, which is 20% lower than its category average, making the fund expense ratio grade a B. 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 Queens Road Value. By way of comparison, the average portfolio turnover is 62% for the Large Value category.
Recently, in the month of July 2026, FPA Queens Road Value returned -0.5%, which earned it a grade of F, as the Large Value category had an average return of 2.9%. 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 Queens Road Value has a trailing yield of 1.15%, which is below the 1.20% category average. The fund normally distributes its income annually and its capital gains annually.
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 Queens Road Value Grades
Year to date, the fund has returned 10.7%, 3.6 percentage points worse than the category, which translates into a grade of D. The fund has returned 12.1% over the past year (grade of F), 14.0% over the past three years (grade of D) and 9.4% per year over the past five years (grade of F) and 11.5% per year over the past 10 years (grade of C).
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QRVLX 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 |
|
| QRVLX Return (NAV) | -0.5% | 4.3% | 12.1% | 14.0% | 9.4% | 11.5% |
| QRVLX Grade | F | D | F | D | F | C |
| +/- Category | -3.4% | -2.0% | -11.7% | -1.7% | -1.5% | 0.2% |
| Large Value Avg | 2.9% | 6.2% | 23.8% | 15.7% | 10.9% | 11.3% |
| QRVLX Tax Cost Ratio | na | na | 0.4% | 0.5% | 1.0% | 1.2% |
QRVLX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| QRVLX Return (NAV) | 10.7% | 6.1% | 18.9% | 16.1% | -8.9% | 27.8% | 6.8% | 23.9% | -4.7% | 20.3% | 13.8% |
| QRVLX Grade | D | F | A | A | D | B | B | D | A | A | C |
| +/- Category | -3.6% | -9.1% | 4.8% | 4.2% | -2.8% | 2.0% | 3.0% | -1.7% | 3.7% | 3.9% | -0.8% |
| Large Value Avg | 14.3% | 15.2% | 14.1% | 11.8% | -6.0% | 25.8% | 3.8% | 25.6% | -8.5% | 16.4% | 14.6% |
| Risk Measures | |
| Standard Deviation: | 12.7% |
| Total Risk Index: | 1.04 - Average |
| Category Risk Index: | 1.06 - High |
| Category Risk Grade: | F (81% Rank) |
| Beta: | 0.86 |
| R-Squared: | 78% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Value |
| Bond Investment Style: | na |
| Yield: | 1.2% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $56 Mil |
| Fund Total Assets: | $ 57 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 0% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 22.3 years | |||
| Average Tenure: 22.3 years | |||
| Managers (Year): Scruggs Steven (2004) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 30 |
| % in Top 10 Holdings: | 60.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 91.3% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 8.8% |
Purchase Information
| Fund Family: | FPA |
| Phone Number: | 800-638-3060 |
| Website: | www.queensroadfunds.com |
| Status: | Open |
| Inception Date: | June 13, 2002 |
| 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 (%): | 0.74% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.93% |
| Share Class: | FPA Queens Road Value |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 0 |
