Fund Evaluator:

FPA Queens Road Small Cap Value Inv Overview

FPA Queens Road Small Cap Value Inv (QRSVX) is an actively managed U.S. Equity Small 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 small capitalization U.S. companies. Under normal circumstances, it will invest at least 80% of its assets (for the purpose of this requirement, net assets include net assets plus any borrowings for investment purposes) in equity securities of companies with small market capitalization.

About FPA Queens Road Small Cap Value Inv (QRSVX)

There are 2 members of the management team with an average tenure of 12.26 years: Steven Scruggs (2002), Benjamin Mellman (2026). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and Russell 2000 Value TR USD index with a weighting of 100%. FPA Queens Road Small Cap Value Inv has 49 securities in its portfolio. The top 10 holdings constitute 37.4% 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 Queens Road Small Cap Value Inv is part of the Equity global asset class and is within the U.S. Equity fund group. FPA Queens Road Small Cap Value Inv has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 89.6%. 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 Small Cap Value Inv has 10.4% of the portfolio in cash.

Assets Under Management

The fund has $175 million in total assets, which is below the $418 million average for the Small 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.

QRSVX 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 Small Cap Value Inv expense ratio is high compared to funds in the Small Value category. FPA Queens Road Small Cap Value Inv has an expense ratio of 0.94%, which is 19% 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. FPA Queens Road Small Cap Value Inv has a portfolio turnover rate of 15%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 127% for the Small Value category.

Recently, in the month of June 2026, FPA Queens Road Small Cap Value Inv returned 4.1%, which earned it a grade of F, as the Small Value category had an average return of 5.7%. 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 Small Cap Value Inv has a trailing yield of 0.75%, which is below the 0.77% 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 Small Cap Value Inv Grades

Year to date, the fund has returned 27.0%, 6.4 percentage points better than the category, which translates into a grade of A. The fund has returned 36.0% over the past year (grade of B), 20.8% over the past three years (grade of A) and 12.3% per year over the past five years (grade of A) and 11.9% per year over the past 10 years (grade of A).

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