First Pacific Advisors

Steven Romick, CFA, speech to CFA Society of Chicago in June of 2015

The FPA Crescent Fund has met its objective of generating equity-like returns while taking less risk than the market and avoiding permanent capital impairment through multiple market cycles over its thirty-year history.

FPA Flexible Fixed Income Fund (the “Fund”) returned 3.86% in the third quarter of 2024 and 6.34% yearto-date through September 30, 2024.

Interim Fund Update as of March 20, 2020

Abhi Patwardhan, Portfolio Manager and Co-Director of Research sits down with InvestmentNews anchor Gregg Greenberg.

FPA New Income Fund (the “Fund”) returned 0.97% in the second quarter of 2024 and 1.84% year-todate through June 30, 2024.

Financial Advisor Magazine highlights the investment approach of the FPA Crescent Fund.

FPA donated $100,000 to FireAid to support communities affected by wildfires.

Mutual Fund Observer’s co-founder David Snowball provides a fund profile of the FPA Queens Road Small Cap Value Fund (QRSVX).

The Board of Directors of Source Capital, Inc. approved maintaining the Fund’s regular monthly distribution rate for each of the next three months.

FPA, a Los Angeles-based money manager, oversees middle-office services through SEI to manage operational risk.

FPA’s Client Service department supports prospects, clients, and portfolio managers with operational and administrative tasks.

We believe that the success of our firm is thanks to its people and their commitment to excellence. We lead with integrity, foster an ownership mindset, embrace teamwork and seek to always make choices that maintain our most important legacy – our reputation. If you are interested in applying for any of the jobs listed below, please click on the link and submit your application. Resume and cover letter are required.

Byron joined FPA in 2015. He serves as an Analyst for FPA. Prior to joining FPA, Byron was an investment analyst at Deccan Value Investors.

Kyle joined FPA in 2016. He serves as an Analyst for FPA, assisting Steven Romick in his primary research.

Michael joined FPA in 2025. He holds bachelor’s degrees in economic theory and philosophy from New York University.

Ryan joined FPA in 2017. He earned a Bachelor’s degree in Finance from Wake Forest University. He is a CFA Charterholder.

A disciplined, patient investment approach focused on intrinsic value, price discipline, and long-term capital preservation.

Independent, employee-owned investment manager delivering value-driven absolute strategies focused on capital preservation.

FPA, a Los Angeles-based asset manager, offers value-focused investment strategies and funds.

Shares of FPA Funds can be purchased through authorized broker-dealers or registered investment advisers.

FPA Investor Day Los Angeles will be held in Santa Monica, California, on October 21–22, 2026.

Access independent, intrinsic value strategies designed to protect capital and compound over the long term.

FPA partners with Tioga Capital to enter the private real estate credit market. The collaboration combines FPA’s asset management expertise with Tioga Capital’s lending experience in commercial real estate. Together, they aim to provide tailored financing solutions for institutional investors and developers.

Oct 2026First Pacific Advisors, LPNews article

FPA Crescent Fund releases its Q3 2026 commentary detailing performance results and portfolio adjustments. The report outlines current portfolio positioning alongside newly added investments. Key updates reflect strategic shifts in asset allocation and emerging opportunities within the fund’s focus areas.

Oct 2026First Pacific Advisors, LPNews article

The FPA New Income Fund reintroduces Treasury Inflation-Protected Securities (TIPS) to its portfolio after nearly two decades. The investment team cites current valuations as a key factor in this decision, viewing them as an attractive opportunity within the fixed income market. The move reflects a strategic reassessment of inflation-linked securities amid evolving economic conditions.

Sep 2026First Pacific Advisors, LPNews article

FPA releases its **2Q 2026 webcast replays and commentaries**, detailing fund performance and portfolio strategies. The materials feature insights from FPA’s investment teams on market positioning and outlook. Investors can access the recordings and analyses to review quarterly developments.

Aug 2026First Pacific Advisors, LPNews article