FPA Capital Fund

FPA Capital Fund

Last Update: 2014-07-11
Related: First Pacific Advisors
Steven Romick

Number of Stocks: 29
Number of New Stocks: 1

Total Value: $1,032 Mil
Q/Q Turnover: 7%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

FPA Capital Fund' s Profile & Performance

Profile

FPA Capital Fund has a concentrated portfolio and invest primarily in undervalued small to mid cap companies.

Robert Rodriquez has managed the FPA Capital Fund (FPPTX) and the FPA New Income Fund since the funds' inceptions in 1984. During his tenure, he has achieved an annualized return of 16.91% as of 9/30/2007. In the same period S&P 500 has returned 13.17% annually. Mr. Rodriguez is one of the few who warned investors about the financial crisis a few years earlier.

Web Page:http://www.fpafunds.com/

Investing Philosophy

FPA Capital Fund primarily invests in the stocks of smaller companies. He selects stocks based on specific fundamental criteria: strong balance sheets, free cash flow, an understandable and successful business strategy under capable management, and unique business characteristics. His purchases are concentrated in companies with relatively low Price/Normalized Earnings, low Price/Pretax Cash flow, low Price/Book Value, low Price/Replacement Value and low Market Cap/Total Revenues. Robert looks for companies with a track record of high returns on equity, and a long history. He sells stocks when the basis for investment has been revised, the stock is selling at a significant premium P/E to the market, profitability recovery has been attained, a management disappointment without expectation of recovery has occurred, or a superior alternative value has presented itself. His portfolio generally holds 25-45 equities. His investment outlook is typically 3-5 years, and he is not afraid to sit on the sidelines while waiting for the right opportunity.

Historical Allocation of Stock, Bonds, Cash

Total Holding History

Performance of FPA Capital Fund

YearReturn (%)S&P500 (%)Excess Gain (%)
201322.8531.55-8.7
20129.6915.4-5.7
20110.92.08-1.2
3-Year Cumulative36 (10.8%/year)55 (15.7%/year)-19 (-4.9%/year)
201024.2515.069.2
200953.7826.4627.3
5-Year Cumulative159.8 (21%/year)125.5 (17.7%/year)34.3 (3.3%/year)
2008-34.79-372.2
2007-0.395.61-6.0
20065.4215.79-10.4
200516.534.9111.6
200412.62120.6
10-Year Cumulative133.5 (8.8%/year)104.1 (7.4%/year)29.4 (1.4%/year)
200338.5428.79.8
2002-3.86-22.118.2
200138.13-11.950.0
2000-3.08-9.16.0
199914.2421-6.8
15-Year Cumulative375.6 (11%/year)98.3 (4.7%/year)277.3 (6.3%/year)
1998-0.4228.6-29.0
199717.733.4-15.7
199637.762314.8
199538.3937.60.8
199410.371.39.1
20-Year Cumulative1072.9 (13.1%/year)483.2 (9.2%/year)589.7 (3.9%/year)
199316.7410.16.6
199221.577.614.0
199164.5130.534.0
1990-13.8-3.1-10.7
198924.331.7-7.4
25-Year Cumulative2834 (14.5%/year)1050.7 (10.3%/year)1783.3 (4.2%/year)
198818.1116.61.5
198710.755.15.7
198612.5718.6-6.0
198528.9531.6-2.6
198476.10.9
30-Year Cumulative5861.1 (14.6%/year)2235.1 (11.1%/year)3626 (3.5%/year)

Commentaries and Stories

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

FPA Capital Fund First Quarter 2014 Commentary
We hope that investors will find FPA commentaries helpful to understand application of the same investment discipline in various markets, and can refer to particular items that interest them. More...

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