SS
	Steven Scruggs \| QRSIX Mutual Fund
	FPA Queens Road Small Cap Value Fund

	Last update 2025-04-15	51 Stocks (1 new)
	Value $732.00 Mil	Turnover 11 %
	Countries: Top Holdings: IDCC(4.56%)SFBS(4.34%)RLI(4.09%)SNX(4.04%)FN(3.78%) SEC Filings Portfolio Report

Steven Scruggs Profile

Steve joined Bragg Financial Advisors (BFA) in 1999 and serves as the Portfolio Manager for the FPA Queens Road Funds. He is the Director of Research for BFA and a member of the Investment Committee. Previously, Steve served as Product Manager for GMAC Insurance and Reliance Insurance Companies.

Steven Scruggs Investing Philosophy

The Queens Road Small Cap Value Fund uses fundamental, bottom-up analysis to construct a diversified portfolio of small-capitalization companies. The fund's research process is built on the principles established by Benjamin Graham to identify companies that are trading at a discount to their intrinsic value. The fund's investing process considers Quantitative & Qualitative Analysis, Balance Sheet, Valuation, Management, Sector and Industry.

Steven Scruggs Portfolio and Latest Trades

Ticker
Ticker
SFM
REVG
MDU
PVH
ARW
UPBD
IDCC
VSH
BAM
ALTM Unlock Delisted
NJR
LFUS
RLI
AAP
CNXC
AX
CSW
SYNA
DAR
SCHL
GIII
HMN
DECK
FN
IAC
FSBC
MATV
DCO
CSGS
THS
AGCO
AGCO
IDCC
SAIC
AAP
CSW
ECG
QRVO
SFM
VSH
UGI
LEVI
CSGS
OSK
ARW
DAR
MATV
SCHL
UPBD
LFUS
CNXC
FSBC
MDU
ALTM Unlock Delisted
JBTM
AAP
SFM
AAN
HMN
CSW
DECK
EQC
LFUS
IDCC
JBTM
AEL Unlock Delisted
DECK
BAM
ESGR
MSM
IAC
EQC
JBTM
UPBD
MDU
SNX
AX
VSH
MTG
GIII
UNFI
FN
JBTM
DECK
UNFI
CSW
ESGR
MDU
ARW
GGG
CSGS
LEVI
KNF
VSH
UGI
DAR
MTG
MATV
AAN
UPBD

Ticker	Company	Date	Action	Impact %	Price Range	Price	Price Change from Avrg%	Comment	Current Shares	Share Change
Ticker	Company	Date	Action	Impact %	Price Range	Price	Price Change from Avrg%	Comment	Current Shares	Share Change
SFM	Sprouts Farmers Market Inc	2025-03-31	Reduce Reduce	-2.00%	● 132.75 ($149.11) 177.12	$167.27	12.18%	Reduce -45.16%	139,656	-115,000
REVG	REV Group Inc	2025-03-31	New Buy New Buy	+1.57%	● 27.3 ($32.38) 35.58	$47.07	45.37%	New holding	364,789	364,789
MDU	MDU Resources Group Inc	2025-03-31	Add Add	+1.43%	● 16.45 ($17.26) 18.61	$16.90	-2.09%	Add 111.05%	1,177,489	619,570
PVH	PVH Corp	2025-03-31	Add Add	+1.15%	● 63.81 ($80.81) 107.78	$71.41	-11.63%	Add 56.36%	361,552	130,326
ARW	Arrow Electronics Inc	2025-03-31	Add Add	+1.06%	● 101.93 ($110.31) 119.3	$130.50	18.30%	Add 48.49%	229,675	75,000
UPBD	Upbound Group Inc	2025-03-31	Add Add	+1.01%	● 23.59 ($27.46) 30.27	$24.99	-8.99%	Add 79.51%	694,867	307,784
IDCC	InterDigital Inc	2025-03-31	Reduce Reduce	-1.00%	● 171.68 ($201.31) 225.72	$228.88	13.70%	Reduce -18.85%	161,578	-37,538
VSH	Vishay Intertechnology Inc	2025-03-31	Add Add	+0.98%	● 15.9 ($17.13) 19.1	$17.01	-0.70%	Add 42.25%	1,515,006	450,000
BAM	Brookfield Asset Management Ltd	2025-03-31	Reduce Reduce	-0.96%	● 45.62 ($54.51) 61.36	$59.32	8.82%	Reduce -69.92%	55,915	-130,000
ALTM Unlock Delisted	Arcadium Lithium PLC	2025-03-31	Sold Out Sold Out	-0.89%	● 5.16 ($5.71) 5.84	$5.84	2.28%	Sold Out	0	-1,268,658
NJR	New Jersey Resources Corp	2025-03-31	Add Add	+0.74%	● 45.25 ($47.41) 49.37	$46.23	-2.49%	Add 34.53%	433,051	111,161
LFUS	Littelfuse Inc	2025-03-31	Add Add	+0.67%	● 196.74 ($228.88) 255.16	$230.27	0.61%	Add 133.26%	43,761	25,000
RLI	RLI Corp	2025-03-31	Add Add	+0.57%	● 71.75 ($76.09) 81.61	$70.45	-7.41%	Add 16.13%	372,659	51,759
AAP	Advance Auto Parts Inc	2025-03-31	Reduce Reduce	-0.52%	● 33.63 ($42.89) 49.79	$62.29	45.23%	Reduce -18.91%	343,013	-80,000
CNXC	Concentrix Corp	2025-03-31	Reduce Reduce	-0.51%	● 42.45 ($47.89) 65.04	$55.97	16.87%	Reduce -41.06%	124,532	-86,748
AX	Axos Financial Inc	2025-03-31	Reduce Reduce	-0.48%	● 61.63 ($67.83) 73.1	$83.27	22.76%	Reduce -13.39%	323,282	-50,000
CSW	CSW Industrials Inc	2025-03-31	Reduce Reduce	-0.48%	● 283.77 ($324.55) 396.86	$289.00	-10.95%	Reduce -38.31%	16,100	-10,000
SYNA	Synaptics Inc	2025-03-31	Add Add	+0.44%	● 61.71 ($72.47) 87.87	$66.00	-8.93%	Add 37.79%	182,326	50,000
DAR	Darling Ingredients Inc	2025-03-31	Reduce Reduce	-0.34%	● 28.51 ($34.97) 41.85	$35.62	1.86%	Reduce -24.05%	231,396	-73,270
SCHL	Scholastic Corp	2025-03-31	Add Add	+0.33%	● 17.86 ($20) 21.89	$21.03	5.15%	Add 41.02%	432,929	125,940
GIII	G-III Apparel Group Ltd	2025-03-31	Add Add	+0.32%	● 25.34 ($29.01) 32.88	$23.16	-20.17%	Add 17.78%	562,202	84,874
HMN	Horace Mann Educators Corp	2025-03-31	Add Add	+0.29%	● 36.56 ($40.2) 43.12	$40.86	1.64%	Add 13.68%	415,832	50,034
DECK	Deckers Outdoor Corp	2025-03-31	Reduce Reduce	-0.21%	● 111.56 ($161.52) 223.11	$97.88	-39.40%	Reduce -23.65%	23,807	-7,375
FN	Fabrinet	2025-03-31	Add Add	+0.21%	● 183.66 ($218.21) 267.24	$297.45	36.31%	Add 5.76%	140,039	7,624
IAC	IAC Inc	2025-03-31	Reduce Reduce	-0.18%	● 33.77 ($36.63) 41.19	$40.46	10.46%	Reduce -7.74%	356,195	-29,887
FSBC	Five Star Bancorp	2025-03-31	Add Add	+0.17%	● 27.77 ($29.79) 31.79	$30.44	2.18%	Add 180.14%	69,738	44,844
MATV	Mativ Holdings Inc	2025-03-31	Sold Out Sold Out	-0.14%	● 5.67 ($8.17) 10.97	$7.25	-11.26%	Sold Out	0	-92,197
DCO	Ducommun Inc	2025-03-31	Add Add	+0.13%	● 56.57 ($63.12) 69.9	$86.50	37.04%	Add 17.73%	109,929	16,557
CSGS	CSG Systems International Inc	2025-03-31	Add Add	+0.11%	● 49.81 ($59.43) 66.73	$62.68	5.47%	Add 3.55%	376,114	12,901
THS	Treehouse Foods Inc	2025-03-31	Reduce Reduce	-0.10%	● 26.2 ($31.7) 35.54	$19.42	-38.74%	Reduce -11.43%	154,992	-19,995
AGCO	AGCO Corp	2025-03-31	Add Add	+0.04%	● 88.82 ($97.67) 106.69	$107.13	9.69%	Add 1.85%	174,475	3,162
AGCO	AGCO Corp	2024-12-31	Add Add	+2.00%	● 89.46 ($96.82) 101.89	$107.13	10.65%	Add 1051.99%	171,313	156,442
IDCC	InterDigital Inc	2024-12-31	Reduce Reduce	-1.59%	● 143.19 ($175.36) 200.59	$228.88	30.52%	Reduce -27.81%	199,116	-76,720
SAIC	Science Applications International Corp Science Applications International Corp	2024-12-31	Add Add	+1.57%	● 110.11 ($131.79) 154.1	$111.85	-15.13%	Add 102.68%	201,610	102,140
AAP	Advance Auto Parts Inc	2024-12-31	Add Add	+1.49%	● 35.69 ($40.77) 47.44	$62.29	52.78%	Add 119.77%	423,013	230,534
CSW	CSW Industrials Inc	2024-12-31	Reduce Reduce	-1.34%	● 352.8 ($389.29) 432.01	$289.00	-25.76%	Reduce -48.92%	26,100	-25,000
ECG	Everus Construction Group Inc	2024-12-31	New Buy New Buy	+1.26%	● 49 ($62.93) 73.61	$69.27	10.07%	New holding	139,479	139,479
QRVO	Qorvo Inc	2024-12-31	Add Add	+0.95%	● 65.6 ($79.75) 104.58	$88.00	10.34%	Add 276.6%	136,153	100,000
SFM	Sprouts Farmers Market Inc	2024-12-31	Reduce Reduce	-0.81%	● 110.69 ($133.26) 154.48	$167.27	25.52%	Reduce -16.47%	254,656	-50,229
VSH	Vishay Intertechnology Inc	2024-12-31	Add Add	+0.77%	● 15.17 ($17.53) 19.41	$17.01	-2.97%	Add 45.2%	1,065,006	331,545
UGI	UGI Corp	2024-12-31	Add Add	+0.58%	● 23.24 ($25.98) 30.37	$35.95	38.38%	Add 21.99%	832,135	150,000
LEVI	Levi Strauss & Co	2024-12-31	Add Add	+0.55%	● 15.8 ($17.64) 21.06	$20.97	18.88%	Add 38.6%	828,700	230,780
CSGS	CSG Systems International Inc	2024-12-31	Add Add	+0.41%	● 46.59 ($51.53) 56.23	$62.68	21.64%	Add 19.33%	363,213	58,827
OSK	Oshkosh Corp	2024-12-31	Add Add	+0.26%	● 93.84 ($104.82) 115.52	$123.14	17.48%	Add 10.22%	215,640	20,000
ARW	Arrow Electronics Inc	2024-12-31	Add Add	+0.23%	● 112.44 ($123.31) 137.14	$130.50	5.83%	Add 10.74%	154,675	15,000
DAR	Darling Ingredients Inc	2024-12-31	Add Add	+0.23%	● 33 ($37.82) 43.05	$35.62	-5.82%	Add 19.63%	304,666	50,000
MATV	Mativ Holdings Inc	2024-12-31	Reduce Reduce	-0.22%	● 10.85 ($13.9) 17.4	$7.25	-47.84%	Reduce -49.13%	92,197	-89,036
SCHL	Scholastic Corp	2024-12-31	Reduce Reduce	-0.21%	● 19.81 ($25.32) 27.84	$21.03	-16.94%	Reduce -12.54%	306,989	-44,001
UPBD	Upbound Group Inc	2024-12-31	Add Add	+0.20%	● 26.73 ($31.06) 35.01	$24.99	-19.54%	Add 14.83%	387,083	50,000
LFUS	Littelfuse Inc	2024-12-31	Add Add	+0.16%	● 233.99 ($249.25) 262.24	$230.27	-7.61%	Add 36.52%	18,761	5,019
CNXC	Concentrix Corp	2024-12-31	Add Add	+0.13%	● 37.26 ($44.37) 52.64	$55.97	26.14%	Add 11.2%	211,280	21,285
FSBC	Five Star Bancorp	2024-12-31	New Buy New Buy	+0.10%	● 28.1 ($31.38) 33.55	$30.44	-3.00%	New holding	24,894	24,894
MDU	MDU Resources Group Inc	2024-12-31	Add Add	+0.08%	● 14.9 ($17.58) 20.16	$16.90	-3.87%	Add 5.87%	557,919	30,957
ALTM Unlock Delisted	Arcadium Lithium PLC	2024-12-31	Add Add	+0.04%	● 2.8 ($5.14) 5.56	$5.84	13.62%	Add 4.1%	1,268,658	50,000
JBTM	JBT Marel Corp	2024-12-31	Add Add	+0.02%	● 94.76 ($115.64) 131.66	$130.22	12.61%	Add 0.64%	155,262	995
AAP	Advance Auto Parts Inc	2024-09-30	New Buy New Buy	+1.10%	● 38.53 ($53.02) 64.44	$62.29	17.48%	New holding	192,479	192,479
SFM	Sprouts Farmers Market Inc	2024-09-30	Reduce Reduce	-0.65%	● 80.44 ($95.38) 110.41	$167.27	75.37%	Reduce -13.83%	304,885	-48,925
AAN	The Aarons Co Inc	2024-09-30	Sold Out Sold Out	-0.47%	● 9.93 ($10.02) 10.11	$10.09	0.70%	Sold Out	0	-297,054
HMN	Horace Mann Educators Corp	2024-09-30	Reduce Reduce	-0.39%	● 32.13 ($34.15) 36.22	$40.86	19.65%	Reduce -17.01%	365,798	-75,000
CSW	CSW Industrials Inc	2024-09-30	Reduce Reduce	-0.22%	● 263.55 ($312.13) 370.64	$289.00	-7.41%	Reduce -9.16%	51,100	-5,155
DECK	Deckers Outdoor Corp	2024-09-30	Reduce Reduce	-0.21%	● 140.25 ($152.55) 162.43	$97.88	-35.84%	Reduce -21.22%	31,182	-8,400
EQC	Equity Commonwealth	2024-09-30	Add Add	+0.18%	● 19.14 ($19.92) 20.41	$1.58	-92.07%	Add 18.16%	393,071	60,418
LFUS	Littelfuse Inc	2024-09-30	Add Add	+0.17%	● 233.9 ($257.62) 274.34	$230.27	-10.62%	Add 45.54%	13,742	4,300
IDCC	InterDigital Inc	2024-09-30	Reduce Reduce	-0.16%	● 116.28 ($131.08) 141.63	$228.88	74.61%	Reduce -3.09%	275,836	-8,790
JBTM	John Bean Technologies Corp	2024-09-30	Add Add	+0.03%	● 84.93 ($92.33) 104.4	$130.22	41.04%	Add 1.48%	154,267	2,243
AEL Unlock Delisted	American Equity Investment Life Holding Co American Equity Investment Life Holding Co	2024-06-30	Sold Out Sold Out	-3.57%	● 55.1 ($55.91) 56.51	$56.47	1.00%	Sold Out	0	-408,928
DECK	Deckers Outdoor Corp	2024-06-30	Reduce Reduce	-1.28%	● 133.4 ($153.85) 182.32	$97.88	-36.38%	Reduce -57.05%	39,582	-8,761
BAM	Brookfield Asset Management Ltd	2024-06-30	New Buy New Buy	+1.12%	● 37.29 ($39.31) 41.97	$59.32	50.90%	New holding	185,915	185,915
ESGR	Enstar Group Ltd	2024-06-30	Add Add	+0.84%	● 276.68 ($299.92) 314.83	$337.91	12.67%	Add 38.93%	62,211	17,433
MSM	MSC Industrial Direct Co Inc	2024-06-30	Add Add	+0.81%	● 75.84 ($88.82) 95.95	$86.53	-2.58%	Add 33.58%	258,539	65,000
IAC	IAC Inc	2024-06-30	Add Add	+0.80%	● 46.03 ($50.37) 57.66	$40.46	-19.67%	Add 38.68%	386,082	107,675
EQC	Equity Commonwealth	2024-06-30	Add Add	+0.75%	● 18.45 ($19.05) 19.6	$1.58	-91.71%	Add 275.86%	332,653	244,148
JBTM	John Bean Technologies Corp	2024-06-30	Add Add	+0.75%	● 88.61 ($94.34) 101.42	$130.22	38.03%	Add 48.91%	152,024	49,932
UPBD	Upbound Group Inc	2024-06-30	Add Add	+0.47%	● 30.13 ($31.94) 35.01	$24.99	-21.76%	Add 40.46%	337,083	97,094
MDU	MDU Resources Group Inc	2024-06-30	Add Add	+0.35%	● 23.56 ($24.93) 25.87	$16.90	-32.21%	Add 20.06%	526,962	88,044
SNX	TD Synnex Corp	2024-06-30	Reduce Reduce	-0.35%	● 111.7 ($122.19) 132.85	$141.22	15.57%	Reduce -6.52%	284,230	-19,831
AX	Axos Financial Inc	2024-06-30	Add Add	+0.32%	● 48.86 ($54.39) 61.8	$83.27	53.10%	Add 10.35%	373,282	35,000
VSH	Vishay Intertechnology Inc	2024-06-30	Add Add	+0.19%	● 20.9 ($22.61) 24.01	$17.01	-24.77%	Add 7.84%	733,461	53,340
MTG	MGIC Investment Corp	2024-06-30	Add Add	+0.17%	● 19.38 ($20.75) 21.89	$25.11	21.01%	Add 6.25%	850,202	50,000
GIII	G-III Apparel Group Ltd	2024-06-30	Add Add	+0.13%	● 26.01 ($28.04) 31.3	$23.16	-17.40%	Add 6.71%	477,328	30,000
UNFI	United Natural Foods Inc	2024-06-30	Sold Out Sold Out	-0.07%	● 8.82 ($11.23) 15.54	$26.26	133.84%	Sold Out	0	-41,653
FN	Fabrinet	2024-03-31	Reduce Reduce	-1.96%	● 182.43 ($200.6) 225.01	$297.45	48.28%	Reduce -32.93%	132,415	-65,000
JBTM	John Bean Technologies Corp	2024-03-31	New Buy New Buy	+1.66%	● 90.4 ($99.6) 105.05	$130.22	30.74%	New holding	102,092	102,092
DECK	Deckers Outdoor Corp	2024-03-31	Reduce Reduce	-1.32%	● 108.72 ($138.61) 158.82	$97.88	-29.38%	Reduce -44.87%	92,148	-12,502
UNFI	United Natural Foods Inc	2024-03-31	Reduce Reduce	-0.88%	● 11.4 ($14.53) 17.07	$26.26	80.73%	Reduce -89.15%	41,653	-342,152
CSW	CSW Industrials Inc	2024-03-31	Reduce Reduce	-0.82%	● 202.06 ($222.87) 240.1	$289.00	29.67%	Reduce -30.77%	56,255	-25,000
ESGR	Enstar Group Ltd	2024-03-31	Add Add	+0.73%	● 265.42 ($286.27) 310.76	$337.91	18.04%	Add 51.1%	44,778	15,143
MDU	MDU Resources Group Inc	2024-03-31	Add Add	+0.61%	● 18.94 ($20.89) 25.2	$16.90	-19.10%	Add 54.5%	438,918	154,823
ARW	Arrow Electronics Inc	2024-03-31	Add Add	+0.50%	● 108.98 ($117.05) 130.11	$130.50	11.49%	Add 21.8%	139,675	25,000
GGG	Graco Inc	2024-03-31	Reduce Reduce	-0.43%	● 83.1 ($88.53) 94.64	$86.47	-2.33%	Reduce -27.64%	81,171	-31,000
CSGS	CSG Systems International Inc	2024-03-31	Add Add	+0.32%	● 46.33 ($51.97) 54.79	$62.68	20.61%	Add 15.13%	304,386	40,000
LEVI	Levi Strauss & Co	2024-03-31	Add Add	+0.29%	● 15.24 ($17.37) 19.99	$20.97	20.73%	Add 18.65%	597,920	93,985
KNF	Knife River Holding Co	2024-03-31	Reduce Reduce	-0.28%	● 61.91 ($70.17) 81.08	$76.60	9.16%	Reduce -39.75%	40,921	-27,000
VSH	Vishay Intertechnology Inc	2024-03-31	Add Add	+0.27%	● 21.15 ($22.26) 23.51	$17.01	-23.58%	Add 12.82%	680,121	77,307
UGI	UGI Corp	2024-03-31	Add Add	+0.24%	● 21.92 ($24.02) 25.56	$35.95	49.67%	Add 10.18%	682,135	63,038
DAR	Darling Ingredients Inc	2024-03-31	Add Add	+0.18%	● 40.69 ($44.02) 50.48	$35.62	-19.08%	Add 10.89%	254,666	25,000
MTG	MGIC Investment Corp	2024-03-31	Add Add	+0.17%	● 18.93 ($19.95) 22.36	$25.11	25.86%	Add 6.66%	800,202	50,000
MATV	Mativ Holdings Inc	2024-03-31	Reduce Reduce	-0.12%	● 11.3 ($14.93) 18.75	$7.25	-51.44%	Reduce -21.62%	181,233	-50,000
AAN	The Aarons Co Inc	2024-03-31	Add Add	+0.12%	● 6.81 ($9.35) 11.46	$10.09	7.91%	Add 50.99%	297,054	100,315
UPBD	Upbound Group Inc	2024-03-31	Add Add	+0.05%	● 32.1 ($33.4) 35.21	$24.99	-25.18%	Add 4.15%	239,989	9,571

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