FPA Queens Road Small Cap Value Fund
Name
As of 05/01/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
-1.5%
1 yr return
17.9%
3 Yr Avg Return
3.7%
5 Yr Avg Return
4.6%
Net Assets
$697 M
Holdings in Top 10
42.7%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.79%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
$100,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 05/01/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
QRSIX - Profile
Distributions
- YTD Total Return -1.5%
- 3 Yr Annualized Total Return 3.7%
- 5 Yr Annualized Total Return 4.6%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 0.10%
- Dividend Yield 1.4%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameFPA Queens Road Small Cap Value Fund
-
Fund Family NameInvestment Managers Series Trust III
-
Inception DateJan 03, 1994
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerSteve Scruggs
Fund Description
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, the Fund 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. The Fund currently defines a small capitalization (small cap) company as one whose market capitalization, at the time of purchase, is no greater than the largest market capitalization of any company included in the Russell 2000 Index.
The Fund's sub-adviser, Bragg Financial Advisors, Inc., invests the Fund's assets by pursuing a value-oriented strategy. The sub-adviser's strategy begins with a screening process that seeks to identify small cap companies whose stocks sell at discounted price-to-earnings (P/E) and price-to-cash flow (P/CF) multiples. The sub-adviser favors companies that maintain strong balance sheets and have experienced management. Generally, the sub-adviser attempts to identify situations where stock prices are undervalued by the market. The sub-adviser generally sells securities when it believes they are trading for more than their intrinsic value, to generate tax losses to offset taxable gains, or if additional cash is needed to fund redemptions.
QRSIX - Performance
Return Ranking - Trailing
Period | QRSIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -1.5% | -11.0% | 11.2% | 70.00% |
1 Yr | 17.9% | -1.2% | 37.3% | 49.56% |
3 Yr | 3.7%* | -14.1% | 68.9% | 30.54% |
5 Yr | 4.6%* | -3.9% | 47.9% | 94.49% |
10 Yr | 1.1%* | -3.5% | 26.6% | 99.36% |
* Annualized
Return Ranking - Calendar
Period | QRSIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 13.1% | -18.4% | 33.6% | 39.60% |
2022 | -11.0% | -36.7% | 212.9% | 18.28% |
2021 | 14.0% | -62.0% | 147.6% | 67.21% |
2020 | 0.7% | -24.8% | 31.3% | 61.67% |
2019 | 18.3% | -30.1% | 34.0% | 53.87% |
Total Return Ranking - Trailing
Period | QRSIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -1.5% | -11.0% | 11.2% | 70.00% |
1 Yr | 17.9% | -1.2% | 37.3% | 49.56% |
3 Yr | 3.7%* | -14.1% | 68.9% | 30.54% |
5 Yr | 4.6%* | -3.9% | 47.9% | 94.49% |
10 Yr | 1.1%* | -3.5% | 26.6% | 99.36% |
* Annualized
Total Return Ranking - Calendar
Period | QRSIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 16.2% | -15.5% | 35.4% | 46.02% |
2022 | -9.0% | -36.7% | 250.0% | 31.83% |
2021 | 16.3% | -3.2% | 157.9% | 97.44% |
2020 | 2.4% | -13.5% | 33.4% | 61.19% |
2019 | 19.3% | -17.4% | 34.3% | 83.29% |
NAV & Total Return History
QRSIX - Holdings
Concentration Analysis
QRSIX | Category Low | Category High | QRSIX % Rank | |
---|---|---|---|---|
Net Assets | 697 M | 2.13 M | 52.9 B | 38.60% |
Number of Holdings | 51 | 10 | 1578 | 87.06% |
Net Assets in Top 10 | 298 M | 180 K | 3.01 B | 22.15% |
Weighting of Top 10 | 42.70% | 0.3% | 88.4% | 6.81% |
Top 10 Holdings
- MSILF Treasury Portfolio - Class Institutional USD INC 8.00%
- Fabrinet 4.87%
- PVH Corp. 4.53%
- TD SYNNEX Corp. 4.53%
- InterDigital, Inc. 4.37%
- ServisFirst Bancshares, Inc. 3.49%
- RLI Corp. 3.37%
- American Equity Investment Life Holding Co. 3.26%
- Sprouts Farmers Market, Inc. 3.17%
- Oshkosh Corp. 3.11%
Asset Allocation
Weighting | Return Low | Return High | QRSIX % Rank | |
---|---|---|---|---|
Stocks | 91.64% | 0.99% | 104.11% | 94.52% |
Cash | 8.10% | 0.00% | 99.01% | 11.84% |
Preferred Stocks | 0.02% | 0.00% | 2.62% | 4.17% |
Other | 0.00% | -1.78% | 40.01% | 51.54% |
Convertible Bonds | 0.00% | 0.00% | 2.63% | 30.44% |
Bonds | 0.00% | 0.00% | 73.18% | 32.24% |
Stock Sector Breakdown
Weighting | Return Low | Return High | QRSIX % Rank | |
---|---|---|---|---|
Financial Services | 28.98% | 0.00% | 35.71% | 11.21% |
Technology | 21.91% | 0.00% | 34.03% | 0.90% |
Industrials | 16.76% | 0.65% | 48.61% | 53.14% |
Consumer Cyclical | 8.55% | 0.00% | 51.62% | 80.04% |
Utilities | 6.53% | 0.00% | 13.86% | 3.59% |
Communication Services | 5.19% | 0.00% | 24.90% | 8.30% |
Consumer Defense | 4.95% | 0.00% | 13.22% | 30.04% |
Basic Materials | 3.96% | 0.00% | 67.30% | 75.56% |
Healthcare | 1.90% | 0.00% | 25.76% | 94.84% |
Real Estate | 1.24% | 0.00% | 44.41% | 87.44% |
Energy | 0.00% | 0.00% | 29.42% | 97.76% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | QRSIX % Rank | |
---|---|---|---|---|
US | 91.64% | 0.96% | 104.11% | 92.11% |
Non US | 0.00% | 0.00% | 67.90% | 48.25% |
QRSIX - Expenses
Operational Fees
QRSIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.79% | 0.05% | 37.04% | 87.50% |
Management Fee | 0.66% | 0.00% | 1.50% | 22.86% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.01% | 0.35% | N/A |
Sales Fees
QRSIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 2.50% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
QRSIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 0.50% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
QRSIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | 7.00% | 252.00% | 4.82% |
QRSIX - Distributions
Dividend Yield Analysis
QRSIX | Category Low | Category High | QRSIX % Rank | |
---|---|---|---|---|
Dividend Yield | 1.39% | 0.00% | 14.25% | 42.32% |
Dividend Distribution Analysis
QRSIX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Annual | Annually | Annual | Annual |
Net Income Ratio Analysis
QRSIX | Category Low | Category High | QRSIX % Rank | |
---|---|---|---|---|
Net Income Ratio | 0.10% | -1.43% | 4.13% | 71.08% |
Capital Gain Distribution Analysis
QRSIX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 19, 2023 | $1.017 | OrdinaryDividend |
Dec 20, 2022 | $0.719 | OrdinaryDividend |
Dec 20, 2021 | $0.110 | OrdinaryDividend |
Jun 29, 2020 | $0.352 | OrdinaryDividend |
QRSIX - Fund Manager Analysis
Managers
Steve Scruggs
Start Date
Tenure
Tenure Rank
Jun 13, 2002
19.98
20.0%
Steve Scruggs, CFA has been employed by BFA since January 2000. Mr. Scruggs is Director of Research and Senior Portfolio Manager of BFA and a Trustee of the Funds. Mr. Scruggs holds a Bachelor’s Degree from North Carolina State University and an MBA from Wake Forest University. He is a CFA charter holder and member of the CFA Institute.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 37.45 | 8.16 | 3.58 |