FFIRX Fees and Costs — FPA Flexible Fixed Income Fund, Investor Class
Data updated: 2026-08-26
The net expense ratio is 0.65%: a 0.50% management fee plus 0.31% other expenses, less a 0.16% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 48%.
FFIRX Fees and Expenses
Annual operating expenses and sales charges of FFIRX. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.31% |
| Gross expense ratio | 0.81% |
| Fee waiver | −0.16% |
| Net expense ratio | 0.65% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
FFIRX Costs Over Time
On $10,000 invested in FFIRX, assuming 5% a year before costs, total costs come to $409 over 5 years, cutting the return by 0.68% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.65%) | $68 | $214 | $372 |
| Lost growth on money paid in costs | $0 | $11 | $37 |
| Total costs | $68 | $224 | $409 |
| Value after costs | $10,432 | $11,352 | $12,353 |
| Impact on return, per year | 0.68% | 0.68% | 0.68% |
FFIRX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $6.4B
- Portfolio turnover (prospectus): 48%
- Securities lending: none during the year
FFIRX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MISCHLER FINANCIAL GROUP, INC. | $3.3B | 52.66% |
| MORGAN STANLEY | $760.4M | 11.97% |
| HSBC SECURITIES (USA) INC. | $703.5M | 11.07% |
| BREAN CAPITAL, LLC | $516.9M | 8.14% |
| BARCLAYS CAPITAL INC. | $440.1M | 6.93% |
| CITIGROUP GLOBAL MARKETS INC. | $151.1M | 2.38% |
| BOFA SECURITIES, INC. | $141.2M | 2.22% |
| STONEX FINANCIAL, INC. | $140.7M | 2.21% |
| J.P. MORGAN SECURITIES LLC | $101.2M | 1.59% |
| GOLDMAN SACHS & CO. LLC | $52.6M | 0.83% |
FPA Flexible Fixed Income Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| FPFIX | Institutional Class | 0.55% | none |
| FFIAX | Advisor Class | 0.60% | none |
| FFIRX | Investor Class | 0.65% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.