FPIVX — FPA International Value Fund

Data updated: 2020-11-27

FPIVX — FPA International Value Fund. Japan Value Equity · $301.29M AUM · 1.24% expense ratio. Holdings, fees, performance and SEC filings.

FPIVX Fund Overview

FPIVX — FPA International Value Fund is a US mutual fund managed by Investment Managers Series Trust III, categorised as Japan Value Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

Type: US mutual fund
Manager: Investment Managers Series Trust III
Category: Japan Value Equity
Assets under management: $301.29M
1-year return: 15.0%
Ticker: FPIVX
SEC CIK: 0000924727
SEC series ID: S000035260
Share class ID: C000108480

FPIVX Investment Objective and Strategy

FPA International Value Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Investment Managers Series Trust III.

Investment objective

The Fund seeks to provide above average capital appreciation over the long term while attempting to minimize the risk of capital loss.

Principal investment strategy

"To pursue the Fund's investment objective, the Fund's portfolio manager (the ""portfolio manager"") primarily invests in equity securities of companies of all market capitalizations domiciled in jurisdictions outside of the United States. The Fund invests in a selection of companies that the Fund's portfolio manager believes are high quality and financially strong, and that have management teams that build shareholder value over time. The Fund seeks to invest in these businesses when their market prices are less than the portfolio manager's estimate of their intrinsic values. The portfolio manager defines the ""intrinsic value"" of a business to mean the discounted value of the cash that can be taken out of the business during its remaining life. The Fund may invest in a variety of types of equity securities, including common stocks, preferred stocks, convertible securities, rights and warrants.

The Fund's universe of potential investments primarily includes companies domiciled in jurisdictions outside of the United States where the portfolio manager believes reasonable business practices exist. In investing the Fund's assets, the portfolio manager focuses on countries with established rules of law and political systems that allow for transparent and unbiased enforcement of those laws, although there can be no assurance that the Fund's assets will in all cases be invested in countries that offer such protections. The Fund will primarily invest in companies domiciled in Continental Europe, Japan, the United Kingdom, emerging Asian markets, the Americas (excluding the United States), Australia and New Zealand, and developing EMEA (Europe, Middle East and Africa) countries. There are no geographic limits on the Fund's non-U.S.

investments. The portfolio manager does not expect to invest more than 35% of the Fund's assets in securities of companies domiciled in emerging markets, however, the Fund's investments in emerging markets may exceed this amount depending on market opportunities. The Fund considers emerging markets to be markets located in countries that have an emerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets with similar emerging characteristics. In addition, the Fund may invest in depositary receipts, which are receipts that represent interests in non-U.S. securities that may be sponsored or unsponsored. Key Investment Criteria. The portfolio manager expects to consider the following investment criteria, among others, under normal circumstances.

1. Business Quality. The portfolio manager seeks to invest in businesses with high barriers to market entry, low threat of substitutes, sustainable competitive advantages, and power over customers as well as suppliers. 2. Financial Strength. The portfolio manager considers the overall financial strength of businesses. The portfolio manager seeks to avoid companies that expose their shareholders to a material risk of permanent capital loss. 3. Strong Management. The portfolio manager seeks to invest in companies with management teams that have histories of both operational excellence and capital allocation that builds shareholder value. 4. Low Absolute Valuation. The portfolio manager only makes investments when he believes the investment offers a margin of safety, i.e., when the issuer's shares trade at a discount to the portfolio manager's estimate of their intrinsic value.

Given the Fund's strict investment criteria, the limited number of holdings in the portfolio and the ability to hold cash are key aspects of the portfolio. The portfolio manager does not restrict potential investments by market capitalization and the Fund may invest in small,-mid-and large-capitalization companies. The Fund may hold a significant portion of its assets in cash during periods when the portfolio manager believes there are not sufficient investment opportunities that meet the Fund's strict investment criteria. The portfolio manager performs security selection on a bottom-up basis and conducts extensive research on individual investment candidates, focusing on business fundamentals. The portfolio manager uses research findings to estimate the intrinsic value of businesses. The Fund's portfolio construction is the product of this research and valuation process.

The portfolio manager selects companies that meet his qualitative investment criteria and in his view offer a sufficient margin of safety. The portfolio manager ranks all portfolio securities according to the relative discount to his estimate of each company's intrinsic value and generally allocates the largest portfolio weightings to those investments that he believes offer the greatest opportunity for appreciation. The portfolio manager believes that this approach allows his best ideas to have a meaningful impact on the Fund's performance. The Fund may sell a portfolio holding when the holding's market price appreciates and approaches the portfolio manager's estimate of intrinsic value; the portfolio manager finds an opportunity to reallocate the Fund's assets to other investments with greater reward potential; or the original investment thesis no longer holds."

FPIVX Performance

Total returns for FPIVX (as of 2026-10-01), from SEC filings.

Period	Total return
1 year	15.0%

FPIVX Risk Information

Risk metrics for FPIVX, derived from monthly returns in SEC filings.

1-year volatility (annualised): 17.5%

FPIVX Costs and Fees

FPIVX costs about $124 per $10,000 invested per year in fund expenses.

Net expense ratio: 1.24%
Gross expense ratio: 1.29%
Portfolio turnover: 88%
Brokerage commissions: 18.33 bps of average net assets (SEC N-CEN)

FPIVX Cashflows

Over the 12 months to 2020-09, FPA International Value Fund had net inflows of $30.24M, from monthly SEC N-PORT filings.

Month	Net flow
2020-09	$2.34M
2020-08	−$11.62M
2020-07	$5.45M
2020-06	$8.88M
2020-05	$8.35M
2020-04	−$2.63M

FPIVX Debt Constituents

No individual debt constituents are reported in FPA International Value Fund's latest SEC N-PORT filing.

FPIVX Prospectus and SEC Filings

Official FPA International Value Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

Related Funds

Other Japan Value Equity funds tracked on ABC INVEST:

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.