The Fund seeks long-term capital growth.
This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.
|
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
None |
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|
Maximum Deferred Sales Charge (Load) (as a percentage of original sales price or redemption proceeds, as applicable) |
None |
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|
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and other Distributions |
None |
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|
Exchange Fee |
None |
||||||||||
|
Management fees |
0.95 |
% |
|||||||||
|
Distribution (Rule 12b-1) fees |
None |
||||||||||
|
Other Expenses |
0.40 |
% |
|||||||||
|
Shareholder service fee |
0.03 |
% |
|||||||||
|
All other expenses |
0.37 |
% |
|||||||||
|
Acquired fund fees and expenses1 |
0.01 |
% |
|||||||||
|
Total Annual Fund Operating Expenses |
1.36 |
% |
|||||||||
|
Fee Waiver and/or Expense Reimbursement2,3 |
(0.62 |
)% |
|||||||||
|
Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement2,3 |
0.74 |
% |
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1 The total annual fund operating expenses do not correlate to the ratio of expenses to average net assets appearing in the financial highlights table, which reflects only the operating expenses of the Fund and does not include acquired fund fees and expenses.
2 Restated to reflect the current operating expense limitation agreement with the Fund's adviser.
3 The adviser has contractually agreed to waive management fees and reimburse the Fund for operating expenses in excess of 0.73% of average daily net assets of the Fund, excluding interest, taxes, brokerage fees and commissions payable by the Fund in connection with the purchase or sale of portfolio securities, fees and expenses of other funds in which the Fund invests, and extraordinary expenses, including litigation expenses not incurred in the Fund's ordinary course of business, until September 30, 2026. These fee waivers and expense
reimbursements are subject to possible recoupment by the adviser from the Fund in future years (within the three years from the date when the amount is waived or reimbursed) if such recoupment can be achieved within the lesser of the foregoing expense limits or the then-current expense limits. Similarly, the adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, of fees waived or payments made by adviser to the Predecessor Fund (defined below) prior to the Predecessor Fund's reorganization on July 28, 2023, for a period ending three years after the date of the waiver or payment. This agreement may be terminated only by the Fund's Board of Trustees, upon written notice to the adviser.
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects the Fund's contractual fee waiver and/or expense reimbursement only for the term of the contractual fee waiver and/or expense reimbursement. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:
| One Year |
Three Years |
Five Years |
Ten Years |
||||||||||||
| $ |
76 |
$ |
370 |
$ |
685 |
$ |
1,581 |
||||||||
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover was 0% of the average value of its portfolio. The Fund's portfolio turnover rate may vary from year to year as well as within a year.
The Fund seeks to achieve its investment objective by investing primarily in the equity securities (common stocks, preferred stocks and convertible securities) of U.S. companies. Investments will be made based on their potential for capital growth without limitation on issuer capitalization.
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 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.
The Fund is the successor of the FPA Queens Road Value Fund, formerly a series of Bragg Capital Trust (the "Predecessor Fund"). The Fund acquired the assets and liabilities of the Predecessor Fund following the reorganization of the Predecessor Fund on July 28, 2023. As a result of the acquisition, the Fund is the accounting successor of the Predecessor Fund. Performance results shown in the bar chart and the performance table below for periods prior to July 28, 2023 reflect the performance of the Predecessor Fund.
The bar chart and Average Annual Total Returns table below provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the 1, 5 and 10 calendar year periods compare with those of the S&P 500 Index, a broad-based market index, and the S&P 500 Value Index, an additional index that provides a measure of the U.S. large cap value equity market. The chart and table reflect the reinvestment of dividends and distributions. In addition, the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
To obtain updated monthly performance information, please visit the Fund's website at https://fpa.com/funds or call (800) 982-4372.
The year-to-date return as of June 30, 2025, was 5.66%.
Highest Calendar Quarter Return at NAV 15.04% (Quarter ended 12/31/2022)
Lowest Calendar Quarter Return at NAV (20.97)% (Quarter ended 03/31/2020)
|
Average Annual Total Returns (for the periods ended December 31, 2024) |
One Year |
Five Years |
Ten Years |
||||||||||||
|
Return Before Taxes |
18.90 |
% |
11.41 |
% |
10.32 |
% |
|||||||||
|
Return After Taxes on Distributions1 |
17.91 |
% |
9.81 |
% |
8.96 |
% |
|||||||||
|
Return After Taxes on Distributions and Sale of Fund Shares1 |
11.90 |
% |
8.80 |
% |
8.13 |
% |
|||||||||
|
S&P 500 Index |
25.02 |
% |
14.53 |
% |
13.10 |
% |
|||||||||
|
S&P 500 Value Index |
12.29 |
% |
10.49 |
% |
10.01 |
% |
|||||||||
1 After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder's tax situation and may differ from those shown. The after-tax returns are not relevant if you hold your Fund shares in tax- deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRA").