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FPA

Dec 2024 → Sep 2026 · Publishes twice a year · 6 funds

Our archive holds 15 letters from FPA, behind 14 investment theses and positions in 62 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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15
Letters
62
Companies
26
Moves
14
Theses

6 strategies

FPA publishes a letter per strategy. Each one has its own page with what it holds, what it bought and what it wrote.

Returns as reported in each strategy’s latest letter, extracted automatically and not verified by us; one share class, in its own currency. Not investment advice. Past performance does not predict future returns.

What they bought and sold · 26 moves

  • New positionFlowco
    September 2026
    “In Q3, we added five new positions – Hayward Holdings (HAYW), Teleflex (TFX), Simpson Manufacturing (SSD), FTI Consulting (FCN), and Flowco (FLOC).”
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  • TrimmedLittelfuse
    September 2026
    “We significantly reduced our holdings in Ducommun (DCO), Vishay Intertechnology (VSH), and Littelfuse (LFUS).”
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  • TrimmedEverus Construction
    September 2026
    “We sold our small position in Everus Construction (ECG).”
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  • New positionHCA Healthcare
    September 2026
    “In addition to trimming back on positions which have benefited from being associated with the AI ecosystem, we have added new names in healthcare (i.e. Boston Scientific, HCA) as well as SMIDs both domestic and abroad (i.e. Core & Main, Fluidra, JBT Marel).”
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  • New positionHayward Holdings
    September 2026
    “In Q3, we added five new positions – Hayward Holdings (HAYW), Teleflex (TFX), Simpson Manufacturing (SSD), FTI Consulting (FCN), and Flowco (FLOC).”
    Read the letter
  • New positionFluidra
    September 2026
    “In addition to trimming back on positions which have benefited from being associated with the AI ecosystem, we have added new names in healthcare (i.e. Boston Scientific, HCA) as well as SMIDs both domestic and abroad (i.e. Core & Main, Fluidra, JBT Marel).”
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  • New positionBoston Scientific
    September 2026
    “In addition to trimming back on positions which have benefited from being associated with the AI ecosystem, we have added new names in healthcare (i.e. Boston Scientific, HCA) as well as SMIDs both domestic and abroad (i.e. Core & Main, Fluidra, JBT Marel).”
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  • TrimmedArrow Electronics
    September 2026
    “We made additional reductions to our technology holdings TD Synnex (SNX), Arrow Electronics (ARW), and Synaptics (SYNA) for similar reasons.”
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  • TrimmedSynaptics
    September 2026
    “We made additional reductions to our technology holdings TD Synnex (SNX), Arrow Electronics (ARW), and Synaptics (SYNA) for similar reasons.”
    Read the letter
  • New positionTreasury Inflation Protected Securities
    September 2026
    “the Fund has also initiated a position in Treasury Inflation Protected Securities (TIPS), with real yields north of 3%.”
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  • TrimmedTD Synnex
    September 2026
    “We made additional reductions to our technology holdings TD Synnex (SNX), Arrow Electronics (ARW), and Synaptics (SYNA) for similar reasons.”
    Read the letter
  • TrimmedVishay Intertechnology
    September 2026
    “We significantly reduced our holdings in Ducommun (DCO), Vishay Intertechnology (VSH), and Littelfuse (LFUS).”
    Read the letter
  • New positionSimpson Manufacturing
    September 2026
    “In Q3, we added five new positions – Hayward Holdings (HAYW), Teleflex (TFX), Simpson Manufacturing (SSD), FTI Consulting (FCN), and Flowco (FLOC).”
    Read the letter
  • New positionCore & Main
    September 2026
    “In addition to trimming back on positions which have benefited from being associated with the AI ecosystem, we have added new names in healthcare (i.e. Boston Scientific, HCA) as well as SMIDs both domestic and abroad (i.e. Core & Main, Fluidra, JBT Marel).”
    Read the letter
  • New positionTeleflex
    September 2026
    “In Q3, we added five new positions – Hayward Holdings (HAYW), Teleflex (TFX), Simpson Manufacturing (SSD), FTI Consulting (FCN), and Flowco (FLOC).”
    Read the letter
  • New positionJBT Marel
    September 2026
    “In addition to trimming back on positions which have benefited from being associated with the AI ecosystem, we have added new names in healthcare (i.e. Boston Scientific, HCA) as well as SMIDs both domestic and abroad (i.e. Core & Main, Fluidra, JBT Marel).”
    Read the letter
  • New positionFTI Consulting
    September 2026
    “In Q3, we added five new positions – Hayward Holdings (HAYW), Teleflex (TFX), Simpson Manufacturing (SSD), FTI Consulting (FCN), and Flowco (FLOC).”
    Read the letter
  • TrimmedDucommun
    September 2026
    “We significantly reduced our holdings in Ducommun (DCO), Vishay Intertechnology (VSH), and Littelfuse (LFUS).”
    Read the letter
  • TrimmedSynaptics
    June 2026
    “We made significant reductions to our holdings in Fabrinet (FN), Vishay Intertechnology (VSH), and Synaptics (SYNA), all of which appreciated over the past year.”
    Read the letter
  • TrimmedFabrinet
    June 2026
    “We made significant reductions to our holdings in Fabrinet (FN), Vishay Intertechnology (VSH), and Synaptics (SYNA), all of which appreciated over the past year.”
    Read the letter
  • TrimmedTD SYNNEX
    June 2026
    “We also trimmed our positions in Littelfuse (LFUS) and TD SYNNEX (SNX), both of which appreciated significantly during the quarter.”
    Read the letter
  • AddedJBT Marel
    June 2026
    “We made significant additions to our holdings in JBT Marel (JBTM) and UGI Corp. (UGI).”
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  • AddedUGI Corp.
    June 2026
    “We made significant additions to our holdings in JBT Marel (JBTM) and UGI Corp. (UGI).”
    Read the letter
  • TrimmedVishay Intertechnology
    June 2026
    “We made significant reductions to our holdings in Fabrinet (FN), Vishay Intertechnology (VSH), and Synaptics (SYNA), all of which appreciated over the past year.”
    Read the letter
  • ExitedCSG Systems
    June 2026
    “Finally, CSG Systems (CSGS) was acquired by NEC on May 15 and was subsequently removed from the portfolio.”
    Read the letter
  • TrimmedLittelfuse
    June 2026
    “We also trimmed our positions in Littelfuse (LFUS) and TD SYNNEX (SNX), both of which appreciated significantly during the quarter.”
    Read the letter

Companies held · 62

Every company FPA has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 14

  • Hayward Holdings
    September 2026

    Hayward Holdings makes residential pool equipment and is supported by an oligopolistic market, pricing power, and an attractive valuation.

    Read the full thesis
  • Teleflex
    September 2026

    Teleflex makes medical consumables and is attractive after a turnaround that de-levered the business and refocused it on a stronger portfolio.

    Read the full thesis
  • Simpson Manufacturing
    September 2026

    Simpson Manufacturing sells construction fastening products and is viewed as a long-term compounder with strong market share gains and expansion opportunities.

    Read the full thesis
  • FTI Consulting
    September 2026

    FTI Consulting provides high-value advisory services, with resilient core franchises, strong leadership, and stock buybacks at an attractive valuation.

    Read the full thesis
  • Flowco
    September 2026

    Flowco supplies differentiated oilfield equipment, with exposure to ongoing production, improving rig activity, strong growth, and solid returns on capital.

    Read the full thesis
  • Alphabet
    September 2026

    Alphabet benefits from resilient Search, AI-driven cloud demand, and long-term optionality from YouTube and Waymo.

    Read the full thesis
  • Samsung C&T
    September 2026

    Samsung C&T offers embedded value across strategic holdings and businesses with improving operating performance.

    Read the full thesis
  • Intel
    September 2026

    Intel faces rising capital costs to meet server processor demand that far outpaces supply, with AI potentially a more durable demand source.

    Read the full thesis
  • The Bank of N.T. Butterfield & Son
    June 2026

    The Bank of N.T. Butterfield & Son is a Caribbean banking franchise with attractive ROE, a value-accretive acquisition, and a well-run operating profile.

    Read the full thesis
  • Unitil
    June 2026

    Unitil is a diversified utility with attractive regulatory markets, a history of rate-base to earnings conversion, and steady EPS growth potential.

    Read the full thesis
  • UGI Corp.
    June 2026

    UGI is a regulated gas utility and energy infrastructure business, and the fund likes management’s repositioning and modest valuation.

    Read the full thesis
  • TD Synnex
    March 2026

    TD Synnex is a well-run global IT distributor with scale advantages, diversification into higher-value services, and attractive earnings growth at a modest valuation.

    Read the full thesis

Letter archive · 15

2026

2025

2024

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