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FPA

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

Our archive holds 10 letters from FPA, behind 7 investment theses and positions in 32 companies. Every quote below is copied verbatim from the letter it came from.

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FPA’s own letters page
10
Letters
32
Companies
8
Moves
7
Theses

6 strategies

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

What they bought and sold · 8 moves

  • 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.”
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  • 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.”
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  • 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 · 32

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

Theses · 7

  • 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
  • United States government
    June 2026

    United States government-backed TIPS were bought because they offered attractive upside-versus-downside and breakeven potential over 12 months across inflation and real-rate scenarios.

    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
  • Fabrinet
    March 2026

    Fabrinet is a niche optical networking contract manufacturer with strong growth, expanding margins, data center tailwinds, and long-term compounder potential.

    Read the full thesis
  • LG Corp
    December 2024

    LG Corp’s diversified holdings, strong balance sheet, and attractive valuation support a compelling investment case

    Read the full thesis

Letter archive · 10

2026

2025

2024

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