FPA
FPA Queens Road Small Cap Value Fund
Small-cap Value
Sep 2025 → Sep 2026
Our archive holds 4 letters from this strategy, behind 10 investment theses and positions in 28 companies. Every quote below is copied verbatim from the letter it came from.
4 letters in 2 years — follow all of FPA for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD · Investor Class (QRSVX)
- YTD+17.4%index +17.0%
- 1Y+16.9%index +20.8%
- 3Y · /yr+18.6%index +17.9%
- 5Y · /yr+11.1%index +7.8%
- 10Y · /yr+10.7%index +9.4%
- Inception · /yr+10.0%index +8.8%
Index: Russell 2000 Value
| YTD | 1Y | 3Yper year | 5Yper year | 10Yper year | Since inceptionper year | |
|---|---|---|---|---|---|---|
| FPA Queens Road Small Cap Value Fund | +17.4% | +16.9% | +18.6% | +11.1% | +10.7% | +10.0% |
| Russell 2000 Value | +17.0% | +20.8% | +17.9% | +7.8% | +9.4% | +8.8% |
Disclaimer
These figures are copied from the manager’s latest letter, as of Sep 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What it bought and sold
In Q3, we added five new positions – Hayward Holdings (HAYW), Teleflex (TFX), Simpson Manufacturing (SSD), FTI Consulting (FCN), and Flowco (FLOC).
We significantly reduced our holdings in Ducommun (DCO), Vishay Intertechnology (VSH), and Littelfuse (LFUS).
We sold our small position in Everus Construction (ECG).
In Q3, we added five new positions – Hayward Holdings (HAYW), Teleflex (TFX), Simpson Manufacturing (SSD), FTI Consulting (FCN), and Flowco (FLOC).
We made additional reductions to our technology holdings TD Synnex (SNX), Arrow Electronics (ARW), and Synaptics (SYNA) for similar reasons.
We made additional reductions to our technology holdings TD Synnex (SNX), Arrow Electronics (ARW), and Synaptics (SYNA) for similar reasons.
We made additional reductions to our technology holdings TD Synnex (SNX), Arrow Electronics (ARW), and Synaptics (SYNA) for similar reasons.
We significantly reduced our holdings in Ducommun (DCO), Vishay Intertechnology (VSH), and Littelfuse (LFUS).
In Q3, we added five new positions – Hayward Holdings (HAYW), Teleflex (TFX), Simpson Manufacturing (SSD), FTI Consulting (FCN), and Flowco (FLOC).
In Q3, we added five new positions – Hayward Holdings (HAYW), Teleflex (TFX), Simpson Manufacturing (SSD), FTI Consulting (FCN), and Flowco (FLOC).
In Q3, we added five new positions – Hayward Holdings (HAYW), Teleflex (TFX), Simpson Manufacturing (SSD), FTI Consulting (FCN), and Flowco (FLOC).
We significantly reduced our holdings in Ducommun (DCO), Vishay Intertechnology (VSH), and Littelfuse (LFUS).
We made significant reductions to our holdings in Fabrinet (FN), Vishay Intertechnology (VSH), and Synaptics (SYNA), all of which appreciated over the past year.
We made significant reductions to our holdings in Fabrinet (FN), Vishay Intertechnology (VSH), and Synaptics (SYNA), all of which appreciated over the past year.
We also trimmed our positions in Littelfuse (LFUS) and TD SYNNEX (SNX), both of which appreciated significantly during the quarter.
We made significant additions to our holdings in JBT Marel (JBTM) and UGI Corp. (UGI).
We made significant additions to our holdings in JBT Marel (JBTM) and UGI Corp. (UGI).
We made significant reductions to our holdings in Fabrinet (FN), Vishay Intertechnology (VSH), and Synaptics (SYNA), all of which appreciated over the past year.
Finally, CSG Systems (CSGS) was acquired by NEC on May 15 and was subsequently removed from the portfolio.
We also trimmed our positions in Littelfuse (LFUS) and TD SYNNEX (SNX), both of which appreciated significantly during the quarter.
Also held
Its investment theses
- Hayward HoldingsSep 2026Hayward Holdings makes residential pool equipment and is supported by an oligopolistic market, pricing power, and an attractive valuation.
- TeleflexSep 2026Teleflex makes medical consumables and is attractive after a turnaround that de-levered the business and refocused it on a stronger portfolio.
- Simpson ManufacturingSep 2026Simpson Manufacturing sells construction fastening products and is viewed as a long-term compounder with strong market share gains and expansion opportunities.
- FTI ConsultingSep 2026FTI Consulting provides high-value advisory services, with resilient core franchises, strong leadership, and stock buybacks at an attractive valuation.
- FlowcoSep 2026Flowco supplies differentiated oilfield equipment, with exposure to ongoing production, improving rig activity, strong growth, and solid returns on capital.
- The Bank of N.T. Butterfield & SonJun 2026The Bank of N.T. Butterfield & Son is a Caribbean banking franchise with attractive ROE, a value-accretive acquisition, and a well-run operating profile.
- UnitilJun 2026Unitil is a diversified utility with attractive regulatory markets, a history of rate-base to earnings conversion, and steady EPS growth potential.
- UGI Corp.Jun 2026UGI is a regulated gas utility and energy infrastructure business, and the fund likes management’s repositioning and modest valuation.
- TD SynnexMar 2026TD Synnex is a well-run global IT distributor with scale advantages, diversification into higher-value services, and attractive earnings growth at a modest valuation.
- FabrinetMar 2026Fabrinet is a niche optical networking contract manufacturer with strong growth, expanding margins, data center tailwinds, and long-term compounder potential.