FPA
FPA Queens Road Small Cap Value Fund
Small-cap Value
Sep 2025 → Jun 2026
Our archive holds 3 letters from this strategy, behind 5 investment theses and positions in 10 companies. Every quote below is copied verbatim from the letter it came from.
3 letters in 2 years — follow all of FPA for every strategy.
What it bought and sold
- TrimmedSynapticsJun 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.
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).
- TrimmedVishay IntertechnologyJun 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.
- ExitedCSG SystemsJun 2026
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.
Its investment theses
- 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.