These are FPA Queens Road Small Cap Value Fund's own holdings, not the firm's. Percentages are of the stock positions in its latest filing — the fund's cash and bonds are not included. This fund buys shares of small U.S. companies — names whose prices have fallen out of favor, or that the wider market has simply overlooked — and looks for quality businesses selling for less than they are worth. The approach is old-school value investing in the mold of Benjamin Graham and David Dodd: managers scrutinize balance sheets, size up management teams, and hold a concentrated roster of companies they believe trade at a meaningful discount to intrinsic value. That narrow, research-driven brief sets it apart from the flexible go-anywhere portfolios that other funds in the same First Pacific Advisors family run; this one sticks strictly to small-cap stocks. The fund launched on June 13, 2002, under management by Bragg Financial Advisors, and Steven Scruggs, CFA, has run it since its first day. In November 2020 it moved into the First Pacific Advisors fold: FPA became the fund's investment adviser while Bragg transitioned to serving as its sub-adviser, and Scruggs stayed on to manage the portfolio through the handoff.
$937.97M
Period in review
FPA Queens Road Small Cap Value Fund opened a new position in Eplus Inc. and exited Equity Commonwealth, Knife River Corporation, Treehouse Foods, and Unifirst Corporation. It substantially increased Ugi Corporation and Rli Corp, while substantially trimming Fabrinet. The fund also added to New Jersey Resources, Ingles Markets, Agco Corp, Synaptics, Scholastic, and Graphic Packaging, and trimmed Interdigital, Science Applications International, Iac Inc., Vse Corporation, and Concentrix.
Full November 2025 recap →Stock Value
$937.97M
Positions
46
Top Position
UGI 5.2%
Top 10
38%