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.
$1.03B
Period in review
FPA Queens Road Small Cap Value Fund opened new positions in Terex Corporation and First American Financial Corporation, while exiting Deckers Outdoor, Qorvo, Rev Group, Vse Corporation. The fund substantially increased its stakes in Sprouts Farmers Market and Eplus, and moderately added to New Jersey Resources, Upbound Group, and Five Star Bancorp. It trimmed Interdigital, CSG Systems International, and Everus Construction Group, with the latter reduced substantially.
Full February 2026 recap →Stock Value
$1.03B
Positions
44
Top Position
RLI 4.5%
Top 10
37%