FPA PerennialFPPFX

Morningstar Rating

Fund Research and Analysis

by Christopher Davis

FPA Perennial has more foreign flair, but it's the same great fund.

This usually homebound fund has broadened its reach. It has more invested overseas than anytime in its history, but its 11% international stake understates the extent of its foreign Read more

Kudos

Excellent long-term returns.

Experienced management.

Below-average expenses. Read more

Risks

Highly concentrated portfolio courts stock-specific risk.

Fund is willing to build big bets in individual sectors.

The fund's meanderings about the Morningstar Style Box make it tough for style purists to appreciate. Read more

Strategy

Managers Eric Ende and Steve Geist look for small and midsize companies with strong returns on capital and clean balance sheets trading at a discount to the market's or their own historical price multiples. Read more

Management

Eric Ende has been at the helm since September 1995. Geist joined him as comanager in August 1999. The pair took control of sibling FPA Paramount in March 2000. Read more

Inside Scoop

This fund keeps it simple. Management seeks out reasonably priced companies with strong balance sheets and high profitability. Industry concentration and a compact portfolio Read more

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