FPA ParamountFPRAX

Morningstar Rating

Fund Research and Analysis

by Christopher Davis

FPA Paramount's portfolio is evolving, but fortunately its strategy hasn't.

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

Kudos

Management is experienced and has a fine record.

Large tax-loss carryforward shelters fund from taxable gains for years.

Below-average expenses. Read more

Risks

Highly concentrated portfolio courts stock-specific risk.

Fund is willing to build big stakes in individual sectors.

The fund's meandering about the Morningstar Style Box makes it a tougher fit for style purists. 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 or their own historical price multiples. Read more

Management

Eric Ende and Steve Geist have been at the helm since March 2000. They have built a fine record at FPA Perennial, which Ende has led since 1995 and Geist has comanaged since 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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