First Pacific Advisors (FPA)
First Pacific Advisors (FPA) is an independent, privately held investment manager founded in 1950 that runs contrarian value strategies across equity, fixed income, multi-asset, and alternative categories via mutual funds, ETFs, and the NYSE-listed Source Capital closed-end fund, serving financial advisors, institutional, individual, and non-U.S. investors.
- Company typePrivate
- Founded1950
- HeadquartersLos Angeles, United States
- Headcount101–250
- GTM typeB2B
- OfferingServices
What First Pacific Advisors (FPA) does
First Pacific Advisors, LP (FPA) is an independent, privately held investment management firm founded in 1950 and headquartered in Los Angeles. The firm operates a single business: managing value-focused investment portfolios across four strategy buckets — equity (global large-cap value, large-cap value, small-cap value), fixed income (short-term bond, nontraditional bond, short-duration government), multi-asset (global moderate allocation and moderate allocation), and alternatives (multi-manager private credit, multi-manager long-short equity). FPA's investment philosophy is contrarian and research-driven, emphasizing long time horizons, full market cycles, and capital preservation over scale.
FPA packages these strategies through three vehicle structures: open-end mutual funds (e.g., FPA Queens Road Small Cap Value Fund, FPA New Income Fund, FPA Crescent Fund), exchange-traded funds (FPA Global Equity ETF, FPA Short Duration Government ETF, FPA Global Allocation ETF), and a NYSE-listed closed-end fund (Source Capital, ticker SOR). Distribution is executed through Distribution Services, LLC for mutual funds and ETFs, UMB Fund Services for account access, and direct institutional relationships, with the firm explicitly segmenting its audience into financial advisors/RIAs, institutional investors, individual investors, and non-U.S. investors.
FPA generates revenue primarily through recurring management and advisory fees calculated as a percentage of assets under management across the fund lineup, with auxiliary economics from closed-end fund distributions (Source Capital pays $0.2083 per common share monthly). The firm deliberately limits AUM to protect performance, invests alongside its clients, and communicates an investor-first alignment thesis. Reported 2025 performance includes 7.36% (FPA New Income) and 13.36% (FPA Queens Road Small Cap Value, ahead of Russell 2000 Value at 12.59%), and the firm was nominated for the 2026 Morningstar US Award for Investing Excellence in the Exemplary Stewardship category.
First Pacific Advisors (FPA) firmographics
Firmographics- Name
- First Pacific Advisors (FPA)
- Legal name
- First Pacific Advisors, LP
- Website
- https://fpafunds.com
- Company type
- Private
- Founded year
- 1950
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- First Pacific Advisors (FPA) is an independent, privately held investment manager founded in 1950 that runs contrarian value strategies across equity, fixed income, multi-asset, and alternative categories via mutual funds, ETFs, and the NYSE-listed Source Capital closed-end fund, serving financial advisors, institutional, individual, and non-U.S. investors.
- Ownership category
- akta.pro rank
First Pacific Advisors (FPA) industry classification
Industry- Product category
- Investment Management
- NAICS
- Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Institutional Separate Accounts & SMAs (Mandates) (FSAAAGAL)
- akta.pro secondary industry
- Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions) (FSAAACAG)
Keywords
Where First Pacific Advisors (FPA) is headquartered
LocationHeadquarters
- HQ city
- Los Angeles
- HQ country
- United States
- HQ region
- North America
Markets served
First Pacific Advisors (FPA) business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Others
Revenue model
- Investment Management Fees: FPA generates revenue through management and advisory fees charged on its portfolio of funds including mutual funds, closed-end funds (Source Capital NYSE:SOR), and ETFs. Fees are calculated as a percentage of assets under management across equity, fixed income, multi-asset, and alternative strategies.
- Capital Gains Distribution: Closed-end funds like Source Capital distribute realized capital gains to shareholders on a regular monthly schedule ($0.2083 per share for June-August 2026).
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Source Capital closed-end fund distribution |
Go-to-market motion1 record
Distribution channels5 records
Marketing channels4 records
First Pacific Advisors (FPA) product offering
Product offeringCore offering
First Pacific Advisors (FPA) is an independent value-focused investment management firm that manages and advises on a suite of investment products including mutual funds, exchange-traded funds (ETFs), and closed-end funds across equity, fixed income, multi-asset, and alternative strategies. The firm generates revenue primarily through investment management and advisory fees calculated as a percentage of assets under management, with products distributed through Distribution Services, LLC, financial advisor networks, institutional direct relationships, and NYSE listing for Source Capital (SOR).
Product overview
First Pacific Advisors (FPA) offers a comprehensive suite of value-focused investment products consisting of mutual funds, exchange-traded funds (ETFs), and closed-end funds. The product lineup includes: equity offerings (FPA Global Equity ETF, FPA Queens Road Small Cap Value Fund, FPA Queens Road Value Fund), fixed income products (FPA New Income Fund, FPA Flexible Fixed Income Fund, FPA Short Duration Government ETF), and multi-asset allocation funds (FPA Crescent Fund, Source Capital, FPA Global Allocation ETF). The funds practice independent value investing with a disciplined, long-term approach, focusing on risk-adjusted returns and capital preservation.
Differentiator
Problem solved
Functional benefit
Products and services
- FPA Global Equity ETF A global large-stock value exchange-traded fund providing exposure to equity markets worldwide with a contrarian value investment approach, available to investors through ETF brokerage channels.
- FPA Queens Road Small Cap Value Fund A small-cap value mutual fund focusing on undervalued small companies with strong fundamentals, targeting long-term capital appreciation through rigorous fundamental analysis.
- FPA Queens Road Value Fund A large-cap value mutual fund investing in established companies with attractive valuations and strong competitive positions.
- FPA New Income Fund A short-term bond fund focused on high-quality, longer-duration bonds to provide income while managing credit risk amid varying market conditions.
- FPA Flexible Fixed Income Fund A nontraditional bond fund offering flexible fixed income allocation strategies with the ability to adapt to changing market environments.
- FPA Short Duration Government ETF A short government ETF focusing on short-duration U.S. government securities for capital preservation and liquidity.
- FPA Crescent Fund A global moderate allocation fund providing diversified exposure across equity and fixed income markets with a value-oriented approach.
- Source Capital A closed-end investment company listed on NYSE under symbol SOR, offering regular monthly distributions and moderate allocation investing.
- FPA Global Allocation ETF A global moderate allocation ETF providing diversified exposure across global equity and fixed income markets.
Quantifiable outcome
- FPA New Income Fund returned 7.36% for full-year 2025 and 1.15% in Q4 2025, outperforming in challenging fixed income environment with low spreads.
- +3 more outcomes
Companies that use First Pacific Advisors (FPA)
Customer profileNamed customers3 records
Segments4 records
Ideal customer profiles4 records
First Pacific Advisors (FPA) technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
First Pacific Advisors (FPA) partnerships and signals
Strategic signalScale indicators6 records
Recent moves6 records
Expansion highlights5 records
First Pacific Advisors (FPA) competitors and assessment
Company assessmentBroad incumbents
- GMO (Grantham, Mayo, Van Otterloo): GMO is a private, value-tilted global asset manager offering mutual funds, separate accounts, and alternatives. Directly comparable to FPA's value-oriented equity and multi-asset strategies and independent ownership structure.
- American Century Investments: American Century is a large, privately held asset manager offering value, growth, and multi-asset mutual funds and ETFs. Overlaps with FPA on value equity and multi-asset funds at greater scale and broader channel distribution.
- Artisan Partners: Artisan Partners is a publicly traded multi-boutique asset manager with multiple value-oriented teams and a broad product suite across asset classes. Comparable to FPA on multi-strategy active management, though larger and more diversified.
- Oaktree Capital Management: Oaktree is a large global investment manager specializing in alternative investments (credit, real estate, private equity). Listed alongside FPA as a co-investor in PHI Group, and its multi-manager private credit strategy overlaps with FPA's alternative offerings, though at much greater scale.
Direct peers
- Dodge & Cox: Dodge & Cox is a large, independent, employee-owned value-focused asset manager founded in 1930. Like FPA, it manages mutual funds and separate accounts with a long-tenured, research-driven value approach serving institutional and individual investors.
- Third Avenue Management: Third Avenue is a contrarian value-oriented asset manager offering mutual funds and separate accounts across value equity and credit strategies. Closely comparable to FPA in style and contrarian orientation, though smaller in scale.
- Ariel Investments: Ariel Investments is an independently owned value-oriented asset manager focused on small- and mid-cap U.S. equities. Closely comparable to FPA's Queens Road Small Cap Value strategy on fundamental, research-driven value approach.
- Tweedy, Browne Company: Tweedy, Browne is an independent value investing firm with a multi-decade track record focused on global and international value equities. Highly comparable to FPA in philosophy (deep value, contrarian), ownership structure (employee/partnership), and product mix (mutual funds).
- Longleaf Partners: Longleaf Partners (Southeastern Asset Management) is a value-oriented, concentrated asset manager offering mutual funds and limited partnerships. Directly comparable to FPA on concentrated, research-driven value investing for institutional and individual clients.
- Royce Investment Partners: Royce is a specialty small-cap value manager offering mutual funds and institutional accounts. Highly comparable to FPA's Queens Road Small Cap Value Fund on sub-asset class focus and fundamental research methodology.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
First Pacific Advisors (FPA) social profiles
Digital presenceFirst Pacific Advisors (FPA) financial estimates
Financial estimateRevenue estimate
Valuation estimate
First Pacific Advisors (FPA) leadership team
Management profileNumber of profiles
First Pacific Advisors (FPA) funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
First Pacific Advisors (FPA) M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about First Pacific Advisors (FPA)
What does First Pacific Advisors (FPA) do?
First Pacific Advisors (FPA) is an independent value-focused investment management firm that manages and advises on a suite of investment products including mutual funds, exchange-traded funds (ETFs), and closed-end funds across equity, fixed income, multi-asset, and alternative strategies. The firm generates revenue primarily through investment management and advisory fees calculated as a percentage of assets under management, with products distributed through Distribution Services, LLC, financial advisor networks, institutional direct relationships, and NYSE listing for Source Capital (SOR).
Is First Pacific Advisors (FPA) a public or private company?
First Pacific Advisors (FPA) is a private company. It is classified as management employee owned and is currently operating.
When was First Pacific Advisors (FPA) founded?
First Pacific Advisors (FPA) was founded in 1950. It employs 101 to 250 people.
Where is First Pacific Advisors (FPA) based?
First Pacific Advisors (FPA) is headquartered in Los Angeles, United States, in the North America region.
How does First Pacific Advisors (FPA) make money?
Two revenue lines are on record. Investment Management Fees are the primary driver. The others are capital Gains Distribution.
Who are First Pacific Advisors (FPA)'s main competitors?
Broad incumbents on record are GMO (Grantham, Mayo, Van Otterloo), American Century Investments, Artisan Partners and Oaktree Capital Management. Direct peers are Dodge & Cox, Third Avenue Management, Ariel Investments, Tweedy, Browne Company, Longleaf Partners and Royce Investment Partners.
Does First Pacific Advisors (FPA) have an API?
No public API is recorded for First Pacific Advisors (FPA).
What industry is First Pacific Advisors (FPA) in?
First Pacific Advisors (FPA)'s product category is Investment Management. Its primary akta.pro industry code is FSAAAGAL, Institutional Separate Accounts & SMAs (Mandates), with a secondary code of FSAAACAG, Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions). Its NAICS code is 523940 and its SIC code is 6282.