First Pacific Advisors (FPA)

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.

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

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

• Value investing
• Investment management
• Mutual funds
• Closed-end funds
• Asset management

Headquarters

HQ city

Los Angeles

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. 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.
2. 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

Go-to-market motion1 record

Distribution channels5 records

Marketing channels4 records

Core 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

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Broad 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

• LinkedInlinkedin.com/company/first-pacific-advisors

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about First Pacific Advisors (FPA)