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Post by chang on Jan 2, 2022 1:02:04 GMT
Picked this up from the latest MFO newsletter:
“FPA launched its first ETF, FPA Global Equity ETF, on December 17, 2021. Stephen Romick and his team lead the fund, and it uses the Contrarian Value Equity strategy that’s also embodied in FPA Crescent. The ETF charges 0.49% and, unlike Crescent, is committed to being more-or-less fully invested all the time.”
No ticker symbol mentioned. Sounds like a better option than FPACX.
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Post by chang on Jan 2, 2022 7:01:43 GMT
The ticker is FPAG. Some information and current holdings here: fpag.fpa.com/ |
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Post by anitya on Jan 2, 2022 9:04:17 GMT
I was curious and looked it up. Some stats I noticed are - 1 O&G midstream company - KMI and 4 HK listed companies: Tencent, Alibaba, Baidu, and Swire Pacific Ltd. It is a deep value Global equity fund. Currently less than $1.2M AUM - I do not recall such a low subscribed ETF launch from a recognized name - may be because the three managers own 0% of the ETF. From a quick look at fpa.com/ does not indicate they have an OEF clone. |
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Post by chang on Jan 2, 2022 9:36:35 GMT
The “OEF clone” is FPACX.
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Post by yogibearbull on Jan 2, 2022 12:03:06 GMT
An active ETF with limited daily portfolio disclosures.
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Post by anitya on Jan 2, 2022 19:34:54 GMT
The “OEF clone” is FPACX. FPACX is an allocation fund. |
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Post by chang on Jan 2, 2022 19:44:37 GMT
The “OEF clone” is FPACX. FPACX is an allocation fund. FPACX’s “allocation” is mainly stocks and cash, which has been one of its problems — an essentially permanent cash hoard, which inflates expenses. That’s why I used quotes “”. I believe it’s a near clone. |
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Post by anitya on Jan 2, 2022 20:05:30 GMT
FPACX is an allocation fund. FPACX’s “allocation” is mainly stocks and cash, which has been one of its problems — an essentially permanent cash hoard, which inflates expenses. That’s why I used quotes “”. I believe it’s a near clone. FPACX equity sleeve of 70% US 30% non-US (approximations based on M* portfolio page) does not reflect the FPA strategy mentioned in the prospectus. I am not passing any judgement on the future potential for either. Good luck. Edit: cross checked with fund site. Their info disclosure requires users to do more work than other funds require. It appears US is 63% of equity sleeve. |
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Post by chang on Jan 3, 2022 0:38:12 GMT
My inference is based on the management team(s) and what MFO said. There will no doubt be differences, but I expect they will be significantly similar. You have looked into it more closely than I have!
Edit: I’m not sure how much appetite I have for “deep value”. Although I suppose it will have its day in the sun again.
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