December 17, 2012

MarketWatch comments on FPA International Value Fund

The MarketWatch 'Outside the Box' column recommends FPA International Value [FPIVX] ("Brace yourself for meager U.S. stock returns," by John Coumarianos). See the last section of the story here.

Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. This data represents past performance and investors should understand that investment returns and principal values fluctuate, so that when you redeem your investment it may be worth more or less than its original cost. Current month-end performance data may be obtained by calling toll-free, 1-800-982-4372.

Sales charges vary depending on levels of investment.  A redemption fee of 2.00% will be imposed on redemptions of shares within 90 days.  Expense ratio calculated as of most recent prospectus is 1.35% for the FPA International Value Fund and 1.25% for the FPA Crescent Fund.   As it relates to FPA International Fund, gross expense ratio before reimbursement from advisor was 16.64%.  The ratio has been capped at 1.35% until 4/30/13The performance returns for the FPA International Value Fund reflect fee waivers and expense reimbursements in effect. In absence of such waivers/reimbursements, the returns and percentile rankings would be reduced.  Please click here for standardized performance of FPA International Value Fund. Please click here for standardized performance of FPA Crescent Fund.  

The Prospectus details the Fund's objective and policies, sales charges, and other matters of interest to the prospective investor. Please read this Prospectus carefully before investing. The Prospectus may be obtained by visiting the website at, by email at, toll-free by calling 1-800-982-4372 or by contacting the Fund in writing.

Investments in mutual funds carry risks and investors may lose principal value.  Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments.  Certain funds may purchase foreign securities, including American Depository Receipts (ADRs) and other depository receipts, which are subject to interest rate, currency exchange rate, economic and political risks; this may be enhanced when investing in emerging markets. Small and mid cap stocks involve greater risks and they can fluctuate in price more than larger company stocks. 

The return of principal in a bond fund is not guaranteed. Bond funds have the same issuer, interest rate, inflation and credit risks that are associated with underlying bonds owned by the fund.  Lower rated bonds, callable bonds and other types of debt obligations involve greater risks.  Mortgage securities and asset backed securities are subject to prepayment risk and the risk of default on the underlying mortgages or other assets; derivatives may increase volatility.   

Click here to view holdings from the most recent quarter end in the FPA International Value Fund.  Portfolio composition will change due to ongoing management of the funds. References to individual securities are for informational purposes only and should not be construed as recommendations by the Funds, Advisor or Distributor.

The MSCI ACWI ex-USA Index is a float-adjusted market capitalization index that is designed to measure the combined equity market performance of developed and emerging market countries excluding the United States.

FPA International Value Fund: The Morningstar percentile ranking for the FPA International Value Fund was derived using the total return associated with its 1-year period as of 12/3/2012. The Fund’s Morningstar percentile ranking was 1% for the 1-year (1/391) period when compared against the Morningstar Foreign Large Value Category. 

The discussions of Fund investments and other opinions represent the views of a third party. These views may not be relied upon as investment advice or as an indication of trading intent on behalf of any First Pacific Advisors portfolio.

FPA Funds are distributed by UMB Distribution Services, Inc.