FPA Queens Road Small Cap Value Fund Exited Its Position in Treehouse Foods (THS)

Investment management company First Pacific Advisors recently released its “FPA Queens Road Small Cap Value Fund” third-quarter 2025 investor letter. A copy of the letter can be downloaded here. In the third quarter, the fund returned 7.46% compared to a 12.60% return for the Russell 2000 Value Index. In the first three quarters of 2025, the Fund returned 13.77%, compared to 9.04% for the index. As the firm’s focus is on a diligent, disciplined, and patient process, it expects the fund to outperform in down markets and trail in speculative markets. Additionally, you can check the fund’s top 5 holdings to determine its best picks for 2025.

In its third-quarter 2025 investor letter, the FPA Queens Road Small Cap Value Fund highlighted stocks such as TreeHouse Foods, Inc. (NYSE:THS). TreeHouse Foods, Inc. (NYSE:THS) is a packaged food company that engages in the manufacturing and distribution of private brand snacks and beverages. The one-month return of TreeHouse Foods, Inc. (NYSE:THS) was 22.80%, and its shares lost 32.66% of their value over the last 52 weeks. On November 21, 2025, TreeHouse Foods, Inc. (NYSE:THS) stock closed at $23.59 per share, with a market capitalization of $1.191 billion.

FPA Queens Road Small Cap Value Fund stated the following regarding TreeHouse Foods, Inc. (NYSE:THS) in its third quarter 2025 investor letter:

“TreeHouse Foods, Inc. (NYSE:THS) manufactures private label packaged foods, mostly for grocery chains. The company makes everything from crackers to broths to pickles to cheese. Treehouse never found its footing after levering up for the acquisition of ConAgra’s private label business in 2016, and growth and margins have been inconsistent ever since. Over the last year, continued supply chain and operational issues have weighed on the company’s profitability and stock price. THS was a relatively small position in the Fund and we have fully exited of third quarter.”

In another article, we covered TreeHouse Foods, Inc. (NYSE:THS) and shared FPA Queens Road Small Cap Value Fund’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q3 2025 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.