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FPA Queens Road Small Cap Value Fund’s Q2 2026 Investor Letter

Investment management company First Pacific Advisors recently released its “FPA Queens Road Small Cap Value Fund” second-quarter 2026 investor letter.  The Fund returned 27.02% in the first half of 2026, outperforming the Russell 2000 Value Index’s 22.99% gain and the S&P 600 Index’s 23.90% return. Small-cap earnings growth also began accelerating relative to large caps, while the small-cap technology sector surged nearly 100% in 26H1. The fund’s technology holdings gained...