FPA Queens Road Small Cap Value Fund’s Q3 2025 Investor Letter

Investment management company First Pacific Advisors recently released its “FPA Queens Road Small Cap Value Fund” third-quarter 2025 investor letter. 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.

A copy of FPA Queens Road Small Cap Value Fund’s Q3 2025 investor letter can be downloaded here.