Investment management company First Pacific Advisors recently released its “FPA Queens Road Small Cap Value Fund” Q3 2026 investor letter. A copy of the letter can be downloaded here. The Fund returned -7.62% in the third quarter of 2026, underperforming the Russell 2000 Value Index, which fell 4.91%. However, the Fund’s year-to-date return of 17.35% exceeded the benchmark’s 16.96%. Portfolio managers attributed the quarterly underperformance primarily to the Fund’s lack of...
