Investors in Los Angeles–based FPA funds will be glad to hear that effective April 1, all of the FPA Funds will be available as no-load funds.
The change will only affect FPA Capital Fund [FPPTX], FPA New Income [FPNIX], FPA Paramount Fund [FPRAX] and FPA Perennial Fund [FPPFX], since these funds are currently structured as front-load mutual funds.
“After careful consideration and analysis, we believe this decision is in the best interests of all FPA Fund shareholders by creating a better alignment of the Funds’ structure with their needs,” stated Rich Atwood, Chief Operating Officer and one of FPA's Managing Partners.
“Most significantly, this change combined with our low $1,500 minimum removes costly barriers for smaller investors who choose to manage their own investments."
The firm managed some $22 billion in assets as of the end of January.