Eric J. Bokota has resigned as co-portfolio manager of the FPA International Value Strategy (including the FPA International Value Fund, FPIVX), effective July 23.
Pierre O. Py will continue as PM FPA International Value Fund and will act as its sole manager going forward.
“It is with great difficulty that I have come to the decision to resign from my position as co-Portfolio Manager of the FPA International Value Fund,” stated Bokota. “At this time I am not able to dedicate the energy and attention that both my associates at FPA and fellow investors in the Fund deserve.” He added that he will maintain a “significant” investment in the fund.
“While I understand and support Eric’s decision to step down, I am saddened by his departure,” stated Py. “These are difficult, unforeseen circumstances. However, as we invest in a small number of companies with a long-term view and expect limited turnover, this will not impact our portfolio.”
The fund, which began trading in December 2011, is currently managing $8.11 million as of the end of June. It charges a management fee of 100 basis points.