FPA Crescent Fund Team Named 2013 Morningstar U.S. Allocation Fund Manager of the Year

LOS ANGELES--()--FPA is pleased to announce that Morningstar has selected FPA Crescent Fund managers Steven Romick, Mark Landecker, and Brian Selmo for their 2013 U.S. Allocation Fund Manager of the Year award.

“We appreciate Morningstar honoring the efforts of our entire team in our 21st year by awarding us the Manager of the Year award. It reinforces our value-oriented philosophy and disciplined research process.” said Steven Romick, managing partner at FPA and portfolio manager of the FPA Crescent Fund.

This is the fourth time FPA portfolio managers have been named Morningstar Manager of the Year, putting FPA among three firms to have received this number of awards. In addition, Steven Romick was nominated for Morningstar’s Domestic-Stock Fund Manager of the Decade award in 2009.*

The FPA Crescent Fund (FPACX) seeks to generate equity-like returns over the long-term, take less risk than the market and avoid permanent impairment of capital.

Established in 1988, the Morningstar Fund Manager of the Year award recognizes portfolio managers who demonstrate excellent investment skill and the courage to differ from the consensus to benefit investors. To qualify for the award, managers' funds must have not only posted impressive returns for the year, but the managers also must have a record of delivering outstanding long-term risk-adjusted performance and of aligning their interests with shareholders'. Nominated funds must be Morningstar Medalists—a fund that has garnered a Morningstar Analyst Rating™ of Gold, Silver, or Bronze. The Fund Manager of the Year award winners are chosen based on Morningstar's proprietary research and in-depth qualitative evaluation by its fund analysts.

About FPA

FPA is a leading practitioner of value investing. Providing a prudent place to invest, the firm focuses on generating superior returns over the long-term, coupled with capital preservation. FPA fosters a culture that promotes high ethical standards.

Located in Los Angeles, California, FPA is independently owned, with 29 investment professionals and 73 employees in total. Currently, FPA manages $28 billion across five equity strategies and one fixed income strategy.

FPA's equity and fixed income styles are linked by a common fundamental value orientation. Our goal is to provide a consistent, risk-averse and disciplined approach to long-term investing in individual securities with the objective of achieving superior total returns for client portfolios.

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Analyst Ratings are subjective in nature and should not be used as the sole basis for investment decisions. Analyst Ratings are based on Morningstar’s current expectations about future events and therefore involve unknown risks and uncertainties that may cause Morningstar’s expectations not to occur or to differ significantly from what was expected. Morningstar does not represent its Analyst Ratings to be guarantees nor should they be viewed as an assessment of a fund’s or the fund’s underlying securities’ creditworthiness.

You should consider the Fund’s investment objectives, risks, and charges and expenses carefully before you invest. The Prospectus details the Fund's objective, policies, and other matters of interest to the prospective investor. Please read this Prospectus carefully before investing. The Prospectus may be obtained by visiting the website at www.fpafunds.com, by email at crm@fpafunds.com, toll-free by calling 1-800-982-4372 or by contacting the Fund in writing.

Investments in mutual funds carry risks and investors may lose principal value. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. The Fund may purchase foreign securities, including American Depository Receipts (ADRs) and other depository receipts, which are subject to interest rate, currency exchange rate, economic and political risks. Small and mid-cap stocks involve greater risks and they can fluctuate in price more than larger company stocks. Short-selling involves increased risks and transaction costs. You risk paying more for a security than you received from its sale.

The return of principal in a bond investment is not guaranteed. Bonds have issuer, interest rate, inflation and credit risks. Lower rated bonds, callable bonds and other types of debt obligations involve greater risks. Mortgage securities and asset backed securities are subject to prepayment risk and the risk of default on the underlying mortgages or other assets; derivatives may increase volatility.

*The Morningstar Fund Manager of the Decade award is based on risk-adjusted results over the past 10 years (2000-2009), and other considerations, including the strength of the manager, strategy, and stewardship.

Morningstar Inc.’s awards are based on qualitative evaluation and research, thus subjective in nature and should not be used as the sole basis for investment decisions. Morningstar’s awards are not guarantees of a fund’s future investment performance. Morningstar, Inc. does not sponsor, issue, sell, or promote any open-end mutual funds including the FPA Funds.

The FPA Funds are distributed by UMB Distribution

Contacts

Hewes Communications, Inc.
Tucker Hewes
212-207-9453
tucker@hewescomm.com

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Contacts

Hewes Communications, Inc.
Tucker Hewes
212-207-9453
tucker@hewescomm.com