LongARWJul 2026
Arrow Electronics, Inc.
Arrow is the world's largest semiconductor distributor and benefits from scale, broad product availability and relatively stable competitive dynamics. Its products are…
FPA Queens Road Small Cap Value Fund
Fundamental small-cap value investing using a four-pillar process to identify high-quality companies at attractive valuations, with a long-term and downside-conscious orientation.$1.4B AUM14 published ideas
FPA Queens Road Small Cap Value Fund follows a bottom-up, benchmark-agnostic investment process focused on business quality and valuation. The team typically maintains low turnover, diversifies across companies, industries and sectors, and expects its conservative discipline to provide better downside protection while potentially lagging highly speculative markets.
Ideas from FPA Queens Road Small Cap Value Fund
LongVSHJul 2026
Vishay Intertechnology, Inc.
Vishay manufactures passive components and discrete semiconductors used across numerous industrial and electronic applications. New management began investing aggressively in…
LongLFUSJul 2026
Littelfuse, Inc.
Littelfuse manufactures niche electrical components including fuses, sensors, passive components and semiconductors across a broad collection of end markets. The business…
LongFNJul 2026
Fabrinet
Fabrinet is a leading contract manufacturer of complex optical-networking equipment and modules and dominates a specialized manufacturing niche. High-bandwidth products are…
LongVNTJul 2026
Vontier Corporation
Vontier was a new Q2 purchase and manufactures tanks, pumps and payment systems used primarily by gas stations and convenience stores. Since its 2021 separation from Fortive, the…
LongSNXJul 2026
TD SYNNEX Corporation
TD SYNNEX is the world's largest IT distributor and has expanded beyond traditional hardware into software, security, cloud licenses and services. The fund values the company's…
LongNTBJul 2026
The Bank of N.T. Butterfield & Son Limited
Butterfield owns attractive deposit and wealth-management franchises in the Caribbean financial centers of Bermuda and Cayman. The bank generates a strong return on equity while…
LongUTLJul 2026
Unitil Corporation
Unitil is a diversified regulated utility serving Maine, New Hampshire and northern Massachusetts. The fund considers these attractive regulatory jurisdictions and believes…
LongUGIJul 2026
UGI Corporation
UGI combines a regulated gas utility in Pennsylvania and West Virginia with pipelines and propane-distribution operations in the U.S. and Europe. Problems at AmeriGas previously…
LongSFMJul 2026
Sprouts Farmers Market, Inc.
Sprouts has strong operating margins, attractive returns on capital and favorable economics on newly opened stores. The fund trimmed aggressively when the valuation became…
LongRLIJul 2026
RLI Corp.
RLI is a specialty property-and-casualty insurer with a highly selective underwriting culture and exposure to numerous niche insurance markets. Its incentive structure and…
LongCNXCJul 2026
Concentrix Corporation
Concentrix is one of the world's largest customer-experience outsourcing providers and has evolved beyond call centers into technology-enabled business-process outsourcing. The…
LongGPKJul 2026
Graphic Packaging Holding Company
Graphic Packaging is a vertically integrated paper-packaging manufacturer with operations in the U.S. and Europe. Weak industry conditions, major cost overruns at its Waco…
LongUPBDJul 2026
Upbound Group, Inc.
Upbound serves subprime consumers through Rent-A-Center, Acima and the recently acquired Brigit platform. Its customers are under financial pressure, but the company's operating…
Letters covered
- FPA Queens Road Small Cap Value Fund 2Q 2026 CommentaryJuly 20, 2026
Source PDFs are not republished here; only extracted ideas and quotes.