LongPFENov 2026
Pfizer Inc.
Pfizer was among the fund’s best quarterly contributors as investors began to look through the decline in pandemic-related sales. Its COVID-related revenue had fallen from…
FPA Queens Road Value Fund
Active US equity value strategy emphasizing sound balance sheets, capable management, durable competitive positions and reasonable valuations through full market cycles.5 published ideas
FPA Queens Road Value Fund is a value-oriented equity mutual fund with a history dating to June 2002. Portfolio manager Steve Scruggs, CFA, focuses on balance-sheet strength, management quality, durability of industry positions and valuation discipline. The fund can maintain cash when opportunities are less attractive, and its quarterly commentary compares performance with the S&P 500 Value Index.
Ideas from FPA Queens Road Value Fund
LongAMPNov 2026
Ameriprise Financial, Inc.
Ameriprise Financial was a leading quarterly contributor following strong results that showed approximately 12% top-line growth. In late September, the board authorized an…
LongDHRNov 2026
Danaher Corporation
Danaher is presented as a recovering health-care holding as the bioprocessing and diagnostics franchises continue improving. Subsequent to quarter-end, the company reported 5.5%…
LongINTCNov 2026
Intel Corporation
Intel remains a significant holding despite a roughly 14% quarterly share-price decline following earlier gains. The managers acknowledge management’s assertion that…
LongCSCONov 2026
Cisco Systems, Inc.
Cisco reported record fiscal fourth-quarter revenue of $17.3 billion, an 18% increase, providing evidence of solid underlying sales momentum. However, the stock slipped as gross…
Letters covered
- FPA Queens Road Value Fund – 3Q 2026 CommentaryNovember 2, 2026
Source PDFs are not republished here; only extracted ideas and quotes.