FPA, a US-based practitioner of value investing, has formed a new global value strategy. From its launch on September 1, 2013, the Strategy will be overseen by Gregory Herr and Pierre Py.
As part of the launch, the Board of Directors of FPA Paramount Fund has appointed this leadership team to manage the Fund under the new Strategy. Herr and Py have been co-portfolio managers of FPA Paramount Fund since May 2011 and September 2011, respectively.
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Gregory also serves as co-portfolio manager of FPA’s Small/Mid-Cap Quality Strategy, and Pierre also serves as portfolio manager of FPA’s International Value Strategy.
The FPA Global Value Strategy will seek to provide above-average capital appreciation over the long term while attempting to minimize the risk of capital losses by investing in well-run, financially robust, high-quality businesses around the world, in both developed and emerging markets.
Gregory and Pierre will employ a value investment philosophy that is consistent across FPA’s strategies — a focus on value, bottom-up analysis, and downside protection.
"We are excited about this new Strategy. We believe it also ensures FPA’s ability to continue to serve Paramount shareholders through the consistent application of our value-based philosophy," said Bob Rodriguez, FPA’s chief executive and managing partner. "Greg and Pierre are talented and experienced investors, and we are confident in their ability to achieve the Strategy’s stated goals over the long term."
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By GlobalDataJason Dempsey and Victor Liu, already members of the FPA International value strategy team, will join the global value strategy team as research analysts.
Under the new leadership, current positions in FPA Paramount Fund will be sized down or sold over time, in order to redeploy capital into investment opportunities the Global Value Team finds most compelling.
Some of these changes could occur over a short period of time and may likely result in the Fund paying significantly higher taxable distributions of capital gains than in prior years.
