- ISIN
- US30254T7182
- CUSIP
- 30254T718
- Issuer
- FPA
- Inception Date
- Dec 30, 2018
- Category
- Nontraditional Bonds
- Min. Investment
- $100,000
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
FPFIX Performance Chart
FPA Flexible Fixed Income Fund (FPFIX) is down 0.1% since the beginning of the year. FPFIX is currently trading at $10 per share. Investors who bought $1,000 worth of FPFIX shares 5 years ago would now be looking at an investment worth $1,187.
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Returns By Period
FPA Flexible Fixed Income Fund (FPFIX) has returned -0.11% so far this year and 3.56% over the past 12 months.
FPA Flexible Fixed Income Fund
- 1D
- 0.20%
- 1M
- 0.41%
- YTD
- -0.11%
- 6M
- -0.01%
- 1Y
- 3.56%
- 3Y*
- 5.70%
- 5Y*
- 3.48%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.15%
- 1Y
- 24.03%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
FPFIX Monthly Returns History
Based on dividend-adjusted daily data since Jan 2, 2019, FPFIX's average daily return is +0.01%, while the average monthly return is +0.30%. At this rate, an investment would double in approximately 19.3 years.
Historically, 71% of months were positive and 29% were negative. The best month was Dec 2023 with a return of +2.1%, while the worst month was Mar 2020 at -2.7%. The longest winning streak lasted 18 consecutive months, and the longest losing streak was 6 months.
On a daily basis, FPFIX closed higher 34% of trading days. The best single day was Aug 2, 2024 with a return of +0.8%, while the worst single day was Mar 18, 2020 at -0.8%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.32% | 1.10% | -1.53% | 0.21% | -0.08% | -0.10% | -0.11% | ||||||
| 2025 | 0.67% | 1.33% | 0.00% | 0.82% | -0.17% | 1.10% | -0.17% | 1.38% | 0.49% | 0.44% | 0.67% | 0.11% | 6.87% |
| 2024 | 0.63% | -0.17% | 0.70% | -0.90% | 1.31% | 0.79% | 1.68% | 1.08% | 1.06% | -1.38% | 0.77% | -0.38% | 5.28% |
| 2023 | 1.82% | -0.14% | 0.58% | 0.10% | 0.30% | 0.40% | 0.51% | 0.74% | -0.06% | -0.41% | 1.89% | 2.14% | 8.11% |
| 2022 | -0.19% | -0.46% | -0.82% | -0.52% | -0.20% | -0.70% | 0.63% | -0.24% | -0.95% | -0.52% | 0.86% | 0.27% | -2.82% |
| 2021 | 0.49% | 0.17% | 0.08% | 0.28% | 0.18% | 0.08% | 0.08% | 0.16% | 0.05% | -0.05% | 0.14% | 0.10% | 1.77% |
Benchmark Metrics
FPA Flexible Fixed Income Fund has an annualized alpha of 3.60%, beta of 0.00, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since January 02, 2019.
- This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (9.81%) than losses (2.10%) - typical of diversified or defensive assets.
- Beta of 0.00 may look defensive, but with R2 of 0.00 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
- R2 of 0.00 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 3.60%
- Beta
- 0.00
- R²
- 0.00
- Upside Capture
- 9.81%
- Downside Capture
- 2.10%
Expense Ratio
FPFIX has an expense ratio of 0.51%, placing it in the medium range.
Return for Risk
Risk / Return Rank
FPFIX ranks 29 for risk / return — below 29% of mutual funds on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for FPA Flexible Fixed Income Fund (FPFIX) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| FPFIX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.51 | ||
| Sortino ratioReturn per unit of downside risk | -0.52 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.37 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.76 | 2.78 | -1.03 |
| Martin ratioReturn relative to average drawdown | 4.63 | 12.44 | -7.81 |
Dividends
Dividend History
FPA Flexible Fixed Income Fund provided a 3.74% dividend yield over the last twelve months, with an annual payout of $0.38 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend | $0.38 | $0.39 | $0.48 | $0.40 | $0.28 | $0.23 | $0.31 | $0.25 |
Dividend yield | 3.74% | 3.78% | 4.76% | 3.95% | 2.92% | 2.26% | 3.00% | 2.42% |
Monthly Dividends
The table displays the monthly dividend distributions for FPA Flexible Fixed Income Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.03 | $0.03 | $0.00 | $0.03 | $0.03 | $0.00 | $0.13 | ||||||
| 2025 | $0.04 | $0.03 | $0.00 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.04 | $0.04 | $0.05 | $0.39 |
| 2024 | $0.02 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.06 | $0.48 |
| 2023 | $0.04 | $0.04 | $0.04 | $0.00 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.00 | $0.04 | $0.04 | $0.40 |
| 2022 | $0.02 | $0.01 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.03 | $0.03 | $0.03 | $0.03 | $0.04 | $0.28 |
| 2021 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.01 | $0.04 | $0.23 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the FPA Flexible Fixed Income Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the FPA Flexible Fixed Income Fund was 4.11%, occurring on Nov 3, 2022. Recovery took 153 trading sessions.
The current FPA Flexible Fixed Income Fund drawdown is 1.51%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -4.11%Nov 2022 | 10mo 4d | 7mo 14d | 1y 5moJan 2022 - Jun 2023 |
COVID crash2020 | -3.80%Mar 2020 | 19d | 3mo | 3mo 19dMar 2020 - Jun 2020 |
2026 pullback2026 | -2.10%May 2026 | 2mo 18d | — | 3mo 24dMar 2026 - now |
2024 pullback2024 | -1.87%Nov 2024 | 1mo 20d | 3mo 20d | 5mo 10dSep 2024 - Feb 2025 |
2025 selloff2025 | -1.36%Apr 2025 | 4d | 18d | 22dApr 2025 - Apr 2025 |
Drawdown Indicators
| FPFIX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.11% | -56.78% | +52.67% |
Max Drawdown (1Y)Largest decline over 1 year | -2.10% | -9.10% | +7.00% |
Max Drawdown (3Y)Largest decline over 3 years | -2.10% | -18.90% | +16.80% |
Max Drawdown (5Y)Largest decline over 5 years | -4.11% | -25.43% | +21.32% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -1.51% | -1.80% | +0.29% |
Average DrawdownAverage peak-to-trough decline | -0.60% | -10.71% | +10.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 2.03% | -1.24% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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