A well-planned and executed mid-2022 comanager departure reaffirmed our confidence in FPA New Income’s standout team and rigorous approach. Abhijeet Patwardhan became the sole manager of this strategy in the middle of 2022, at which point longtime comanager Tom Atteberry stepped away to become a senior advisor with no portfolio management responsibilities. The firm had announced Atteberry’s intentions a year earlier and had been preparing his successor for the role since Patwardhan became a comanager in November 2015. Given the long preparation and our exposure to Patwardhan as a comanager over several years, we continue to believe shareholders are in good hands.
FPA New Income - Institutional FPNIX
- NAV / 1-Day Return 9.79 / +0.31 %
- Total Assets 8.4 Bil
-
Adj. Expense Ratio
- Expense Ratio 0.450%
- Distribution Fee Level Below Average
- Share Class Type No Load
- Category Short-Term Bond
- Credit Quality / Interest Rate Sensitivity High/Limited
- Min. Initial Investment 1,500
- Status Open
- TTM Yield 4.31%
- Effective Duration 3.04 years
USD | NAV as of Jul 05, 2024 | 1-Day Return as of Jul 05, 2024, 10:14 PM GMT+0
Morningstar’s Analysis FPNIX
Will FPNIX outperform in future?
Get our overall rating based on a fundamental assessment of the pillars below.
People Pillar
Parent Pillar
- Current Portfolio Date
- Equity Holdings —
- Bond Holdings —
- Other Holdings —
- % Assets in Top 10 Holdings 15.2
Top 10 Holdings
|
% Portfolio Weight
|
Market Value USD
|
Sector
|
---|---|---|---|
United States Treasury Notes 4% | 4.66 | 396.7 Mil | Government |
United States Treasury Bills 5.1575% | 4.26 | 362.8 Mil | Government |
Fnma Pass-Thru I 1% | 1.52 | 129.1 Mil | Securitized |
Fortress Credit Investments IV Limited 7.1256% | 1.39 | 118.5 Mil | Securitized |
United States Treasury Notes 4.625% | 1.28 | 108.8 Mil | Government |
Morgan Stanley Instl Lqudty Trs Instl | 1.20 | 102.3 Mil | Cash and Equivalents |
United States Treasury Notes 4.25% | 1.12 | 95.4 Mil | Government |
Fnma Pass-Thru I 1.5% | 1.10 | 93.9 Mil | Securitized |
Federal National Mortgage Association 1.5% | 1.10 | 93.8 Mil | Securitized |
GOLUB CAPITAL PARTNERS ABS FUNDING LLC 2.9436% | 1.03 | 88.0 Mil | Securitized |