| Organizational
Background
Based in Los Angeles,
California, First Pacific Advisors, Inc. (FPA) was founded
in 1953. FPA served as the investment advisory subsidiary
of Angeles Corporation until 1991 when Old Mutual (US) Holdings,
(formerly United Asset Management Corporation) acquired FPA,
as an indirect wholly owned subsidiary. Old Mutual (US) Holdings
Inc. is a subsidiary of Old Mutual plc, an international financial
services company. FPA operates independently from Old Mutual
(US) Holdings Inc. and Old Mutual plc with no plans to make
changes in the strategy or investment philosophy. The firm
has been a registered investment advisor under the Investment
Advisors Act of 1940 since inception.
FPA is made up of 37 employees, 10 of which are investment
professionals. Today, the firm manages over $8.0 billion in
assets for their clients in three small/mid capitalization
equity styles and one intermediate fixed-income style. In
addition, FPA has a wholly owned subsidiary, FPA Fund Distributors,
Inc., a NASDAQ-registered broker-dealer which was established
in September 1991 solely for the purposes of administering
and distributing the four open-end funds under FPA management.
Distinctions
Experience - FPA,
including its predecessor firm, has been investing in value
stocks for over 31 years. The Small/Mid Cap Quality Value
team averages 17 years investment experience, 14 of which
have been at FPA.
Original Research - Bottom-up
stock selection, based upon developing a better understanding
of a company's management and business strategy than their
competitor money managers.
Conviction
- FPA capitalizes
on their best ideas with concentrated portfolios of 30-40
stocks and low turnover, averaging less than 25%.
Performance
- Over time, FPA
has exceeded its benchmark and ranks high in a competitive
universe.
Assets
Under Management
as of September 30, 2005
|
Small/Mid Cap Quality Value |
$1,478 mm |
|
Small/Mid Cap Absolute Value |
$4,1699 mm |
|
Other Equities |
$1,859 mm |
|
Total Equities |
$7,506 mm |
|
Core Plus
Fixed Income |
$2,311 mm |
|
Total Equities |
$9,817 mm |
|
 |
Biographies
Portfolio
Managers
Eric S. Ende, is a Senior
Vice President at FPA, having been with the firm since 1984.
Eric is the co-portfolio manager for the Small/Mid Cap Quality
Value product, which include separate accounts, Source Capital,
Inc., a closed-end investment company, FPA Perennial Fund,
Inc. and FPA Paramount Fund, Inc., open-end mutual funds.
Prior to joining FPA, Eric worked as an analyst for the J.
Paul Getty Trust, Occidental Petroleum, and The Ford Motor
Company. He earned a Bachelor's degree in History (Cum Laude)
from Yale College, a Master's degree in Modern History (with
Honors) from Oxford University, and an MBA from New York university.
Steven R. Geist,
CFA, joined FPA in 1992 and is a Vice President. Steve co-manages
the Small/Mid Cap Quality Value product, which include separate
accounts, Source Capital, Inc., a closed-end investment company,
FPA Perennial Fund, Inc. and FPA Paramount Fund, Inc., open-end
mutual funds. He also supports the research efforts for FPA's
Intermediate Fixed Income product. Previously, Steve worked
as a research associate at Joel Mogey Investment Counsel and
prior to that was an engineer for TRW. Steve received a Bachelor's
degree in Electrical Engineering (Magna Cum Laude) from New
York University, a Master's degree in Electrical Engineering
from Purdue University, and an MBA from the University of
California at Los Angeles.
Other
Investment Professionals
Robert L. Rodriguez, CFA,
is a Principal and Chief Executive Officer of FPA, joining
the firm in 1983. Bob heads up the portfolio management teams
for FPA's Small/Mid Cap Absolute Value product and its Intermediate
Fixed Income product. In addition, he manages the FPA Capital
Fund and FPA New Income, a bond fund. Prior to joining FPA,
Bob served as a Senior Portfolio Manager, Chairman's Department
of Kaufman & Broad, Inc., and Portfolio Manager at Transamerica
Investment Services, Inc. Bob earned a BS in Business Administration
(Magna Cum Laude) and an MBA, both from the University of
Southern California.
Dennis
M. Bryan, CFA, is a Vice President at FPA, having
joined the firm in 1993. Dennis is a Portfolio Manager and
Research Analyst on the Small/Mid Cap Absolute Value product.
Prior to joining the firm, he was a Financial Analyst with
the McLellan Group and an Investment Analyst at Kemper Securities
Group. Dennis earned a BS in Economics/Finance from California
Polytechnic University in Pomona, and an MBA from the University
of Southern California.
Rikard
Ekstrand, joined FPA in early 1999 as a Vice President.
Rik serves as a Portfolio Manager and Analyst for the Small/Mid
Cap Absolute Value product. Before joining the firm, he was
a Global Equity Team Member at Sanford Bernstein & Company,
Inc. and prior to that was a Portfolio Manager at Clemente
Capital, Inc. Rik earned a BS in Physical Chemistry (Summa
Cum Laude) from Lamar University, Texas, an MA in Physical
Chemistry at the University of Southern California and an
MBA from the University of Chicago.
Steven
Romick, CFA, is a Senior Vice President at FPA,
joining the firm in 1996. Steve serves as a Portfolio Manager
for separate accounts, the FPA Crescent Fund and the FPA Multi-Advisor
Fund, L.P. He is also a Research analyst for both the Small/Mid
Cap Absolute Value and Intermediate Fixed Income products.
Prior to joining FPA, Steve was Chairman of Crescent Management
and a Consulting Security Analyst for Kaplan, Nathan &
Co. Steve earned a BS in Education from Northwestern University. |
