|
Process
and Performance
Philosophy
The Small/Mid Cap Quality Value team believes that the best
way to produce substantial returns is to buy superior businesses
at cheap prices and hold on to them for the long term.
We define superior businesses as:
Investment
Process Overview
Performance
History
|
Year |
FPA
Small/Mid
Quality Value |
Russell
2500
Index |
|
1996 (Q3
& Q4) |
12.01% |
7.96% |
|
1997 |
26.22% |
24.36% |
|
1998 |
6.57% |
0.38% |
|
1999 |
24.36% |
24.15% |
|
2000 |
10.73% |
4.26% |
|
2001 |
25.43% |
1.22% |
|
2002 |
-14.66% |
-17.80% |
|
2003 |
44.84% |
45.51% |
|
2004 |
18.95% |
18.29% |
|
2005
(Thru 3Q) |
9.61% |
6.19% |
|
Annualized
as of September 30, 2005
|
|
3
Years |
25.25% |
24.91% |
|
5
Years |
17.36% |
7.94% |
|
7
Years |
16.92% |
11.17% |
|
