FPA International Value Fund: Case Study On UK Manufacturer

Ryan Leggio on FPA Internation Value Fund 3Q conference call. Also see: FPA New Income: Decline In Mortgage Debt Eclipsed By Increase In Other Types Of Consumer Credit

Ryan : Good afternoon, and thank you for joining us today. We would like to welcome you to the third quarter 2013 webcast for the FPA International Value Fund. My name is Ryan Leggio, and I’m a Vice President here at FPA. The audio and visual replay of today’s webcast will be made available on our website, fpafunds.com.

I’d like to update everyone in terms of our non-diversification proposal, which we discussed on our last webcast. And as a reminder, the Fund was registered as a diversified investment company, and we believed the diversification requirements impaired our ability to weight individual holdings according to their relative discounts to intrinsic value. I’m happy to report that we are now a non-diversified investment company and that 98% of the shares that voted voted in favor. And we thank all of our shareholders very much for that.

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I’d secondly like to update everyone on the Fund’s expense ratio. As of yesterday’s close, the Fund is now around $200 million in assets. We expect that, if the Fund maintains its current asset level, the total expense ratio for the Fund should come in under the expense ratio cap of 1.32% on a going-forward basis. So again we’re really excited about that, and please stay tuned for that going forward.

At this time, it is my pleasure to introduce Pierre Py. Over to you, Pierre.

Pierre: Thank you, Ryan, for your introduction, and thank you all for taking the time to be on the call today. Before we go over the quarterly review, I’d like to take a minute to thank our board and our shareholders for supporting the recommendation to register the Fund as a non-diversified investment company.

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FPA International Value Fund Conference Call