Home Value Investing FPA Paramount Fund Explains Their Investment Process

FPA Paramount Fund Explains Their Investment Process

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Ryan Leggio on FPA Paramount Fund Q3 call. Also see: Steve Romick Slashes Net Exposure As Stocks Soar On PE Inflation

Ryan: Good afternoon, everyone, and thank you for joining us today. We would like to welcome you to the Third Quarter 2013 Webcast for the FPA Global Value Strategy, which includes the FPA Paramount 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.

At this time it is my pleasure to introduce Greg Herr. Greg, over to you.

Greg: Okay, thank you, Ryan. Thanks very much to everyone for listening today. We thought we would begin by talking about the history of the Strategy and how it’s evolved over the time that we’ve worked together. And as a brief background, I joined FPA in 2007 directly from Vontonbel Asset Management where I was a member of the U.S. and Global Equity Teams. Prior to that, I had worked at Sanford Bernstein and Bankers Trust.

So turning back to our history of the Strategy, in May 2011 FPA announced that the Fund, the Paramount Fund would expand from a domestic to a more global focus. As part of the change, I became a Global PM. Shortly after that, Pierre joined FPA to launch the International Value Strategy and also become co-PM of Paramount. He brought strong international experience, having worked for most of the last decade as a key member of the International Team at Harris Associates.

Over the last two years, the two of us have worked closely together, and during that time we recognized that our thinking as investors is highly compatible, we work together well as a team, and that our investment philosophy is fundamentally the same. We search for high-quality businesses. By that, we mean superior and sustainable fundamentals—companies that are financially strong and also well managed. Then we want them to be selling at meaningful discounts to our estimate of their intrinsic value.

FPA Paramount Fund Conference call slides

FPA Paramount Fund Audio


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