Gregory Nathan has served as the primary portfolio manager for FPA U.S. Core Equity Fund since September 2015. The fund operates under the management of First Pacific Advisors, LP, an independent investment management firm with over 70 years of history managing approximately $32 billion in assets. FPA employs 22 investment professionals across 10 strategies and maintains a disciplined value investing approach. The firm is characterized by over $100 million invested alongside clients by employees and 100% of firm assets in funds with 20+ year track records. FPA measures success by long-term returns generated for investors rather than assets under management growth, emphasizing superior risk-adjusted returns through capital preservation and patient, prudent decision-making.

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The Fund's primary investment objective is long-term growth of capital with current income as a secondary consideration. The fund seeks to generate returns in excess of the S&P 500 Index over full market cycles. Under normal circumstances, the portfolio manager invests at least 80% of net assets in equity securities of U.S. companies, emphasizing high-quality businesses with characteristics such as high barriers to entry, low rivalry, and manageable supplier/customer power. The portfolio manager's primary measure of value is the price/earnings ratio, seeking companies undervalued relative to their long-term earnings power and intrinsic value. The fund primarily targets companies with market capitalizations above $2 billion and maintains flexibility to invest up to 20% of net assets in non-U.S. securities, primarily in developed countries.

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