Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
The FPA Queens Road Small Cap Value Fund lagged its benchmark in Q4 due to a highly speculative market environment, but outperformed for the full year 2025. Managers are utilizing substantial outflows from the small-cap value asset class to build and increase positions in overlooked, high-quality, and deeply discounted businesses.
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The FPA Queens Road Small Cap Value Fund lagged its benchmark in Q4 due to a highly speculative market environment, but outperformed for the full year 2025. Managers are utilizing substantial outflows from the small-cap value asset class to build and increase positions in overlooked, high-quality, and deeply discounted businesses.
