FPA Queens Road Small Cap Value Fund Institutional Class · NASDAQ:QRSIX
FPA Queens Road Small Cap Value Fund Institutional Class — FPA Queens Road Small Cap Value Fund — Investor Presentation (July 2026)
25 slides from FPA Queens Road Small Cap Value Fund Institutional Class's investor presentation, Jul 30, 2026
Slide 1: FPA Queens Road Small Cap Value Fund First Half 2026 Webcast Presentation
d s u n F A FPA Queens Road Small Cap Value Fund P First Half 2026 Webcast Presentation F Presented by: Steve Scruggs and Ben Mellman July 30, 2026 The FPA Funds are distributed by Distribution Services, LLC. Three Canal Plaza, Suite 100, Portland, ME 04101. Distribution Services, LLC, FPA, and the
Slide 2: FPA Investor Day – Los Angeles
FPA Investor Day – Los Angeles d s u n F A formal invitation with agenda and RSVP A details will be sent to all FPA Webcast P attendees. F 2
Slide 3: Complete Performance History
Complete Performance History s Average Annual Total Returns (%) As of June 30, 2026 Since d Inception 20 Yr 15 Yr 10 Yr 5 Yr 3 Yr 1 Yr YTD QTD FPA Queens Road Small Cap Value (QRSVX) 10.52 9.36 10.37 11.94 12.25 20.81 36.01 27.02 19.76 n Russell 2000 Value 9.12 7.98 9.97 10.89 8.23 18.73 43.01 22.99
Slide 4: First Half 2026 Summary - Performance
First Half 2026 Summary - Performance s ▪ The Fund outperformed its benchmark in the first half of 2026, returning 27.02% vs. 22.99% for the Russell 2000 Value Index. Small caps outperformed large caps with the SP500 up 10.21% d ▪ We outperformed in a strong market as a result of exceptionally stron
Slide 5: First Half 2026 Summary - Performance
First Half 2026 Summary - Performance s ▪ Small caps benefitted from strong earnings growth and low starting valuations.1 n d S&P 500/400/600 Forward Operating Earnings Per Share2 F u P A F 1 Source: https://www.yardeniquicktakes.com/us-market-call-is-irrational-exuberance-driving-femo/ 2 Source: LS
Slide 6: First Half 2026 Summary – Performance (%)
First Half 2026 Summary – Performance (%) s ▪ Information Technology performance was extreme for both the benchmark and the Fund d ▪ The remainder of the portfolio also performed well with appropriate dispersion and no big losers. n FPA Queens Road Small Cap Value Russell 2000 Value Index 26H1 Avg.
Slide 7: First Half 2026 Summary – Performance (%)
First Half 2026 Summary – Performance (%) s ▪ The tech stocks that were big winners for us in 26H1 are (very) long term holdings d ▪ These are not the high flying tech stocks that are discussed on MSNBC or that are valued based on total addressable market (TAM) n ▪ We have significantly trimmed thes
Slide 8: Information Technology – Long Term Holdings
Information Technology – Long Term Holdings s ▪ Vishay, TD Synnex, Arrow, Littelfuse and Synaptics all contributed more than 1% to performance d ▪ Fabrinet, TD Synnex and InterDigital were significant contributors in 2023, 2024 and 2025 n Total Return Year First u Ticker Purchased 26H1 2025 2020 - 2
Slide 9: Information Technology – Components
Information Technology – Components s ▪ Vishay, TD Synnex, Arrow, Littelfuse and Synaptics all contributed more than 1% to performance d ▪ Fabrinet, TD Synnex and InterDigital were significant contributors in 2023, 2024 and 2025 n Total Return Year First u Ticker Purchased 26H1 2025 2020 - 2024 Comp
Slide 10: Information Technology – Corporate IT Spend
Information Technology – Corporate IT Spend s ▪ Vishay, TD Synnex, Arrow, Littelfuse and Synaptics all contributed more than 1% to performance d ▪ Fabrinet, TD Synnex and InterDigital were significant contributors in 2023, 2024 and 2025 n Total Return Year First u Ticker Purchased 26H1 2025 2020 - 2
Slide 11: Information Technology – AI Exposure
Information Technology – AI Exposure s ▪ Vishay, TD Synnex, Arrow, Littelfuse and Synaptics all contributed more than 1% to performance d ▪ Fabrinet, TD Synnex and InterDigital were significant contributors in 2023, 2024 and 2025 n Total Return Year First u Ticker Purchased 26H1 2025 2020 - 2024 Com
Slide 12: Information Technology – Other
Information Technology – Other s ▪ Vishay, TD Synnex, Arrow, Littelfuse and Synaptics all contributed more than 1% to performance d ▪ Fabrinet, TD Synnex and InterDigital were significant contributors in 2023, 2024 and 2025 n Total Return Year First u Ticker Purchased 26H1 2025 2020 - 2024 Component
Slide 13: 26H1 Summary - Portfolio
26H1 Summary - Portfolio s ▪ Turnover slightly elevated d ▪ New: First American Financial (FAF), Dorman Products (DORM), Vontier (VNT), Bank of N.T. Butterfield (NTB) and Unitil (UTL) n ▪ Significant Additions: JBT Marel (JBTM), UGI Corp (UGI) and ePlus (PLUS)1 ▪ Sold: Qorvo (QRVO), VSE Corp (VSE) a
Slide 14: 26H1 Operational Updates
26H1 Operational Updates s ▪ Liquidity trades using a portfolio rebalancing tool allow us to use a redemption in kind mechanism similar to ETFs. This allows us to minimize market impact on our turnover. Secondary effect of d enhancing tax efficiency. Year to date (through July 28, 2026), we disposed
Slide 15: Portfolio Characteristics
Portfolio Characteristics s Characteristics Queens Road Small Russell 2000 Our Profile d Cap Value Fund Value Index Number of Holdings 47 1,406 • High Quality Investments n Active Share (%) 95.85 -- Annualized Turnover (5 Yr, %) 10.31 -- • At a Discount to the Index Wtd. Avg. Market Cap ($B) 6.16 2.
Slide 16: 5-year Rolling Returns by Market Type Since Inception
5-year Rolling Returns by Market Type Since Inception s Down Market Normal Market Robust Market 30% d Small Cap Value (Net) FPA Queens Road 20% n 10% u 0% F -10% -10% -5% 0% 5% 10% 15% 20% 25% 30% Russell 2000 Value A Russell 2000 Value 5-year Avg. Return P Down Market Normal Market Robust Market Be
Slide 17: Downside Mitigation – Historically Less Risk
Downside Mitigation – Historically Less Risk s All 20% or Larger Russell 2000 Value Index Drawdowns Since Fund Inception (%) n d Jun-02 to Jun-07 to Jun-15 to Aug-18 to Nov-21 to Nov-24 to Oct-02 Mar-09 Feb-16 Mar-20 Oct-23 Apr-25 Average u FPA Queens Road Small Cap Value -16.70 -50.69 -10.17 -26.74
Slide 18: Performance Since Inception
Performance Since Inception s FPA Queens Road Small Cap Value Fund & Russell 2000 Value: Growth of $10,0001 d $120,000 FPA Queens n Road Small Cap Value Fund $100,000 $110,548.95 u Russell 2000 $80,000 Value Index F $81,585.40 $60,000 A $40,000 P $20,000 F $0 1The chart illustrates the performance o
Slide 19: Question & Answer
d s u n F Question & Answer P A F 19
Slide 20: Appendix
d s u n Appendix F P A F 20
Slide 21: Holdings as of June 30, 2026 (%)
Holdings as of June 30, 2026 (%) s Communication Services 3.2 Health Care 0.0 Materials 0.3 Scholastic 2.0 Graphic Packaging Holding 0.3 People 1.1 Industrials 15.9 d JBT Marel 3.0 Real Estate 0.0 Consumer Discretionary 11.4 Oshkosh 2.5 Dorman Products 2.5 MSC Industrial Direct 2.2 Utilities 9.9 n P
Slide 22: Top and Bottom Contributors (%)
Top and Bottom Contributors (%) s Top 5 Performance Percent of Bottom 5 Performance Percent of Contribution Portfolio Contribution Portfolio d TTM 5.89 2.9 n Vishay Intertechnology Sprouts Farmers Market -1.08 1.7 TD Synnex 3.82 4.3 RLI -0.45 3.6 Fabrinet 2.48 2.9 Concentrix u -0.39 0.5 Littelfuse 2
Slide 23: Important Disclosures
Important Disclosures s These slides are intended as supplemental material to the First Half 2026 FPA Queens Road Small Cap Value Fund (“Fund”) audio presentation and transcript that will be or is posted on FPA's website at fpa.com. This presentation is for informational and discussion purposes only
Slide 24: Important Disclosures (Continued)
Important Disclosures (Continued) s Investments, including mutual fund investments, carry risks and investors may lose principal value. Capital markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Small and mid-cap
Slide 25: Important Disclosures (Continued)
Important Disclosures (Continued) s Glossary of Terms (Continued) Downside Capture is a statistical measure of an investment manager's overall performance in down-markets. It is used to evaluate how well an investment manager performed relative to an index during periods when that index has dropped.
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