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 (February 2026)
27 slides from FPA Queens Road Small Cap Value Fund Institutional Class's investor presentation, Feb 3, 2026
Slide 1: FPA Queens Road Small Cap Value Fund Second Half 2025 Webcast Presentation
L P rs , is o d v FPA Queens Roadic A c if Small Cap Value Fund P a t Second Half 2025 Webcast Presentation i r s Presented by: Steve Scruggs and Ben Mellman F February 3, 2026 The FPA Funds are distributed by Distribution Services, LLC. 190 Middle Follow us on: Street, Suite 301, Portland, ME 04101
Slide 2: Performance
Performance Trailing Performance (%) L P , As of Date: 12/31/2025 Since Inception 20 Yr 15 Yr 10 Yr 5 Yr 3 Yr 1 Yr YTD QTD rs FPA Queens Road Small Cap Value (QRSVX) 9.63 8.27 8.84 9.88 10.26 13.35 13.36 13.36 -0.36 Russell 2000 Value 8.37 7.40 8.73 9.27 8.88 11.73 12.59 12.59 3.26 o Performance vs.
Slide 3: Full Year 2025 Summary - Performance
Full Year 2025 Summary - Performance ■ The Fund outperformed its benchmark in 2025, returning 13.36% (net of fees) vs. 12.59% for the L P , Russell 2000 Value Index. rs ■ Tale of two halves: The Fund outperformed in the first half during weak and volatile markets. During the second half of the year,
Slide 4: Full Year 2025 Summary - Performance
Full Year 2025 Summary - Performance ■ For the year, beta, momentum and growth outperformed while low volatility, value and quality L P , underperformed.1 rs ■ The higher quality S&P 600 returned 6.02%, underperforming the Russell 2000 which returned 12.81% for the year. 2 Daily Performance is o d v
Slide 5: 2025 Summary - Performance
2025 Summary - Performance ■ 2025 performance was diversified and was not the result of a concentrated sector, thematic or factor L P , bet. rs ■ The Fund’s top five contributors to 2025 performance were: ▪ Fabrinet (FN) – technology (optical components with datacenter exposure) is o d v ▪ InterDigi
Slide 6: 2025 Summary - Portfolio
2025 Summary - Portfolio L P , ■ Opportunistically upgraded the quality of the portfolio1 rs ■ New: REV Group (REVG), Ingles Markets (IMKTA), Nelnet (NNI) and ePlus (PLUS) ■ Significant Additions:2 is o v ▪ Technology - Littelfuse (LFUS), Synaptics (SYNA), Arrow Electronics (ARW), Vishay d Intertech
Slide 7: 2025 Summary - Portfolio
2025 Summary - Portfolio L P , ■ Opportunistically upgraded the quality of the portfolio1 rs ■ Sold out of: Treehouse Foods (THS), Knife River Corp (KNF), UniFirst (UNF), Mativ (MATV) ■ Significant Reductions: Fabrinet (FN), CSW Industrials (CSW), InterDigital (IDCC), Concentrix (CNXC) 2 is o ■ Corp
Slide 8: Portfolio Characteristics
Portfolio Characteristics P Characteristics L Queens Road Small Russell 2000 Our Profile , Cap Value Fund Value Index rs Number of Holdings 46.00 1,426 ■ High Quality Investments1 Active Share (%) 97.47 -- o Annualized Turnover (5 Yr, %) 11.71 -- ■ At a Discount to the Index Wtd. Avg. Market Cap ($B
Slide 9: 5-year Rolling Returns by Market Type Since Inception
5-year Rolling Returns by Market Type Since Inception L P , 30% Down Market Normal Market Robust Market rs Small Cap Value (Net) 20% FPA Queens Road o 10% v is 0% d -10% A -10% -5% 0% 5% 10% 15% 20% 25% 30% c Russell 2000 Value if i Russell 2000 Value 5-year Avg. Return c Down Market Normal Market R
Slide 10: Less Risk in Historical Drawdowns
Less Risk in Historical Drawdowns L P rs , All 20% or Larger Russell 2000 Value Index Drawdowns Since Fund Inception (%) o Jun-02 to Jun-07 to Jun-15 to Aug-18 to Nov-21 to Nov-24 to Average Oct-02 Mar-09 Feb-16 Mar-20 Oct-23 Apr-25 is FPA Queens Road Small Cap Value -16.70 -50.69 -10.17 -26.74 -12.
Slide 11: Performance Since Inception
Performance Since Inception L P , FPA Queens Road Small Cap Value Fund & Russell 2000 Value: Growth of $10,0001 $90,000 o rs FPA Queens is Road Small Cap $80,000 Value Fund $87,030 v $70,000 Russell 2000 d Value Index $60,000 $66,332 A $50,000 i c $40,000 if $30,000 c $20,000 a $10,000 P $0 t Jun-04
Slide 12: Small Caps are Compelling
Small Caps are Compelling Second time in approximately 30 years that small caps have sold at this large of a discount. L P Small Cap to Large Cap Historical P/E Ratio (x100) rs , o ▪ Small Cap: S&P Small Cap 600 Index: P/E = 16.62x (as of 12/31/25) is ▪ Large Cap: S&P 500 Index: P/E = 27.51x (as of
Slide 13: Market Commentary - Quality Small-Caps
Market Commentary - Quality Small-Caps ■ Quality small caps, measured on a like for like basis, outperform historically.1 L P ■ Quality small is relatively cheap right now.2 rs , ■ Small caps are overlooked – and we believe this improves our opportunity set. is o v Quality Small-Caps Have Become Che
Slide 14: Small Cap P/E Multiple is Reasonable Right Now
Small Cap P/E Multiple is Reasonable Right Now L P rs , is o d v P/E Ratio c A if i a c t P F i rs Source: LSEG Datastream and Yardeni Research, Standard & Poor’s. Price divided by 12-month forward consensus expected operating earnings per share. 1 SP600 historical P/Es from Yardeni; https://yardeni
Slide 15: QRSVX P/E Multiple is Reasonable Right Now
QRSVX P/E Multiple is Reasonable Right Now L P rs , FPA Queens Road Value Fund Portfolio Trailing and Forward P/Es is o d v A P/E Ratio if i c a c t P F i rs 1 Source: Factset Please see the end of this presentation for Important Disclosures and Glossary of Terms. 15
Slide 16: Three Long Term Holdings for the Fund
Three Long Term Holdings for the Fund L P , ■ All three are quality small caps that have been in the Fund for 10+ years.1 rs ■ All three have (roughly) the same business model as they did 10 years ago. ■ All three have seen their trading multiple compress – we believe this should mean increased oppo
Slide 17: TD Synnex (SNX)
TD Synnex (SNX) TD Synnex is the world’s largest IT distributor.1 The business quality has improved over the last 10 years L P , – higher margins, higher returns on capital, more scale, consolidation among the large players and more rs international opportunity. We first bought shares of the predece
Slide 18: RLI Corp (RLI)
RLI Corp (RLI) RLI Corp is a specialty property and casualty insurer. The company has best in class financial metrics L P , and a unique culture that disincentivizes unprofitable risk. We first bought shares in 2011. RLI Corp (RLI) o rs is 400 40 v 35 350 d 30 A 300 25 fi i c 250 Total Return P/E Ra
Slide 19: New Jersey Resources (NJR)
New Jersey Resources (NJR) New Jersey Resources is a gas utility with additional investments in industrial solar, transportation and L P , storage and energy trading and services. Historically, the company has had a 50%+ dividend payout rate rs while growing earnings high single digits. We first bou
Slide 20: Question & Answer
L P rs , is o d v c A f i Question & Answer i a c t P F irs 20
Slide 21: Appendix
L P rs , is o d v c A Appendix if i ac t P F irs 21
Slide 22: Holdings as of December 31, 2025 (%)
Holdings as of December 31, 2025 (%) L P Communication Services 3.0 Health Care 0.0 Materials 0.5 Scholastic 1.8 Graphic Packaging Holding 0.5 , IAC 1.3 Industrials 21.2 Real Estate 0.0 REV Group 3.1 rs Consumer Discretionary 9.2 Oshkosh 2.8 PVH 2.4 CSG Systems 2.7 Utilities 9.9 o G-III Apparel Grou
Slide 23: 2025 Top and Bottom Contributors (%)
2025 Top and Bottom Contributors (%) L P , Top 5 Performance Percent of Bottom 5 Performance Percent of rs Contribution Portfolio Contribution Portfolio YTD o Fabrinet 3.30 3.7 PVH -1.22 2.9 is InterDigital 2.48 4.1 Upbound Group -0.77 1.9 REV Group 1.74 2.0 RLI -0.63 3.5 v UGI 1.23 3.3 ServisFirst
Slide 24: Important disclosures
Important disclosures L P These slides are intended as supplemental material to the Second Half 2025 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 o
Slide 25: Important disclosures (continued)
Important disclosures (continued) L P NO INVESTMENT DECISIONS SHOULD BE BASED IN ANY MANNER ON THE INFORMATION AND OPINIONS SET FORTH IN THIS PRESENTATION. YOU SHOULD VERIFY ALL CLAIMS, DO YOUR OWN DUE DILIGENCE AND/OR SEEK ADVICE FROM YOUR OWN PROFESSIONAL ADVISOR(S) AND CONSIDER THE INVESTMENT OBJ
Slide 26: Important disclosures (continued)
Important disclosures (continued) Index / Category Definitions L P , Indices are unmanaged and index returns do not reflect transactions costs (e.g., commissions), investment management fees or other fees and expenses that would reduce performance for an investor. It is not possible to invest direct
Slide 27: Important disclosures (continued)
Important disclosures (continued) L P Market Cycle Performance is defined as a period that contains a decline of at least 20% from the previous market peak over at least a two-month period and a rebound to establish a new peak above the prior market peak , Max Drawdown is the largest peak-to-trough
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