AXO - FPA Queens Road Small Cap Value Fund Q3 2021 Commentary

• The Fund seeks to generate equity-like returns over the long term, take less risk than the market and avoid permanent impairment of capital. We invest across capital structure, geographies, sectors.
• The Fund returned -2.53% in the third quarter of 2021. This compares to a -2.98% return for the Russell 2000 Value Index in the same period.
• For the quarter, large cap stocks outperformed small caps and growth shares outperformed value, a trend we have consistently seen over the last decade.
• During the quarter we began adding a new position in financials. We are not disclosing the investment yet because we are actively trading in the company’s shares to build our position.

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