THS - FPA Queens Road Small Cap Value Fund Q4 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.
• For the quarter, small value stocks continued to outperform relative to the shares of small growth companies.
• Despite the recent outperformance of small value over small growth, we believe the valuation differential between value and growth still favors small value and that small value is poised to continue its relative outperformance.

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