FPA Plans an International Value Fund
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Thursday, October 13, 2011

FPA Plans an International Value Fund

FPA just unveiled a new strategy, and they plan to turn it into a mutual fund. Today the Los Angeles-based mutual fund firm revealed the addition of Eric Bokota and Pierre Py to its team to PM its new international value strategy, and according to the release, "FPA anticipates launching a mutual fund" using the strategy.

Bokota and Py, now PMs at FPA, both previously served as international research analysts at Harris Associates, working together for more than five years.

Rich Atwood, managing partner and chief operating officer at FPA, praised Bokota and Py as "talented and experienced investors."

Py will also join Eric Ende, Steve Geist and Greg Herr as a co-PM for the FPA Paramount Fund, and Bokota will join that fund as a research analyst.

FPA's 58 employees work with $16 billion in four strategies, three equity and one fixed income.

Company Press Release

FPA, a leading practitioner of value investing, today announced the launch of a new International Value Strategy. Pierre O. Py and Eric J. Bokota have joined the firm as Vice Presidents and Portfolio Managers to oversee the Strategy. Both were formerly international research analysts at Harris Associates, LP.

The International Value Strategy will be available to institutions, and FPA anticipates launching a mutual fund. The Strategy will seek to provide above-average capital appreciation over the long term while attempting to minimize the risk of capital losses. Pierre and Eric will employ a value investment philosophy that is consistent across FPA's strategies: a focus on absolute value, bottom-up analysis, and downside protection.

"We are excited about the addition of this international team that significantly broadens FPAís investment reach outside the United States," said Rich Atwood, one of FPA's Managing Partners and Chief Operating Officer. "Pierre and Eric are talented and experienced investors who join FPA as a team, having worked together at Harris Associates for over five years. Like our other investment teams, they look for well-run, high-quality businesses with overall financial strength trading at significant discounts to their intrinsic values. Important to FPA and our clients, Pierre and Eric are independent thinkers, focused on generating superior returns over the long-term while at the same time attempting to mitigate the risk of capital loss."

Messrs. Py and Bokota will also assist with FPA Paramount Fundís new global focus. Mr. Py will join Eric Ende, Steve Geist and Greg Herr as a co-portfolio manager, and Mr. Bokota will aid as a research analyst.

Prior to Harris, Mr. Py was a Principal Investment Analyst at Goldman Sachs and Investment Banking Associate at Salomon Brothers. He earned an MSc in Management - Grande Ecole at HEC Paris and an MBA from Harvard Business School. He also holds an LLM in International Business and Tax Law and is a former student of the Paris Institute of Political Studies.

Prior to Harris, Mr. Bokota was a Research Associate at Brandes Investment Partners. A Chartered Financial Analyst, he earned a BS in Finance from Miami University in Oxford, Ohio.

About FPA

FPA is a leading practitioner of value investing. Providing a prudent place to invest, the firm focuses on generating superior returns over the long-term, coupled with capital preservation. FPA fosters a culture that promotes high ethical standards.

Located in Los Angeles, California, FPA is independently owned, with 21 investment professionals and 58 employees in total. Currently, FPA manages $16 billion across three equity strategies and one fixed income strategy.

FPA's equity and fixed income styles are linked by a common fundamental value orientation. Our goal is to provide a consistent, risk-averse and disciplined approach to long-term investing in individual securities with the objective of achieving superior total returns for client portfolios.

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