Article

FPA Queens Road Small Cap Value Fund's Q4 2025 performance reflects UGI Corp's improved financial position with growth signals from Amerigas and an upgrade in UGI's long-term EPS growth rate. Fabrinet (FN) dominates the optical networking sector and benefits from AI-driven data center demand, although recent stock price rises may exceed fundamentals, leading to position reductions.

IDCC's licensing revenue and buybacks bolster its long-term outlook, but high valuation causes position trimming. PVH, trading at approximately 6x trailing earnings, is globally diversified but faces challenges from weak consumer spending and tariffs, countered by strong cash flow and buybacks.