His stock fund, FPA Capital (FPPTX), has returned 15% annually over the past 25 years, beating every single diversified equity fund, according to Lipper. His bond fund, FPA New Income (FPNIX), has never posted an annual loss. "He'd rather lose his clients than position their money in a way that he feels is inappropriate," says Stephanie Pomboy, head of institutional research firm MacroMavens. "It's almost sad that you can count the number of people who are willing to do that on, probably, one finger."
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