Sep. 09, 2025 9:20 PM ETFPA New Income - Institutional (FPNIX)FPNIXFPA Funds28 FollowersSummaryFPA New Income Fund (the "Fund") returned 1.65% in second quarter of 2025.We continued to focus our investment activity during the quarter on buying longer-duration, High Quality bonds (rated single-A or higher).We did not generally view Credit (investments rated BBB or lower) as attractively priced.We believe that longer-duration bonds offer multiple paths to attractive, risk-adjusted returns.Worawee Meepian/iStock via Getty ImagesDear Shareholder:FPA New Income Fund (the "Fund") returned 1.65% in second quarter of 2025.6/30/25Yield-to-worst14.43%Effective Duration3.34 yearsSpread Duration2.73 yearsHigh Quality Exposure296%This article was written byFPA Funds28 FollowersFPA is a Los Angeles-based institutional money management firm practicing a disciplined approach to value investing, prudently seeking superior long-term returns while maintaining a focus on capital preservation. Note: This account is not managed or monitored by FPA, and any messages sent via Seeking Alpha will not receive a response. For inquiries or communication, please use FPA's official channels.CommentsRecommended For You