FPA Loses International Value Strategy PM
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Tuesday, July 24, 2012

FPA Loses International Value Strategy PM

First Pacific Advisors [profile], has lost the co-PM of its International Value Strategy, Eric J. Bokota. He resigned effective yesterday.

Fund officials stated that co-PM Pierre O. Py will continue in his role for the FPA International Value Fund, which he managed since inception in December 2011. He will now serve as the sole PM.

In a press release issued yesterday, Bokota noted the difficulty of the decision and explained that his departure is due to his inability at this time to "dedicate the energy and attention" that his FPA colleagues and investors deserved. Py stated that the situation is "difficult" and "unforeseen."

Company Press Release

FPA International Value Strategy Announcement

LOS ANGELES--FPA announces that Eric J. Bokota will step down as co-Portfolio Manager of the FPA International Value Strategy (including the FPA International Value Fund, FPIVX) and will resign from the Firm, effective July 23, 2012.

Pierre O. Py will continue as Portfolio Manager of FPA International Value Fund. Mr. Py has managed the Strategy since its inception in December 2011 and will act as its sole manager going forward.

"It is with great difficulty that I have come to the decision to resign from my position as co-Portfolio Manager of the FPA International Value Fund. At this time I am not able to dedicate the energy and attention that both my associates at FPA and fellow investors in the Fund deserve. I have worked alongside Pierre for nearly a decade and I have always been impressed by his discipline, diligence, and intelligence. I firmly believe in the investment strategy that we created, and I have the utmost confidence in Pierre's abilities both as an investor and as a Portfolio Manager.As such, I will maintain a significant investment in the Fund, said Mr. Bokota.

"Eric has made important contributions to FPA. We'll miss him, and we wish him the very best. However, this does not alter our commitment to the Strategy under Pierres continued leadership," said J. Richard Atwood, Managing Partner of FPA.

"Eric is a friend, and he has been a valuable member of the International Value Team since its inception. While I understand and support Erics decision to step down, I am saddened by his departure. These are difficult, unforeseen circumstances. However, as we invest in a small number of companies with a long-term view and expect limited turnover, this will not impact our portfolio. We are fortunate in that we were in the process of adding analytical resources to the Team. I am confident we will find strong investment talent to contribute to our international research effort. In the interim, FPAs management and investment professionals have offered their full support in managing the transition. I wish Eric well and hope to have the opportunity to work with him again at some point in the future, said Mr. Py.

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 23 investment professionals and 63 employees in total. Currently, FPA manages $19 billion across four 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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