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  • I wonder if essentially this might be a stock-only version of FPACX.
  • FPACX currently has 91 equity holdings, per M*.

    The predecessor ETF has a concentrated portfolio, "typically a 20-50 position common equity portfolio", according to its fact sheet. Its daily holdings are here:

    I haven't taken a close look at the filing(s), but a cursory glance (ERs, managers, etc.) suggests that this is merely a restructuring of the ETF. It is currently "a non-diversified series of Northern Lights Fund Trust III" and will become "a series of FPA Funds Trust" with all the legal implications that change carries. Day-to-day, current ETF and "new" version don't look different.

    If you're interested, why not check out the ETF now? It's been around since December 16, 2021.
  • Steve Rommick is also one of the managers on another allocation fund, SOR. Source Capital is an allocation CEF that has beaten the 60/40 bogey the fund uses over the past 1 yr and 3 yr periods, but it has not done so for longer periods. Rommick didn't start managing it until 2015, FWIIW. SOR at last report held 20% in non-US stocks. Hard to say what overlap there might be among FPACX, SOR, and the new ETF.
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