FPA Flexible Fixed Income Fund
Investment Managers Series Trust III · 3 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
FPA Flexible Fixed Income Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2026 Q2
FPA Flexible Fixed Income Fund seeks to provide long-term total return, which includes income and capital appreciation, while considering capital preservation.
The fund invests at least 80% of assets in a diversified portfolio of debt instruments across corporate, municipal, government, and structured securities, including high-yield bonds, mortgage-backed securities, and privately placed debt, with the portfolio manager selecting securities opportunistically and maintaining positive average duration. The fund may also hold equities, preferred shares, derivatives, and other instruments up to stated limits, including up to 75% in below-investment-grade securities and up to 25% in non-U.S. exposures. Because security selection depends on the portfolio manager's discretion rather than a benchmark index, performance will diverge from any fixed standard.
| Share class | Gross | Net |
|---|---|---|
| FPFIX | 0.63% | 0.55% |
| FFIAX | 0.65% | 0.60% |
| FFIRX | 0.81% | 0.65% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 48.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Securitized | 50.17% |
| Bonds | 48.12% |
| Loans | 0.72% |
| Cash & short-term | 0.57% |
| 2 smaller | 0.15% |
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: US TREASURY N/B, TREASURY BILL ×3, TSY INFL IX N/B, Toyota Auto Loan Extended Note, Ford Credit Floorplan Master O, BLUE OWL FINANCE LLC
Largest exited: US TREASURY N/B, TREASURY BILL ×3, Verizon Master Trust, ABPCI Direct Lending Fund ABS, Hertz Vehicle Financing LLC, Monroe Capital Income Plus ABS
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +4.31% | +20.24% | +20.97% | 2.43% | -1.38% | |
| +4.17% | +20.04% | +20.58% | 2.27% | -1.28% | |
| — | — | — | — | — |
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 84.0% |
| Floating rate | 16.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 8.1% |
| 1-3y | 7.0% |
| 3-5y | 43.7% |
| 5-10y | 7.7% |
| 10y+ | 33.5% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 52% |
| Interest rates | 48% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +3.34 yr |
| High yield | +0.03 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.25 yr | 8% |
| 5 yr | 1.57 yr | 50% |
| 10 yr | 0.74 yr | 23% |
| 30 yr | 0.61 yr | 19% |
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.25 yr | 7% |
| 5 yr | 1.62 yr | 48% |
| 10 yr | 0.82 yr | 24% |
| 30 yr | 0.68 yr | 20% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.00 | +0.00 | +0.00 | $322 | $0 |
| 1 yr | +0.25 | +0.24 | +0.00 | $52.5k | $660 |
| 5 yr | +1.57 | +1.60 | +0.02 | $346.3k | $5.0k |
| 10 yr | +0.74 | +0.82 | +0.00 | $176.6k | $790 |
| 30 yr | +0.61 | +0.68 | +0.00 | $146.1k | $367 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | US TREASURY N/B3.88% · due 2031-04-30 | 8.60% | $186.12M | — |
| — | US TREASURY N/B3.50% · due 2031-02-28 | 8.43% | $182.45M | — |
| — | US TREASURY N/B3.75% · due 2031-01-31 | 8.10% | $175.30M | — |
| — | US TREASURY N/B3.63% · due 2030-12-31 | 5.58% | $120.87M | — |
| — | TREASURY BILL0.00% · due 2026-07-09 | 4.04% | $87.44M | — |
| — | TREASURY BILL0.00% · due 2026-07-16 | 3.16% | $68.32M | — |
| — | TSY INFL IX N/B1.25% · due 2031-04-15 | 1.52% | $32.82M | — |
| — | US TREASURY N/B3.50% · due 2030-11-30 | 1.43% | $30.94M | — |
| — | JP Morgan Mortgage Trust2.50% floating · due 2052-07-25 | 0.87% | $18.73M | — |
| — | TREASURY BILL0.00% · due 2026-07-02 | 0.71% | $15.48M | — |
Top 10 positions are 42.44% of net assets, top 25 50.78%, across 116 issuers.
See more of this fund's book
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