Mutual Fund Managed by Bragg Financial Reaches $1 Billion in Assets

Bragg Financial is pleased to announce that the FPA Queens Road Small Cap Value Fund (QRSIX) has reached $1 billion in assets under management.

The fund was launched by Bragg Financial in 2002 and has been managed by Steve Scruggs, CFA since inception. Ben Mellman joined Scruggs as a senior analyst for the FPA Queens Road Funds in 2022. Bragg Financial and First Pacific Advisors (FPA) reached an agreement in 2020 for FPA to oversee and market the FPA Queens Road Funds and related separate institutional accounts.

“We are proud of the 23-year track record that Steve has built as portfolio manager of the FPA Queens Road Small Cap Value Fund,” said Benton Bragg, CFA, CEO of Bragg Financial. “Reaching $1 billion in assets reflects both disciplined management and the confidence our investors have placed in the team’s consistent, value-oriented approach.”

Since inception in 2002 through September 30, 2025, the FPA Queens Road Small Cap Value Fund has outperformed the Russell 2000 Value Index over the 1-, 3-, 5-, 10-, 15-, and 20-year periods. During that time, the fund has delivered an average annual return of 9.76%, compared with 8.31% for the Russell 2000 Value Index. The fund’s average annual total returns for these periods are shown in the chart below.

The fund remains focused on identifying high-quality, undervalued small-cap companies with strong balance sheets and durable business models.

Read more about Steve Scruggs’s investment philosophy in this article from Value Investor Insight dated May 31, 2025.

Learn more about Steve’s investment process and results here.

The FPA Funds are distributed by Distribution Services, LLC. 190 Middle Street, Suite 301, Portland, ME 04101. Distribution Services, LLC and FPA are not affiliated.

The FPA Queens Road Small Cap Value Fund primarily invests in securities of small capitalization companies, defined as those with market capitalization less than the largest company in the Russell 2000 Value Index. Investing in small companies involves special risks including, but not limited to, the following: smaller companies typically have more risk and their company stock prices are more volatile than that of large companies; their securities may be less liquid and may be thinly traded which makes it more difficult to dispose of them at prevailing market prices; these companies may be more adversely affected by poor economic or market conditions; they may have limited product lines, limited access to financial resources, and may be dependent on a limited management group; and small cap stocks may fluctuate independently of large cap stocks. All investment decisions are made at the discretion of the Portfolio Manager, in accordance with the then current Prospectus.