The FPA Hawkeye Strategy Fund seeks to earn equity rates of return with a much lower risk of loss than the equity marker over complete market cycles. The Fund will focus on absolute value companies that the consensus does not wish to own, which are trading at an exceptional discount to the Fund's estimation of fair value. Short positions are sold when equity is at a premium to its intrinsic value. Research is driven by fundamental, bottom-up processes. Lockup: 2 years (2 yr. rolling lock rounded quarterly) AUM is reported on a quarterly basis.