Laura E. Baird

FPA's stock selection process is driven by a series of variables that measure the relative attractiveness of securities. These measures focus on several themes: relative value, fundamental momentum, long-term growth, price momentum, future value and management signals. All securities are given a decile ranking of 1 through 10 with 1 being the most attractive and 10 being the least attractive. The first decile measures the annualized average return of those securities that their analysts rate highest, conversely the tenth decile represents the return of those stocks they believe are most unattractive. This process is designed for FPA to buy securities from the first and second deciles, hold securities in the third through fifth deciles, and sell securities that migrate into the sixth through tenth deciles. Stocks move into the sell area by appreciating beyond what FPA determines to be their fair value or by deteriorating fundamentals. FPA constructs portfolios using a bottom-up approach. There is a neutral exposure to industries relative to their client benchmarks. The same is true regarding style and size effects. They build portfolios that have similar style characteristics as the benchmark as well as the same level of capitalization. Within each sector and style subset they overweight the most attractive stocks and underweight or zero weight the stocks that they have ranked least attractive.

Functions as a College/University

Provides brokerage services

PA Capital is a long-term, value-oriented investor that seeks to preserve and grow capital. They provide access to niche investment opportunities in the Low Mid Market. The firm invests in private equity, private real assets, and long/short equity and constructs targeted portfolios of fund investments, secondaries, and direct co-investments.

PA Capital invests in private lower middle-market companies located in North America. The firm focuses on private equity, private real assets and long & short equity. It participates in fund investments, secondaries, direct co-investments, growth equity, special situations and buyout transactions. PA Capital reorganized its operating segments on April 2022, by combining PA Capital, Madison Capital Funding and GoldPoint Partners into a single segment called - Apogem capital.