FPA Queens Road Small Cap Value Fund’s New Addition: Eplus (PLUS)

Core Insights - The FPA Queens Road Small Cap Value Fund reported a return of -0.36% in Q4 2025, underperforming the Russell 2000 Value Index which gained 3.26% during the same period. However, for the full year 2025, the Fund achieved a return of 13.36%, slightly outperforming the Index's 12.59% [1] Group 1: Fund Performance - The Fund outperformed in the first half of 2025 amidst weak and volatile markets, but underperformed in the second half as markets favored speculative and low-quality stocks [1] - The portfolio aims to protect clients from market drawdowns by focusing on quality and value [1] Group 2: EPlus Inc. (NASDAQ:PLUS) - EPlus Inc. provides IT solutions to optimize IT environments and supply chain processes, with a one-month return of -7.32% and a 52-week gain of 17.89% [2] - As of February 11, 2026, EPlus Inc. shares closed at $83.91, with a market capitalization of $2.148 billion [2] - The Fund added a new position in EPlus Inc. in Q4 2025, considering it well-managed and inexpensive relative to its growth and quality profile, especially after adjusting for its significant cash holdings [3] Group 3: Hedge Fund Interest - EPlus Inc. was held by 19 hedge fund portfolios at the end of Q3 2025, an increase from 17 in the previous quarter [4] - While EPlus Inc. is recognized for its potential, the company is not among the 30 most popular stocks among hedge funds, with certain AI stocks being viewed as having greater upside potential and less downside risk [4]