Fund Performance - The FPA Queens Road Small Cap Value Fund returned 7.46% in Q3 2025, underperforming the Russell 2000 Value Index which returned 12.60% [1] - For the first three quarters of 2025, the Fund achieved a return of 13.77%, compared to 9.04% for the index [1] - The Fund's strategy focuses on a diligent, disciplined, and patient process, expecting to outperform in down markets and underperform in speculative markets [1] Company Highlight: REV Group, Inc. - REV Group, Inc. (NYSE:REVG) is a manufacturer of specialty vehicles, primarily focusing on municipal vehicles such as fire trucks and ambulances [3] - The company reported a one-month return of -18.15% but has seen a 57.50% increase in share value over the last 52 weeks, with a closing stock price of $50.32 and a market capitalization of $2.456 billion as of November 21, 2025 [2] - REV Group generated net sales of $644.9 million in Q3 2025, an increase from $579.4 million in Q3 2024 [4] Operational Developments - CEO Mark Skonieczny has implemented significant operational restructuring, divesting from the less profitable bus business and using the proceeds for stock buybacks [3] - The company has reported a significant backlog and pricing growth, particularly in its municipal business, indicating strong demand [3]