Small-Cap Value Fund’s Q4 Letter Flags CSG Systems; Shares at $79.61, Up 24.1%, NEC Bids $80.70
FPA Queens Road Small Cap Value Fund returned -0.36% in Q4 2025 versus a 3.26% Russell 2000 Value Index gain. CSG Systems International, a top-five holding, closed at $79.61 on Feb. 12 with shares up 24.1% over 12 months and an $80.70 takeover bid.
1. FPA Fund Q4 Performance
The FPA Queens Road Small Cap Value Fund returned -0.36% in the fourth quarter of 2025 compared to a 3.26% gain for the Russell 2000 Value Index, reflecting a shift away from speculative stocks that boosted the benchmark.
2. Fund Strategy and CSGS Inclusion
The fund emphasizes quality and value to protect against market downturns and listed CSG Systems International among its top five holdings for 2025, highlighting its stable revenue management software business.
3. CSG Systems Share Performance
CSG Systems International shares closed at $79.61 on February 12, 2026, delivering a one-month return of 0.01% and a 24.1% gain over the past 12 months, with a market capitalization of $2.271 billion.
4. NEC $80.70 Takeover Offer
On October 29, NEC Corp announced a proposal to acquire CSG Systems International at $80.70 per share, representing a premium to current trading levels and potential catalyst for shareholder value.