In Q4 2025, FPA Queens Road Small Cap Value Fund returned -0.36% compared to a 3.26% gain for the Russell 2000 Value Index as markets favored speculative and low-quality stocks. The fund outperformed in the first half of 2025 but lagged when valuation multiples compressed across SMID-cap strategies.

TD Synnex delivered a one-month return of 4.94% and an 8.99% gain over the past 52 weeks, closing at $157.41 on February 12, 2026. The company’s market capitalization stood at $12.69 billion, reflecting its position as the world’s largest IT distributor.

Shares are trading at roughly 10× forward earnings, near the low end of historical multiples, while the business has evolved into higher-margin software, security, cloud and AI solutions. Its low-margin, high-volume distribution of IT hardware continues to generate strong working-capital returns.

FPA highlights that reduced investor interest in SMID-cap value has lowered multiples on quality names like TD Synnex, enhancing expected returns without catalysts. The fund views its scale, international expansion and stable margins as underpinning long-term growth even in absence of near-term catalysts.