FPA New Income Fund Fourth Quarter 2023 Commentary [Seeking Alpha]
"PHI GROUP (PHIL)
NASDAQ:AMEX Investor Relations:
phx.corporate-ir.net/phoenix.zhtml?c=71688&p=irol-sec_pf
Company Research
Source: Seeking Alpha
The largest contributor to performance during the quarter was asset-backed securities backed by equipment, due mostly to higher prices as a result of lower risk-free rates. Dear Fellow Shareholders, FPA New Income Fund ( MUTF: FPNIX ) (the “Fund”) returned 3.79% in the fourth quarter of 2023 and 7.51% for the year ended December 31, 2023. With inflation progressing towards the Federal Reserve's 2% inflation objective, the Federal Reserve held the Fed Funds rate constant throughout the fourth quarter. The Federal Reserve also noted that discussions about Fed Funds rate cuts had begun. In response to macroeconomic data and the Federal Reserve's commentary, one- to 30-year maturity Treasury yields declined in the fourth quarter. Although Treasury yields increased during most of 2023, the decrease in the fourth quarter resulted in two- to seven-year maturity Treasury yields also ending the year lower. Additionally, spreads declined across most sectors of the bond market during the
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