First Pacific Advisors released its second-quarter 2025 investor letter for the FPA Queens Road Small Cap Value Fund, boasting an 8.60% return compared to the Russell 2000 Value Index’s 4.97%. The fund’s YTD return stands at 5.87%, outperforming the index’s -3.16%. Check out the fund’s top 5 holdings for 2025 picks.

The FPA Queens Road Small Cap Value Fund highlighted Ingles Markets, Incorporated (NASDAQ:IMKTA) in its Q2 2025 letter. The supermarket chain in the Southeast U.S. saw a one-month return of -2.78% and a 7.88% loss over 52 weeks. On August 18, 2025, IMKTA stock closed at $65.47 per share.

In the same investor letter, the fund discussed adding two new positions, including Ingles Markets, Incorporated (NASDAQ:IMKTA). The grocery chain, with around 200 stores, operates in underserved rural markets with a focus on community and customer loyalty. The company is asset-rich, owning most of its properties and shopping centers leased to third parties.

Read more at Yahoo Finance: FPA Queens Road Small Cap Value Fund’s New Q2 Addition: Ingles Markets (IMKTA)