DWLD vs FPAG

DWLDCDavis Select Worldwide ETF

FPAGBFPA Global Equity ETF

In short

DWLD Old-school stockpicking in an ETF shell. Since January 2017 Davis has run a concentrated global book, about 40 names across US, developed and emerging markets, bought at discounts to its own estimate of value. Fee: 0.62%, no waiver.

FPAG FPA's contrarian value desk in ETF form: about 40 out-of-favor global large and mid caps, no sector constraints, 0.49% net of a waiver through January 31, 2027.

Stated mandate

DWLD The Fund seeks long-term growth of capital.

FPAG The Fund seeks long-term growth of principal and income. It normally invests at least 95% of assets in equities, primarily publicly traded common stocks of mid- and large-cap U.S. and non-U.S. companies, including emerging-market companies.

Why people hold it

• DWLD Genuinely active: roughly 40 stocks spanning US, developed and emerging markets, with no market-cap limits, so the portfolio can look nothing like a global index.sec.gov
• Patient by design: the prospectus describes buying below estimated intrinsic value and selling on valuation or thesis change, and reported turnover has been low.sec.govsec.gov 2
• The 0.62% fee sits near the category median and rests on no waiver, unlike SFGV at 0.33% net of a waiver through March 31, 2027, which can reset when that ends.
• Trading since January 2017, so there is a long run of live results to inspect rather than a backtest.stockanalysis.com

• FPAG The ETF wrapper for a strategy FPA has run for years: bottom-up fundamental research, global large and mid caps, bought when businesses look out of favor, with no sector constraints on the portfolio.fpa.com
• 0.49% net of a waiver through January 31, 2027 sits below the global value category median, and just under First Eagle's FEGE at 0.50% net of a waiver through December 31, 2026.
• Genuinely active, not index-hugging: roughly 40 positions, cash typically under 5%, and active share FPA describes as typically above 90% versus its MSCI ACWI reference.fpa.com
• Prospectus keeps it simple: normally at least 95% of assets in equities, mid- and large-cap U.S. and non-U.S. names, emerging markets included. One of the stronger builds on a crowded global value shelf.

Worth knowing

• DWLD Cheaper global value exists: AVGV charges 0.26% and FEGE 0.50% net of a waiver through December 31, 2026. Here you pay up for the stockpicking.
• It trades thinly, so spreads can widen; limit orders do more work here than in a mega-cap index fund.
• About 40 holdings and no index to hug means single names carry real weight and results can diverge widely from a global benchmark.sec.gov

• FPAG That 0.49% is a waived rate. Gross is 0.86%, so what you pay after January 31, 2027 depends on FPA extending the waiver.
• One of the thinner-traded funds in its category. Spreads can widen, and the open and close are the rougher moments of the day.
• A focused, unconstrained book of about 40 names with no sector limits can look nothing like a global index, and move nothing like one either. Income arrives quarterly.fpa.com

Full DWLD profile⁠

Full FPAG profile⁠