FPAG vs GKAT

FPAGBFPA Global Equity ETF

GKATBScharf Global Opportunity ETF

In short

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.

GKAT A boutique stock picker's global book in ETF form. Scharf buys companies it believes offer more long-term upside than downside risk, and the mandate keeps at least 40% of assets outside the US. Launched 2025, priced at 0.59% a year.

Stated mandate

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.

GKAT The fund seeks long-term capital appreciation by investing mainly in U.S. and non-U.S. equities that the Adviser believes offer substantially more long-term appreciation potential than downside risk. It normally invests at least 40% of assets in non-U.S. securities.

Why people hold it

• 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.

• GKAT At 0.59% a year, it charges less than the median active global equity fund, so the stock picking starts from a lower fee hurdle.
• The global mandate is written down, not aspirational: normally at least 40% of assets in non-US securities, so it can't quietly drift into a US-only portfolio.
• Doesn't pick a style lane. The adviser screens on both growth and value traits, judging each name on appreciation potential against downside risk.

Worth knowing

• 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

• GKAT Small and thinly traded, so spreads tend to be wider than in a mega-fund and getting in or out is less frictionless.
• It launched in 2025, so there's no long live ETF record to judge how the strategy behaves across a full market cycle.
• Active pricing sets a higher bar: broad index-built global rivals such as GSWO and AVGE charge a fraction of this fund's fee.

Full FPAG profile⁠

Full GKAT profile⁠