FPAG vs OAKG

FPAGBFPA Global Equity ETF

OAKGCOakmark Global Large Cap 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.

OAKG Oakmark's value discipline in an ETF: a global large-cap portfolio picked stock by stock rather than tracked from an index, with long-term capital appreciation as the stated goal. Launched December 2025.

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.

OAKG The ETF seeks long-term capital appreciation.

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.

• OAKG 0.62% a year sits a hair under the 0.63% median for its global-value cohort: active management at the going rate, not a premium.
• Undercuts the cohort's priciest active peers, COPY (0.89%) and FPAG (0.86%), on fee.
• The mandate is spelled out in the filings: global equities, large caps, a value philosophy, long-term capital appreciation. You know what you own.
• Global by design, so the manager can hunt cheap large caps outside the US, not just in the S&P 500.

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

• OAKG It opened in December 2025. Short history, and no long record to judge the ETF version against.
• Trading has been light since launch and the asset base is small, which can mean wider spreads than at the cohort's bigger funds.
• Cheaper shelf-mates exist in the same cohort: AVGV at 0.28%, SFGV at 0.38%. The extra fee here buys human stock picking.

Full FPAG profile⁠

Full OAKG profile⁠