FPAG vs SFGV

FPAGBFPA Global Equity ETF

SFGVASequoia Global Value 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.

SFGV A wealth manager's global value model in ETF clothing: SFGV hunts profitable companies with cheap cash flows and a habit of paying shareholders back, at 0.33% net of a waiver through March 31, 2027, below most global value rivals.

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.

SFGV The Fund seeks long-term growth of capital.

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.

• SFGV Value here means cash, not book value: the US sleeve starts with roughly the 3,000 largest American companies, then ranks them on shareholder yield and free cash flow yield.etfarchitect.com
• 0.33% net of a waiver through March 31, 2027 (0.38% gross), below the category median and under peers like FEGE at 0.50% net of a waiver through December 31, 2026, and GKAT at 0.59%.
• One ticket spans US, developed-international and emerging-market stocks across large, mid and small caps, held through individual names plus ETFs. Pays quarterly.etfarchitect.com
• Trading since January 2024 and already a billion-dollar-plus fund, it sits in the upper tier of its global value peer group.

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

• SFGV It trades thinly, so spreads can be wider than on the big index names. That cost sits outside the expense ratio.
• Part of the portfolio is held through other ETFs, whose own expenses stack on top of this fund's fee.etfarchitect.com
• The name is younger than the fund: it traded as CCM Global Equity ETF until October 29, 2025, so part of the record predates the Sequoia label.etfarchitect.com

Full FPAG profile⁠

Full SFGV profile⁠