FundWatcher
FPNIX
FPA New Income Fund
Investment Managers Series Trust III

Portfolio concentration

As of March 31, 2026 · N-PORT
Holdings
338
Top-10 weight
36.78%
Effective holdings ?
41
Crowding ?
80.2

Holdings

As of March 31, 2026 · N-PORT
#SecurityTickerSharesValue% of fund
1 US TREASURY N/B — 1,025,343,000 $1.01B 9.10%
2 US TREASURY N/B — 836,812,000 $826.02M 7.47%
3 US TREASURY N/B — 817,547,000 $810.65M 7.33%
4 US TREASURY N/B — 366,750,000 $360.02M 3.26%
5 U.S. Treasury Bills B 286,727,000 $286.50M 2.59%
6 US TREASURY N/B — 222,098,000 $219.10M 1.98%
7 U.S. Treasury Bills B 207,355,000 $207.04M 1.87%
8 U.S. Treasury Bills — 115,702,000 $115.69M 1.05%
9 PHI Group Inc COM PHIG 3,806,420 $114.00M 1.03%
10 FN FS1967 FNMA 123,857,497 $106.87M 0.97%
11 FORTRESS CREDIT OPPORTUNITIES IX CLO LTD 34961JAY 104,086,718 $104.17M 0.94%
12 FHMS K096 A2 — 91,996,000 $87.49M 0.79%
13 VZMT 2024-2 A 144A 4.83% 12-22-31 VZMT 85,708,000 $87.07M 0.79%
14 FORDF 2018-4 A — 83,977,000 $83.36M 0.75%
15 FHMS K095 A2 — 84,442,000 $81.02M 0.73%
16 VERIZON MASTER TRUST VZMT 2023 6 A 144A 92348VAA 76,585,000 $78.82M 0.71%
17 AMERICAN TOWER T — 77,012,000 $77.75M 0.70%
18 FHMS K754 A2 — 75,127,967 $77.18M 0.70%
19 FN FS1680 FNMA 87,823,746 $75.78M 0.69%
20 SCE RECOVERY FUNDING LLC SR SECURED 03/36 4.453 EIX 73,845,000 $73.20M 0.66%
21 FR RB5104 — 83,042,367 $70.52M 0.64%
22 FN MA4473 — 82,153,309 $69.29M 0.63%
23 FHMS K094 A2 — 71,380,000 $68.73M 0.62%
24 FHMS K084 A2 — 68,841,723 $68.32M 0.62%
25 GS Mortgage-Backed Securities Trust 2022-PJ5 GSMBS 74,381,372 $66.10M 0.60%
26 Freddie Mac Non Gold Pool FHLMC 71,967,745 $65.74M 0.59%
27 GMREV 2024-1 A — 64,237,000 $65.74M 0.59%
28 Fannie Mae Pool — 66,741,550 $64.97M 0.59%
29 FHMS K081 A2 — 62,664,000 $62.27M 0.56%
30 FHMS K751 A2 — 61,806,000 $62.14M 0.56%
31 FR RB5110 — 72,962,735 $61.82M 0.56%
32 Fannie Mae Pool 3140XKCF 63,307,061 $61.73M 0.56%
33 CNP 4.255 12/15/35 A-1 CNP 61,032,000 $60.04M 0.54%
34 AVIS BUDGET RENTAL CAR FUNDING AESOP LLC SER 2024-3A CL A REGD 144A P/P 5.23000000 AESOP 57,519,000 $58.64M 0.53%
35 VIRGINIA POWER — 58,246,000 $58.54M 0.53%
36 TOYOTA AUTO LOAN EXTENDED NOTE TRUST 2024-1 TALNT 2024-1A A 89231JAA 56,286,000 $57.87M 0.52%
37 FR RB5113 — 67,865,275 $57.45M 0.52%
38 FHMS K117 A2 — 61,809,000 $55.03M 0.50%
39 TOYOTA AUTO LOAN EXTENDED NOTE TRUST 2022-1 3.82% 04/25/2035 144A 89231EAA 54,519,000 $54.35M 0.49%
40 Cerberus Loan Funding XLIII LLC CERB 52,569,000 $52.86M 0.48%
41 Cerberus Loan Funding XLI LLC CERB 51,840,000 $51.98M 0.47%
42 FR RB5137 FHLMC 61,083,585 $51.44M 0.47%
43 GMREV 2023-1 A 144A 5.12% 04-11-35 38012RAA 49,942,000 $50.80M 0.46%
44 JP Morgan Mortgage Trust 2021-13 JPMMT 55,731,540 $50.23M 0.45%
45 FN FS9622 FNMA 57,024,485 $50.12M 0.45%
46 Zywave_Pfd Equity ZURN SW 39,831,957 $49.92M 0.45%
47 Fannie Mae REMICS 3136BTAR 53,345,820 $49.75M 0.45%
48 Avis Budget Rental Car Funding AESOP LLC 05377RHG 48,017,000 $49.53M 0.45%
49 FN FS7700 FNMA 55,410,692 $48.18M 0.44%
50 GFORT 2024-2A A — 46,933,000 $48.00M 0.43%
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