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FPA Queens Road Small Cap Value Fund reports positive performance in Q4 2025, noting UGI Corp's improved financials, Amerigas growth, and an upgrade to UGI's EPS growth rate. Fabrinet (FN) shows strong demand in optical networking but faces valuation concerns.

IDCC maintains solid prospects through licensing revenue and buybacks, though valuation prompts position cuts. PVH trades at 6x earnings, benefiting from cash flow and buybacks despite challenges from consumer spending and tariffs.