Investment Objective

Source Capital, Inc. (SOR) seeks maximum total return for shareholders from both capital appreciation and investment income to the extent consistent with protection of invested capital.

Absolute Return Focus

Investments require a compelling risk-reward proposition on an absolute basis.

Flexible Approach

Invest across capital structure, geographies, sectors, and market caps. Allocation to fixed income will increase in the absence of competing equity opportunities.

Deep Research

Independent, security-specific, fundamental research process in both debt and equity with the goal of avoiding permanent capital impairment.

Fund Facts

Ticker Symbol SOR
Market Price $36.51
% Premium (Discount) (-13.47%)
Fund Assets $358 Million
Fund Inception Jun 1, 1968
FPA Manager Inception Dec 1, 2015
Expense Ratio (as of most recent prospectus) 0.96%
Dividend Frequency Quarterly
Distribution Rate (% NAV) 2.40%
Distribution Rate (% market price) 2.77%
Total % Portfolio Effectively Leveraged (annual) 0.00%
Fund Facts are as of September 30, 2019. 

Portfolio Managers

  • Thomas Atteberry, CFA

    Joined FPA in 1997
    Tom joined the firm in 1997. He serves as a Portfolio Manager for FPA. Prior to joining the firm, Tom served as Chief Fixed Income Strategist of Fifth Third Bank and Chief Investment Officer of Mercantile Bank in Joplin, MO. He earned a Bachelor’s degree in Business Administration from Texas Christian University. He is a CFA® Charterholder.

    FPA New Income Inc.
    FPA Flexible Fixed Income Fund
  • Mark Landecker, CFA

    Joined FPA in 2009
    Mark joined FPA in 2009. He serves as a Portfolio Manager for FPA. Prior to joining the firm, Mark served as Portfolio Manager at both Kinney Asset Management and Arrow Investments, Inc., and as associate at TD Capital and PricewaterhouseCoopers. Mark earned a BBA (with honors) from the Schulich School of Business, York University, Toronto, Canada. He is a CFA® Charterholder.

    FPA Crescent Fund
  • Abhijeet Patwardhan

    Joined FPA in 2010

    Abhi joined FPA in 2010. He serves as a Portfolio Manager and Director of Research for FPA. Prior to joining the firm, Abhi was an investment analyst at Reservoir Capital Group and D.B. Zwirn & Co. and an investment banking analyst at UBS Warburg and Donaldson, Lufkin & Jenrette. He earned a Bachelor’s degree in Economics, summa cum laude, and an MBA from the Wharton School of the University of Pennsylvania.

    FPA New Income Inc.
    FPA Flexible Fixed Income Fund

  • Steven Romick, CFA

    Joined FPA in 1996
    Steven joined FPA in 1996. He serves as a Portfolio Manager for FPA. Prior to joining the firm, Steven was Chairman of Crescent Management and a consulting security analyst for Kaplan, Nathan & Co. Steven earned a Bachelor’s degree in Education from Northwestern University. He is a CFA® Charterholder.

    FPA Crescent Fund
  • Brian Selmo, CFA

    Joined FPA in 2008
    Brian joined the firm in 2008. He serves as a Portfolio Manager and Director of Research for FPA. Prior to joining the firm, Brian was founder and managing member of Eagle Lake Capital, LLC, and Portfolio Manager of its predecessor. Previously, he was an analyst at Third Avenue Management and Rothschild, Inc. Brian earned a Bachelor's degree in Economics (with honors) from The Johns Hopkins University, where he graduated Phi Beta Kappa. He is a CFA® Charterholder.

    FPA Crescent Fund