Source Capital INC: management transactions · United States · SEC (Form 4)

About Source Capital INC

Source Capital (NYSE: SOR) is a U.S.-based listed investment company and, in practical terms, a closed-end fund rather than a conventional operating business. For investors in France, Belgium, or Switzerland, it should be viewed as a publicly traded portfolio vehicle listed on the New York Stock Exchange in the United States. The fund was formerly organized as Source Capital, Inc. /DE/ and was reorganized effective January 1, 2025 into a Delaware Trust. Importantly, the ticker SOR remained unchanged, and there was no change to the investment objective, investment strategy, or fundamental policies. The stated objective is to seek maximum total return for common shareholders through both capital appreciation and investment income, while preserving invested capital. ([sec.gov](https://www.sec.gov/Archives/edgar/data/91847/000110465924120436/tm2428756d1_ex99-1.htm)) Source Capital has been advised by First Pacific Advisors, LP (FPA) since inception. The fund is managed with a balanced, multi-asset approach across a full market cycle, generally defined by the adviser as five to seven years. Its portfolio is run by two FPA investment teams, FPA Contrarian Value and FPA Absolute Fixed Income, which underscores a diversified process that combines equity selection with fixed-income and credit analysis. As of year-end 2025, the portfolio remained nearly balanced between equity and credit exposure, with meaningful allocations to common stocks, public credit, private credit, and cash/equivalents. That structure makes SOR a differentiated vehicle among listed U.S. closed-end funds. ([sec.gov](https://www.sec.gov/Archives/edgar/data/0000091847/000110465926025066/tm261908d1_ncsr.htm)) From a competitive standpoint, Source Capital positions itself as a hybrid income-and-capital-appreciation fund. It offers investors diversified exposure to both public markets and private-credit opportunities, which can be appealing in environments where traditional balanced funds may be constrained by more rigid mandates. The shares trade on the NYSE, so market price may diverge from NAV, creating both opportunity and risk for investors. Compared with plain-vanilla equity funds, SOR’s mandate is broader; compared with pure credit vehicles, it has more upside participation through its equity sleeve. ([sec.gov](https://www.sec.gov/Archives/edgar/data/0000091847/000110465926025066/tm261908d1_ncsr.htm)) The fund’s operating footprint has long been associated with Los Angeles/El Segundo, California, in the United States, reflecting FPA’s West Coast base. Recent developments include the completed Delaware Trust reorganization at the start of 2025 and continued reporting of solid NAV performance through 2025, supported by balanced exposure across asset classes. The latest fund commentary indicates that performance remained positive and that the portfolio continued to emphasize diversification rather than a single dominant sector bet. ([sec.gov](https://www.sec.gov/Archives/edgar/data/0000091847/000110465926025066/tm261908d1_ncsr.htm))