TSLA - FPA Source Capital Inc. Fourth Quarter 2023 Commentary
2024-02-26 01:00:00 ET
Summary
- Source Capital, Inc. seeks maximum total return for shareholders from both capital appreciation and investment income to the extent consistent with protection of invested capital.
- The Fund's net asset value gained 6.57% in the fourth quarter and 16.74% for the trailing twelve months.
- A small number of mega-cap companies drove stock prices last year.
- The Fund repurchased 13,333 shares during the quarter, representing 0.16% of the outstanding shares.
Dear Shareholders:
Performance Overview
Source Capital Inc.'s ( SOR ) ("Source" or "Fund") net asset value ((NAV)) gained 6.57% in the fourth quarter and 16.74% for the trailing twelve months, which is favorable when compared to the illustrative balanced indices shown below.
| Performance Versus Indices 1 |
| Q4 2023 |
| Trailing 12-month |
| Source Capital ((NAV)) |
| 6.57% |
| 16.74% |
| Balanced Indices |
| 60% MSCI ACWI/40% Bloomberg US Agg |
| 9.36% |
| 15.37% |
| 60% S&P 500/40% Bloomberg US Agg |
| 9.74% |
| 17.67% |
| Equity Index |
| MSCI ACWI |
| 11.03% |
| 22.20% |
We include the Fund's underlying exposure by asset class in the following table:
| Portfolio Exposure 2 |
| Q4 2023 |
| Equity |
| Common Stocks |
| 40.3% |
| Common Stocks-SPACs |
| 0.0% |
| Total Equity |
| 40.3% |
| Credit |
| Public |
| 27.6% |
| Private (Invested assets only) |
| 17.7% |
| Total Credit |
| 45.3% |
| Other |
| 0.1% |
| Cash |
| 14.3% |
| Total |
| 100.0% |