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% |
Read the full article on Seeking Alpha
For further details see:
FPA Source Capital Inc. Fourth Quarter 2023 Commentary