Source Capital is managed by an experienced team of portfolio managers at First Pacific Advisors, led by Steven Romick, CFA, Managing Partner who joined FPA in 1996 and has served as portfolio manager since 1993. Brian A. Selmo, CFA, is a Partner who joined FPA in 2008, became Partner in 2013, and has been Portfolio Manager since June 2013, emphasizing their philosophy of seeking equity-like returns with less risk. Mark Landecker, CFA, is also a Partner who joined FPA in 2009, became Partner in 2013, and has been Portfolio Manager since June 2013. The team includes Abhijeet Patwardhan as an additional portfolio manager. FPA manages approximately $26.7 billion in discretionary assets across 50 clients as of 2025, demonstrating significant institutional experience and scale. The current balanced strategy and management team began on December 1, 2015, marking a strategic transition from the fund's original approach. The managers have extensive experience in value investing and risk management, with a track record of disciplined investment processes. Their collective expertise spans multiple market cycles and asset classes, providing depth in both public and private market investments. The team's approach emphasizes fundamental research and bottom-up analysis across global markets.

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Source Capital seeks maximum total return for shareholders from both capital appreciation and investment income to the extent consistent with protection of invested capital. The fund employs a flexible strategy with an absolute return focus, investing across capital structures, sectors, markets, and geographies based on compelling risk/reward opportunities. The investment approach emphasizes 'winning by not losing' through diversified investment strategies and rigorous risk management. The portfolio can allocate up to 70% to equities, primarily large-cap public companies globally with market capitalizations above $10 billion, with the remainder in public and private credit securities. The fund uses a deep, bottom-up fundamental research process aiming to minimize risk while seeking equity-like returns. The strategy includes longer duration assets like dividend-paying equities and illiquid assets like private loans, making it suitable for investors with approximately five-year or longer investment horizons. The fund maintains high active share of 89.7% and low portfolio turnover of 11% annually, reflecting the management team's conviction-based, long-term investment approach. Value investing principles guide the strategy, defined as investing with a margin of safety where it's difficult to lose money over time.

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