The portfolio managers for Source Capital, Inc. (the “Fund”) continue to implement actions they believe will enhance value for stockholders over the long term. As discussed in the last press release dated September 16, 2020, the portfolio managers look to further increase the Fund’s exposure to private credit and now target at least 12% to be invested in or committed to the private lending asset class by year-end 2020.1 The portfolio managers for the Fund have successfully invested in private credit for certain of its FPA open-end mutual funds for more than a decade. Stockholders in Source can benefit from the Fund’s closed-end fund (CEF) structure, which allows a much greater percentage of the portfolio to be invested in such higher yielding, less liquid assets because a CEF does not have the daily liquidity needs of an open-end mutual fund.
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