Process

Absolute Return Focus. Investments require a compelling risk/reward proposition on an absolute basis.

Flexible Approach. Invest across capital structure, geographies, sectors and market caps. Allocation to fixed income will increase in the absence of compelling equity opportunities.

Deep Research. Independent, bottom-up, fundamental research process seeking to minimize risk.

Value investing does not protect against loss of principal and there is no assurance that the Fund will meet its objective.

On May 22, 2020, Source Capital shareholders approved changes to the Fund’s fundamental investment restrictions. Please click here for detail.

 


 

Investment Team

Mark Landecker, CFA

Portfolio Manager

Source Capital
Portfolio Manager, Investment Team, Equity and Asset Allocation

Joined FPA in 2009
Biography
Mark joined FPA in 2009. He serves as a Portfolio Manager for FPA. Prior to joining FPA, Mark served as Portfolio Manager at both Kinney Asset Management and Arrow Investments, Inc., and as associate at TD Capital and PricewaterhouseCoopers. Mark earned a BBA (with honors) from the Schulich School of Business, York University, Toronto, Canada. He is a CFA® Charterholder.

FPA Crescent Fund
Source Capital

Abhijeet Patwardhan

Portfolio Manager

Source Capital
Portfolio Manager, Investment Team, Fixed Income

Joined FPA in 2010
Biography

Abhi joined FPA in 2010. He serves as a Portfolio Manager and Co-Director of Research for FPA. Prior to joining FPA, Abhi was an investment analyst at Reservoir Capital Group and D.B. Zwirn & Co. and an investment banking analyst at UBS Warburg and Donaldson, Lufkin & Jenrette. He earned a Bachelor’s degree in Economics, summa cum laude, and an MBA from the Wharton School of the University of Pennsylvania.

FPA New Income Fund
FPA Flexible Fixed Income Fund
Source Capital

Steven Romick, CFA

Portfolio Manager

Source Capital
Portfolio Manager, Investment Team, Equity and Asset Allocation

Joined FPA in 1996
Biography
Steven joined FPA in 1996. He serves on FPA’s Management Committee and as a Portfolio Manager for FPA. Prior to joining FPA, Steven was Chairman of Crescent Management and a consulting security analyst for Kaplan, Nathan & Co. Steven earned a Bachelor’s degree in Education from Northwestern University. He is a CFA® Charterholder.

FPA Crescent Fund
Source Capital

Brian Selmo, CFA

Portfolio Manager

Source Capital
Portfolio Manager, Investment Team, Equity and Asset Allocation

Joined FPA in 2008
Biography
Brian joined FPA in 2008. He serves as a Portfolio Manager and Director of Research for FPA. Prior to joining FPA, Brian was founder and managing member of Eagle Lake Capital, LLC, and Portfolio Manager of its predecessor. Previously, he was an analyst at Third Avenue Management and Rothschild, Inc. Brian earned a Bachelor's degree in Economics (with honors) from The Johns Hopkins University, where he graduated Phi Beta Kappa. He is a CFA® Charterholder.

FPA Crescent Fund
Source Capital