| Quarterly Commentary
Source Capital 2Q25 Commentary
The first half of 2025 brought higher volatility, with the MSCI ACWI and S&P 500 declining by 16.3% and 18.9%, respectively, in a few days in April from their February peaks.
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| Quarterly Commentary
FPA Crescent Fund 2Q25 Commentary
The first half of 2025 brought higher volatility, with the MSCI ACWI and S&P 500 declining by 16.3% and 18.9%, respectively, in a few days in April from their February peaks.
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| Quarterly Commentary
FPA Queens Road Small Cap Value Fund 2Q25 Commentary
Performance versus the Index was strong in the first half of 2025 and we are pleased with the results – particularly our ability to outperform when the markets were weak and volatile.
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| Quarterly Commentary
FPA Flexible Fixed Income Fund 2Q25 Commentary
On April 2nd, the federal government announced historically high levels of tariffs on dozens of trade partners.
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| Quarterly Commentary
FPA Queens Road Value Fund 2Q25 Commentary
Following April’s tariff tantrum, the markets have fully recovered and are making new highs.
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| News
Value Investor Insight: Pillars of Strength – FPA Queens Road Small Cap Value Fund
Steven Scruggs and Benjamin Mellman of Bragg Financial Advisors explain how their strategy grounds them during times of market dislocation…
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| Fund Announcements
Source Capital Declares June, July, and August 2025 Distribution
The Board of Trustees of Source Capital maintaining the Fund’s regular monthly distribution rate for June, July, and August 2025.
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| FPA Insights
FPA Crescent: Same Fund, New Morningstar Category
FPA Crescent was reclassified to Morningstar’s Global Moderate Allocation category, reflecting its global, flexible approach while maintaining the same long-term, value-driven strategy.
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| Quarterly Commentary
Source Capital 1Q25 Commentary
Source Capital’s (“Source” or “Fund”) net asset value (NAV) gained 1.75% for the quarter and 7.78% for the trailing twelve months, which is higher than the balanced MSCI ACWI/Bloomberg US Agg index, the Fund’s primary illustrative benchmark.
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