Source Capital, Inc.

Objective:

Source Capital, Inc. (SOR) seeks maximum total return for shareholders from both capital appreciation and investment income to the extent consistent with protection of invested capital.

Important update:

On November 17, 2015, we announced that Eric Ende will be retiring as Source’s Portfolio Manager on December 1, 2015. We are grateful for Eric’s leadership and for the strong long-term results he delivered to shareholders for almost two decades. We wish Eric and his family all the best as he transitions into retirement.

In that same announcement, we informed shareholders about the portfolio management team that will take over for Eric, related changes to Source’s investment program and the implementation of a share repurchase program. You may also refer to the announcement by clicking here.


As of November 30, 2015

Comparative Performance Monthly

Fund/IndexMTDYTD1 Year3 Years5 Years10 Years15 Years20 Years
Source Capital-0.81%-0.95%1.50%14.75%11.70%7.12%10.70%11.70%
Russell 2500 1.96%1.22%2.60%15.01%12.88%8.03%8.98%9.85%
S&P 5000.30%3.01%2.75%16.09%14.40%7.48%5.15%8.38%
NASDAQ1.28%9.05%7.86%20.76%16.76%9.74%5.49%N/A

* Annualized


As of September 30, 2015

Average Annual Returns

Fund/IndexQTRYTD1 Year3 Years5 Years10 Years15 Years20 Years**
Source Capital (NAV)-7.18%-6.31%5.24%14.23%12.39%7.01%10.17%11.45%
Russell 2500 -10.30%-5.98%0.38%12.39%12.69%7.40%7.58%9.50%
S&P 500-6.44%-5.29%-0.61%12.40%13.34%6.80%3.96%8.14%
NASDAQ-7.09%-1.61%4.00%15.48%15.66%9.04%2.38%N/A

* Annualized


Historical Annual Returns

Source Capital, Inc.*Russell 2500
201414.93%7.07%
201330.87%36.80%
201215.55%17.88%
2011-5.20%-2.50%
201026.00%26.70%
200953.00%34.40%
2008-42.80%-36.80%
20076.10%1.40%
20064.30%16.20%
200514.90%8.10%
200419.50%18.30%
200345.70%45.50%
2002-17.10%-17.80%
200124.70%1.20%
20009.60%4.30%
199923.10%24.10%
19985.80%0.40%
199725.40%24.40%
199621.90%19.00%
199520.70%31.70%
19940.60%-1.00%
19936.30%16.60%
199213.30%16.10%
199122.20%46.90%
1990-3.20%-14.90%
198923.90%19.40%
198816.80%22.70%
19871.70%-4.70%
198613.90%12.00%
198528.50%31.90%

* Past performance is not indicative of future performance. The returns shown for Source Capital are calculated at net asset value per share, including reinvestment of all distributions. Since Source Capital is a closed-end investment company and its shares are bought and sold on the New York Stock Exchange, your performance may also vary based upon the market price of the common stock. The Russell 2500 Index consists of the 2,500 smallest companies in the Russell 3000 total capitalization universe. This index is considered a measure of small to mid capitalization stock performance. The Standard & Poor's 500 Stock Index (S&P 500) is a capitalization-weighted index which covers industrial, utility, transportation and financial service companies, and represents approximately 75% of the New York Stock Exchange (NYSE) capitalization and 30% of NYSE issues. This index is considered a measure of large capitalization stock performance. The Nasdaq Composite Index is a market capitalization, price only, unmanaged index that tracks the performance of domestic common stocks traded on the regular Nasdaq market as well as foreign common stocks and ADRs traded on the national market system. These indices do not reflect any commissions or fees which would be incurred by an investor purchasing the stocks they represent. The performance of the Company and of the Averages is computed on a total return basis which includes reinvestment of all distributions. Source Capital is a closed-end investment company. Its shares are traded on the New York Stock Exchange, and the Company is not involved in these transactions. Thus, your performance will also vary based upon the market price of Source Capital's common stock.


As of November 30, 2015

After-Tax Returns

1 Year5 Years10 Years
Per Common Share1.50%11.70%7.12%

*Past performance is not indicative of future performance. The returns shown for Source Capital are calculated at net asset value per share, including reinvestment of all distributions. Since Source Capital is a closed-end investment company and its shares are bought and sold on the New York Stock Exchange, your performance may also vary based upon the market price of the common stock. The performance of the Company is computed on a total return basis which includes reinvestment of all distributions. After tax performance has been calculated on a total return basis, which combines principal and dividend income changes for the periods shown. Principal changes are based on the difference between the beginning and closing net asset values for the period and assume reinvestment of all dividends and distributions paid. Source Capital is a closed-end investment company. Its shares are traded on the New York Stock Exchange, and the Company is not involved in these transactions. Thus, your performance will also vary based upon the market price of Source Capital's common stock.


As of December 31, 2011
 
(NAV) 1 Year 5 Years 10 Years
Per Common Share -5.21% 2.07% 6.72%

*Past performance is not indicative of future performance. The returns shown for Source Capital are calculated at net asset value per share, including reinvestment of all distributions. Since Source Capital is a closed-end investment company and its shares are bought and sold on the New York Stock Exchange, your performance may also vary based upon the market price of the common stock. The Russell 2500 Index consists of the 2,500 smallest companies in the Russell 3000 total capitalization universe. This index is considered a measure of small to mid capitalization stock performance. The Standard & Poor's 500 Stock Index (S&P 500) is a capitalization-weighted index which covers industrial, utility, transportation and financial service companies, and represents approximately 75% of the New York Stock Exchange (NYSE) capitalization and 30% of NYSE issues. This index is considered a measure of large capitalization stock performance. The Nasdaq Composite Index is a market capitalization, price only, unmanaged index that tracks the performance of domestic common stocks traded on the regular Nasdaq market as well as foreign common stocks and ADRs traded on the national market system. These indices do not reflect any commissions or fees which would be incurred by an investor purchasing the stocks they represent. The performance of the Company and of the Averages is computed on a total return basis which includes reinvestment of all distributions. After tax performance has been calculated on a total return basis, which combines principal and dividend income changes for the periods shown. Principal changes are based on the difference between the beginning and closing net asset values for the period and assume reinvestment of all dividends and distributions paid. Source Capital is a closed-end investment company. Its shares are traded on the New York Stock Exchange, and the Company is not involved in these transactions. Thus, your performance will also vary based upon the market price of Source Capital's common stock.