Ryan Leggio
About Ryan Leggio
Ryan Leggio (born 1980) serves as Vice President of Source Capital’s Trust structure and is a Partner and Head of Distribution at First Pacific Advisors, LP (FPA). He was first elected as an officer of the Trust in 2024 and previously served as Vice President, Strategy of Source Capital beginning in 2021. Prior roles include Mutual Fund Analyst at Morningstar (2008–2011) and Associate Attorney at Clifford & Brown (2006–2008). The proxy statements do not disclose individual executive performance metrics (e.g., TSR, revenue/EBITDA growth) for Leggio tied to compensation; the Trust states that officers who are employees of the Adviser are not paid by the Trust.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| First Pacific Advisors, LP (FPA) | Partner and Head of Distribution | 2011–Present | Leads distribution for FPA; senior leadership position within adviser supporting Source Capital |
| Morningstar | Mutual Fund Analyst | 2008–2011 | Research coverage of mutual funds; informs investment distribution expertise |
| Clifford & Brown | Associate Attorney | 2006–2008 | Legal experience; foundational compliance perspective |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Not disclosed in proxy materials | — | — | No external public company directorships or committee roles are disclosed for Leggio in Source Capital proxies reviewed |
Fixed Compensation
- The Trust pays no compensation to any officer who is an officer or employee of the Adviser (FPA) or its affiliates, implying Leggio’s cash compensation is paid by FPA and not disclosed in the Trust’s proxy.
- Independent Trustee retainer and fees are disclosed, but these do not apply to Leggio (he is an officer, not an Independent Trustee).
Performance Compensation
- The proxy does not disclose any RSU/PSU grants, option awards, performance metrics, or vesting schedules for Leggio at the Trust level; as an Adviser employee, his incentive compensation structure (if any) resides at FPA and is not reported by the Trust.
- No clawback, tax gross-up, or deferred compensation details are disclosed for Leggio by the Trust.
Equity Ownership & Alignment
- As of April 2, 2025, all officers and Trustees of the Trust as a group owned beneficially less than 1% of the outstanding shares of common stock; individual holdings for Leggio are not itemized in the proxy.
- Officers and Trustees must comply with Section 16 filing requirements and the Trust states all requirements were met during the fiscal year ended December 31, 2024; a review of recent filings did not surface a Form 3/4/5 for Leggio, which suggests no reportable ownership was disclosed in documents retrieved.
- The Code of Ethics requires Access Persons (which would include Trust officers) to report initial holdings and quarterly transactions, supporting controls on insider trading and hedging; specific pledging or hedging disclosures for Leggio are not provided.
Employment Terms
- Current Title: Vice President (Trust structure). Year first elected as Trust officer: 2024.
- Prior Title: Vice President, Strategy (Company structure). Year first appointed as officer: 2021.
- Principal Office Address for Leggio listed by the Trust: 2101 East El Segundo Boulevard, Suite 301, El Segundo, CA 90245.
- No employment agreements, severance multiples, change-of-control provisions, non-compete, or garden leave terms are disclosed for Leggio in Trust filings reviewed.
Investment Implications
- Pay-for-performance alignment at the Trust level appears limited for Leggio: the Trust does not compensate Adviser-employed officers, and no Trust-level equity or option awards for him are disclosed; incentive alignment (if any) would be through FPA compensation policies that are not reported in Trust proxies. This reduces direct visibility into pay-performance levers for SOR investors.
- Insider selling pressure signals for Leggio are weak-to-absent in the filings reviewed: group beneficial ownership is under 1% and no Leggio-specific Section 16 transactions were found in recent documents retrieved, while the Code of Ethics imposes reporting and trading controls on Access Persons.
- Retention risk appears moderate-to-low based on tenure and senior role at FPA: Leggio has served at FPA since 2011 and transitioned into Trust officer responsibilities in 2024; however, lack of disclosed employment terms (severance/CIC) limits assessment of economic retention protections.
- Trading signals: Absence of disclosed SOR-linked equity awards or ownership for Leggio reduces the linkage between his personal incentives and SOR’s market performance; focus should remain on portfolio manager incentives and Adviser-level governance, as those are more proximate to fund performance drivers in closed-end structures.