Bramshill Income Performance Fund
Fund
BRMSX
Price as of:
$9.61
- $0.00
- 0.00%
Primary Theme
fund company
Name
As of 04/22/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
-0.3%
1 yr return
4.7%
3 Yr Avg Return
0.5%
5 Yr Avg Return
2.3%
Net Assets
$739 M
Holdings in Top 10
42.1%
52 WEEK LOW AND HIGH
$9.6
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.46%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 55.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$100,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/22/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
BRMSX - Profile
Distributions
- YTD Total Return -0.3%
- 3 Yr Annualized Total Return 0.5%
- 5 Yr Annualized Total Return 2.3%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 2.01%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameBramshill Income Performance Fund
-
Fund Family NameBramshill Investments
-
Inception DateApr 11, 2016
-
Shares Outstanding84471623
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerArt DeGaetano
Fund Description
The Fund implements a tactical fixed income strategy which seeks to maximize total return across different types of fixed income products and, based on market conditions, may also hold cash and cash equivalents.
The Fund’s investments are comprised of a tactical portfolio of income-producing securities, including up to 80% in investment grade corporate bonds and up to 40% in high yield bonds (i.e., junk bonds), which are defined as corporate bonds rated below Baa by Moody’s Investors Service, Inc. (“Moody’s”), or equivalently rated by Standard & Poor’s Ratings Services (“S&P”) or Fitch, Inc. (“Fitch”), or, if unrated, determined to be of comparable quality by Bramshill Investments, LLC (the “Adviser”), the Fund’s investment adviser. The Fund
may invest in securities that are in default, which may be rated as low as “D” (default) or its equivalent by the rating agencies. The Fund may also invest up to 70% in preferred stocks (including payment-in-kind, fixed to floating rate, convertible, cumulative and non-cumulative, callable, and perpetual), up to 80% in U.S. municipal bonds, and up to 100% in U.S. Treasuries. The Fund may also invest up to 15% in fixed income closed-end funds and up to 25% in fixed income exchange traded funds (“ETFs”). The Fund may also invest up to 25% in foreign issuers of U.S. dollar denominated fixed income securities. The Fund may also invest in contingent convertible securities, which are fixed income instruments that are convertible into equity if a pre-specified trigger event occurs. Contingent convertible securities have been popular in the context of crisis management in the European banking industry to meet certain capital requirements; pay a fixed rate of interest but have characteristics of both debt and equity; and, unlike traditional convertible instruments, are mandatorily convertible to common shares by the issuing bank under certain adverse circumstances (i.e., if issuing bank falls below certain level of capital).
The Fund is actively managed and incorporates sector allocations and tactical hedging during various interest rate and market environments. The Adviser uses fundamental credit and relative value analysis, and focuses on securities with transparent pricing, actively-traded capital structures and a high level of liquidity. The Adviser seeks to maintain the Fund’s portfolio at an average credit rating of investment grade. The dollar weighted average duration of the portfolio of the Fund for the past year is approximately two years, with an expected range of between one and nine years based on the Adviser’s assessment of market conditions. The Fund may invest in fixed-income securities of any duration or maturity. Duration is a measure of the sensitivity of the price of a fixed income security (or a portfolio of fixed income securities) to changes in interest rates. The prices of fixed income securities with shorter duration generally will be less affected by changes in interest rates than the prices of fixed income securities with greater duration. For example, a five year duration means the fixed income security is expected to decrease in value by 5% if interest rates rise 1% and increase in value by 5% if interest rates fall 1% holding other factors constant.
The Fund may make use of futures and options on futures, including U.S. Treasury futures, to adjust its sensitivity to interest rate changes and to gain exposure to U.S. Treasury securities. The Fund may also sell short U.S. Treasury securities (of an aggregate dollar value not exceeding 33 1/3% of the aggregate dollar value of the Fund’s assets) only as a hedge based on market conditions. The Fund seeks to mitigate the negative impact of rising Treasury interest rates on the performance of investment grade bonds (conversely limiting the positive impact of falling interest rates). These short positions are not intended to mitigate other factors influencing the price of investment grade bonds, such as credit risk, which may have a greater impact than rising or falling interest rates.
The Fund may lend portfolio securities to brokers, dealers and other financial organizations that meet capital and other credit requirements or other criteria established by the Board. These loans, if and when made, may not exceed 33 1/3% of the total asset value of the Fund (including the loan collateral). By lending its securities, the Fund may increase its income by receiving payments from the borrower.
The Fund may invest in fixed rate or floating rate securities. Floating rate instruments reset their interest rate periodically over a base rate, with rates tied to a representative interest rate index (for example, the Treasury Note Constant Maturity Rate or 3-month LIBOR).
While investing in a particular sector is not a strategy of the Fund, its portfolio may be significantly invested in one or more sectors as a result of the security selection decisions made pursuant to its investment strategy. The Fund’s portfolio currently has significant investment in companies in the financials sector, although this may change from time to time.
The Fund’s strategies may result in frequent portfolio trading and high portfolio turnover (typically greater than 100%). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in the Fund’s annual operating expenses or in the expense example, affect the Fund’s performance.
BRMSX - Performance
Return Ranking - Trailing
| Period | BRMSX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -0.3% | -13.1% | 8.9% | 60.37% |
| 1 Yr | 4.7% | -10.3% | 25.6% | 59.44% |
| 3 Yr | 0.5%* | -17.6% | 17.9% | 29.55% |
| 5 Yr | 2.3%* | -13.3% | 14.8% | 33.02% |
| 10 Yr | N/A* | -13.6% | 6.5% | N/A |
* Annualized
Return Ranking - Calendar
| Period | BRMSX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 2.3% | -12.0% | 15.7% | 60.90% |
| 2022 | -8.4% | -31.8% | 18.4% | 23.30% |
| 2021 | 0.0% | -26.6% | 25.7% | 22.42% |
| 2020 | 3.8% | -49.2% | 18.7% | 27.53% |
| 2019 | 5.2% | -35.1% | 15.3% | 41.98% |
Total Return Ranking - Trailing
| Period | BRMSX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -0.3% | -13.1% | 8.9% | 60.37% |
| 1 Yr | 4.7% | -10.3% | 25.6% | 59.44% |
| 3 Yr | 0.5%* | -17.6% | 17.9% | 29.55% |
| 5 Yr | 2.3%* | -13.3% | 14.8% | 33.02% |
| 10 Yr | N/A* | -13.6% | 6.5% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | BRMSX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 7.6% | -7.0% | 22.2% | 55.33% |
| 2022 | -5.9% | -31.8% | 21.1% | 29.00% |
| 2021 | 2.9% | -13.5% | 49.9% | 32.24% |
| 2020 | 7.5% | -28.6% | 24.1% | 30.37% |
| 2019 | 9.1% | -4.8% | 19.1% | 46.76% |
NAV & Total Return History
BRMSX - Holdings
Concentration Analysis
| BRMSX | Category Low | Category High | BRMSX % Rank | |
|---|---|---|---|---|
| Net Assets | 739 M | 2.53 M | 143 B | 46.35% |
| Number of Holdings | 95 | 4 | 9868 | 82.19% |
| Net Assets in Top 10 | 311 M | -1.57 B | 65.8 B | 40.64% |
| Weighting of Top 10 | 42.06% | 0.7% | 170.6% | 26.32% |
Top 10 Holdings
- United States Treasury Bill 8.15%
- United States Treasury Bill 6.68%
- BlackRock Short Duration Bond ETF 3.90%
- Sempra 3.87%
- JPMorgan Chase Co 3.77%
- BP Capital Markets PLC 3.66%
- First American Government Obligations Fund 3.44%
- Charles Schwab Corp/The 3.03%
- iShares 0-5 Year High Yield Corporate Bond ETF 2.80%
- JPMorgan Ultra-Short Income ETF 2.76%
Asset Allocation
| Weighting | Return Low | Return High | BRMSX % Rank | |
|---|---|---|---|---|
| Bonds | 48.32% | -150.81% | 203.29% | 85.69% |
| Preferred Stocks | 30.46% | 0.00% | 30.46% | 0.15% |
| Stocks | 20.19% | -1.60% | 99.88% | 12.18% |
| Cash | 3.44% | -94.66% | 258.91% | 49.32% |
| Convertible Bonds | 0.42% | 0.00% | 33.50% | 66.56% |
| Other | 0.00% | -62.91% | 100.00% | 81.43% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | BRMSX % Rank | |
|---|---|---|---|---|
| Technology | 22.28% | 0.00% | 28.30% | 5.62% |
| Healthcare | 11.87% | 0.00% | 18.60% | 10.39% |
| Financial Services | 11.53% | 0.00% | 100.00% | 36.24% |
| Consumer Cyclical | 10.95% | 0.00% | 89.95% | 11.80% |
| Communication Services | 8.73% | 0.00% | 100.00% | 22.19% |
| Energy | 8.47% | 0.00% | 100.00% | 49.16% |
| Industrials | 7.23% | 0.00% | 100.00% | 31.46% |
| Utilities | 6.10% | 0.00% | 100.00% | 19.38% |
| Consumer Defense | 5.55% | 0.00% | 99.97% | 20.51% |
| Real Estate | 4.29% | 0.00% | 100.00% | 26.12% |
| Basic Materials | 3.01% | 0.00% | 100.00% | 24.16% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | BRMSX % Rank | |
|---|---|---|---|---|
| US | 20.19% | -1.47% | 99.88% | 12.18% |
| Non US | 0.00% | -0.13% | 17.73% | 90.11% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | BRMSX % Rank | |
|---|---|---|---|---|
| Corporate | 47.80% | 0.00% | 96.66% | 37.05% |
| Government | 12.21% | 0.00% | 99.43% | 46.00% |
| Municipal | 9.00% | 0.00% | 54.26% | 1.88% |
| Cash & Equivalents | 3.44% | 0.00% | 88.14% | 43.51% |
| Securitized | 0.74% | 0.00% | 99.65% | 88.54% |
| Derivative | 0.00% | -62.91% | 37.37% | 56.03% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | BRMSX % Rank | |
|---|---|---|---|---|
| US | 48.32% | -151.11% | 203.29% | 78.23% |
| Non US | 0.00% | 0.00% | 67.77% | 95.59% |
BRMSX - Expenses
Operational Fees
| BRMSX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.46% | 0.01% | 20.67% | 39.30% |
| Management Fee | 0.85% | 0.00% | 2.29% | 76.28% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.00% | 0.70% | N/A |
Sales Fees
| BRMSX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 0.00% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
| BRMSX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 0.50% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| BRMSX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 55.00% | 0.00% | 632.00% | 29.78% |
BRMSX - Distributions
Dividend Yield Analysis
| BRMSX | Category Low | Category High | BRMSX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.00% | 0.00% | 23.30% | 61.24% |
Dividend Distribution Analysis
| BRMSX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | Annual | Monthly | Monthly |
Net Income Ratio Analysis
| BRMSX | Category Low | Category High | BRMSX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 2.01% | -1.55% | 11.51% | 78.83% |
Capital Gain Distribution Analysis
| BRMSX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Mar 28, 2024 | $0.036 | OrdinaryDividend |
| Feb 29, 2024 | $0.032 | OrdinaryDividend |
| Jan 31, 2024 | $0.030 | OrdinaryDividend |
| Dec 29, 2023 | $0.048 | OrdinaryDividend |
| Nov 30, 2023 | $0.036 | OrdinaryDividend |
| Oct 31, 2023 | $0.036 | OrdinaryDividend |
| Sep 29, 2023 | $0.042 | OrdinaryDividend |
| Aug 31, 2023 | $0.033 | OrdinaryDividend |
| Jul 31, 2023 | $0.029 | OrdinaryDividend |
| Jun 30, 2023 | $0.038 | OrdinaryDividend |
| May 31, 2023 | $0.040 | OrdinaryDividend |
| Apr 28, 2023 | $0.037 | OrdinaryDividend |
| Mar 31, 2023 | $0.046 | OrdinaryDividend |
| Feb 28, 2023 | $0.031 | OrdinaryDividend |
| Jan 31, 2023 | $0.023 | OrdinaryDividend |
| Dec 30, 2022 | $0.039 | OrdinaryDividend |
| Nov 30, 2022 | $0.025 | OrdinaryDividend |
| Oct 31, 2022 | $0.021 | OrdinaryDividend |
| Sep 30, 2022 | $0.026 | OrdinaryDividend |
| Aug 31, 2022 | $0.020 | OrdinaryDividend |
| Jul 29, 2022 | $0.018 | OrdinaryDividend |
| Jun 30, 2022 | $0.022 | OrdinaryDividend |
| May 31, 2022 | $0.016 | OrdinaryDividend |
| Apr 29, 2022 | $0.013 | OrdinaryDividend |
| Mar 31, 2022 | $0.018 | OrdinaryDividend |
| Feb 28, 2022 | $0.012 | OrdinaryDividend |
| Jan 31, 2022 | $0.011 | OrdinaryDividend |
| Dec 31, 2021 | $0.026 | OrdinaryDividend |
| Nov 30, 2021 | $0.017 | OrdinaryDividend |
| Oct 29, 2021 | $0.020 | OrdinaryDividend |
| Sep 30, 2021 | $0.021 | OrdinaryDividend |
| Aug 31, 2021 | $0.019 | OrdinaryDividend |
| Jul 30, 2021 | $0.023 | OrdinaryDividend |
| Jun 30, 2021 | $0.025 | OrdinaryDividend |
| May 28, 2021 | $0.020 | OrdinaryDividend |
| Apr 30, 2021 | $0.019 | OrdinaryDividend |
| Mar 31, 2021 | $0.018 | OrdinaryDividend |
| Feb 26, 2021 | $0.018 | OrdinaryDividend |
| Jan 29, 2021 | $0.012 | OrdinaryDividend |
| Dec 31, 2020 | $0.041 | OrdinaryDividend |
| Nov 30, 2020 | $0.029 | OrdinaryDividend |
| Oct 30, 2020 | $0.034 | OrdinaryDividend |
| Sep 30, 2020 | $0.034 | OrdinaryDividend |
| Aug 31, 2020 | $0.035 | OrdinaryDividend |
| Jul 31, 2020 | $0.034 | OrdinaryDividend |
| Jun 30, 2020 | $0.034 | OrdinaryDividend |
| May 29, 2020 | $0.025 | OrdinaryDividend |
| Apr 30, 2020 | $0.020 | OrdinaryDividend |
| Mar 31, 2020 | $0.023 | OrdinaryDividend |
| Feb 28, 2020 | $0.022 | OrdinaryDividend |
| Jan 31, 2020 | $0.015 | OrdinaryDividend |
| Dec 31, 2019 | $0.033 | OrdinaryDividend |
| Nov 29, 2019 | $0.032 | OrdinaryDividend |
| Oct 31, 2019 | $0.024 | OrdinaryDividend |
| Sep 30, 2019 | $0.029 | OrdinaryDividend |
| Aug 30, 2019 | $0.024 | OrdinaryDividend |
| Jun 28, 2019 | $0.027 | OrdinaryDividend |
| May 31, 2019 | $0.041 | OrdinaryDividend |
| Apr 30, 2019 | $0.025 | OrdinaryDividend |
| Mar 29, 2019 | $0.034 | OrdinaryDividend |
| Feb 28, 2019 | $0.027 | OrdinaryDividend |
| Jan 31, 2019 | $0.022 | OrdinaryDividend |
| Dec 31, 2018 | $0.039 | OrdinaryDividend |
| Nov 30, 2018 | $0.028 | OrdinaryDividend |
| Oct 31, 2018 | $0.023 | OrdinaryDividend |
| Sep 28, 2018 | $0.027 | OrdinaryDividend |
| Aug 31, 2018 | $0.022 | OrdinaryDividend |
| Jul 31, 2018 | $0.033 | OrdinaryDividend |
| Jun 29, 2018 | $0.030 | OrdinaryDividend |
| May 31, 2018 | $0.049 | OrdinaryDividend |
| Apr 30, 2018 | $0.042 | OrdinaryDividend |
| Mar 29, 2018 | $0.027 | OrdinaryDividend |
| Feb 28, 2018 | $0.032 | OrdinaryDividend |
| Jan 31, 2018 | $0.039 | OrdinaryDividend |
| Dec 29, 2017 | $0.032 | OrdinaryDividend |
| Nov 30, 2017 | $0.029 | OrdinaryDividend |
| Oct 31, 2017 | $0.042 | OrdinaryDividend |
| Sep 29, 2017 | $0.038 | OrdinaryDividend |
| Aug 31, 2017 | $0.028 | OrdinaryDividend |
| Jul 31, 2017 | $0.025 | OrdinaryDividend |
| Jun 30, 2017 | $0.028 | OrdinaryDividend |
| May 31, 2017 | $0.024 | OrdinaryDividend |
| Apr 28, 2017 | $0.014 | OrdinaryDividend |
| Mar 31, 2017 | $0.031 | OrdinaryDividend |
BRMSX - Fund Manager Analysis
Managers
Art DeGaetano
Start Date
Tenure
Tenure Rank
Apr 11, 2016
6.14
6.1%
Art DeGaetano is a Principal of Bramshill Investments. Before starting Bramshill in May of 2012, Mr. DeGaetano was a Senior Portfolio Manager at GLG Partners from 2007. Prior to GLG Partners, he traded at RBS Greenwich Capital where he was a Managing Director and Head of Credit Trading for two years. Prior to RBS, he traded for 12 years for Bear Stearns and was a Senior Managing Director and Head Trader on the high yield desk. Mr. DeGaetano has a B.A. from Colgate University. Mr. DeGaetano has been the primary portfolio manager for the Bramshill Income Performance strategy since its inception in April 2016.
Derek Pines
Start Date
Tenure
Tenure Rank
Apr 11, 2016
6.14
6.1%
Derek Pines is a Portfolio Manager and Analyst at Bramshill Investments. Prior to joining Bramshill Investments in 2012, Mr. Pines spent 10 years as a Proprietary Trader and Portfolio Manager specializing in quantitative strategies across a variety of asset classes, the bulk of that time with Assent (Sungard Financial) and most recently Chimera Securities. He also spent a year with Accenture in their Core Trading Services Group. Mr. Pines holds a Masters Graduate Certificate in Algorithmic Trading from Stevens University. Mr. Pines graduated cum laude with a B.S. in finance from Georgetown University.
Michael Hirschfield
Start Date
Tenure
Tenure Rank
Jan 31, 2018
4.33
4.3%
Mr. Hirschfield is a Portfolio Manager at Bramshill Investments focusing on credit and special situations. He is a member of the firm’s investment committee. Before joining Bramshill Investments in 2018, Mr. Hirschfield served over 9 years as Portfolio Manager for Man Group, the world’s largest publicly listed Hedge Fund. He ran the US Credit portfolio for their GLG Market Neutral Fund, a multi-strategy credit fund. Michael also worked alongside Bramshill founder, Art DeGaetano, during their tenures together at GLG Partners, helping to develop the predecessor to the Bramshill Income Performance Strategy in 2009. Prior to GLG Partners, Michael was Head Trader for Cedarview Capital, an event-driven credit hedge fund. Prior to the buy-side, Mr. Hirschfield worked as a sell-side bond trader for FTN Financial on their Investment Grade Corporate Bond desk. Michael became a CFA charter holder in 2007. He received his B.A. in Economics in 2003 from Yale University. Michael co-founded the Bulldogs Care Foundation, a 501c charitable foundation which raises funds to support student-athlete development programs for underprivileged youth in NYC. The foundation honors four Yale Bulldogs who passed away in a tragic car accident in 2003. Michael serves on the board and has helped to raise over $1.1mm its since inception in 2007.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 28.19 | 5.72 | 3.19 |