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Trending ETFs

Name

As of 06/17/2024

Price

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

$6.54

$224 M

5.26%

$0.34

2.58%

Vitals

YTD Return

4.3%

1 yr return

10.5%

3 Yr Avg Return

0.8%

5 Yr Avg Return

-5.0%

Net Assets

$224 M

Holdings in Top 10

34.1%

52 WEEK LOW AND HIGH

$6.5
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 2.58%

SALES FEES

Front Load N/A

Deferred Load 1.00%

TRADING FEES

Turnover 50.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$2,500

IRA

$2,500


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 06/17/2024

Price

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

$6.54

$224 M

5.26%

$0.34

2.58%

BDKCX - Profile

Distributions

  • YTD Total Return 4.3%
  • 3 Yr Annualized Total Return 0.8%
  • 5 Yr Annualized Total Return -5.0%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 2.55%
DIVIDENDS
  • Dividend Yield 5.3%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Bramshill Multi-Strategy Income Fund
  • Fund Family Name
    INVESTMENT MANAGERS SERIES TRUST
  • Inception Date
    Dec 31, 2015
  • Shares Outstanding
    N/A
  • Share Class
    C
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Garrett Tripp

Fund Description

Under normal market conditions, the Fund will pursue its investment strategy by investing primarily in securitized products, which represent interests in “pools” of assets, including securities backed by residential real estate (“Residential Mortgage-Backed Securities” or “RMBS”), commercial real estate (“Commercial Mortgage-Backed Securities” or “CMBS”), corporate debt and loans (“Collateralized Loan Obligations” or “CLOs”), and consumer and commercial assets (“Asset-Backed Securities” or “ABS”). The Fund’s allocation of its investments among various asset classes within the securitized product market will depend on the views of Bramshill Investments, LLC (“Bramshill” or the “Sub-Advisor”), the Fund’s sub-advisor, as to the best value currently available in the marketplace. In selecting investments, the Sub-Advisor will consider, among other things, maturity, yield and ratings information and opportunities for price appreciation and interest income.

Mortgage-related securities are backed by or provide exposure to mortgages, including private (i.e., non-agency) and government mortgage-backed (i.e., agency) securities. Agency loans have balances that fall within the limits set by the Federal Housing Finance Agency (“FHFA”), are underwritten to standards set by the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”) or the Federal Home Loan Mortgage Corporation (“Freddie Mac”), and qualify as collateral for securities that are issued by Ginnie Mae, Fannie Mae and Freddie Mac. Non-agency loans have balances that may or may not fall within the limits set by FHFA and do not qualify as collateral for securities that are issued by Ginnie Mae, Fannie Mae or Freddie Mac. CMBS are generally multi-class or pass-through securities backed by a mortgage loan or a pool of mortgage loans secured by commercial property, such as industrial and warehouse properties, office buildings, retail space and shopping malls, multifamily properties and cooperative apartments. Asset-backed securities are securities backed by non-mortgage assets, such as company receivables, truck and auto loans, leases, home equity loans, credit card receivables and student loans. A CLO is a type of asset-backed debt security typically collateralized predominantly by pools of domestic and foreign senior secured corporate loans, including loans that may be rated below investment grade. RMBS, CMBS, ABS, and CLOs are issued using a variety of structures, including multi-class structures featuring senior and subordinated classes, which vary in risk and yield.

In selecting securities for investment, the Sub-Advisor favors investments that it believes are undervalued and will produce consistent returns in most interest rate environments. The Sub-Advisor selects those securities for investment that it believes offer the best risk/return opportunity based on its analyses of a variety of factors including collateral quality, duration, structure, excess interest, credit support, potential for greater upside and less downside capture, liquidity, and market conditions. While there are no restrictions on the maturity of individual securities, the securities in the Fund’s portfolio are expected to have an average effective duration of less than five years. The Fund does not limit its investments to a particular credit quality but expects to invest primarily in securities rated non-investment grade (also referred to as “junk bonds”) by a nationally recognized statistical rating organization (“NRSRO”), or not rated. An NRSRO is a credit rating agency that rates the creditworthiness of a company or a financial product, such as a debt security or money market instrument.

From time to time, the Sub-Advisor may tactically utilize the following securities or instruments as an alternative investment to securitized products, for hedging purposes, to attempt to enhance the portfolio’s return, or to mitigate against certain risks, principally credit and interest rate risk: U.S. Treasury securities; corporate bonds; municipal bonds; leveraged loans; equity securities, including preferred securities; shares of investment companies, including exchange-traded funds (“ETFs”) that invest in fixed income or equity securities; interest rate, total return, credit default, and synthetic swaps; interest rate and bond futures; and credit spread and interest rate options.

In addition, the Fund may enter into repurchase agreements and reverse repurchase agreements, which are considered to be borrowings, to seek to enhance returns. The Fund may borrow to the maximum extent permitted by applicable law, which generally means that the Fund may borrow up to one-third of its total assets.

The Sub-Advisor generally sells a Fund investment if the Sub-Advisor determines that the characteristics that resulted in the original purchase decision have changed materially, the investment is no longer earning a return commensurate with its risk, the Sub-Advisor identifies other investments with more attractive valuations and return characteristics, or the Fund requires cash to meet redemption requests.

The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”), which means that it may invest more of its assets in fewer issuers than “diversified” funds.

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BDKCX - Performance

Return Ranking - Trailing

Period BDKCX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.3% -7.7% 410.0% 11.21%
1 Yr 10.5% -11.0% 435.7% 9.70%
3 Yr 0.8%* -18.2% 72.2% 34.87%
5 Yr -5.0%* -13.9% 43.6% 97.05%
10 Yr N/A* -13.8% 6.5% N/A

* Annualized

Return Ranking - Calendar

Period BDKCX Return Category Return Low Category Return High Rank in Category (%)
2023 4.7% -12.0% 15.7% 12.84%
2022 -16.0% -31.8% 18.4% 76.47%
2021 2.0% -26.6% 25.7% 7.68%
2020 -31.0% -49.2% 18.7% 99.48%
2019 2.3% -35.1% 15.3% 77.30%

Total Return Ranking - Trailing

Period BDKCX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.3% -7.7% 410.0% 11.21%
1 Yr 10.5% -11.0% 435.7% 9.70%
3 Yr 0.8%* -18.2% 72.2% 34.87%
5 Yr -5.0%* -13.9% 43.6% 97.05%
10 Yr N/A* -13.8% 6.5% N/A

* Annualized

Total Return Ranking - Calendar

Period BDKCX Return Category Return Low Category Return High Rank in Category (%)
2023 11.0% -7.0% 22.2% 12.54%
2022 -12.6% -31.8% 21.1% 81.58%
2021 4.6% -13.5% 49.9% 13.60%
2020 -28.6% -28.6% 24.1% 100.00%
2019 5.5% -4.8% 19.1% 81.05%

NAV & Total Return History


BDKCX - Holdings

Concentration Analysis

BDKCX Category Low Category High BDKCX % Rank
Net Assets 224 M 2.53 M 143 B 70.40%
Number of Holdings 102 2 9868 81.55%
Net Assets in Top 10 85.9 M -204 M 70.2 B 66.31%
Weighting of Top 10 34.12% 5.1% 271.9% 36.87%

Top 10 Holdings

  1. MSILF Government Portfolio - Class Institutional USD INC 9.22%
  2. Western Alliance Bank 4.10%
  3. Connecticut Avenue Securities Trust 2019-HRP1 3.72%
  4. AMSR 2020-SFR1 Trust 3.48%
  5. Ally Auto Receivables Trust 2024-1 3.04%
  6. FARM 2023-1 Mortgage Trust 2.20%
  7. JPMorgan Chase Bank N.A. - CACLN 2.20%
  8. Western Alliance Bank 2.11%
  9. Freddie Mac STACR Debt Notes 2015-DNA1 2.06%
  10. Western Alliance Bank 1.98%

Asset Allocation

Weighting Return Low Return High BDKCX % Rank
Bonds
63.10% 0.00% 215.76% 82.01%
Other
29.00% -66.66% 153.75% 7.62%
Cash
9.22% -94.66% 100.00% 20.43%
Stocks
0.00% -4.18% 99.84% 78.20%
Preferred Stocks
0.00% 0.00% 28.28% 56.25%
Convertible Bonds
0.00% 0.00% 33.50% 86.54%

Bond Sector Breakdown

Weighting Return Low Return High BDKCX % Rank
Securitized
96.10% 0.00% 99.65% 1.26%
Cash & Equivalents
9.22% 0.00% 99.66% 20.03%
Corporate
0.04% 0.00% 96.66% 94.97%
Derivative
0.00% -66.66% 153.75% 51.83%
Municipal
0.00% 0.00% 54.26% 52.04%
Government
0.00% 0.00% 99.43% 89.15%

Bond Geographic Breakdown

Weighting Return Low Return High BDKCX % Rank
US
63.10% 0.00% 215.76% 70.58%
Non US
0.00% 0.00% 69.85% 73.93%

BDKCX - Expenses

Operational Fees

BDKCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.58% 0.03% 20.67% 11.25%
Management Fee 1.25% 0.00% 2.29% 91.07%
12b-1 Fee 1.00% 0.00% 1.00% 83.33%
Administrative Fee N/A 0.00% 0.70% 41.89%

Sales Fees

BDKCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load 1.00% 1.00% 5.00% 27.06%

Trading Fees

BDKCX 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.

BDKCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 50.00% 0.00% 632.00% 20.63%

BDKCX - Distributions

Dividend Yield Analysis

BDKCX Category Low Category High BDKCX % Rank
Dividend Yield 5.26% 0.00% 23.30% 40.94%

Dividend Distribution Analysis

BDKCX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annually Monthly Monthly

Net Income Ratio Analysis

BDKCX Category Low Category High BDKCX % Rank
Net Income Ratio 2.55% -1.55% 11.51% 64.24%

Capital Gain Distribution Analysis

BDKCX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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BDKCX - Fund Manager Analysis

Managers

Garrett Tripp


Start Date

Tenure

Tenure Rank

Jul 31, 2009

12.84

12.8%

Mr. Tripp, CFA, serves as the Senior Vice President and Senior Portfolio Manager of Braddock Financial LLC.

Toby Giordano


Start Date

Tenure

Tenure Rank

Jul 31, 2009

12.84

12.8%

Mr. Giordano, CFA, serves as the Vice President and Portfolio Manager of Braddock Financial LLC.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 28.19 5.72 3.19