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Trending ETFs

Name

As of 06/18/2024

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

$9.83

$739 M

4.26%

$0.42

1.36%

Vitals

YTD Return

2.7%

1 yr return

7.9%

3 Yr Avg Return

1.2%

5 Yr Avg Return

2.8%

Net Assets

$739 M

Holdings in Top 10

43.8%

52 WEEK LOW AND HIGH

$9.8
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.36%

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 06/18/2024

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

$9.83

$739 M

4.26%

$0.42

1.36%

BRMSX - Profile

Distributions

  • YTD Total Return 2.7%
  • 3 Yr Annualized Total Return 1.2%
  • 5 Yr Annualized Total Return 2.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.01%
DIVIDENDS
  • Dividend Yield 4.3%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Bramshill Income Performance Fund
  • Fund Family Name
    Bramshill Investments
  • Inception Date
    Apr 11, 2016
  • Shares Outstanding
    84471623
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Art 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. The Fund may invest up to 80% in investment grade corporate bonds. The Fund may invest 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 Adviser will use available ratings information across all tranches in selecting investments for the Fund. The dollar weighted average duration of the portfolio of the Predecessor Fund for the fiscal year ended March 31, 2023 was approximately two years, and the Fund has an expected range of between one and nine years based on the Adviser’s current 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).
The Fund’s 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 investments 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.
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BRMSX - Performance

Return Ranking - Trailing

Period BRMSX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.7% -8.6% 12.7% 44.39%
1 Yr 7.9% -11.0% 28.4% 42.12%
3 Yr 1.2%* -17.9% 16.2% 30.11%
5 Yr 2.8%* -14.0% 14.3% 25.46%
10 Yr N/A* -13.8% 6.4% 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% 60.73%
2022 -8.4% -31.8% 18.4% 23.07%
2021 0.0% -26.6% 25.7% 23.84%
2020 3.8% -49.2% 18.7% 27.26%
2019 5.2% -35.1% 15.3% 41.46%

Total Return Ranking - Trailing

Period BRMSX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.7% -8.6% 12.7% 44.39%
1 Yr 7.9% -11.0% 28.4% 42.12%
3 Yr 1.2%* -17.9% 16.2% 30.11%
5 Yr 2.8%* -14.0% 14.3% 25.46%
10 Yr N/A* -13.8% 6.4% 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% 55.89%
2022 -5.9% -31.8% 21.1% 29.41%
2021 2.9% -13.5% 49.9% 33.76%
2020 7.5% -28.6% 24.1% 30.21%
2019 9.1% -4.8% 19.1% 46.34%

NAV & Total Return History


BRMSX - Holdings

Concentration Analysis

BRMSX Category Low Category High BRMSX % Rank
Net Assets 739 M 2.53 M 143 B 46.73%
Number of Holdings 86 2 9868 83.99%
Net Assets in Top 10 362 M -204 M 70.2 B 38.41%
Weighting of Top 10 43.82% 5.1% 271.9% 29.19%

Top 10 Holdings

  1. United States Treasury Note/Bond 11.03%
  2. First American Government Obligations Fund 5.95%
  3. United States Treasury Bill 4.77%
  4. BlackRock Short Duration Bond ETF 3.49%
  5. Sempra 3.46%
  6. BP Capital Markets PLC 3.31%
  7. iShares 0-5 Year High Yield Corporate Bond ETF 3.31%
  8. Wells Fargo Co 3.10%
  9. Charles Schwab Corp/The 2.92%
  10. Edison International 2.48%

Asset Allocation

Weighting Return Low Return High BRMSX % Rank
Bonds
51.38% 0.00% 215.76% 85.37%
Preferred Stocks
28.28% 0.00% 28.28% 0.15%
Stocks
14.46% -4.18% 99.84% 13.11%
Cash
5.95% -94.66% 100.00% 35.37%
Convertible Bonds
0.42% 0.00% 33.50% 66.35%
Other
0.00% -66.66% 153.75% 87.04%

Stock Sector Breakdown

Weighting Return Low Return High BRMSX % Rank
Technology
22.28% 0.00% 28.30% 5.63%
Healthcare
11.87% 0.00% 18.60% 10.42%
Financial Services
11.53% 0.00% 100.00% 36.34%
Consumer Cyclical
10.95% 0.00% 89.95% 11.83%
Communication Services
8.73% 0.00% 100.00% 22.25%
Energy
8.47% 0.00% 100.00% 49.01%
Industrials
7.23% 0.00% 100.00% 31.55%
Utilities
6.10% 0.00% 100.00% 19.44%
Consumer Defense
5.55% 0.00% 99.97% 20.56%
Real Estate
4.29% 0.00% 100.00% 26.20%
Basic Materials
3.01% 0.00% 100.00% 24.23%

Stock Geographic Breakdown

Weighting Return Low Return High BRMSX % Rank
US
14.46% -4.11% 99.84% 12.50%
Non US
0.00% -0.07% 17.73% 74.54%

Bond Sector Breakdown

Weighting Return Low Return High BRMSX % Rank
Corporate
47.80% 0.00% 96.66% 36.95%
Government
12.21% 0.00% 99.43% 46.07%
Municipal
9.00% 0.00% 54.26% 1.89%
Cash & Equivalents
5.95% 0.00% 99.66% 34.40%
Securitized
0.74% 0.00% 99.65% 88.52%
Derivative
0.00% -66.66% 153.75% 62.08%

Bond Geographic Breakdown

Weighting Return Low Return High BRMSX % Rank
US
51.38% 0.00% 215.76% 78.35%
Non US
0.00% 0.00% 69.85% 91.16%

BRMSX - Expenses

Operational Fees

BRMSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.36% 0.03% 20.67% 42.25%
Management Fee 0.85% 0.00% 2.29% 76.10%
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% 29.65%

BRMSX - Distributions

Dividend Yield Analysis

BRMSX Category Low Category High BRMSX % Rank
Dividend Yield 4.26% 0.00% 23.30% 63.75%

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% 78.79%

Capital Gain Distribution Analysis

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

Distributions History

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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