PSOIX: Palmer Square Opportunistic Income

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PSOIX Palmer Square Opportunistic Income


Profile

PSOIX - Profile

Vitals

  • YTD Return -9.9%
  • 3 Yr Annualized Return -4.6%
  • 5 Yr Annualized Return -3.7%
  • Net Assets $N/A
  • Holdings in Top 10 9.7%

52 WEEK LOW AND HIGH

$16.66
$13.27
$18.92

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.93%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 74.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

  • Standard (Taxable) $250,000
  • IRA N/A

Fund Classification

  • Primary Caregory
  • Fund Type Closed-end mutual fund
  • Investment Style Nontraditional Bond

Distributions

  • YTD Total Return -9.9%
  • 3 Yr Annualized Total Return -4.6%
  • 5 Yr Annualized Total Return -3.7%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 6.40%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Palmer Square Opportunistic Income Fund
  • Fund Family Name
    Palmer Square
  • Inception Date
    Aug 29, 2014
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Christopher Long

Fund Description

Under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in debt securities and/or income-producing securities (the “80% Policy”). It may invest in debt securities of any maturity and credit quality, including securities rated below investment grade and unrated securities. The fund is non-diversified.


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Categories

Performance

PSOIX - Performance

Return Ranking - Trailing

Period PSOIX Return Category Return Low Category Return High Rank in Category (%)
YTD -9.9% -22.8% 10.8% 90.36%
1 Yr -10.5% -23.1% 9.7% 85.54%
3 Yr -4.6%* -12.9% 4.8% 85.02%
5 Yr -3.7%* -6.8% 3.0% 89.78%
10 Yr N/A* -4.3% 2.4% N/A

* Annualized

Return Ranking - Calendar

Period PSOIX Return Category Return Low Category Return High Rank in Category (%)
2019 1.5% -7.4% 12.4% 65.15%
2018 -6.4% -9.5% 3.1% 84.78%
2017 5.8% -12.3% 9.4% 3.86%
2016 4.2% -2.8% 10.7% 25.73%
2015 -10.1% -11.1% 4.8% 99.04%

Total Return Ranking - Trailing

Period PSOIX Return Category Return Low Category Return High Rank in Category (%)
YTD -9.9% -22.8% 10.8% 90.36%
1 Yr -10.5% -23.1% 9.7% 85.54%
3 Yr -4.6%* -9.7% 4.5% 87.64%
5 Yr -3.7%* -4.6% 5.2% 92.44%
10 Yr N/A* -4.3% 4.6% N/A

* Annualized

Total Return Ranking - Calendar

Period PSOIX Return Category Return Low Category Return High Rank in Category (%)
2019 1.5% -7.0% 12.6% 66.45%
2018 -6.4% -9.2% 8.0% 90.94%
2017 5.8% -3.1% 15.2% 10.81%
2016 4.2% -2.8% 17.7% 45.23%
2015 -10.1% -10.1% 5.4% 100.00%

NAV & Total Return History


Holdings

PSOIX - Holdings

Concentration Analysis

PSOIX Category Low Category High PSOIX % Rank
Net Assets N/A 10.3 K 31.4 B N/A
Number of Holdings 325 1 4656 42.46%
Net Assets in Top 10 17.8 M -3.21 B 7.79 B 59.69%
Weighting of Top 10 9.72% 5.4% 866.9% 95.49%

Top 10 Holdings

  1. AIMCO CLO SERIES 2015-A / LLC 0% 1.22%
  2. CIFC Funding 2011-I Ltd. 2.35% 1.07%
  3. DRYDEN 78 CLO LTD / LLC 2.45% 1.05%
  4. MOUNTAIN VIEW CLO I LTD 2.67% 1.05%
  5. Voya CLO Limited 7.52% 1.02%
  6. Dryden XXXIII Senior Loan Fund 0% 0.97%
  7. Barings Clo Ltd 2013-I 2.64% 0.88%
  8. Apidos CLO XII 3.82% 0.85%
  9. Tci-Flatiron Clo 2018-1 Ltd/Llc 7.44% 0.81%
  10. Neuberger Berman Clo Xx 0% 0.80%

Asset Allocation

Weighting Return Low Return High PSOIX % Rank
Bonds
95.73% -2367.93% 206.87% 17.85%
Cash
5.45% -417.73% 2217.71% 68.92%
Stocks
0.01% -35.76% 392.18% 40.62%
Preferred Stocks
0.00% 0.00% 21.63% 78.46%
Convertible Bonds
0.00% -1.28% 136.57% 90.15%
Other
-1.19% -14.56% 100.00% 95.38%

Stock Sector Breakdown

Weighting Return Low Return High PSOIX % Rank
Energy
57.45% 0.00% 100.00% 7.22%
Technology
42.55% 0.00% 100.00% 4.64%
Utilities
0.00% 0.00% 76.22% 91.24%
Real Estate
0.00% 0.00% 100.00% 89.18%
Industrials
0.00% 0.00% 15.80% 89.69%
Healthcare
0.00% 0.00% 62.50% 90.21%
Financial Services
0.00% 0.00% 100.00% 91.75%
Communication Services
0.00% 0.00% 95.20% 91.75%
Consumer Defense
0.00% 0.00% 95.01% 91.24%
Consumer Cyclical
0.00% 0.00% 100.00% 93.81%
Basic Materials
0.00% 0.00% 45.70% 91.24%

Stock Geographic Breakdown

Weighting Return Low Return High PSOIX % Rank
US
0.01% -32.43% 220.94% 37.85%
Non US
0.00% -3.33% 349.88% 74.15%

Bond Sector Breakdown

Weighting Return Low Return High PSOIX % Rank
Securitized
68.59% 0.00% 98.57% 7.38%
Corporate
26.00% 0.00% 100.00% 34.15%
Cash & Equivalents
5.35% -103.66% 100.00% 79.08%
Derivative
0.05% -238.73% 73.72% 57.85%
Municipal
0.00% 0.00% 80.02% 80.31%
Government
0.00% -7.42% 398.07% 95.08%

Bond Geographic Breakdown

Weighting Return Low Return High PSOIX % Rank
Non US
57.86% -2231.74% 183.34% 7.08%
US
37.87% -136.19% 252.28% 64.31%

Expenses

PSOIX - Expenses

Operational Fees

PSOIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.93% 0.31% 14.11% 21.14%
Management Fee 1.00% 0.00% 2.15% 84.57%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.03% 0.45% 36.47%

Sales Fees

PSOIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 6.50% 85.71%
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

PSOIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.40% 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.

PSOIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 74.00% 2.00% 532.00% 43.51%

Distributions

PSOIX - Distributions

Dividend Yield Analysis

PSOIX Category Low Category High PSOIX % Rank
Dividend Yield 0.00% 0.00% 4.68% 75.07%

Dividend Distribution Analysis

PSOIX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Monthly Monthly Monthly

Net Income Ratio Analysis

PSOIX Category Low Category High PSOIX % Rank
Net Income Ratio 6.40% -0.23% 6.94% 0.94%

Capital Gain Distribution Analysis

PSOIX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Daily Annually

Dividend Payout History

View More +

Fund Manager Analysis

PSOIX - Fund Manager Analysis

Managers

Christopher Long


Start Date

Tenure

Tenure Rank

Aug 29, 2014

5.84

5.8%

Christopher D. Long. Mr. Long is the President and founder of Palmer Square Capital Management LLC and is responsible for Palmer Square Capital’s alternative investments business, managing both the firm’s investment activities and operations as well as defining its investment policy. Mr. Long also founded Guilford Capital Management LLC (“Guilford”) in April 2009, another SEC registered investment advisor, which was sold in December 2009 to Mariner Wealth Advisers, LLC. Prior to founding Palmer Square Capital and Guilford, Mr. Long was a Managing Director and Investment Committee Member at Prairie Capital Management, LLC (“Prairie”) from 2006 to 2009, where he was one of the team members responsible for client relationship management, the firm’s due diligence and proprietary alternative investment products, including numerous hedge fund of funds and private equity fund of funds. Prior to joining Prairie, Mr. Long was at various New York City-based firms including Sandell Asset Management, Corp. (“Sandell”), a multi-billion multi-strategy hedge fund, where he, as a Research Analyst, invested in both equity and debt securities from 2005 to 2006. Prior to Sandell, he worked at Morgan Stanley in the Credit Derivatives and Distressed Securities Group as an Associate, focusing on the firm’s proprietary investments during the summer of 2004. Before Morgan Stanley, Mr. Long worked at TH Lee Putnam Ventures, a $1.1 billion private equity fund sponsored by Thomas H. Lee Partners and Putnam Investments, from 1999 to 2003. In that role, he was a member of the investment team investing over $200 million of capital and served as a director and board observer at certain companies in which the fund invested. Mr. Long started his career at JPMorgan & Co. in Leveraged Finance and Mergers & Acquisitions, advising corporations and private equity firms on investment banking and capital markets, from 1997 through 1999. Mr. Long holds the Series 7 and 66 securities licenses. Mr. Long received an MBA from the Harvard Business School in 2005, and an undergraduate degree in Economics, cum laude, from Princeton University in 1997.

Angie Long


Start Date

Tenure

Tenure Rank

Aug 29, 2014

5.84

5.8%

Angie Knighton Long, Chief Investment Officer, has ultimate responsibilities for all investment-related activities at Palmer Square inclusive of approximately $9.5 billion in assets (as of 6/30/2019) and a platform that includes private funds, mutual funds, and separately managed accounts. Under Angie’s leadership, Palmer Square is also a well-known issuer and pioneer within the structured credit and CLO arena. Prior to joining Palmer Square, Angie worked for JPMorgan Chase & Co. in New York for 13 years. Angie held many senior roles including Deputy Head of North American Credit Trading, Head of High Yield Trading, and Head of Credit Derivatives Trading. Angie has been a trader of many products including high yield bonds, high yield credit derivatives, distressed debt, capital structure arbitrage, and structured credit. In addition, she worked with the Global Head of Credit Trading to help oversee risk management for the High Yield and High Grade credit trading books. Named a Managing Director at age 29, Angie is considered a pioneer in the Credit Derivatives industry and is credited with creating the HYDI (High Yield Debt Index), the first liquid credit trading index and predecessor to all of today’s indices (the Markit CDX). Angie received an AB degree in Economics from Princeton University and is a CFA ® charterholder. During her years at Princeton, Angie was a member of two National Championship Rugby Teams and was selected as an All-American in 1997. Angie also founded the Greater Kansas City Princeton Women’s Network (PWN) and is the Co-Chair for the Greater Kansas City Region’s Alumni Schools Committee effort for Princeton. Angie was also formerly on the Women In Leadership committee of Princeton University (WIL). Angie is also a member of the 100 Women in Finance.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 25.52 5.7 1.93