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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

$10.12

$916 M

5.12%

$0.52

0.88%

Vitals

YTD Return

3.1%

1 yr return

9.0%

3 Yr Avg Return

3.8%

5 Yr Avg Return

3.5%

Net Assets

$916 M

Holdings in Top 10

18.3%

52 WEEK LOW AND HIGH

$10.1
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.88%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 167.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$250,000

IRA

N/A


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

$10.12

$916 M

5.12%

$0.52

0.88%

PSYPX - Profile

Distributions

  • YTD Total Return 3.1%
  • 3 Yr Annualized Total Return 3.8%
  • 5 Yr Annualized Total Return 3.5%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 1.60%
DIVIDENDS
  • Dividend Yield 5.1%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Palmer Square Income Plus Fund
  • Fund Family Name
    INVESTMENT MANAGERS SERIES TRUST
  • Inception Date
    Feb 28, 2014
  • Shares Outstanding
    N/A
  • Share Class
    I
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Angie Long

Fund Description

Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in debt securities. The types of debt securities in which the Fund may invest include, but are not limited to, (i) asset-backed securities, including collateralized loan obligations (“CLOs”) and mortgage-backed securities, (ii) corporate bonds, notes, debentures and commercial paper, (iii) securities issued or guaranteed by the U.S. Government, its agencies, instrumentalities or sponsored entities, (iv) bank loans, (v) senior secured floating rate and fixed rate loans or debt, (vi) second lien or other subordinated or unsecured floating rate and fixed rate loans or debt and (vii) credit derivatives, including credit default swaps and their associated derivatives. The Fund may invest a significant portion of its assets in one or more investment types. The Fund’s investment strategy involves active and frequent trading.

The Fund’s investments in asset-backed securities may be comprised of loans or leases secured by motor vehicles or other equipment, consumer receivables from sources such as credit cards or student loans, or cash flows from operating assets such as royalties and leases.

Mortgage-backed securities in which the Fund may invest include those issued or guaranteed by federal agencies and/or U.S. Government sponsored instrumentalities, such as the Government National Mortgage Administration (“Ginnie Mae”), the Federal Housing Administration (“FHA”), the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”). The Fund may also invest in commercial mortgage-backed securities (“CMBS”) and collateralized mortgage-backed securities (“CMOs”) issued or guaranteed by private entities.

The Fund may invest in debt securities of any maturity and credit quality. Under normal market conditions, the Advisor expects that the Fund will invest primarily in securities rated investment grade at time of purchase. Investment grade securities are those rated in the Baa3 or higher categories by Moody’s Investors Service, Inc. (“Moody’s”), or in the BBB- or higher categories by Standard & Poor’s, a division of McGraw Hill Companies Inc. (“S&P”), or Fitch Ratings Ltd. (“Fitch”) or, if unrated by Moody’s, S&P, or Fitch, or another Nationally Recognized Statistical Rating Organization (“NRSRO”), determined by Palmer Square Capital Management LLC (the “Advisor”), the Fund’s advisor, to be of comparable credit quality. However, the Fund may invest up to 30% of its net assets in high yield securities – securities rated below investment grade that generally have higher yields and higher risks than investment grade securities. High yield securities, commonly referred to as “junk bonds”, are rated below investment grade by at least one of Moody’s, S&P or Fitch (or if unrated, determined by the Advisor to be of comparable credit quality high yield securities). The Advisor anticipates the Fund’s average portfolio duration under normal market conditions to be less than two years. Duration is a measure of the underlying portfolio’s price sensitivity to changes in prevailing interest rates. The longer a security’s duration, the more sensitive its price will be to changes in interest rates. For example, the price of a security with a two-year duration would be expected to decrease by approximately 2% in response to a 1% increase in interest rates. Calculations of duration may be based on estimates and may not reliably predict a security’s sensitivity to changes in interest rates.

For the purposes of achieving the Fund’s investment objectives, hedging risks, and enhancing liquidity, the Fund may also employ derivatives, such as: puts and calls on U.S. Treasury futures; options, swaps and other interest rate derivatives; and credit default swaps and their associated derivatives on selected entities or indexes (where the Fund may act as either buyer or seller). As it pertains to the Advisor’s use of derivatives for hedging, risks that can be quantitatively measured and managed include interest rate risk (duration and convexity, which is the change to duration as interest rates change),

prepayment risk, spread risk and volatility risk. The Advisor’s goal is not to eliminate all risk, but to assume only those risks the Advisor views as offering a strong risk/return profile. Additionally, the Fund may employ the types of derivatives referenced above in order to achieve its investment objectives by, among other practices, replicating a certain type of credit exposure, obtaining short or long exposures to credit and/or interest rates, or taking a position in light of a potential appreciation or depreciation in value of a company’s securities. The Advisor anticipates that, in general, the net long exposure of the Fund will not exceed 100% and the Fund will not have a net short exposure. The Fund will include the market value of its derivative positions based on debt securities or interest rates for purposes of determining whether it holds at least 80% of its net assets in debt securities.

In pursuing the Fund’s investment objectives, the Advisor uses a blend of top-down analysis which includes macro analysis, cross-asset relative value analysis, and sector monitoring, and bottom-up analysis which involves individual issuer and management analysis and security/transaction evaluation that seeks to identify debt securities that it believes can provide highly competitive rate yields and total return over the long term with relatively mitigated credit risk.

As part of its overall investment process, the Fund’s investments are subject to the Advisor’s environmental, social and governance (“ESG”) screening process, as described below. Generally, before the Fund invests in a below investment grade (i.e., “junk bonds”) corporate security, the Advisor analyzes the issuer’s ESG risk profile using fundamental, bottom-up research as well as independent third-party data to assess whether an issuer should be considered for investment. The Advisor’s ESG screening process requires that all below investment grade corporate debt issuers considered for purchase be assigned a score rating using the Advisor’s proprietary scoring methodology (an “ESG Score”), which is used as part of the Advisor’s overall assessment of whether such an issuer should be considered for investment. The Advisor may also assign an ESG Score to investment grade issuers, although generally they are not assigned an ESG Score by the Advisor. The Advisor’s ESG screening process is designed to largely exclude issuers that it believes are inconsistent with the goals and objectives expressed in the UN Global Compact’s Principles and Sustainable Development Goals, which may change over time. In addition, the Advisor’s ESG screening process seeks to exclude debt obligations of issuers that, together with any affiliates, are involved in and derive significant revenue (i.e., more than 50% of their revenue) from certain industries or product lines, including:

the speculative extraction of oil and gas (commonly referred to as exploration and production);

the speculative extraction of thermal coal or the generation of electricity using coal;

hazardous chemicals, pesticides and wastes, or ozone depleting substances;

endangered or protected wildlife or wildlife products, the production or trade of which is banned by applicable global conventions and agreements;

pornography or prostitution;

tobacco or tobacco-related products;

subprime lending or payday lending activities;

firearms or weapons, including controversial weapons (e.g., cluster bombs, anti-personnel mines, and chemical or biological weapons); and

components or services that have been specifically designed or designated for military purposes, or for the functioning of controversial weapons.

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PSYPX - Performance

Return Ranking - Trailing

Period PSYPX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.1% -0.9% 4.4% 16.20%
1 Yr 9.0% 0.7% 10.9% 2.31%
3 Yr 3.8%* -1.8% 6.1% 5.34%
5 Yr 3.5%* -0.9% 4.3% 2.65%
10 Yr 3.2%* -4.4% 27.6% 2.54%

* Annualized

Return Ranking - Calendar

Period PSYPX Return Category Return Low Category Return High Rank in Category (%)
2023 3.1% -2.3% 4.3% 3.24%
2022 -3.9% -6.5% 0.5% 87.08%
2021 -0.1% -2.1% 0.3% 15.76%
2020 1.4% -3.1% 1.8% 2.06%
2019 2.1% -1.2% 6.1% 3.80%

Total Return Ranking - Trailing

Period PSYPX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.1% -0.9% 4.4% 16.20%
1 Yr 9.0% 0.7% 10.9% 2.31%
3 Yr 3.8%* -1.8% 6.1% 5.34%
5 Yr 3.5%* -0.9% 4.3% 2.65%
10 Yr 3.2%* -4.4% 27.6% 2.54%

* Annualized

Total Return Ranking - Calendar

Period PSYPX Return Category Return Low Category Return High Rank in Category (%)
2023 8.8% 0.8% 12.1% 3.70%
2022 -0.8% -5.1% 2.5% 68.42%
2021 1.2% -2.1% 14.5% 7.88%
2020 3.6% -1.0% 3.6% 0.52%
2019 5.3% 0.3% 9.6% 2.72%

NAV & Total Return History


PSYPX - Holdings

Concentration Analysis

PSYPX Category Low Category High PSYPX % Rank
Net Assets 916 M 25.6 K 22.6 B 50.46%
Number of Holdings 432 2 1291 23.15%
Net Assets in Top 10 168 M 23.7 K 17.3 B 52.31%
Weighting of Top 10 18.28% 5.6% 163.3% 54.63%

Top 10 Holdings

  1. United States Treasury Note 4.31%
  2. United States Treasury Note 4.11%
  3. Fidelity Treasury Portfolio - Class I 2.67%
  4. United States Treasury Bill 1.51%
  5. United States Treasury Bill 1.08%
  6. United States Treasury Bill 1.07%
  7. United States Treasury Bill 0.97%
  8. United States Treasury Bill 0.97%
  9. United States Treasury Bill 0.92%
  10. 522 Funding CLO 2019-5 Ltd. 0.68%

Asset Allocation

Weighting Return Low Return High PSYPX % Rank
Bonds
85.44% 0.00% 128.16% 43.52%
Other
7.51% -7.74% 99.94% 56.48%
Cash
7.05% 0.00% 109.88% 43.06%
Convertible Bonds
0.51% 0.00% 15.25% 75.35%
Stocks
0.00% 0.00% 95.95% 64.81%
Preferred Stocks
0.00% 0.00% 1.74% 58.33%

Bond Sector Breakdown

Weighting Return Low Return High PSYPX % Rank
Securitized
50.12% 0.00% 100.00% 17.21%
Corporate
31.32% 0.00% 99.91% 65.58%
Government
3.31% 0.00% 100.00% 42.33%
Cash & Equivalents
3.11% 0.00% 109.88% 50.93%
Municipal
0.00% 0.00% 70.39% 76.74%
Derivative
-3.25% -7.49% 21.59% 98.15%

Bond Geographic Breakdown

Weighting Return Low Return High PSYPX % Rank
US
82.18% 0.00% 128.16% 46.76%
Non US
3.26% 0.00% 19.76% 5.56%

PSYPX - Expenses

Operational Fees

PSYPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.88% 0.02% 29.63% 14.95%
Management Fee 0.49% 0.00% 1.19% 92.59%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.40% 37.88%

Sales Fees

PSYPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.50% 5.75% N/A
Deferred Load N/A 0.25% 1.00% N/A

Trading Fees

PSYPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.00% 1.00% 20.00%

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.

PSYPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 167.00% 0.00% 369.54% 95.60%

PSYPX - Distributions

Dividend Yield Analysis

PSYPX Category Low Category High PSYPX % Rank
Dividend Yield 5.12% 0.00% 8.76% 9.72%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

PSYPX Category Low Category High PSYPX % Rank
Net Income Ratio 1.60% -1.30% 14.86% 3.37%

Capital Gain Distribution Analysis

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

Distributions History

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PSYPX - Fund Manager Analysis

Managers

Angie Long


Start Date

Tenure

Tenure Rank

Feb 28, 2014

8.26

8.3%

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.

Christopher Long


Start Date

Tenure

Tenure Rank

Feb 28, 2014

8.26

8.3%

Mr. Christopher Long is the Founder and serves as Chief Executive Officer, President and Portfolio Manager at Palmer Square Capital Management. Since inception, Chris has been successful in not only building a highly-experienced investment team, but also an integrated credit investment platform that manages mutual fund offerings, private funds and separately managed accounts. The firm has a client list that spans not only institutions and family offices, but also RIAs, bank/trust, and broker-dealers. Chris's previous work experience includes key investment roles at Prairie Capital and Sandell Asset Management as well as working at Morgan Stanley in the Credit Derivatives and Distressed Securities Group focused on the firm's proprietary investments. Before Morgan Stanley, he worked at TH Lee Putnam Ventures, a private equity fund sponsored by Thomas H Lee Partners and Putnam Investments. In that role, he also served on the Board of Directors of Avero, Inc. and was a Board Observer for Parago, Inc. He started his career at JPMorgan & Co. in Leveraged Finance and Mergers & Acquisitions (FIG Group) advising corporations and private equity firms on investment banking and capital markets. He received an MBA degree from the Harvard Business School and an AB degree in Economics cum laude from Princeton University. Chris's community involvement includes serving as an Investment Committee member of the Nelson-Atkins Museum of Art, Board Member of the Children's Mercy Hospital Foundation, Trustee for the St. Paul's Episcopal Day School, Co-Class Agent for Princeton University, Social Chair for the Princeton Club of Greater Kansas City, and Alumni Mentor for the Princeton University Bendheim Center for Finance Mentorship Program. Chris is also a member of the Young Presidents Organization (YPO) and the Economic Club of Kansas City. Formerly, Chris was also appointed by Kansas Governor Sam Brownback and unanimously approved by the Senate to two terms as a Trustee for the Kansas Public Employees Retirement System (KPERS). Chris also formerly served as the Treasurer for the City of Mission Hills, KS (appointed by Mayor David Fromm of Mission Hills, KS). Finally, Chris was formerly a Member of the Children's Mercy Hospitals Leadership Circle of Care Committee, Kansas University's Finance Department Advisory Board, Treasurer for the Harvard-Radcliffe Club of Kansas City, Investment Committee Member for the Foundation of the University of Missouri-Kansas City and Member of the Major Gifts Committee - Harvard Business School. Finally, Chris was selected as a Finalist for the 2016 Ernst & Young Entrepreneur of the Year Award for the Central Midwest Region and to participate in the Civic Council of Greater Kansas City's KC Tomorrow (2007-2008 Class). He was awarded Ingram Magazine's 40 Under 40 award, the Kansas City Business Journal's Class of 2015 NextGen Leaders award, and KC Business Magazine's Rising Star Award.

Jonathan Brager


Start Date

Tenure

Tenure Rank

Oct 01, 2019

2.67

2.7%

Jonathan R. Brager, CFA, is an Executive Director/Senior Credit Analyst and Portfolio Manager with key responsibilities for the Advisor’s long/short corporate credit and CLO strategies. In his role, Mr. Brager conducts fundamental credit research, generates investment ideas and assists in the portfolio management of opportunistic credit products. Prior to joining Palmer Square in May 2015, Mr. Brager was a Senior Analyst at Hermes Investment Management, a London-based asset manager, since October 2012. At Hermes, Mr. Brager’s focus was credit research coverage of the auto, basic material, and industrial sectors. Before that, Mr. Brager was a portfolio manager at BCM & Partners, LLP from November 2008 to September 2012, having spent several years before that as a credit analyst at BCM and LNG Capital, LLP. Mr. Brager started his career as a systems engineer at Lockheed Martin Missiles & Fire Control in Dallas. Mr. Brager earned an MBA from London Business School, a Master’s degree in Economics as well as Bachelor's degrees in Mathematics and Management Science from Southern Methodist University. He is also a CFA® charterholder.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 32.44 6.56 7.92