| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 2.2% | -0.51% | -0.51% |
The Bramshill Income Performance Fund is a tactical fixed income strategy that seeks to maximize total return across US fixed income asset classes through value investing principles. The fund actively rotates among investment grade corporates, high yield bonds, preferred securities, municipal bonds, and US Treasuries based on relative value opportunities. Key differentiators include benchmark-agnostic flexibility, active duration management ranging from 1.6 to 8.4 years historically, and strict risk controls focused on probability of loss. The strategy demonstrated its tactical approach during the September 2024 to January 2025 rate rise period, shifting to fixed-reset and fixed-float hybrid securities while reducing long duration exposure. With $1.09 billion in AUM as of March 2026, the fund maintains a conservative profile while seeking to capture opportunities across credit quality, duration, and asset class rotations. The unlevered strategy is managed by Art DeGaetano, who has over 30 years of fixed income experience.
Tactical allocation across five uncorrelated fixed income asset classes (investment grade corporates, high yield corporates, preferred securities, municipal bonds, US Treasuries) with active duration and credit management to maximize risk-adjusted returns while maintaining conservative profile and preventing principal drawdowns.
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| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 29 2026 | 2026 Q1 | - | credit, duration, fixed income, municipal bonds, Preferred Securities, Treasuries | - | Tactical fixed income fund rotating across five asset classes with active duration management. Focuses on value investing in income securities while maintaining conservative risk profile. Demonstrated flexibility during recent rate volatility by shifting to floating rate structures. Managed by experienced team with strict risk controls and benchmark-agnostic approach. |
| Jan 14 2026 | 2025 Q4 | BPLN, PFFC, SHYG, T, TLTT | credit, duration, fixed income, rates, risk management, value | - | Bramshill Income Performance Fund employs tactical value investing across five US fixed income asset classes, actively managing duration and credit exposure to maximize risk-adjusted returns. The strategy focuses on securities priced at intrinsic discounts while maintaining strict risk limits and stress testing protocols. The benchmark-agnostic approach enables opportunistic rotation among asset classes based on relative value assessment. |
| Oct 21 2025 | 2025 Q3 | JPST, PFF, SHYG, SRE, T, TLT | credit, duration, fixed income, Preferred Securities, risk management, Treasuries, value |
T PFF |
Bramshill Income Performance Fund tactically allocates across five US fixed income asset classes using value investing principles. The strategy actively manages duration and credit exposure while maintaining strict risk controls to prevent drawdowns. Led by Art DeGaetano since 2016, the fund has demonstrated resilience during rising rate and equity stress periods through dynamic positioning and relative value identification. |
| Aug 11 2025 | 2025 Q2 | AGNC, ARCC, ARLP, B, BXSL, CAPL, CQP, DLR, EPD, ET, GLP, HESM, IRM, JFR, NEM, PAXS, TSLX, TXO, VNOM, WMB | BDCs, dividends, energy, income, MLPs, Pass-through, REITs, Yield | - | All Weather Income Strategy generates 8.49% current yield through diversified pass-through securities with 1.29x distribution coverage. Positioned for above-trend growth and inflation with major energy concentration, BDCs benefiting from bank lending tightening, and shipping exposure capturing supply chain disruption premiums. Proprietary coverage model ensures sustainable income generation while tactical allocation targets cyclical beneficiaries. |
| Mar 31 2025 | 2025 Q1 | BAC, BPLN, CFG, GS, JPM, JPST, SCHW, SRE, T, TLT | credit, duration, fixed income, Multi-Asset, rates, Tactical, value | - | Bramshill Income Performance Fund employs tactical value investing across five fixed income asset classes, dynamically managing duration and credit exposure to maximize risk-adjusted returns. The $1.09 billion strategy combines fundamental credit analysis with quantitative models to identify mispriced securities, maintaining flexibility to rotate among corporates, preferreds, municipals, and Treasuries based on relative value opportunities. |
| Dec 31 2024 | 2024 Q4 | - | credit, duration, fixed income, municipal bonds, Preferred Securities, Tactical, Treasuries | - | Bramshill Income Performance Fund tactically allocates across five fixed income asset classes using value investing principles. The strategy actively manages duration and credit exposure while maintaining strict risk controls. Strong track record includes positive performance during rising rate periods and 30.36% cumulative returns since 2016 inception through disciplined security selection and tactical positioning. |
| Sep 30 2024 | 2024 Q3 | C, D, ET, JPM, WFC | Banking, credit spreads, fixed income, interest rates, Preferred Securities | - | Bramshill sees attractive opportunities in preferred securities through structural rotations, favoring higher coupon fixed-to-reset structures with long call protections over tight spread fixed-for-life preferreds. Their successful Citigroup 5% call thesis demonstrates their ability to identify mispriced securities. Current positioning targets securities with favorable backend resets and extension risk protection in today's high rate environment. |
| Jun 30 2024 | 2024 Q2 | - | Credit Enhancement, fixed income, real estate, RMBS, Securitized products | - | Bramshill targets seasoned mortgage-backed securities that have benefited from massive home price gains since 2020, creating substantial borrower equity cushions and enhanced credit protection. The firm avoids recent vintages, focusing on prime borrowers and multifamily properties while positioning for opportunities when credit spreads widen to distressed levels. |
| May 30 2024 | 2024 Q1 | AEM, ARCC, ARLP, BP, BXSL, C, EIX, ENB, EPD, ET, Gold, KNTK, NEP, OCSL, PAA, SCHW, SD, SRE, TSLX, VNOM | BDC, energy, fixed income, gold, inflation, Preferreds, Stagflation | - | Bramshill expects extended stagflation from fiscal dominance and de-dollarization trends. Their active income strategy targets Fixed-to-Float Preferreds, domestic energy assets, BDCs, and shipping companies with pricing power and resilient cash flows. These securities offer superior yields and upside potential compared to traditional fixed income in an inflationary, slow-growth environment. |
| Feb 27 2024 | 2023 Q4 | - | Banking, Commercial real estate, Credit Stress, Office, real estate, Regional Banks, Securitized products | - | Bramshill's prescient avoidance of office commercial real estate proves timely as delinquencies surge and regional banks face mounting losses. With $3 trillion in CRE debt maturing through 2028 and examples like NYCB's $490 million reserve increase, the firm maintains selective positioning in stronger CRE sectors like multifamily while awaiting office sector capitulation. |
| Oct 31 2023 | 2023 Q3 | - | CMBS, Commercial real estate, Federal Reserve, interest rates, Mortgage, real estate, RMBS, Securitized products | - | Bramshill sees selective opportunities in securitized products despite real estate stress from Fed tightening. The firm focuses on seasoned residential mortgages and strong commercial real estate fundamentals while avoiding office, retail, and lodging sectors. They expect distressed selling to create attractive entry points for risk-adjusted returns in the mid-single to mid-teen range across their target investments. |
| Jul 31 2023 | 2023 Q2 | - | CMBS, Commercial real estate, Credit Stress, Office, rates, Regional Banks, Securitized products | - | Office CRE faces structural decline from remote work and higher rates, with vacancy at 12.8% and strategic defaults rising. Regional banks have 6x more office exposure than large banks, creating credit stress. Bramshill avoids office CMBS while focusing on multifamily properties and preparing for distressed opportunities as fundamentals deteriorate further. |
| Mar 31 2023 | 2023 Q1 | JPM, SCHW | Banking, credit, fixed income, interest rates, Preferred Securities | - | Bramshill targets preferred securities with floating rate features that benefit from rising Fed Funds rates expected to reach 5.45% and stay elevated through 2024. They avoid fixed-for-life preferreds due to duration risk and focus on short-call, high back-end reset structures trading at discounts, offering compelling risk-adjusted returns in the current rate environment. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
RatesThe fund actively manages duration exposure and rotates across asset classes based on interest rate environments. During the rate rise period from September 2024 to January 2025, the fund shifted to fixed-reset and fixed-float hybrid securities while decreasing exposure to long duration fixed-for-life preferreds. |
Duration Fixed-Reset Fixed-Float Hybrids |
CreditThe fund focuses on credit selection across investment grade and high yield corporate bonds, with strict risk limits and emphasis on probability of loss assessment. Credit exposure is rotated based on ratings from AA to B and across different sectors. |
Investment Grade High Yield Credit Selection Risk Management | |
| 2025 Q4 |
Small CapsThe fund operates a concentrated Micro and Small-Cap strategy that naturally diverges from market indexes. Portfolio consists of ~60% businesses with market caps below $500M, with top five positions accounting for ~60% of the portfolio. |
Micro Cap Small Cap Concentration |
ValueManager emphasizes finding great ideas at reasonable prices, selling positions when they become overvalued. Sold Bel Fuse after three years and would buy again at more reasonable prices. Kitwave was acquired at a premium that significantly undervalued the business in their opinion. |
Value Investing Price Discipline Undervalued | |
| 2025 Q3 |
Fixed IncomeThe fund rotates across five uncorrelated asset classes including investment grade corporate bonds, high yield corporate bonds, preferred securities, municipal bonds, and US Treasuries. The strategy actively manages duration and credit exposure while maintaining a conservative profile to prevent principal drawdowns. |
Corporate Bonds Treasuries Preferred Securities Municipal Bonds Duration Management |
Risk ManagementRisk management is a top priority with strict self-imposed risk limits, asset class concentration limits, stop-losses on individual positions, and monthly risk management committee meetings. The fund builds a margin of safety within the portfolio and stress tests for various scenarios. |
Stop Loss Portfolio Construction Scenario Analysis Credit Limits Volatility Management | |
ValueBramshill exercises a philosophy of value investing in income-producing securities, seeking investments that are inexpensive relative to underlying risk and positioned to deliver attractive risk-adjusted returns. The firm identifies relative value across asset classes and captures opportunities within various fixed income markets. |
Value Investing Risk-Adjusted Returns Relative Value Mispriced Securities Intrinsic Discount | |
| 2025 Q2 |
EnergyMajor concentration in domestic energy production including oil and gas producers, with focus on midstream energy infrastructure benefiting from high throughput and profitability due to difficulty in building new transmission facilities. |
Oil Natural Gas Midstream Pipelines Energy Trading |
Private CreditBusiness Development Companies positioned to fill lending void created by bank tightening standards following recent turmoil in depository institutions, focusing on high quality proven managements. |
BDC Middle Market Credit Lending Non-accruals | |
GoldPositions in select precious metals producers with emphasis on gold miners in environment of higher inflation and muted growth. |
Gold Miners Precious Metals Inflation Commodities | |
ShippingBeneficiaries of global supply chain disruptions where international sanctions and conflicts have disrupted shipping routes, forcing longer voyages and higher day rates for shippers. |
Tankers Container Shipping Supply Chain Day Rates Sanctions | |
DividendsStrategy maintains consistent high dividend yield of 8.49% by investing in companies generating strong free cash flows with distribution coverage ratios above 1.2 times, using proprietary distribution coverage model. |
Distribution Coverage Cash Flow Income Pass-through Yield | |
| 2025 Q1 |
RatesThe fund actively manages duration exposure and rotates across various interest rate environments. Duration positioning ranges from historical low of 1.6 to historical high of 8.4 years, with current duration at 8.79 years. The fund demonstrated ability to generate positive returns during rising rate periods through tactical positioning. |
Duration Yield Curve Fed Policy Interest Rate Risk Rate Environment |
CreditThe fund employs fundamental credit analysis across investment grade and high yield corporate bonds. Credit selection focuses on securities with strong cash flows, asset backing, and favorable risk/reward recovery profiles. The fund maintains investment grade composite rating while selectively investing up to 40% in high yield bonds. |
Credit Analysis High Yield Investment Grade Credit Spreads Recovery Analysis | |
ValueBramshill exercises a philosophy of value investing in income-producing securities, seeking securities that are inexpensive relative to underlying risk. The fund aims to identify relative value across asset classes and capture opportunities where securities are mispriced based on intrinsic discount analysis. |
Value Investing Relative Value Mispriced Securities Intrinsic Discount Risk-Adjusted Returns | |
| 2024 Q4 |
RatesThe fund actively manages duration exposure and rotates across various interest rate environments. Duration has ranged from historical low of 1.6 to historical high of 8.4 years. The fund demonstrated positive performance during rising rate periods through tactical positioning. |
Duration Interest Rate Risk Fed Policy Yield Curve |
CreditThe fund rotates credit exposure across ratings from AA to B, different sectors like oil versus financials, and senior versus subordinated structures. Credit selection is based on fundamental analysis, free cash flow generation, and stress testing with focus on securities secured by assets. |
Credit Quality High Yield Investment Grade Credit Spreads Recovery Analysis | |
| 2024 Q3 |
RatesThe firm discusses how varying rate regimes from 2020-2024 have created different security features within preferred structures. Low rates in 2020-2021 led to low coupon issuance with wide spreads, while today's high rate environment influences issuers toward fixed-to-reset structures over fixed-for-life issuance. |
Interest Rates Fed Policy Treasury Yields Rate Environment Duration Risk |
Credit StressThe letter emphasizes credit spread dynamics and warns about securities issued at tight spreads without extension risk protection. They note that if senior unsecured spreads widen from current historic lows of 100bps to 150bps or greater in an economic slowdown, many preferred securities could face significant extension risk. |
Credit Spreads Extension Risk Economic Slowdown Spread Widening Credit Risk | |
| 2024 Q2 |
MortgageFocus on seasoned residential mortgage-backed securities originated in 2021 and prior that have benefited from significant home price appreciation. These securities offer enhanced credit protection due to increased borrower equity and reduced default risk compared to recent vintages. |
RMBS Seasoned Credit Enhancement LTV Borrower Equity |
Commercial Real EstateSelective investment approach targeting multifamily commercial properties with stronger fundamentals. Strategy emphasizes avoiding new issue deals in favor of seasoned collateral that has experienced positive home price index appreciation since securitization. |
Multifamily Seasoned Collateral Fundamentals CRE Property Values | |
| 2024 Q1 |
InflationThe firm expects continued above-trend inflation due to fiscal dominance, with federal spending at 6% of GDP overwhelming monetary policy effects. They anticipate commodity inflation driven by geopolitical risks and de-dollarization trends affecting oil pricing. |
Stagflation Fiscal Commodities Policy Pricing |
EnergyFocus on domestic energy production and midstream infrastructure as beneficiaries of geopolitical stress and supply chain disruptions. US oil and gas production near all-time highs while new transmission facilities are virtually impossible to build. |
Production Midstream Pipelines Geopolitical Infrastructure | |
GoldCentral banks increasingly purchasing gold for reserves as confidence in US Treasuries declines following weaponization of the dollar. Gold expected to become pricing reference for commodity trading, particularly oil. |
Reserves Dollar Commodities Central Banks Pricing | |
BDCBusiness Development Companies benefiting from bank lending tightening following recent turmoil in depository institutions. This creates opportunities in middle market lending with superior yields and upside potential. |
Lending Banks Middle Market Credit Yields | |
ShippingInternational sanctions and conflicts disrupting shipping routes, forcing cargo to take longer routes. This leads to longer voyages and higher day rates for shipping companies. |
Sanctions Routes Cargo Rates Disruption | |
| 2023 Q4 |
Commercial Real EstateOffice CRE faces fundamental weakness with rising delinquencies, lower occupancies, and higher cap rates leading to property value reductions. Regional banks have significant exposure with $3 trillion in CRE debt maturing through 2028. Bramshill remains selective, avoiding office properties while focusing on stronger fundamentals like multifamily CRE. |
Office Delinquencies Regional Banks Multifamily Cap Rates |
Credit StressBanks are increasing loss reserves significantly, with NYCB raising reserves from $62 million to $552 million in Q4 partly for office building loan losses. Regional banks face particular pressure due to concentrated CRE exposure and fewer capital requirements compared to larger banks. |
Loss Reserves Regional Banks NYCB Loan Losses Capital Requirements | |
| 2023 Q3 |
Commercial Real EstateCommercial real estate market is bifurcated with different property types experiencing varied cycles. Office properties are the weakest performing sector due to remote work trends, while industrial and multifamily properties continue to perform well. The firm remains constructive on multifamily and industrial while avoiding office, retail, and lodging until fundamentals bottom out. |
Office Multifamily Industrial CMBS Delinquency |
MortgageResidential mortgage market fundamentals remain relatively stable despite historic Fed tightening. The firm focuses on investments secured by seasoned mortgage loans originated in 2020 and earlier, which have experienced significant home price appreciation and provide borrowers with more equity cushion, resulting in lower expected defaults. |
RMBS Agency MBS Seasoning Home Price Appreciation GSEs | |
RatesThe unprecedented 500+ basis point Fed tightening cycle has upended mortgage-related asset economics and caused regional banking stress. The firm believes the full effects of this steepest rate ascent may not have fully worked through the economy yet, creating opportunities in securitized products as the Fed maintains a 'higher for longer' stance. |
Federal Funds Rate Tightening Cycle Higher for Longer Regional Banks Interest Rates | |
| 2023 Q2 |
Commercial Real EstateOffice CRE is experiencing significant stress with higher vacancy rates, declining rents, and property value impairments. The sector faces structural challenges from remote work adoption and refinancing difficulties in a higher rate environment. Strategic defaults are increasing as borrowers walk away from underwater properties. |
CMBS Office Vacancy Defaults Refinancing |
Credit StressRegional and community banks have 6x more exposure to office CRE than top 25 banks, creating potential credit stress. Rising delinquencies in office CMBS and strategic defaults by major borrowers indicate broader credit deterioration in the CRE sector. |
Regional Banks Delinquencies Credit Exposure Defaults | |
RatesRising mortgage rates from Fed tightening have significantly impacted CRE refinancing ability. The 10-year Treasury yield increased from 2.31% average (2013-2019) to 3.62% in H1 2023, creating a challenging refinancing environment for maturing CRE loans. |
Fed Treasury Refinancing Mortgage Rates Tightening | |
| 2023 Q1 |
RatesRising interest rate environment creates opportunities in fixed-to-reset and fixed-to-float preferred securities that benefit from higher rates. Fed Funds expected to reach 5.45% by summer 2023 and stay elevated into 2024, making floating rate structures attractive. |
Interest Rates Fed Funds SOFR LIBOR Treasury |
Credit StressManager expects higher front-end rates to pressure credit spreads which are currently too tight. Fixed-for-life preferred securities trading at historically tight spreads versus corporate bonds, creating relative value opportunities in other structures. |
Credit Spreads Investment Grade High Yield Relative Value |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 21, 2025 | Fund Letters | Art DeGaetano | T | US Treasury Securities | Communication Services | Treasuries & Agencies | Bull | Bolsas y Mercados Españoles (Madrid) | Convexity, Credit balance, Defensive positioning, duration, Fixed income rotation, Treasuries, yield | Login |
| Oct 21, 2025 | Fund Letters | Art DeGaetano | PFF | iShares Preferred & Income Securities ETF | Other | Preferred Securities | Bull | NYSE | credit spreads, financials, Fixed-to-float, interest rate risk, Preferreds, yield | Login |
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