| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 3.3% | - | 5.0% |
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| 5.1% | 3.1% | 7.1% | -6.1% | 2.5% | 7.5% |
The Bramshill Income Performance Fund is an unlevered tactical fixed income strategy that seeks to maximize total return through value investing across five uncorrelated US asset classes: Investment Grade corporates, High Yield corporates, Preferred securities, Municipal bonds, and US Treasuries. The Fund's core thesis centers on identifying securities that are inexpensive relative to underlying risk and positioned to deliver attractive risk-adjusted returns. The strategy actively manages duration exposure, rotating tactically across various structures and credit qualities while maintaining strict self-imposed risk limits. Portfolio construction focuses on probability of loss, utilizing fundamental credit analysis and stress testing for liquidity, market, and event risk. The Fund's benchmark-agnostic approach allows flexibility to capitalize on relative value opportunities and forced trading dislocations. With a seasoned investment team led by founder Art DeGaetano, who has over 30 years of fixed income experience, the strategy has delivered consistent performance through various market cycles while maintaining a conservative profile aimed at preventing principal drawdowns.
Bramshill Income Performance Fund seeks to maximize total return across targeted US fixed income asset classes through tactical allocation and value investing in income-producing securities that are priced at an intrinsic discount relative to underlying risk.
The Fund maintains flexibility to rotate across asset classes, duration, and credit quality in a benchmark agnostic approach. The strategy will continue to focus on probability of loss while seeking to identify relative value across asset classes and capture opportunities within corporate, US Treasury, municipal and preferred security markets.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 14 2026 | 2025 Q4 | - | credit, duration, fixed income, rates, risk management, value | - | Bramshill exercises a philosophy of value investing in income-producing securities, investing in securities that the Firm believes are inexpensive relative to the underlying risk and are positioned to deliver attractive risk-adjusted returns. The Fund seeks investments in high quality income-generating securities that maintain strong credit metrics and are priced at an intrinsic discount. The Fund actively manages duration exposure, rotating across various duration and curve exposures with historical ranges from 1.6 to 8.4 years. The strategy tactically hedges during various interest rate environments and assesses optimal interest rate risk through macro overlay analysis. Fixed income asset classes can perform in an uncorrelated manner during various interest rate environments. The Fund focuses on probability of loss to isolate risks and identify the most attractive asset classes to invest. Portfolio construction applies risk metrics for credit quality, fundamentals, and sizing of positions. The strategy stress tests for liquidity risk, market risk, and event risk while maintaining strict self-imposed risk limits. |
| Oct 21 2025 | 2025 Q3 | - | credit, duration, fixed income, Preferreds, risk management |
T PFF |
Bramshill focuses on value opportunities across investment-grade, high-yield, and preferred securities, dynamically adjusting credit and duration exposure. The strategy emphasizes risk management, rotating among asset classes based on relative value and macro signals. Fund performance was resilient through rising-rate periods, driven by disciplined duration control and sector rotation. |
| Aug 11 2025 | 2025 Q2 | - | capital preservation, Dividend Growth, income, stability, Yield | - | The letter centers on generating sustainable income through equities with reliable dividends. Management highlights dividend growth and capital preservation as core objectives. Income strategies are positioned as attractive amid uncertain growth and rates. |
| Mar 31 2025 | 2025 Q1 | - | - | - | |
| Dec 31 2024 | 2024 Q4 | - | - | - | |
| Sep 30 2024 | 2024 Q3 | - | - | - | |
| Jun 30 2024 | 2024 Q2 | - | - | - | |
| May 30 2024 | 2024 Q1 | - | - | - | |
| Feb 27 2024 | 2023 Q4 | - | - | - | |
| Oct 31 2023 | 2023 Q3 | - | - | - | |
| Jul 31 2023 | 2023 Q2 | - | - | - | |
| Mar 31 2023 | 2023 Q1 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
Credit StressThe fund is responding to historically low credit spreads by reducing exposure to high yield and other lower-rated debt. They believe current spreads offer insufficient compensation for credit risk and increase the risk of permanent impairment of capital. The managers are downside-focused and do not share the market's optimism needed to justify such low spreads. |
Credit spreads High yield Credit risk Permanent impairment Risk compensation |
RatesFederal Reserve resumed rate-cutting cycle with first cut since December 2024, signaling resumption of easing. Expected three cuts of 25bps between now and first quarter 2026 as Fed responds to signs of weakness in US labor market. |
Fed Monetary Policy Labor Market Easing Liquidity | |
ValueManager emphasizes investing in controlled companies trading at significant discounts to NAV, with European holding companies showing discounts of 30-68%. The strategy focuses on securities mispricing where real value exists, contrasting with overvalued technology stocks. |
Discounts NAV Mispricing Undervalued Controlled | |
| 2025 Q3 |
CreditFund focuses on elevated carry in high yield credit markets with spreads remaining range bound below 300 basis points. Manager believes high yield credit is fundamentally strong but valuations are tight, particularly in higher quality BBs. Strategy emphasizes sourcing positions with higher income levels given limited price appreciation opportunities. |
High Yield Credit Spreads Carry Investment Grade |
| 2025 Q2 |
Income |
| 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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