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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Aug 3, 2026
The Easterly Income Opportunities Fund returned 0.36% net in Q2 2026, underperforming its benchmark by 31 basis points as rising Treasury yields offset carry income. The quarter saw easing geopolitical tensions, strong corporate earnings led by AI infrastructure investment, and a more hawkish Federal Reserve under Chairman Kevin Warsh. The fund continued improving liquidity and credit quality by reallocating from CMBS to higher-quality RMBS. All portfolio sectors generated positive returns except Corporate Structured Notes, which faced headwinds from yield curve flattening. The fund maintains a constructive outlook on structured credit, particularly Non-Agency RMBS, which remains one of the most resilient areas with favorable credit fundamentals. Within commercial real estate, office properties remain weak while multifamily and industrial properties demonstrate strength. Consumer finances have become increasingly bifurcated, reinforcing the importance of careful security selection. Corporate Structured Notes remain a high-conviction opportunity despite recent weakness. The fund expects AI-driven investment and differentiated credit conditions to create opportunities for active management in the second half of 2026.
Active management and disciplined security selection within structured credit markets can generate attractive risk-adjusted returns by identifying securities that offer compelling relative value, resilient collateral performance, and higher income potential compared to traditional corporate bonds, particularly as AI-driven investment and bifurcated consumer credit conditions create greater differentiation in credit quality across sectors.
The fund believes two themes will continue to shape fixed-income markets: AI-driven investment is likely to remain an important source of economic growth and corporate borrowing, and credit conditions are becoming increasingly differentiated across industries and consumer segments, creating a more favorable environment for active management. Although credit spreads have tightened across most sectors, the fund continues to see attractive opportunities in structured credit supported by strong underlying collateral, favorable supply-and-demand dynamics, and compelling relative value compared with many corporate bonds. The fund believes disciplined security selection will remain the primary driver of excess returns during the second half of 2026.
Neutral / Balanced
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