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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 13, 2026
During the third quarter of 2026, the Robinson Opportunistic Income Fund's Institutional Class (RBNNX) generated a net return of -2.52%, outperforming its benchmark, the Bloomberg Global Aggregate Credit Index, which returned -3.41% net. Year-to-date, the fund produced a net return of -3.28%, exactly matching the benchmark's -3.28% net return. Fund performance was supported by strong security selection (+4.06% contribution) and effective duration hedging (+0.86%), which mitigated headwinds from underlying closed-end fund net asset value declines (-3.57%) and widening CEF discounts (-3.44%). The strategy maintains a hedged intermediate credit risk posture via short positions in equity index and Treasury futures. The macroeconomic environment was characterized by severe volatility across fixed income markets, driven by geopolitical turmoil from the ongoing war in Iran, rising energy and fertilizer inflation, and subsequent Fed rate hikes. Further macro pressures stemmed from record corporate debt issuance supporting artificial intelligence data center infrastructure buildouts, historically tight credit spreads, and expanding federal deficits exceeding $40 trillion. In response, the manager maintained an active macro hedging program to mute duration and high yield spread volatility while targeting insulated segments of the credit structure. From an asset allocation standpoint, the portfolio capitalized on a 10% tactical overweight in closed-end funds holding less-liquid private debt and collateralized loan obligations (CLOs), as well as a 10% overweight in floating rate loan CEFs. These less-liquid CEFs outperformed the broader taxable credit CEF market by roughly 17% during the quarter, while floating rate loan CEFs outperformed fixed rate alternatives by 11.5%. Variable rate securities now constitute 42% of the portfolio, providing structural insulation against higher-for-longer policy rates.
Exploit severe discount widening across taxable credit closed-end funds while neutralizing duration and high-yield credit volatility through Treasury and equity futures hedging to deliver equity-like income with investment-grade risk characteristics.
Looking forward, the manager notes a balance between significant macro concerns and generational yield opportunities. Primary concerns encompass a clear disconnect between Fed projections and market rate hike expectations, persistent inflation driven by geopolitical conflict, historic tight credit spreads amid heavy corporate issuance, and a ballooning $40 trillion U.S. federal deficit. Conversely, the manager sees exceptional value in locking in historically elevated yields through taxable credit closed-end funds trading at a weighted average discount of -14% (92nd percentile over 30 years), supported by variable rate security exposures and systematic duration hedging.
Moderate Conviction Bullish
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