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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Jul 8, 2026
The Robinson Tax-Advantaged Income Fund returned 5.48% in Q2 2026, significantly outperforming its benchmark's 1.22% return. The Fund invests in tax-exempt closed-end funds holding investment-grade municipal bonds while hedging interest rate risk through short positions in US Treasury futures. This strategy isolates municipal credit spreads and CEF discounts as return drivers. Credit spreads between municipal bonds and Treasuries narrowed during the quarter, with the NAV return of the Fund's CEF holdings up 3.97%. Tax-exempt CEF discounts improved to -2.46%, though this masks significant dispersion: Nuveen and Invesco CEFs now trade at a 0.3% premium after distributing above net income since late 2023, while the rest of the market trades at a -7.5% discount. The manager remains way underweight Nuveen/Invesco and way overweight other CEFs. The market shifted from expecting rate cuts to pricing in two rate hikes by year-end after new Fed Chairman Kevin Warsh re-committed to the 2% inflation target. The manager expresses concern about the $39 trillion US deficit and prefers being long municipal issuers and short Treasuries given fiscal recklessness. The Fund's hedging strategy should provide inflation mitigation and benefit from yield curve flattening.
The Robinson Tax-Advantaged Income Fund seeks to generate tax-exempt income by investing in closed-end funds holding investment-grade municipal bonds while hedging interest rate risk through short positions in US Treasury futures, thereby isolating municipal credit spreads and CEF discounts as the primary return drivers.
The manager expects the Fund to hold up well in the near-term as the Strait re-opens and the yield curve flattens. However, the long-run outlook is more challenging given the US deficit situation, which could push longer-term Treasury yields meaningfully higher. The manager prefers to be long municipal issuers and short Treasury futures to reduce interest rate risk exposure. The Fund's holdings of tax-exempt CEFs have upside potential as discounts narrow toward their historic average and eventually toward zero.
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