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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Robinson Tax-Advantaged Income Fund hedges interest rate risk while investing in discounted municipal bond closed-end funds. Iranian geopolitical tensions shifted Fed expectations from rate cuts to potential hikes, causing energy inflation."
The Robinson Tax-Advantaged Income Fund returned -0.21% in Q1 2026, in line with its benchmark. The fund employs a strategy of investing in tax-exempt closed-end funds while hedging interest rate risk through Treasury futures contracts to isolate credit spreads and CEF discounts. The Iranian excursion significantly impacted markets, causing energy prices to surge 40-50% and shifting Fed expectations from 2-3 rate cuts to zero cuts anticipated for 2026. Credit spreads initially narrowed but gapped out due to geopolitical tensions. The fund maintains an underweight position in Nuveen/Invesco CEFs due to discount compression and overweights the broader CEF universe trading at wider discounts. The weighted average discount of holdings is -7.7% versus historic average of -5.3%, providing upside potential. The manager emphasizes five key advantages: higher income distribution, inflation mitigation through hedging, upside from discount compression, daily liquidity, and strategy sustainability across interest rate environments.
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