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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Bramshill Income Performance Fund is a tactical fixed income strategy delivering 0.89% in Q3 2026 through dynamic rotation across investment grade corporates, high yield, preferreds, municipals, and Treasuries. The fund actively manages duration and credit exposure to optimize risk-adjusted returns, recently shifting to shorter-duration and floating-rate structures during the 2024-2025 rate rise."
The Bramshill Income Performance Fund is an unlevered tactical fixed income strategy that delivered 0.89% net returns in Q3 2026, bringing year-to-date performance to 0.89%. The fund has generated 38.29% cumulative returns since inception in April 2016, with annualized performance ranging from -6.12% in 2022 to 8.87% in 2019. The strategy rotates dynamically across five asset classes—investment grade corporates, high yield bonds, preferred securities, municipal bonds, and US Treasuries—seeking relative value opportunities while maintaining an investment grade composite portfolio. During the recent rate rise period from September 2024 to January 2025, when the 10-year Treasury rose 121bp, the fund successfully shifted to fixed-reset and fixed-float hybrid securities and short-duration corporates, demonstrating its ability to navigate challenging rate environments. The fund currently maintains 8.38 years duration with a 5.79% yield to maturity. Risk management remains central to the strategy, with strict position limits, 10% weighted average stop losses, and monthly risk committee oversight designed to prevent principal drawdowns.
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