Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
Robinson Opportunistic Income Fund identified an arbitrage opportunity in private credit CEFs trading at discounts comparable to the Great Financial Crisis and moved to overweight despite near-term underperformance. New Fed Chairman Warsh's hawkish stance shifted expectations to rate hikes, benefiting the Fund's floating rate exposure. Long-term fiscal deficit concerns support the strategy of being long corporate credit and short Treasuries.
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Robinson Opportunistic Income Fund identified an arbitrage opportunity in private credit CEFs trading at discounts comparable to the Great Financial Crisis and moved to overweight despite near-term underperformance. New Fed Chairman Warsh's hawkish stance shifted expectations to rate hikes, benefiting the Fund's floating rate exposure. Long-term fiscal deficit concerns support the strategy of being long corporate credit and short Treasuries.
Robinson Tax-Advantaged Income Fund delivered 5.48% in Q2 2026 by investing in tax-exempt closed-end funds while hedging interest rate risk through Treasury futures shorts. The strategy isolates municipal credit spreads and CEF discounts as return drivers. The manager rotated away from Nuveen/Invesco CEFs now trading at premiums toward the broader market trading at -7.5% discounts. The hedging approach provides inflation protection while capitalizing on narrowing municipal credit spreads.
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Robinson Tax-Advantaged Income Fund delivered 5.48% in Q2 2026 by investing in tax-exempt closed-end funds while hedging interest rate risk through Treasury futures shorts. The strategy isolates municipal credit spreads and CEF discounts as return drivers. The manager rotated away from Nuveen/Invesco CEFs now trading at premiums toward the broader market trading at -7.5% discounts. The hedging approach provides inflation protection while capitalizing on narrowing municipal credit spreads.
The Fund delivered a 1.88% net return in Q2 2026, benefiting from security-specific catalysts including corporate asset sales and SPAC optionality while avoiding macro-driven duration drag. Management remains focused on high-visibility event paths amid surging mega-cap M&A volumes.
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The Fund delivered a 1.88% net return in Q2 2026, benefiting from security-specific catalysts including corporate asset sales and SPAC optionality while avoiding macro-driven duration drag. Management remains focused on high-visibility event paths amid surging mega-cap M&A volumes.
The Robinson Opportunistic Income Fund returned -0.15% in Q4 2025, trailing its benchmark. The manager warns of a potential AI-driven market bubble but sees defensive value and high yields in deeply discounted taxable credit CEFs.
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The Robinson Opportunistic Income Fund returned -0.15% in Q4 2025, trailing its benchmark. The manager warns of a potential AI-driven market bubble but sees defensive value and high yields in deeply discounted taxable credit CEFs.
The fund delivered solid outperformance in Q4 2025 by isolating CEF discounts and hedging interest rate risk. While highly cautious on a potential AI-driven equity bubble, the manager sees strong value in deeply discounted tax-exempt CEFs.
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The fund delivered solid outperformance in Q4 2025 by isolating CEF discounts and hedging interest rate risk. While highly cautious on a potential AI-driven equity bubble, the manager sees strong value in deeply discounted tax-exempt CEFs.
The fund delivered strong outperformance of 3.90% in Q3 and tactically reduced CEF exposure below 60% to front-run seasonal tax-loss harvesting discounts.
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The fund delivered strong outperformance of 3.90% in Q3 and tactically reduced CEF exposure below 60% to front-run seasonal tax-loss harvesting discounts.
