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 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.
