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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Jan 30, 2026 | Robinson Tax Advantaged Income Fund | 1.7% | 3.8% | ROBAX, ROBCX, ROBNX | CEF, credit spreads, Discounts, Fed policy, Hedging, interest rates, municipal bonds, tax-exempt | The fund invests primarily in tax-exempt closed-end funds holding municipal bonds, using hedging strategies to isolate credit spreads and CEF discounts. Credit spreads between municipal bonds and Treasuries began to reverse the widening that occurred in the first half of the year. The fund's weighted average discount was -6.62% versus historic average of -5.12%. The Fed followed up its September rate cut with two more 25 basis point cuts during the quarter. The fund uses carefully weighted short positions in US Treasury bond futures contracts to neutralize the impact of changes in risk-free interest rates. The distribution rate advantage should increase with each Fed rate cut. The manager raised concerns about frothy valuations in equity and credit markets, noting they have only gotten frothier. While sharing market euphoria over AI's impact on productivity, concerns exist that the AI revolution could play out similar to the internet revolution with many current winners not surviving. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||