BRMSX
Bramshill Income
Performance Fund
| Net Assets | Shares Outstanding | Daily NAV | NAV Change Dollars | Date | Morningstar Rating |
|---|---|---|---|---|---|
| $1,021,233,157 | 104,967,482 | $9.73 | $0.02 | 12/20/2024 | i |
Overall Rating by Morningstar among 272 funds in the Nontraditional Bond Category as of September 30, 2024, based on risk-adjusted return. See the disclaimer for rating info.*
FUND OVERVIEW
The Bramshill Income Performance Fund is a fixed income strategy that seeks to maximize total return across various asset classes. The Fund invests in a tactical portfolio of income-producing securities, including investment grade and high-yield bonds, preferreds, municipal bonds, U.S. Treasuries. Bramshill assesses these five asset classes in the U.S. credit markets to determine where we believe the best opportunities are available. When the risk-reward in the markets appears favorable, the fund will endeavor to maintain a profile that is designed to participate in market rallies. However, when credit market opportunities appear less favorable, the Fund will maintain a more conservative profile which aims to prevent against principal drawdowns. The portfolio is actively managed, incorporating sector allocations and tactical hedging during various interest rate and market environments. The Fund uses fundamental credit and relative value analysis, and focuses on securities with transparent pricing, actively-traded capital structures and liquidity. The Fund is highly-liquid, not benchmark dependent and seeks to maintain an investment grade profile. The Bramshill Income Performance Fund is managed by Bramshill Investments.
PRICES & PERFORMANCE
The Bloomberg Barclays Capital US Aggregate Index represents securities that are taxable and dollar denominated. The index covers the US investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis. It is not possible to invest directly in an index.
The Wilshire Liquid Alternative Relative Value Total Return Index measures the performance of the relative value strategy component of the Wilshire Liquid Alt Index (WLIQA). Created in 2014, with history to 12/31/99, the Index is a broad measure of the liquid alternative relative value market.
The performance shown represents past performance. Past performance is no guarantee of future results and current performance may be higher or lower than the performance Investment results and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. To obtain performance data current to the most recent month-end, call 877-272-6718. As of the date of the Fund’s current prospectus, the gross expense ratio of the Fund’s Institutional Shares was 1.46% (including dividend and interest expense on short sales and acquired fund fees and expenses).
The Adviser has con-tractually agreed to waive a portion or all of its management fees and pay Fund expenses (excluding taxes, leverage interest, brokerage commissions, acquired fund fees and expenses, portfolio transaction expenses, interest expense and dividends paid on short sales or extraordinary expenses) in order to limit the Total Annual Fund Operating Ex-penses to 1.10% of average daily net assets of the Fund’s Institutional Class (the “Expense Cap”). This arrangement is in effect through at least July 31, 2024. After that time, the arrangement may be terminated or amended at any time by the Board upon 60 days' notice to the Adviser or by the Adviser with the consent of the Board. The gross expense ratio is as of the most recent prospectus and is applicable to investors.
* Annualized Return
PORTFOLIO MANAGERS
DOCUMENTS
FUND LITERATURE
| Type | Asset % |
|---|---|
| Preferred Stock | 24.4% |
| High Yield Corporate Bonds | 8.1% |
| IG Corporate Bonds | 31.3% |
| Municipals | 1.9% |
| Mid & Long-Term US Treasuries | 14.5% |
| Cash & Short-Term US Treasuries | 19.4% |
Percentage as of 9/30/2024
*% of net assets represents the Fund's exposure based on the economic value of securities and is adjusted for futures, options, swaps, and convertible bonds. Allocations subject to change.
Total percentage may not equal 100%
REGULATORY DOCUMENTS
DISCLOSURE
The fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company and it may be obtained here or by calling (877) 272-6718. Read it carefully before investing.
Mutual fund investing involves risk. Principal loss is possible. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investment by the fund in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. The fund invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater in emerging markets. Closed-end funds and ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of the shares may trade at a discount to its net asset value (“nav”), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a funds ability to sell its shares. In addition, the fund may incur higher expenses than if the fund did not invest in these types of securities. The fund may make short sales of securities, which involves the risk that losses may exceed the original amount invested
Bramshill investments, LLC is the investment adviser to the fund. The fund is distributed by Quasar Distributors, LLC.
*Morningstar Rating is for the Institutional Shares; other classes may have different performance characteristics. The Bramshill Income Performance Fund was rated against the following numbers of US Fund Nontraditional Bond funds over the following time periods: 4 Stars for the Overall period ending September 30, 2024 (272 funds rated in category), 3 Stars for the 5 year period ending September 30, 2024 (246 funds rated in the category), 3 Stars for the 3 year period ending September 30, 2024 (272 funds rated in the category), based on risk-adjusted returns. Past performance is no guarantee of future results.
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.©Morningstar 2020. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results.
The Bramshill Funds are offered only to United States residents, and information on this site is intended for such persons. Nothing on this website should be considered a solicitation to buy or an offer to sell shares in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.
For the Fund’s most recent Proxy Voting Record – Form N-PX, please click here.