Braddock Multi-Strategy Income Fund Crosses $250 Million in Assets
New York, New York – September 21st, 2018 - Liberty Street Advisors, Inc. (“Liberty Street”) has announced that the Braddock Multi-Strategy Income Fund (the “Fund”) has crossed $250 million in assets under management. Liberty Street is the investment advisor to the Fund. Braddock Financial LLC (“Braddock”) is the Fund’s sub-advisor.
“We would like to thank our investors for their support of the Fund,” said Garrett Tripp, Senior -Portfolio Manager at Braddock. “As the Federal Open Market Committee approaches its third hike of the year, the Fund’s floating rate strategy has continued to mitigate price risk often associated with fixed income products. Additionally, management is very pleased with the continued grow in the residential mortgage backed securities (RMBS), asset backed securities (ABS) and collateralized loan obligations (CLO) markets. In fact, bond issuance in Non-Agency RMBS is up 30% YTD and CLO issuance is up 25% YTD. We believe our experience in primary markets and our ability to be tactical and nimble will benefit our Fund, which is uniquely suited to capitalize on the continued growth of these markets,” Tripp stated.
Toby Giordano, Portfolio Manager, added, “In our view, Braddock provides investors an attractive risk profile that is more differentiated than that of traditional fixed income. The Fund’s focus on U.S. Residential Mortgage Backed Securities (RMBS) and Consumer Asset Backed Securities (ABS) dovetails extremely well with the sectors of the US economy that are demonstrating very strong credit fundamentals.”
The Braddock Multi-Strategy Income Fund is available at UBS, Stifel Nicholas and various independent broker dealers as well as through major custodians including Charles Schwab, Fidelity, Pershing, & TD Ameritrade.
About the Fund
The Braddock Multi-Strategy Income Fund ("The Fund") is an open-end mutual fund investing primarily in asset-backed debt securities, with a focus on mortgage-related securities. The Fund may also invest a portion of the portfolio in collateralized loan obligations. Interest rate duration is short given fund holdings primarily have ﬂoating rate coupons. The Fund has the ability to take short positions to dampen volatility or to express relative value views.
About Liberty Street Advisors
Liberty Street offers investors mutual funds which are sub-advised by third party boutique independent managers who possess a particular expertise in their space. Through its selective multi-manager family of funds, Liberty Street provides access to timely investment strategies designed to help investors and financial advisors meet the challenges of today's market environment. In addition to the Fund, Liberty Street is the advisor to the Robinson Tax Advantaged Income Fund, the Robinson Opportunistic Income Fund, and the West Loop Realty Fund.
About Braddock Financial
Braddock Financial LLC is a structured credit asset manager focusing on asset-backed debt securities and was founded in 1994. Braddock believes that asset-backed securities provide the opportunity to build and manage investment portfolios resulting in attractive risk-adjusted returns. Braddock's strength in security selection comes from deep fundamental knowledge of the sector and from proprietary loan level research, along with significant trading experience. In addition, Braddock manages funds and customized separate accounts for institutions and high net worth individuals.
For information about the Fund, please contact your Financial Advisor, or contact the Fund directly at (800) 207-7108.
Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus and summary prospectus, a copy of which may be obtained by calling (800) 207-7108 or by visiting the Fund’s website at www.libertystreetfunds.com. Please read the prospectus and summary prospectus carefully before you invest.
RISKS AND OTHER DISCLOSURES:
An investment in the Braddock Multi-Strategy Income Fund is subject to risk, including the possible loss of principal amount invested and including, but not limited to, the following risks, which are more fully described in the prospectus: Mortgage-backed securities: subject to “prepayment risk” (the risk that borrowers will repay a loan more quickly in periods of falling interest rates) and “extension risk” (the risk that borrowers will repay a loan more slowly in periods of rising interest rates). If the Fund invests in mortgage-backed or asset-backed debt securities that are subordinated to other interests in the same pool, the Fund may receive payments only after the pool’s obligations to other investors have been satisfied. The risk of defaults is generally higher in the case of mortgage pools that include so-called “subprime” mortgages. Real estate risk: property values may fall due to increasing vacancies or declining rents resulting from unanticipated economic, legal, employment, cultural or technological developments. CLO risk: Collateralized Loan Obligations (CLOs) largely depend on the type of underlying collateral securities and the tranche in which the Fund invests. While CLOs are subject to the typical risks associated with debt instruments (i.e., interest rate risk and credit risk), the Fund is also subject to asset manager, legal and regulatory, limited recourse, liquidity, redemption, and reinvestment risks as a result of the structure of CLOs in which the Fund may invest. Credit Risk: securities held by the Fund could be subject to credit risk, including factors that may impair the credit rating and which may cause the value of the Fund’s investment to decline. Interest rate risk: your investment may go down in value when interest rates rise, because when interest rates rise, the prices of bonds and fixed rate loans fall. Generally, the longer the maturity of a bond or fixed rate loan, the more sensitive it is to this risk. Falling interest rates also create the potential for a decline in the Fund’s income. These risks are greater during periods of rising inflation. High Yield (“Junk”) bond risk: junk bonds are speculative investments which involve greater risk of default, downgrade, or price declines, can be more volatile and tend to be less liquid that investment-grade securities. Repurchase agreement risk: may be viewed as loans made by the Fund which are collateralized by the securities subject to repurchase. The Fund’s investment in repurchase agreements may be subject to market and credit risk with respect to the collateral securing the repurchase agreements. Reverse repurchase agreement risk: reverse repurchases provide the Fund with cash for investment purposes, which creates leverage and subjects the Fund to the risks of leverage. Reverse repurchase agreements also involve the risk that the other party may fail to return the securities in a timely manner or at all. Liquidity risk: the Fund may not be able to sell some or all of the investments that it holds due to a lack of demand in the marketplace or other factors such as market turmoil. The sales price the Fund could receive for any particular portfolio investment may differ from the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued by the Fund using a fair value methodology due to the fact that illiquid assets may be difficult to value. Leverage risk: as a result of borrowing or other investment techniques, the Fund may be leveraged. Leverage creates exposure to gains and losses in a greater amount than the dollar amount made in an investment. Derivatives risk: derivative instruments, futures contracts, options, swap agreements, and/or selling securities short involve risks different from direct investment in the underlying assets, including but not limited to: futures contracts may cause the value of the Fund’s shares to be more volatile; the Fund may not fully benefit from or may lose money on option or shorting strategies; swaps may be leveraged, are subject to counterparty risk and may be difficult to value or liquidate. Non-diversification risk: as a non-diversified fund, the Fund may focus its assets in the securities of fewer issuers, which exposes the Fund to greater market risk that if its assets were diversified among a greater number of issuers. The Fund may not be suitable for all investors. We encourage you to consult with appropriate tax and financial professionals before considering an investment in the Fund.
Distributed by Foreside Fund Services, LLC. www.foreside.com.