“When fixed income yields came down from their inflation-juiced levels, bond appreciation blossomed,” said James Robinson, Chief Executive Officer and Chief Investment Officer of Robinson Capital Management and sub-advisor to the Robinson Tax Advantaged Income Fund and the Robinson Opportunistic Income Fund, in Chief Investment Officer. Please click below for the full story.
Opinions expressed are those of the author and are subject to change, are not intended to be a forecast of future events, a guarantee of future results, nor investment advice.
Fund holdings and sector allocations are subject to change and are not a recommendation to buy, sell, or hold any particular security. To view the Fund’s complete holdings, click here.
Bond ratings are grades given to bonds that indicate their credit quality as determined by a private independent rating service such as Standard & Poor’s. The firm evaluates a bond issuer’s financial strength, or its ability to pay a bond’s principal and interest in a timely fashion. Ratings are expressed as letters ranging from ‘AAA’, which is the highest grade, to ‘D’, which is the lowest grade. In limited situations when the rating agency has not issued a formal rating, the rating agency will classify the security as nonrated.
Past performance is not a guarantee of future results. Index performance is not illustrative of fund performance. One cannot invest directly in an index. Please call 800-207-7108 for fund performance.
LIBOR: the basic rate of interest used in lending between banks on the London interbank market and also used as a reference for setting the interest rate on other loans. Consumer Price Index (CPI): is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. Investment Grade Spreads: can be viewed as the market’s perception of how risky investing in bonds is at a certain point in time. The larger the IG spread, the more compensation investors demand for investing in riskier bonds. 10 Year Treasuries: note is a debt obligation issued by the United States government with a maturity of 10 years upon initial issuance. Investment Grade Corporate bonds: Bonds have a rating from firms like Standard & Poor’s and Moody’s that signifies a municipal or corporate bond presents a relatively low risk of default. Junk bonds: a high-yield, high-risk security, typically issued by a company seeking to raise capital quickly in order to finance a takeover. Mortgage-Backed Securities (MBS securities): is an investment similar to a bond that is made up of a bundle of home loans bought from the banks that issued them. Collateralized Loan Obligation (CLOs): is a single security backed by a pool of debt. CLOs are often corporate loans with low credit ratings or loans taken out by private equity firms to conduct leveraged buyouts.
Bloomberg Barclays US Aggregate Bond Index measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities. Index Inception: 1/1/1986. The S&P 500® Index consists of 500 large cap common stocks which together represents approximately 80% of the total U.S. stock market. It is a float-adjusted market-weighted index (stock price times float-adjusted shares outstanding), with each stock affecting the index proportion to its market value. S&P U.S. Mortgage–Backed Securities Indices are rules-based, market-value-weighted indices covering U.S. dollar-denominated, fixed-rate, and adjustable-rate/hybrid mortgage pass-through securities issued by Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). The Bloomberg Barclays US Corporate High Yield Bond Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch and S&P is Ba1/BB+/BB+ or below. It is not possible to invest in an index.