Bramshill Income Performance Fund
Data updated: 2024-02-29
C000166463 — Bramshill Income Performance Fund. Total Return Allocation · $738.67M AUM · 1.46% expense ratio. Holdings, fees, performance and SEC filings.
C000166463 Fund Overview
Bramshill Income Performance Fund is a US mutual fund managed by Trust for Advised Portfolios, categorised as Total Return Allocation. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Trust for Advised Portfolios
- Category: Total Return Allocation
- Assets under management: $738.67M
- 1-year return: 7.1%
- SEC CIK: 0001261788
- SEC series ID: S000052920
- Share class ID: C000166463
C000166463 Investment Objective and Strategy
Bramshill Income Performance Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Trust for Advised Portfolios.
Investment objective
The Bramshill Income Performance Fund (the Fund) seeks to maximize total return.
Principal investment strategy
"The Fund implements a tactical fixed income strategy which seeks to maximize total return across different types of fixed income products and, based on market conditions, may also hold cash and cash equivalents. The Funds investments are comprised of a tactical portfolio of income-producing securities, including up to 80% in investment grade corporate bonds and up to 40% in high yield bonds ( i.e. , junk bonds), which are defined as corporate bonds rated below Baa by Moody's Investors Service, Inc. (""Moody's""), or equivalently rated by Standard & Poor's Ratings Services (""S&P"") or Fitch, Inc. (""Fitch""), or, if unrated, determined by the Adviser to be of comparable quality. The Fund may invest in securities that are in default, which may be rated as low as D (default) or its equivalent by the rating agencies.
The Fund may also invest up to 70% in preferred stocks (including payment-in-kind, fixed to floating rate, convertible, cumulative and non-cumulative, callable, and perpetual), up to 80% in U.S. municipal bonds, and up to 100% in U.S. Treasuries. The Fund may also invest up to 15% in fixed income closed-end funds and up to 25% in fixed income exchange traded funds (ETFs). The Fund may also invest up to 25% in foreign issuers of U.S. dollar denominated fixed income securities. The Fund may also invest in contingent convertible securities, which are fixed income instruments that are convertible into equity if a pre-specified trigger event occurs. Contingent convertible securities have been popular in the context of crisis management in the European banking industry to meet certain capital requirements; pay a fixed rate of interest but have characteristics of both debt and equity; and, unlike traditional convertible instruments, are mandatorily convertible to common shares by the issuing bank under certain adverse circumstances (i.e., if issuing bank falls below certain level of capital).
The Fund is actively managed, typically with between 40 and 50 investments, incorporating sector allocations and tactical hedging during various interest rate and market environments. The Adviser uses fundamental credit and relative value analysis, and focuses on securities with transparent pricing, actively-traded capital structures and a high level of liquidity. The Adviser seeks to maintain the Funds portfolio at an average credit rating of investment grade. The dollar weighted average duration of the portfolio of the Fund for the past year is approximately two years, with an expected range of between one and nine years based on the Advisers assessment of market conditions. The Fund may invest in fixed-income securities of any duration or maturity. Duration is a measure of the sensitivity of the price of a fixed income security (or a portfolio of fixed income securities) to changes in interest rates.
The prices of fixed income securities with shorter duration generally will be less affected by changes in interest rates than the prices of fixed income securities with greater duration. For example, a five year duration means the fixed income security is expected to decrease in value by 5% if interest rates rise 1% and increase in value by 5% if interest rates fall 1% holding other factors constant. The Fund may make use of futures and options on futures, including U.S. Treasury futures, to adjust its sensitivity to interest rate changes and to gain exposure to U.S. Treasury securities. The Fund may also sell short U.S. Treasury securities (of an aggregate dollar value not exceeding 33 1/3% of the aggregate dollar value of the Funds assets) only as a hedge based on market conditions. The Fund seeks to mitigate the negative impact of rising Treasury interest rates on the performance of investment grade bonds (conversely limiting the positive impact of falling interest rates).
These short positions are not intended to mitigate other factors influencing the price of investment grade bonds, such as credit risk, which may have a greater impact than rising or falling interest rates. The Fund may lend portfolio securities to brokers, dealers and other financial organizations that meet capital and other credit requirements or other criteria established by the Board. These loans, if and when made, may not exceed 33 1/3% of the total asset value of the Fund (including the loan collateral). By lending its securities, the Fund may increase its income by receiving payments from the borrower. The Fund may invest in fixed rate or floating rate securities. Floating rate instruments reset their interest rate periodically over a base rate, with rates tied to a representative interest rate index, typically 3-month London Interbank Offered Rate (LIBOR).
The Funds strategies may result in frequent portfolio trading and high portfolio turnover (typically greater than 100%). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in the Funds annual operating expenses or in the expense example, affect the Funds performance."
C000166463 Holdings
Top 10 holdings of Bramshill Income Performance Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Treasury Bill | 8.15% |
| Treasury Bill | 6.68% |
| BlackRock Short Duration Bond | 3.90% |
| Sempra | 3.87% |
| JPMorgan Chase & Co. | 3.77% |
| Bp Capital Markets PLC | 3.66% |
| First American Government Obli | 3.44% |
| Charles Schwab Corp. | 3.03% |
| iShares 0-5 Year High Yield Co | 2.80% |
| JPMorgan Ultra-Short Income ET | 2.76% |
C000166463 Portfolio Allocation
Asset-class allocation of Bramshill Income Performance Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 50.6% |
| Fixed Income | 48.3% |
| Cash & Equivalents | 3.4% |
C000166463 Performance
Total returns for C000166463 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 7.1% |
| 3 years (annualised) | 1.0% |
C000166463 Risk Information
Risk metrics for C000166463, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 6.5%
C000166463 Costs and Fees
C000166463 costs about $146 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.46%
- Gross expense ratio: 1.46%
- Portfolio turnover: 69%
- Brokerage commissions: 5.41 bps of average net assets (SEC N-CEN)
C000166463 Cashflows
Over the 12 months to 2023-12, Bramshill Income Performance Fund had net inflows of $660.97M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2023-12 | $59.75M |
| 2023-11 | $56.54M |
| 2023-10 | $63.17M |
| 2023-09 | $48.84M |
| 2023-08 | $70.74M |
| 2023-07 | $37.33M |
C000166463 Debt Constituents
Largest debt holdings of Bramshill Income Performance Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Treasury Bill | 8.15% |
| Treasury Bill | 6.68% |
| JPMorgan Chase & Co. | 3.77% |
| Bp Capital Markets PLC | 3.66% |
| Ncl Corporation Ltd. | 2.26% |
| Wells Fargo & Company | 2.09% |
| Treasury Bill | 1.72% |
| Brookfield Finance, Inc. | 1.37% |
| Morgan Stanley | 1.36% |
| Energy Transfer LP | 1.04% |
C000166463 Prospectus and SEC Filings
Official Bramshill Income Performance Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2023-07-28
- Prospectus (485BPOS) — filed 2022-07-29
- Prospectus (485BPOS) — filed 2021-07-29
- Portfolio holdings (N-PORT) — filed 2024-02-29
- Portfolio holdings (N-PORT) — filed 2023-11-29
- Portfolio holdings (N-PORT) — filed 2023-08-29
- Annual census (N-CEN) — filed 2023-06-13
- Annual census (N-CEN) — filed 2022-06-08
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Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.