Brigade High Income Fund
Name
As of 09/05/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
16.1%
1 yr return
22.0%
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$480 M
Holdings in Top 10
16.4%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.82%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 09/05/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
BHIIX - Profile
Distributions
- YTD Total Return 16.1%
- 3 Yr Annualized Total Return N/A
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio N/A
- Dividend Yield 9.8%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameBrigade High Income Fund
-
Fund Family NameN/A
-
Inception DateMay 05, 2023
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
Fund Description
The Fund seeks to outperform its primary and secondary benchmarks, before expenses, the ICE BofA US High Yield Constrained Index (primary benchmark) and a blend of 60% ICE BofA U.S High Yield Contrained Index/40% Credit Suisse Leveraged Loan Index (secondary benchmark), while providing a similar level of volatility over the entire market cycle.
The Fund seeks to achieve its objective by investing in a diversified portfolio of high yield corporate bonds and loans, as well as through opportunistic investments amongst various sub-strategies within corporate credit. The Fund’s strategy will be executed by employing a bottom-up, fundamental research-based process implemented to seek to balance risk and reward, utilizing portfolio rotation as the credit cycle evolves.
The Adviser will invest in corporate credit instruments throughout the entire credit cycle in an effort to create a balanced, diversified portfolio. Types of corporate credit investments in which the Fund invests include high yield bonds and leveraged loans (including debtor-in-possession (“DIP”), distressed debt, covenant-lite loans, secured and unsecured assignments of or participations in loans, accounts and notes payable, private claims, financial instruments, collateral on financial instruments and investments in companies involved in (or the target of) acquisition attempts or tender offers or companies involved in work-outs, liquidations, spin-offs, reorganizations, bankruptcies and similar transactions), investment grade corporate debt, convertibles and collateralized loan and bond obligations, foreign debt securities, and mezzanine securities.
The Fund also intends to primarily invest in credit instruments that are rated below investment grade by some or all relevant independent rating agencies, including Moody’s Investors Service, Standard and Poor’s Rating Services and Fitch Ratings (including a significant portion of such assets in credit instruments in the lower tier of the high yield market that are rated B and below). Additionally, certain other high yield securities may be unrated by rating agencies but determined by the Adviser to be of similar quality as other below investment grade bonds and credit instruments and accordingly purchased for investment by the Fund. The Fund does not have a percentage limitation on investing in securities that are rated below investment grade.
In addition, the Fund may also purchase equity securities or otherwise hold positions in equity or other assets that the Fund receives as part of a reorganization process of a high yield issuer and may hold those assets until such time as the Adviser believes that a disposition is most advantageous. From time to time, the Fund may make investments in distressed or defaulted securities or in issuers that are in bankruptcy. The Fund does not have any maturity or duration requirements.
Furthermore, the Fund’s exposure to any sector will not exceed 30% of the net assets of the Fund, calculated at the time of investment (with sector categorization as defined by Bloomberg).
The Adviser may elect to utilize leverage depending on market conditions and may also seek to hedge certain exposures through the use of indices and derivatives, including exchange traded funds (“ETFs”) (or options on exchange-traded funds. Credit hedges can include buying protection via single name credit default swaps, buying protection on the CDS index, CDS index swaption or the high yield index total return swap. Interest rate hedges can include interest rate swaps, swaptions and treasury futures.
The Adviser may also seek to hedge risks by investing the Fund’s assets in currencies, currency futures contracts and options on currency futures contracts, forward currency contracts, options, swaps, swaptions, or any combination thereof (whether or not exchange traded).
The Fund will sell a security for several reasons, including when: (i) the fundamentals of the company change, (ii) a holding reaches its price target, or (iii) a position takes on additional risk. The Fund may seek to sell all or part of a position in one or more trades depending on, among other things, the security and its trading market and profile.
BHIIX - Performance
Return Ranking - Trailing
Period | BHIIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 16.1% | N/A | N/A | N/A |
1 Yr | 22.0% | N/A | N/A | N/A |
3 Yr | N/A* | N/A | N/A | N/A |
5 Yr | N/A* | N/A | N/A | N/A |
10 Yr | N/A* | N/A | N/A | N/A |
* Annualized
Return Ranking - Calendar
Period | BHIIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | N/A | N/A | N/A | N/A |
2022 | N/A | N/A | N/A | N/A |
2021 | N/A | N/A | N/A | N/A |
2020 | N/A | N/A | N/A | N/A |
2019 | N/A | N/A | N/A | N/A |
Total Return Ranking - Trailing
Period | BHIIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 16.1% | N/A | N/A | N/A |
1 Yr | 22.0% | N/A | N/A | N/A |
3 Yr | N/A* | N/A | N/A | N/A |
5 Yr | N/A* | N/A | N/A | N/A |
10 Yr | N/A* | N/A | N/A | N/A |
* Annualized
Total Return Ranking - Calendar
Period | BHIIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | N/A | N/A | N/A | N/A |
2022 | N/A | N/A | N/A | N/A |
2021 | N/A | N/A | N/A | N/A |
2020 | N/A | N/A | N/A | N/A |
2019 | N/A | N/A | N/A | N/A |
NAV & Total Return History
BHIIX - Holdings
Concentration Analysis
BHIIX | Category Low | Category High | BHIIX % Rank | |
---|---|---|---|---|
Net Assets | 480 M | N/A | N/A | N/A |
Number of Holdings | 245 | N/A | N/A | N/A |
Net Assets in Top 10 | 90.4 M | N/A | N/A | N/A |
Weighting of Top 10 | 16.41% | N/A | N/A | N/A |
Top 10 Holdings
- State Street Institutional US Government Money Market Fund 6.80%
- Tenet Healthcare Corp. 1.39%
- TransDigm, Inc. 1.31%
- Radiology Partners, Inc. 1.09%
- Global Medical Response, Inc. 1.01%
- Team Health Holdings, Inc. 1.00%
- Hilton Domestic Operating Co., Inc. 0.97%
- Avaya Inc., TL 0.96%
- Envision Healthcare Operating, INC. TL 1L 0.95%
- Warhorse Gaming, LLC 0.94%
Asset Allocation
Weighting | Return Low | Return High | BHIIX % Rank | |
---|---|---|---|---|
Bonds | 94.26% | N/A | N/A | N/A |
Cash | 6.80% | N/A | N/A | N/A |
Stocks | 0.78% | N/A | N/A | N/A |
Preferred Stocks | 0.00% | N/A | N/A | N/A |
Convertible Bonds | 0.00% | N/A | N/A | N/A |
Other | -0.42% | N/A | N/A | N/A |
Stock Sector Breakdown
Weighting | Return Low | Return High | BHIIX % Rank | |
---|---|---|---|---|
Utilities | 0.00% | N/A | N/A | N/A |
Technology | 0.00% | N/A | N/A | N/A |
Real Estate | 0.00% | N/A | N/A | N/A |
Industrials | 0.00% | N/A | N/A | N/A |
Healthcare | 0.00% | N/A | N/A | N/A |
Financial Services | 0.00% | N/A | N/A | N/A |
Energy | 0.00% | N/A | N/A | N/A |
Communication Services | 0.00% | N/A | N/A | N/A |
Consumer Defense | 0.00% | N/A | N/A | N/A |
Consumer Cyclical | 0.00% | N/A | N/A | N/A |
Basic Materials | 0.00% | N/A | N/A | N/A |
Stock Geographic Breakdown
Weighting | Return Low | Return High | BHIIX % Rank | |
---|---|---|---|---|
US | 0.78% | N/A | N/A | N/A |
Non US | 0.00% | N/A | N/A | N/A |
Bond Sector Breakdown
Weighting | Return Low | Return High | BHIIX % Rank | |
---|---|---|---|---|
Cash & Equivalents | 6.80% | N/A | N/A | N/A |
Securitized | 0.00% | N/A | N/A | N/A |
Corporate | 0.00% | N/A | N/A | N/A |
Municipal | 0.00% | N/A | N/A | N/A |
Government | 0.00% | N/A | N/A | N/A |
Derivative | -0.42% | N/A | N/A | N/A |
Bond Geographic Breakdown
Weighting | Return Low | Return High | BHIIX % Rank | |
---|---|---|---|---|
US | 93.98% | N/A | N/A | N/A |
Non US | 0.28% | N/A | N/A | N/A |
BHIIX - Expenses
Operational Fees
BHIIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.82% | N/A | N/A | N/A |
Management Fee | 0.50% | N/A | N/A | N/A |
12b-1 Fee | N/A | N/A | N/A | N/A |
Administrative Fee | N/A | N/A | N/A | N/A |
Sales Fees
BHIIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | N/A | N/A | N/A |
Deferred Load | N/A | N/A | N/A | N/A |
Trading Fees
BHIIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | N/A | N/A | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
BHIIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | N/A | N/A | N/A |
BHIIX - Distributions
Dividend Yield Analysis
BHIIX | Category Low | Category High | BHIIX % Rank | |
---|---|---|---|---|
Dividend Yield | 9.82% | N/A | N/A | N/A |
Dividend Distribution Analysis
BHIIX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly |
Net Income Ratio Analysis
BHIIX | Category Low | Category High | BHIIX % Rank | |
---|---|---|---|---|
Net Income Ratio | N/A | N/A | N/A | N/A |
Capital Gain Distribution Analysis
BHIIX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency |
Distributions History
Date | Amount | Type |
---|---|---|
Aug 29, 2024 | $0.085 | OrdinaryDividend |
Jul 30, 2024 | $0.097 | OrdinaryDividend |
Apr 29, 2024 | $0.864 | OrdinaryDividend |
Mar 27, 2024 | $0.099 | OrdinaryDividend |
Feb 28, 2024 | $0.079 | OrdinaryDividend |
Jan 30, 2024 | $0.072 | OrdinaryDividend |
Dec 08, 2023 | $0.203 | OrdinaryDividend |
Dec 08, 2023 | $0.012 | CapitalGainShortTerm |
Nov 10, 2023 | $0.137 | OrdinaryDividend |
Oct 09, 2023 | $0.021 | OrdinaryDividend |
Sep 08, 2023 | $0.083 | OrdinaryDividend |
Aug 09, 2023 | $0.101 | OrdinaryDividend |
Jul 07, 2023 | $0.101 | OrdinaryDividend |