CrossingBridge Responsible Credit Fund
Fund
CBRDX
Price as of:
$9.44
+ $0.00
+ 0.01%
Primary Theme
fund company
Name
As of 09/27/2023Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
5.3%
1 yr return
8.1%
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$26.6 M
Holdings in Top 10
44.8%
52 WEEK LOW AND HIGH
$9.4
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.99%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
$50,000
IRA
$50,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 09/27/2023Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
CBRDX - Profile
Distributions
- YTD Total Return 5.3%
- 3 Yr Annualized Total Return N/A
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 2.36%
- Dividend Yield 10.6%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameCrossingBridge Responsible Credit Fund
-
Fund Family NameCrossingBridge
-
Inception DateJun 30, 2021
-
Shares Outstanding1685239
-
Share ClassInst
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerDavid Sherman
Fund Description
The Fund seeks to achieve its investment objective by investing primarily in fixed income securities while actively managing interest rate and default risks. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in fixed income securities that meet the Adviser’s responsible investing criteria.
Investment decisions for the Fund are made by the Adviser based on a bottom-up analysis of an issuer’s business model, quantitative and qualitative factors, as well as the Adviser’s “responsible investing criteria” (i.e., specific exclusionary and inclusionary criteria based on environmental, social and governance (“ESG”) standards). The Adviser utilizes a proprietary matrix to measure an issuer’s ESG engagement. The Adviser’s proprietary matrix sets a minimum threshold level that must be achieved for an issuer’s securities or other instruments to satisfy the Fund’s responsible investing criteria. The Adviser sources information relating to its responsible investing criteria from publicly-available resources such as financial filings, presentations, news articles, and management discussions. The Adviser monitors an issuer’s conformity to its responsible investing criteria and each holding will be formally reviewed by the Adviser at least annually.
The Adviser believes that ESG industry standards will evolve over time, and such standards will continue to enhance the Adviser’s ability to identify and measure behaviors. The Adviser believes that certain products and business practices of an issuer may be detrimental and incompatible with mainstream views of responsible investing. Therefore, certain exclusionary criteria are applied by the Adviser as a first step in determining an individual investment’s suitability for the Fund. Issuers whose business is primarily engaged in one of the following activities will be excluded from the Fund:
•Weapons;
•Tobacco;
•Alcohol and Marijuana (for Recreational Purposes);
•Gambling;
•Pornography/Adult Entertainment;
•Certain Fossil Fuels (including Coal Mining and Fracking Exploration);
•Nuclear Fission (typically Power Plants);
•International Norms Violations; and
•Corporations or Sovereign Entities not adhering to the United Nations Global Compact Principles and the Organization for Economic Co-operation and Development (OECD) Guidelines for Multi-National Enterprises.
The Adviser considers any issuer whose business generates 10% or more of its revenues from one of the activities noted above to be “primarily engaged” in such activities and subject to exclusion. The Adviser may expand the list of exclusionary activities from time to time. The Adviser applies its exclusionary criteria to any investment considered for inclusion in the Fund’s portfolio.
The Adviser believes that applying an exclusionary screen to issuers that are non-conforming to its ESG standards is an important first step, but believes it is also important to integrate those issuers that have a positive ESG impact or ESG mindfulness that meet the Adviser’s inclusionary criteria described in the objectives below. The Adviser believes that responsible issuers can reward shareholders while being mindful of their ESG impact. As a responsible investor, the Adviser seeks to invest with issuers providing positive leadership in the pursuit of the following objectives:
Environmental Objectives:
•Reduce the negative operational impact and practices on the environment;
•Reduce the use of scarce resources;
•Reduce carbon emissions; and
•Pursue resource efficiency, sustainability, and innovation.
Social Objectives:
•Treat all constituencies in a proper and ethical manner;
•Address all constituencies in a fair and equitable manner;
•Promote health and well-being for all constituencies;
•Protect sensitive data for all constituencies;
•Market products in a sincere and factual approach;
•Provide employees with development and opportunity in an appropriate workplace; and
•Recognize barriers of underrepresented groups by supporting diversity and inclusion.
Governance Objectives:
•Independent members of an issuers Board that provide checks and balances;
•Diversification of backgrounds, skills, and philosophy among an issuers Board or executive officers;
•Promote transparency and communication;
•Exercise and supports law abidingness externally and from within;
•Develop programs to measure and improve environmental impact and social practices;
•Respect lenders rights and value similarly to shareholders; and
•Advocate ethical standards in operations and dealings with customers, employees, regulators, business partners and the greater community.
At least 80% of the Fund’s assets will be comprised of investments of issuers satisfying the Adviser’s minimum threshold for the inclusionary criteria. The Adviser deems governmental securities of G7 countries (Canada, France, Germany, Italy, Japan, the United Kingdom and the United States) to be of the highest ESG quality. Governmental securities of non-G7 countries will be evaluated by the Adviser on a case-by-case basis for inclusion in the Fund’s investment portfolio.
The Fund defines fixed income securities to include: bills, notes, bonds, debentures, convertible bonds, loan participations, mortgage- and asset-backed securities, Rule 144A fixed income securities, zero coupon securities, syndicated loan assignments, sovereign debt and other evidence of indebtedness issued by U.S. or foreign corporations, governments, government agencies or government instrumentalities, including floating-rate securities, commercial paper, preferred stock and fixed income-like equities.
Convertible bonds, preferred stocks, and fixed income-like equities (e.g. special purpose acquisition companies (“SPACs”)) provide interest income and/or the potential for capital appreciation while having an effective maturity. Floating-rate securities provide interest income that can increase or decrease with interest rates. The Fund invests in individual fixed income securities without restriction as to issuer credit quality, capitalization or security maturity. The Fund may invest up to 100% of its assets in lower-quality fixed income securities — commonly known as “high yield” or “junk” bonds. Junk bonds are generally rated lower than Baa3 by Moody’s Investors Service (“Moody’s”) or lower than BBB- by Standard and Poor’s Rating Group (“S&P”). The Fund may invest in junk bonds that are in default, subject to bankruptcy or reorganization. High yield bonds have a higher expected rate of default than higher quality bonds.
The Adviser seeks to manage duration, currency, and default risks. Although the Adviser will take macro factors into consideration, the portfolio duration is primarily driven by bottom-up investment opportunities. Under normal market conditions, the Adviser will generally pursue a portfolio duration of 2 to 4. Duration is a measure of sensitivity of a security’s price to changes in interest rates. For example, a security with a duration of 2 would be expected to decrease in price 2% for every 1% rise in interest rates (the inverse is true as well).
The Adviser manages default risk by selecting securities of issuers that it believes will pay interest and principal regardless of their credit rating, based upon the Adviser’s credit analysis of each issuer. The Adviser may also select securities that are in default, subject to bankruptcy or reorganization where the Adviser believes the risks to be consistent with capital preservation, based on the Adviser’s analysis of an issuer’s liquidation value or post-bankruptcy or post-reorganization value.
The Adviser manages foreign currency risk by investing primarily in securities denominated in U.S. dollars, such as Yankee bonds. If the Fund were to invest in foreign currency denominated securities, the Fund restricts such activity to less than 35% of the Fund’s total assets. When deemed appropriate, the Adviser may hedge the foreign currency exposure typically, and primarily, with forward currency contracts. A forward currency contract is an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties.
The Fund is “non-diversified” for purposes of the Investment Company Act of 1940, as amended (the “1940 Act”), which means that the Fund may invest in fewer securities at any one time than a diversified fund. However, the adviser manages the impact of the risk of each investment by a considered analysis of appropriate sizing and portfolio diversification.
The Fund may engage in active trading of its portfolio, resulting in a high turnover rate.
There is no assurance that the Fund will achieve its investment objective.
CBRDX - Performance
Return Ranking - Trailing
| Period | CBRDX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 5.3% | -49.1% | 11.6% | 12.52% |
| 1 Yr | 8.1% | -51.9% | 12.8% | 16.10% |
| 3 Yr | N/A* | -22.8% | 9.7% | N/A |
| 5 Yr | N/A* | -29.5% | 3.0% | N/A |
| 10 Yr | N/A* | -27.4% | 5.3% | N/A |
* Annualized
Return Ranking - Calendar
| Period | CBRDX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2022 | -4.9% | -26.7% | 18.4% | 6.97% |
| 2021 | N/A | -26.6% | 25.7% | N/A |
| 2020 | N/A | -49.2% | 18.7% | N/A |
| 2019 | N/A | -35.1% | 12.4% | N/A |
| 2018 | N/A | -48.0% | 3.4% | N/A |
Total Return Ranking - Trailing
| Period | CBRDX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 5.3% | -48.1% | 13.6% | 12.52% |
| 1 Yr | 8.1% | -47.3% | 14.1% | 16.10% |
| 3 Yr | N/A* | -18.9% | 19.8% | N/A |
| 5 Yr | N/A* | -11.2% | 9.6% | N/A |
| 10 Yr | N/A* | -12.3% | 6.1% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | CBRDX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2022 | 1.8% | -23.0% | 20.8% | 4.79% |
| 2021 | N/A | -7.6% | 50.0% | N/A |
| 2020 | N/A | -28.6% | 24.1% | N/A |
| 2019 | N/A | -4.8% | 18.6% | N/A |
| 2018 | N/A | -37.3% | 8.0% | N/A |
NAV & Total Return History
CBRDX - Holdings
Concentration Analysis
| CBRDX | Category Low | Category High | CBRDX % Rank | |
|---|---|---|---|---|
| Net Assets | 26.6 M | 1.44 M | 119 B | 96.51% |
| Number of Holdings | 54 | 2 | 8175 | 87.89% |
| Net Assets in Top 10 | 11.2 M | -1.57 B | 20.5 B | 91.45% |
| Weighting of Top 10 | 44.79% | 4.3% | 105.0% | 27.50% |
Top 10 Holdings
- Hawaiian Airlines 2013-1 Class A Pass Through Certificates 5.61%
- Fiven ASA 5.09%
- First American Government Obligations Fund 4.87%
- First American Treasury Obligations Fund 4.87%
- Warnermedia Holdings Inc 4.83%
- StoneX Group Inc 4.29%
- Five Point Operating Co LP / Five Point Capital Corp 4.01%
- Cengage Learning Inc 3.91%
- IEA Energy Services LLC 3.81%
- Infrabuild Australia Pty Ltd 3.50%
Asset Allocation
| Weighting | Return Low | Return High | CBRDX % Rank | |
|---|---|---|---|---|
| Bonds | 80.67% | -150.81% | 180.51% | 62.11% |
| Cash | 19.26% | -261.12% | 258.91% | 10.83% |
| Stocks | 3.18% | -38.22% | 261.12% | 25.50% |
| Convertible Bonds | 1.00% | 0.00% | 33.50% | 57.02% |
| Preferred Stocks | 0.47% | 0.00% | 13.21% | 22.36% |
| Other | -0.21% | -25.82% | 276.99% | 87.46% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | CBRDX % Rank | |
|---|---|---|---|---|
| Financial Services | 96.77% | 0.00% | 100.00% | 6.56% |
| Healthcare | 3.23% | 0.00% | 100.00% | 25.46% |
| Utilities | 0.00% | 0.00% | 100.00% | 68.77% |
| Technology | 0.00% | 0.00% | 29.61% | 62.99% |
| Real Estate | 0.00% | 0.00% | 100.00% | 66.14% |
| Industrials | 0.00% | 0.00% | 100.00% | 72.97% |
| Energy | 0.00% | 0.00% | 100.00% | 85.30% |
| Communication Services | 0.00% | 0.00% | 100.00% | 69.03% |
| Consumer Defense | 0.00% | 0.00% | 99.97% | 65.35% |
| Consumer Cyclical | 0.00% | 0.00% | 89.95% | 71.39% |
| Basic Materials | 0.00% | 0.00% | 100.00% | 66.93% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | CBRDX % Rank | |
|---|---|---|---|---|
| US | 3.18% | -40.06% | 261.12% | 24.79% |
| Non US | 0.00% | -0.10% | 18.33% | 55.41% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | CBRDX % Rank | |
|---|---|---|---|---|
| Corporate | 51.72% | 0.00% | 97.25% | 30.98% |
| Cash & Equivalents | 19.26% | 0.00% | 100.00% | 10.57% |
| Securitized | 14.80% | 0.00% | 99.65% | 54.48% |
| Municipal | 0.00% | 0.00% | 54.26% | 64.76% |
| Government | 0.00% | 0.00% | 99.43% | 90.31% |
| Derivative | -0.21% | -0.52% | 72.98% | 69.57% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | CBRDX % Rank | |
|---|---|---|---|---|
| US | 61.26% | -151.11% | 194.51% | 67.52% |
| Non US | 19.41% | -136.75% | 104.82% | 19.52% |
CBRDX - Expenses
Operational Fees
| CBRDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.99% | 0.01% | 26.65% | 16.64% |
| Management Fee | 0.65% | 0.00% | 2.29% | 60.82% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.00% | 0.70% | N/A |
Sales Fees
| CBRDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 0.00% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
| CBRDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 0.50% | 2.00% | 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.
| CBRDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | N/A | 0.00% | 632.00% | N/A |
CBRDX - Distributions
Dividend Yield Analysis
| CBRDX | Category Low | Category High | CBRDX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 10.64% | 0.00% | 18.30% | 54.80% |
Dividend Distribution Analysis
| CBRDX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | Annually | Monthly | Annually |
Net Income Ratio Analysis
| CBRDX | Category Low | Category High | CBRDX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 2.36% | -1.55% | 11.51% | 69.57% |
Capital Gain Distribution Analysis
| CBRDX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Nov 29, 2022 | $0.023 | OrdinaryDividend |
| Oct 28, 2022 | $0.049 | OrdinaryDividend |
| Sep 29, 2022 | $0.061 | OrdinaryDividend |
| Aug 30, 2022 | $0.056 | OrdinaryDividend |
| Jul 28, 2022 | $0.039 | OrdinaryDividend |
| Jun 29, 2022 | $0.035 | OrdinaryDividend |
| May 27, 2022 | $0.032 | OrdinaryDividend |
| Apr 28, 2022 | $0.027 | OrdinaryDividend |
| Mar 30, 2022 | $0.025 | OrdinaryDividend |
| Feb 25, 2022 | $0.036 | OrdinaryDividend |
| Jan 28, 2022 | $0.012 | OrdinaryDividend |
| Dec 30, 2021 | $0.024 | OrdinaryDividend |
| Oct 28, 2021 | $0.019 | OrdinaryDividend |
| Sep 29, 2021 | $0.022 | OrdinaryDividend |
| Aug 30, 2021 | $0.023 | OrdinaryDividend |
CBRDX - Fund Manager Analysis
Managers
David Sherman
Start Date
Tenure
Tenure Rank
Jun 30, 2021
0.92
0.9%
David K. Sherman is the portfolio manager for RiverPark Short Term and RiverPark Strategic Income. Mr. Sherman, is the managing member of Cohanzick. Since 1996, Mr. Sherman, on behalf of Cohanzick Management, LLC , has managed accounts for various clients utilizing investment programs substantially similar to those intended to be used by the Fund. From January 1987 to August 1996, Mr. Sherman held various executive and director positions at Leucadia National Corporation and/or its subsidiaries. From August 1992 to August 1996, Mr. Sherman served as a Vice President of Leucadia with primary responsibility for the oversight of Leucadia's insurance companies' investment portfolios. Mr. Sherman holds a B.S. in Business Administration from Washington University.
T. Kirk Whitney
Start Date
Tenure
Tenure Rank
Jun 30, 2021
0.92
0.9%
T. Kirk Whitney, CFA® is an Assistant Portfolio Manager of the Adviser, a wholly owned subsidiary of Cohanzick Management, LLC, and serves as an Assistant Portfolio Manager of the Responsible Credit Fund. Mr. Whitney began his career with Cohanzick Management, LLC as a Portfolio Analyst in 2013, rising to his current role of Assistant Portfolio Manager and Senior Analyst. Mr. Whitney has over 20 years of experience having worked at the Solaris Group, Concordia Advisors, Alliance Capital and Bloomberg. Mr. Whitney holds a B.S. from Pennsylvania State University.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 28.19 | 5.66 | 3.19 |