Palmer Square Opportunistic Income Fund
Name
As of 11/01/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
10.1%
1 yr return
14.5%
3 Yr Avg Return
6.9%
5 Yr Avg Return
7.9%
Net Assets
$383 M
Holdings in Top 10
17.1%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.57%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 111.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$250,000
IRA
N/A
Fund Classification
Fund Type
Closed-end mutual fund
Name
As of 11/01/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
PSOIX - Profile
Distributions
- YTD Total Return 10.1%
- 3 Yr Annualized Total Return 6.9%
- 5 Yr Annualized Total Return 7.9%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 5.56%
- Dividend Yield 8.2%
- Dividend Distribution Frequency None
Fund Details
-
Legal NamePalmer Square Opportunistic Income Fund
-
Fund Family NamePALMER SQUARE FUNDS
-
Inception DateAug 29, 2014
-
Shares OutstandingN/A
-
Share ClassOther
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerChristopher Long
Fund Description
PSOIX - Performance
Return Ranking - Trailing
Period | PSOIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 10.1% | -10.3% | 16.6% | 2.62% |
1 Yr | 14.5% | -4.5% | 27.2% | 3.85% |
3 Yr | 6.9%* | -17.2% | 16.2% | 3.00% |
5 Yr | 7.9%* | -14.5% | 14.0% | 1.44% |
10 Yr | 5.5%* | -7.2% | 6.7% | 0.84% |
* Annualized
Return Ranking - Calendar
Period | PSOIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 7.8% | -12.0% | 8.9% | 0.77% |
2022 | -11.3% | -31.8% | 18.4% | 38.70% |
2021 | -0.1% | -16.2% | 25.7% | 25.49% |
2020 | -0.8% | -31.1% | 18.7% | 69.27% |
2019 | 1.5% | -6.1% | 15.3% | 84.64% |
Total Return Ranking - Trailing
Period | PSOIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 10.1% | -10.3% | 16.6% | 2.62% |
1 Yr | 14.5% | -4.5% | 27.2% | 3.85% |
3 Yr | 6.9%* | -17.2% | 16.2% | 3.00% |
5 Yr | 7.9%* | -14.5% | 14.0% | 1.44% |
10 Yr | 5.5%* | -7.2% | 6.7% | 0.84% |
* Annualized
Total Return Ranking - Calendar
Period | PSOIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 15.8% | -6.9% | 22.2% | 1.54% |
2022 | -4.4% | -31.8% | 21.1% | 22.91% |
2021 | 6.7% | -13.5% | 49.9% | 9.64% |
2020 | 5.9% | -28.6% | 24.1% | 46.54% |
2019 | 7.6% | -4.8% | 19.1% | 62.57% |
NAV & Total Return History
PSOIX - Holdings
Concentration Analysis
PSOIX | Category Low | Category High | PSOIX % Rank | |
---|---|---|---|---|
Net Assets | 383 M | 2.53 M | 143 B | 59.52% |
Number of Holdings | 394 | 4 | 9195 | 56.14% |
Net Assets in Top 10 | 65.7 M | -204 M | 80.4 B | 71.85% |
Weighting of Top 10 | 17.14% | 5.8% | 265.8% | 74.61% |
Top 10 Holdings
- Fidelity Treasury Portfolio - Class I 10.24%
- AGL CLO 22 Ltd. 1.10%
- Elmwood CLO IV Ltd. 0.92%
- Regatta VII Funding Ltd. 0.91%
- Generate CLO 2 Ltd. 0.70%
- Barings CLO Ltd. 2018-IV 0.66%
- Elmwood CLO 14 Ltd. 0.66%
- OCP CLO 2020-18 Ltd. 0.65%
- CIFC Funding 2021-IV Ltd. 0.65%
- Dryden 30 Senior Loan Fund 0.65%
Asset Allocation
Weighting | Return Low | Return High | PSOIX % Rank | |
---|---|---|---|---|
Bonds | 103.02% | 0.00% | 199.60% | 14.15% |
Cash | 10.60% | -94.66% | 91.07% | 18.04% |
Stocks | 0.00% | -6.18% | 99.66% | 88.65% |
Preferred Stocks | 0.00% | 0.00% | 26.42% | 77.45% |
Convertible Bonds | 0.00% | 0.00% | 33.50% | 93.29% |
Other | -6.90% | -73.61% | 147.15% | 95.96% |
Bond Sector Breakdown
Weighting | Return Low | Return High | PSOIX % Rank | |
---|---|---|---|---|
Securitized | 73.98% | 0.00% | 99.65% | 6.74% |
Corporate | 18.86% | 0.00% | 96.66% | 71.59% |
Cash & Equivalents | 10.60% | 0.00% | 88.00% | 15.91% |
Municipal | 0.00% | 0.00% | 54.26% | 75.28% |
Government | 0.00% | 0.00% | 99.43% | 93.26% |
Derivative | -6.90% | -73.61% | 147.15% | 98.44% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | PSOIX % Rank | |
---|---|---|---|---|
US | 97.25% | 0.00% | 199.60% | 17.73% |
Non US | 5.77% | 0.00% | 74.14% | 36.55% |
PSOIX - Expenses
Operational Fees
PSOIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.57% | 0.03% | 20.67% | 35.66% |
Management Fee | 1.00% | 0.00% | 2.29% | 85.49% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.00% | 0.70% | 36.47% |
Sales Fees
PSOIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 0.00% | 5.75% | 85.71% |
Deferred Load | N/A | 1.00% | 1.50% | N/A |
Trading Fees
PSOIX 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.
PSOIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 111.00% | 0.00% | 632.00% | 67.48% |
PSOIX - Distributions
Dividend Yield Analysis
PSOIX | Category Low | Category High | PSOIX % Rank | |
---|---|---|---|---|
Dividend Yield | 8.18% | 0.00% | 23.30% | 7.24% |
Dividend Distribution Analysis
PSOIX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None | Annually | Monthly | Monthly |
Net Income Ratio Analysis
PSOIX | Category Low | Category High | PSOIX % Rank | |
---|---|---|---|---|
Net Income Ratio | 5.56% | -1.55% | 11.51% | 7.90% |
Capital Gain Distribution Analysis
PSOIX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Sep 20, 2024 | $0.370 | OrdinaryDividend |
Jun 21, 2024 | $0.407 | OrdinaryDividend |
Mar 22, 2024 | $0.406 | OrdinaryDividend |
Dec 15, 2023 | $0.447 | OrdinaryDividend |
Jun 23, 2023 | $0.423 | OrdinaryDividend |
Mar 24, 2023 | $0.336 | OrdinaryDividend |
Dec 16, 2022 | $0.385 | OrdinaryDividend |
Sep 23, 2022 | $0.447 | OrdinaryDividend |
Jun 24, 2022 | $0.198 | OrdinaryDividend |
Mar 25, 2022 | $0.238 | OrdinaryDividend |
Dec 17, 2021 | $0.607 | OrdinaryDividend |
Sep 24, 2021 | $0.205 | OrdinaryDividend |
Jun 25, 2021 | $0.202 | OrdinaryDividend |
Mar 26, 2021 | $0.212 | OrdinaryDividend |
Dec 18, 2020 | $0.274 | OrdinaryDividend |
Sep 25, 2020 | $0.240 | OrdinaryDividend |
Jun 26, 2020 | $0.275 | OrdinaryDividend |
Mar 27, 2020 | $0.277 | OrdinaryDividend |
Dec 18, 2019 | $0.302 | OrdinaryDividend |
Sep 27, 2019 | $0.287 | OrdinaryDividend |
Jun 27, 2019 | $0.233 | OrdinaryDividend |
Mar 28, 2019 | $0.261 | OrdinaryDividend |
Dec 19, 2018 | $0.266 | OrdinaryDividend |
Dec 19, 2018 | $0.161 | CapitalGainShortTerm |
Dec 19, 2018 | $0.038 | CapitalGainLongTerm |
Jun 28, 2018 | $0.246 | OrdinaryDividend |
Mar 28, 2018 | $0.217 | OrdinaryDividend |
Dec 22, 2017 | $0.229 | OrdinaryDividend |
Sep 28, 2017 | $0.193 | OrdinaryDividend |
Jun 29, 2017 | $0.264 | OrdinaryDividend |
Mar 30, 2017 | $0.248 | OrdinaryDividend |
Dec 22, 2016 | $0.287 | OrdinaryDividend |
Sep 29, 2016 | $0.369 | OrdinaryDividend |
Jun 29, 2016 | $0.342 | OrdinaryDividend |
Mar 30, 2016 | $0.261 | OrdinaryDividend |
Dec 23, 2015 | $0.232 | OrdinaryDividend |
Dec 23, 2015 | $0.031 | CapitalGainShortTerm |
Sep 23, 2015 | $0.268 | OrdinaryDividend |
Jun 29, 2015 | $0.266 | OrdinaryDividend |
Mar 27, 2015 | $0.200 | OrdinaryDividend |
Dec 30, 2014 | $0.218 | OrdinaryDividend |
PSOIX - Fund Manager Analysis
Managers
Christopher Long
Start Date
Tenure
Tenure Rank
Aug 29, 2014
7.76
7.8%
Mr. Christopher Long is the Founder and serves as Chief Executive Officer, President and Portfolio Manager at Palmer Square Capital Management. Since inception, Chris has been successful in not only building a highly-experienced investment team, but also an integrated credit investment platform that manages mutual fund offerings, private funds and separately managed accounts. The firm has a client list that spans not only institutions and family offices, but also RIAs, bank/trust, and broker-dealers. Chris's previous work experience includes key investment roles at Prairie Capital and Sandell Asset Management as well as working at Morgan Stanley in the Credit Derivatives and Distressed Securities Group focused on the firm's proprietary investments. Before Morgan Stanley, he worked at TH Lee Putnam Ventures, a private equity fund sponsored by Thomas H Lee Partners and Putnam Investments. In that role, he also served on the Board of Directors of Avero, Inc. and was a Board Observer for Parago, Inc. He started his career at JPMorgan & Co. in Leveraged Finance and Mergers & Acquisitions (FIG Group) advising corporations and private equity firms on investment banking and capital markets. He received an MBA degree from the Harvard Business School and an AB degree in Economics cum laude from Princeton University. Chris's community involvement includes serving as an Investment Committee member of the Nelson-Atkins Museum of Art, Board Member of the Children's Mercy Hospital Foundation, Trustee for the St. Paul's Episcopal Day School, Co-Class Agent for Princeton University, Social Chair for the Princeton Club of Greater Kansas City, and Alumni Mentor for the Princeton University Bendheim Center for Finance Mentorship Program. Chris is also a member of the Young Presidents Organization (YPO) and the Economic Club of Kansas City. Formerly, Chris was also appointed by Kansas Governor Sam Brownback and unanimously approved by the Senate to two terms as a Trustee for the Kansas Public Employees Retirement System (KPERS). Chris also formerly served as the Treasurer for the City of Mission Hills, KS (appointed by Mayor David Fromm of Mission Hills, KS). Finally, Chris was formerly a Member of the Children's Mercy Hospitals Leadership Circle of Care Committee, Kansas University's Finance Department Advisory Board, Treasurer for the Harvard-Radcliffe Club of Kansas City, Investment Committee Member for the Foundation of the University of Missouri-Kansas City and Member of the Major Gifts Committee - Harvard Business School. Finally, Chris was selected as a Finalist for the 2016 Ernst & Young Entrepreneur of the Year Award for the Central Midwest Region and to participate in the Civic Council of Greater Kansas City's KC Tomorrow (2007-2008 Class). He was awarded Ingram Magazine's 40 Under 40 award, the Kansas City Business Journal's Class of 2015 NextGen Leaders award, and KC Business Magazine's Rising Star Award.
Angie Long
Start Date
Tenure
Tenure Rank
Aug 29, 2014
7.76
7.8%
Angie Knighton Long, Chief Investment Officer, has ultimate responsibilities for all investment-related activities at Palmer Square inclusive of approximately $9.5 billion in assets (as of 6/30/2019) and a platform that includes private funds, mutual funds, and separately managed accounts. Under Angie’s leadership, Palmer Square is also a well-known issuer and pioneer within the structured credit and CLO arena. Prior to joining Palmer Square, Angie worked for JPMorgan Chase & Co. in New York for 13 years. Angie held many senior roles including Deputy Head of North American Credit Trading, Head of High Yield Trading, and Head of Credit Derivatives Trading. Angie has been a trader of many products including high yield bonds, high yield credit derivatives, distressed debt, capital structure arbitrage, and structured credit. In addition, she worked with the Global Head of Credit Trading to help oversee risk management for the High Yield and High Grade credit trading books. Named a Managing Director at age 29, Angie is considered a pioneer in the Credit Derivatives industry and is credited with creating the HYDI (High Yield Debt Index), the first liquid credit trading index and predecessor to all of today’s indices (the Markit CDX). Angie received an AB degree in Economics from Princeton University and is a CFA ® charterholder. During her years at Princeton, Angie was a member of two National Championship Rugby Teams and was selected as an All-American in 1997. Angie also founded the Greater Kansas City Princeton Women’s Network (PWN) and is the Co-Chair for the Greater Kansas City Region’s Alumni Schools Committee effort for Princeton. Angie was also formerly on the Women In Leadership committee of Princeton University (WIL). Angie is also a member of the 100 Women in Finance.
Taylor Moore
Start Date
Tenure
Tenure Rank
Dec 01, 2019
2.5
2.5%
Taylor is a key member of the firm's structured creditinvesting team. Prior to joining Palmer Square, Taylor worked at JPMorgan Chase & Co. in New York and Delaware. Taylor was an integral part of the firm’s North American foreign exchange business serving as Associate Product Controller. In particular, Taylor played a key role in all financial operations and management of JPMorgan’s Forward and Spot foreign exchange trading desks. He began his career at JPMorgan as part of the firm’s Corporate Development Program, a two year selective leadership development program. Prior to JPMorgan Chase & Co., Taylor worked at Frontier Investment Bank, a boutique investment bank based out of Kansas City. Taylor received a BA in Economics from Cornell University. During his time at Cornell, Taylor was a member of four top ten NCAA Wrestling teams, and traveled to Beijing in 2008 to represent team USA in the FILA Junior World Championships. He is also a CFA® charterholder.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 28.19 | 5.71 | 3.19 |