Fund Details
| Institutional | Founders* | |
|---|---|---|
| Ticker | ||
| CUSIP | ||
| Inception Date | ||
| Minimum Investment | $1,000,000 | $25,000,000 |
| NAV | ||
| NAV Change | ||
| Total Net Assets | ||
| Gross Expense Ratio |
*Admission into BHIMX is based on approval from Brigade Capital Management, LP
Objective & Strategy
The Strategy seeks to generate current income and achieve long-term capital growth by investing primarily in high yield corporate bonds and opportunistically in bank loans and other credit instruments.
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. It is focused on credit instruments that are rated below investment grade with a primary focus on high yield corporate bonds while also tactically investing in bank loans, investment grade corporate debt, convertible bonds and structured credit. Through its investment process, Brigade seeks to invest in opportunities that meet the following criteria:
- Substantial asset coverage and/or generate free cash flow
- Qualitative characteristics that distinguish it from the broader universe, including a strong management team, positive operating momentum, high market share, among others
- A catalyst to unlock the investment’s embedded value, which can include raising capital, an asset sale, restructuring, or paying down debt through free cash flow
Brigade’s investment team has substantial experience investing in debt instruments throughout the credit cycle and will use their knowledge of these securities to create a diversified portfolio. The team is comprised of 46 professionals with deep sector expertise and experience across multiple credit cycles in the leveraged finance market. Preservation of capital is paramount as investment opportunities are vetted and trading positions are established. Risk management begins with a diversified portfolio and is monitored throughout the business day with real-time portfolio maps, pre- and post- trade compliance reporting, as well as proprietary risk software.
Portfolio Management
Performance
Quarterly Performance
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| Fund | |||||||
Monthly Performance
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Performance data quoted represent past performance. Past performance is no guarantee of future results and investment returns and principal value of the Funds (or of the investment company) will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance quoted. Call 844-903-0443 for current month end performance.
1 Fund inception date of for Institutional Class. Fund inception date of for Founders Class.
With respect to the Institutional Class of the Fund, the Adviser has contractually agreed to limit the Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement (excluding Acquired Fund Fees and Expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) of the Fund to an annual rate of of the Institutional Class of the Fund’s average daily net assets for such class. To the extent there are excess Annual Fund Operating Expenses such that the Fee Waiver and/or Expense Reimbursement needs to be applied, the Adviser will reduce (i) first, Co-Administration Fees and (ii) second, Management Fees, each of which payable by the Fund, until such excess has been offset. To the extent there remains excess Annual Fund Operating Expenses after such offset (“Post-Offset Excess”), then the Adviser shall reimburse the Fund (or class, as applicable) by the amount of such Post-Offset Excess.
With respect to the Founders Class of the Fund, Brigade Capital Management, LP (the “Adviser”) has contractually agreed to limit the Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement (excluding Acquired Fund Fees and Expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) of the Fund to an annual rate of of the Fund’s average daily net assets for such class. To the extent there are excess Annual Fund Operating Expenses such that the Fee Waiver and/or Expense Reimbursement needs to be applied, the Adviser will reduce (i) first, Co-Administration Fees and (ii) second, Management Fees, each of which payable by the Fund, until such excess has been offset. To the extent there remains excess Annual Fund Operating Expenses after such offset (“Post-Offset Excess”), then the Adviser shall reimburse the Fund (or class, as applicable) by the amount of such Post-Offset Excess.
This agreement is in effect through at least March 7, 2024, and will automatically continue upon annual approval by the Board of Trustees for successive twelve-month periods unless (i) it is terminated earlier by the Board of Trustees, or (ii) the Adviser provides at least 30 days written notice of its non-continuance prior to the end of the then effective term. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne subsequent to the effective date of the agreement described above (whether through reduction of its management fee or otherwise) only to the extent that the Fund’s expenses in later periods do not exceed the lesser of: (1) the contractual expense limit in effect at the time the Adviser waives or limits the expenses; or (2) the contractual expense limit in effect at the time the Adviser seeks to recover the expenses; provided, however, that the Fund will not be obligated to pay any such deferred fees or expenses more than three years after the date on which the fee and expense was reduced.
Distributions
| Class | Ex-Date | Record Date | Payable Date | STCG | LTCG | Income | Total |
|---|---|---|---|---|---|---|---|
