Low Duration High Yield Fund

DAVID K. SHERMAN
Founder & Portfolio Manager

David Sherman founded Cohanzick Management, LLC in 1996 and CrossingBridge Advisors, LLC in 2016 and currently serves at the lead Portfolio Manager for the CrossingBridge Fund family. Mr. Sherman has 35+ years of investment management experience. Earlier in his career, Mr. Sherman was actively involved as a senior executive in Leucadia National Corporation's corporate investments and acquisitions and was Treasurer of the holding company’s insurance operations. Mr. Sherman holds a B.S. from Washington University.

Michael De Kler
Senior Analyst & Assistant Portfolio Manager

Michael De Kler joined Cohanzick Management, LLC in 1999 and has been an employee of CrossingBridge since its inception in 2016 and serves as the assistant portfolio manager on the CrossingBridge Low Duration High Yield Fund. Mr. De Kler holds a B.S. and a M.B.A. from Fairleigh Dickinson University.

T. Kirk Whitney, CFA
Assistant Portfolio Manager

T. Kirk Whitney, CFA, joined Cohanzick Management, LLC in 2014 and has been an employee of CrossingBridge since its inception in 2016 where he currently serves as an Asst. Portfolio Manager. Mr. Whitney has 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.

  • Daily NAV-As of
  • Daily Return-As of
  • Inception Date1/31/2018
  • TickerCBLDX
 

Fund Overview

The Fund seeks high current income and capital appreciation consistent with the preservation of capital.

WHY INVEST IN THIS FUND

The CrossingBridge Low Duration High Yield Fund (CBLDX) seeks high current income and capital appreciation consistent with the preservation of capital. The Fund is managed by Lead Portfolio Manager, David K. Sherman, and Assistant Portfolio Manager, T. Kirk Whitney.

The strategy focuses on purchasing high yield debt with an expected effective maturity of 3 years or less and a weighted average investment horizon of 0.75-2 years. Our goal is to limit credit risk and interest rate risk.

Within the high yield arena, unique opportunities exist to pursue the strategy because traditional high yield investors seek high total returns and longer investment horizons. Especially within a low duration portfolio, CrossingBridge stresses protecting principal rather than chasing yield. We manage the portfolio to mitigate risk and accept the yield of the market commensurate with maturity.

Inception Date 1/31/2018
Ticker CBLDX
CUSIP 89834G604
Distribution Frequency Monthly
Gross Expense Ratio 0.91%
Net Expense Ratio 0.91%
SEC Yield Subsidized (as of 2/29/2024) 8.57%
SEC Yield Unsubsidized (as of 2/29/2024) 8.57%
Primary Benchmark ICE BofA U.S. High Yield Index ex-Financials

Fund Managers

DAVID K. SHERMAN
Founder, President & Portfolio Manager

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T. KIRK WHITNEY, CFA
Assistant Portfolio Manager

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Performance

Month-End as of February 29, 2024 Annualized
1 Month 3 Month 6 Month YTD 1 Year 3 Year 5 Year Since Inception
CBLDX 0.79% 2.71% 4.40% 1.52% 7.40% 4.75% 4.67% 4.30%
ICE BofA 0-3 Year U.S. High Yield Index ex-Financials 0.74% 3.08% 4.68% 1.03% 9.54% 4.42% 4.46% 4.42%
ICE BofA 1-3 Year Corporate Bond Index -0.20% 1.65% 3.29% 0.32% 5.52% 0.51% 2.01% 2.12%
ICE BofA 0-3 Year U.S. Treasury Index -0.17% 1.15% 2.53% 0.22% 4.60% 0.68% 1.47% 1.58%
Quarter-End as of December 31, 2023 Annualized
1 Month 3 Month 6 Month YTD 1 Year 3 Year 5 Year Since Inception
CBLDX 1.17% 2.54% 4.36% 7.63% 7.63% 5.28% 4.59% 4.16%
ICE BofA 0-3 Year U.S. High Yield Index ex-Financials 2.03% 3.60% 5.50% 11.16% 11.16% 4.65% 5.00% 4.37%
ICE BofA 1-3 Year Corporate Bond Index 1.32% 3.03% 3.97% 5.61% 5.61% 0.44% 2.16% 2.13%
ICE BofA 0-3 Year U.S. Treasury Index 0.92% 2.16% 3.12% 4.55% 4.55% 0.60% 1.50% 1.58%

PERFORMANCE DISCLOSURES

The performance data quoted represents past performance. Past performance does not guarantee future results. All statistics are annualized except in the case of return performance where the length of performance history is less than 1 year. YTD denotes year to date total return. 

The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For the Institutional Share Class, the gross expense ratio is 0.91% and the net expense ratio is 0.91%. Investment performance reflects contractual fee waivers in effect through January 31, 2025. In the absence of such fee waivers, total return would be reduced. The net expense ratio per the prospectus is the fee applicable to the investor. Current performance may be lower or higher than the performance quoted. All performance data is net of fees and includes the reinvestment of dividends and capital gains, but does not include the effects of taxes on any capital gains or distributions.

The ICE BofA 0-3 Year US Treasury Index is tracks the performance of US dollar denominated sovereign debt publicly issued by the US government in its domestic market with maturities less than three years.  The ICE BofA 1-3 Year US Corporate Index is a subset of the ICE BofA US Corporate Index including all securities with a remaining term to final maturity less than three years.  The ICE BofA US Corporate Index tracks the performance of US dollar denominated investment grade corporate debt publicly issued in the US domestic market. The ICE BofA 0-3 Year US High Yield Excluding Financials Index tracks the performance of short maturity US dollar denominated below investment grade rating (based on an average of Moody’s, S&P, and Fitch), at least 18 months to final maturity at the time of issuance, at least one month but less than three years remaining term to final maturity as of the rebalancing date, a fixed coupon schedule and minimum amount outstanding of $250 million. 

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