Portfolio concentration
As of January 31, 2026 · N-PORT
Holdings
20
Top-10 weight
98.51%
Effective holdings
?
The number of equal-weight positions that would produce this portfolio's concentration (1 ÷ Herfindahl index). A 500-stock fund dominated by a few mega-caps might have only ~100 effective holdings.
9
Crowding
?
The value-weighted average number of funds that also own this fund's positions. High = consensus/crowded picks; low = holdings few other funds own.
3.9
Holdings
As of January 31, 2026 · N-PORT| # | Security | Ticker | Shares | Value | % of fund |
|---|---|---|---|---|---|
| 1 | NVN-H/Y MUN-I | — | 924,858 | $13.23M | 15.09% |
| 2 | FIRST EAGLE HIGH YIELD-I | — | 1,445,249 | $11.66M | 13.30% |
| 3 | RDWD-R/E INC-I | — | 436,280 | $10.95M | 12.49% |
| 4 | GS-H/Y MUNI-INS | — | 1,057,644 | $9.61M | 10.96% |
| 5 | INV-RC MUN OP-Y | — | 1,431,115 | $9.43M | 10.76% |
| 6 | LA-H/I MUNI-I | — | 810,678 | $8.65M | 9.86% |
| 7 | INV-H/Y MUNI-Y | — | 952,479 | $7.91M | 9.02% |
| 8 | PIMCO-HY MUNI-I | — | 703,384 | $5.91M | 6.74% |
| 9 | FRNK-H/Y T/F-ADV | — | 565,190 | $5.06M | 5.77% |
| 10 | DEL-NTL HY M-I | — | 368,142 | $3.62M | 4.12% |
| 11 | US BANK MMDA - USBGFS 9 | — | 1,174,965 | $1.17M | 1.34% |
| 12 | BLKR-LI MUNI-INS | MCSXX | 116,392 | $116.40K | 0.13% |
| 13 | AC-H/Y MUNI-I | — | 132 | $1.16K | 0.00% |
| 14 | WA-MUNI H/I-I | — | 89 | $1.14K | 0.00% |
| 15 | ISHR HI YLD MUNI | — | 23 | $1.13K | 0.00% |
| 16 | MNSTY-H/Y MU-I | — | 93 | $1.09K | 0.00% |
| 17 | NVN-SH DUR HY-I | — | 115 | $1.08K | 0.00% |
| 18 | MFS-MUNI H/I-I | — | 144 | $1.07K | 0.00% |
| 19 | V/P-HI INC MUN-Y | — | 185 | $1.04K | 0.00% |
| 20 | US ULTRA BOND CBT Sep25 | — | 10,919 | $109 | 0.00% |
| 21 | US ULTRA BOND CBT Sep25 | — | 16,530 | -$165 | -0.00% |
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