GRIOX
Greenspring Income Opportunities Fund
HIGHLIGHTS
Seeking Attractive Risk-Adjusted Returns
The Greenspring Income Opportunities Fund (GRIOX) focuses on short-duration high-yield bonds. Its goal is to generate a high level of current income while seeking to reduce volatility and minimize risk, alongside the potential for capital appreciation.
Disciplined Research Process and Risk Management
We employ a fundamentally driven research process, focused on identifying securities with attractive yields and limited downside. The combination of careful security selection, limited duration and thoughtful portfolio construction is designed to mitigate risk.
Experienced Management Team
The Fund is managed by Corbyn Investment Management, who has extensive experience investing in the fixed income markets throughout numerous market cycles. We believe we can effectively navigate the fixed income credit market, by carefully selecting those short-duration high-yield securities that will provide a favorable risk and return profile.
Complement to an Overall Fixed Income Portfolio
We believe GRIOX can serve as a core part of a high-quality bond portfolio throughout market and interest rate cycles, while demonstrating less correlation to many other fixed income strategies.
Fund Facts
as of 9/30/2024
Ticker: GRIOX
Inception Date: 12/15/2021
Fund Assets: $298M
Number of Holdings: 145
CONSERVATIVE APPROACH TO HIGH YIELD
Corbyn Investment Management is dedicated to its time-tested, repeatable process designed to generate attractive returns while limiting downside risk.
PERFORMANCE
As of 10/31/2024
| YTD | 1 Year | 2 Year | Since Inception* | |
|---|---|---|---|---|
| Greenspring Income Opportunities Fund | 5.88% | 9.71% | 7.51% | 4.45% |
| Bloomberg U.S. Aggregate Bond Index | 1.86% | 10.55% | 5.33% | -2.27% |
| ICE BofA 1-3 Year BB US Cash Pay High Yield Index | 5.83% | 10.23% | 7.86% | 4.10% |
As of 9/30/2024
| YTD | 1 Year | 2 Year | Since Inception* | |
|---|---|---|---|---|
| Greenspring Income Opportunities Fund | 5.62% | 9.29% | 8.42% | 4.50% |
| Bloomberg U.S. Aggregate Bond Index | 4.45% | 11.57% | 5.96% | -1.45% |
| ICE BofA 1-3 Year BB US Cash Pay High Yield Index | 5.89% | 10.13% | 8.81% | 4.25% |
*Inception date: December 15, 2021
The Net expense ratio is 0.86%, as stated in the Fund’s Prospectus dated January 31, 2024. The Fund’s investment adviser, has contractually agreed to waive a portion of its fees and reimburse certain expenses for the Fund to limit the total annual fund operating expenses (excluding taxes, Rule 12b-1 fees, shareholder servicing fees, extraordinary expenses, brokerage commissions, interest and acquired fund fees and expenses) to 0.75% through January 31, 2025. Absent advisory fee reductions and expense reimbursements, the expense ratio (gross) would be 0.96% for the Fund’s current fiscal year. The net expense ratio is applicable to investors.
Performance data quoted represents past performance; past performance does not guarantee future results. 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 of the Fund may be lower or higher than the performance quoted.
The Bloomberg US Aggregate Bond Index is a benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market and includes Treasuries, government-related and corporate securities, MBS, ABS, and CMBS. ICE BofA 1-3 Year BB US Cash Pay High Yield Index is a subset of ICE BofA US Cash Pay High Yield Index including all securities with a remaining term to final maturity less than 3 years and rated BB1 through BB3, inclusive. Index returns reflect the reinvestment of dividends and capital gains, if any, but do not reflect brokerage commissions or other expenses of investing. It is not possible to invest directly in an index.
The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. The summary and statutory prospectuses contain this and other information about the Fund, and may be obtained by calling 1-800-366-3863 or visiting www.greenspringfunds.com. Please read the Fund’s Prospectus carefully before investing.
Distributed by Quasar Distributors, LLC
PORTFOLIO
Characteristics
as of 9/30/2024
| Duration to Worst (Years) | 1.57 |
| Average Maturity (Years) | 2.55 |
| Yield to Worst (%) | 5.97 |
| Average Coupon (%) | 6.17 |
Based on internal estimates.
Top 10 Holdings
as of 9/30/2024
| Issuer | Coupon, Maturity | % of Net Assets |
| Bombardier, Inc.(a) | 7.875%, 04/15/27 | 1.7 |
| KBR, Inc.(a) | 4.750%, 09/30/28 | 1.5 |
| TechnipFMC PLC(a) | 6.500%, 02/01/26 | 1.4 |
| Getty Images, Inc.(a) | 9.750%, 03/01/27 | 1.4 |
| Pebblebrook Hotel Trust | 1.750%, 12/15/26 | 1.3 |
| APX Group, Inc.(a) | 6.750%, 02/15/27 | 1.3 |
| Champions Financing, Inc.(a) | 8.750%, 02/15/29 | 1.3 |
| Nextera Energy Partners(a) | 0.000%, 11/15/25 | 1.3 |
| Matthews International Corp.(a) | 5.250%, 12/01/25 | 1.3 |
| WESCO International, Inc. | Series A Preferred | 1.3 |
Fund holdings and sector allocations are subject to change at any time and should not be considered a recommendation to buy or sell any security.
(a) 144A Securities available only to qualified institutional buyers.
Credit Quality Distribution
% of holdings as of 9/30/2024
Sector Diversification
% of Net Assets as of 9/30/2024
Based on internal estimates.
Quality ratings reflect the credit quality of the underlying securities in the Fund’s portfolio and not that of the Fund itself. Quality ratings are subject to change. S&P Global Ratings assigns a rating of AAA as the highest to D as the lowest credit quality rating.
Average maturity is the weighted average of all the current maturities of the securities in the Fund. Duration to worst is the duration of a bond calculated to the yield to worst date. Yield to worst represents the lowest potential yield that an investor would receive on a bond that has early redemption options.
PORTFOLIO MANAGEMENT TEAM
Charles (Chip) vK. Carlson, CFA
Michael J. Pulcinella
George A. Truppi, CFA
LITERATURE
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