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Lind Capital Partners Municipal Credit Income Fund

Overview                                                                                            

Targeted Credit Approach 

Rigorous fundamental research and ongoing surveillance used to construct concentrated, high-conviction positions.

 

Focus on lower and non-rated municipal revenue bonds, in specific sectors and deal sizes that we believe provide favorable risk/reward profiles.

Opportunistic Capital Deployment

We believe the fragmented and inefficient market creates mispriced and/or misunderstood investment opportunities.

 

We believe the retail dominated market creates herd mentality and drives periods of sharp market dislocation, providing advantage to opportunistic, long-term investors.

Proven Management

Led by veteran portfolio manager, Bob Lind, Lind Capital Partners has specialized in the high yield municipal bond market since 2008.

 

The LCP team possesses extensive capital markets experience across origination, underwriting, trading and portfolio management.

Fund Objective                                                                              

The Fund’s primary investment objectives are to generate high current income from investments in municipal securities exempt from federal income tax and maintain capital preservation. Additional return via capital appreciation is a secondary investment objective of the Fund. 

Investment Strategy                                                                      

The fund will primarily invest in non-rated and lower-rated, U.S. dollar denominated municipal bonds. The fund seeks to achieve its investment objective by investing at least 80% of its assets in debt securities whose interest is exempt from federal income tax. The portfolio management team employs rigorous fundamental credit analysis and seeks to exploit the highly inefficient and fragmented municipal bond market.

 

Fund Facts                                                                                      

* The adviser has contractually agreed to waive its fees and reimburse expenses of the Fund until at least April 30, 2025.

 

Performance                                                                                 

Performance Inception: June 1, 2017

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 may be lower or higher than the performance data quoted. For performance current to the most recent month end, please call 888-615-3031

Simultaneous with the commencement of the Fund’s operations, Backcountry Investment Partnership, LP (the “Predecessor Fund”) and Backcountry Investment Partnership 3, LP (the “Predecessor 3 Fund”) each reorganized with and transferred substantially all its assets into the Fund. Each of the Predecessor Fund and the Predecessor 3 Fund maintains an investment objective, strategies, policies, guidelines, and restrictions that are, in all material respects, equivalent to those of the Fund. The Fund, the Predecessor Fund, and the Predecessor 3 Fund share the same investment manager and portfolio managers. The Predecessor 3 Fund has been determined to be the performance survivor of the reorganization into the Fund. 

 

The Predecessor Fund and Predecessor 3 Fund commenced operations on April 15, 2010 and June 1, 2017, respectively, and each has been managed by the Investment Manager for all periods shown. The Predecessor Fund and Predecessor 3 Fund are each a private fund excluded from the definition of “investment company” pursuant to Section 3(c)(7) of the 1940 Act that were created to pursue a substantially similar investment strategies to the Fund. The performance quoted above is that of the Predecessor 3 Fund and reflects the gross fees and expenses incurred by the Predecessor 3 Fund. The performance returns of the Predecessor 3 Fund are unaudited and are calculated by the Investment Manager on a total return basis. After-tax performance returns are not included for the Predecessor 3 Fund. The Predecessor 3 Fund was a privately placed fund, was not registered under the 1940 Act, and was not subject to certain investment limitations, diversification requirements, and other restrictions imposed by the Investment Company Act and the Internal Revenue Code, which, if applicable, may have adversely affected its performance.

 

Distributions

As of 9/23/2022

 

Characteristics

As of 6/30/2022

Sector Allocation

Maturity Distribution

 

Management Team                                                                           

The Lind Capital Partners was founded in 2009 and is a SEC registered investment advisory firm. We focus on highly inefficient sub-sectors of the $3.9 trillion municipal bond market. Lind Capital Partners offers two products to investors, Municipal High Yield (MHY) and Municipal Total Return (MTR). Both products opportunistically invest in the highly fragmented municipal bond market. Our portfolios consist of select fixed-rate holdings that we believe have strong and dependable revenue characteristics and also meet our diversification criteria. Lind Capital Partners believes our dynamic approach to credit analysis and ongoing surveillance allows the veteran portfolio management team to identify and capitalize on the broad inefficiencies unique to the municipal bond market.

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J. Robert Lind | Principal & Founder

Bob has 39 years of experience in the municipal bond market. Prior to founding LCP, he constructed and managed a $500 million high yield municipal bond portfolio for Deutsche Bank, AG. He built and managed a municipal high yield sales, trading and origination team at Raymond James & Associates. Bob began his career at John Nuveen & Company as a municipal credit analyst. Other experience includes Institutional Underwriter, Kemper Securities Group. He received a BA in History from Kenyon College and an MBA in Finance and Accounting from the University of Chicago.​ Bob and his wife live in Winnetka where they raised their 3 grown children. He enjoys bowling, golf, telemark skiing and baking bread.​​​​​

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Anthony L. Chun, CFA | Director of Research

Anthony is responsible for credit research, portfolio management, and new business development. Anthony returned to Lind Capital Partners in 2020, after a brief hiatus with the Global FP&A group at Steelcase. He first joined Lind Capital Partners as a summer intern in 2011, and was previously with the firm from 2014 - 2018 as a Senior Analyst and Vice President. He received a BA in Economics from Kenyon College and is a CFA Charterholder. Anthony and his family live in Grand Rapids, Michigan.

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Jon R. Lind | Vice President, Director of Trading

Jon joined Lind Capital Partners in 2017. His primary responsibilities include trading and portfolio management. Previously, Jon worked at Loop Capital Markets in Chicago as an Institutional Fixed Income Salesman and on their Municipal Funding desk managing 3rd Party Municipal Tender Option Bond (TOB) programs. He has a BA from Miami University (Ohio) and currently lives with his wife and 2 children in the northern suburbs.

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David M. Murdoch | Senior Advisor & Founder

Dave has 36 years of fixed income experience. Prior to founding LCP, Dave worked with RBS Greenwich Capital and Nomura Securities in credit analysis, asset valuation, loan structuring and origination. His primary markets included senior living, student housing, affordable housing and commercial projects related to economic development. He was responsible for the financial analysis and structural composition of the loan portfolio, including ground lease vs. fee simple facilities, reserve sizing and senior-subordinate provisions. He received a BA in Economics from Tufts University and an MBA in Finance and Accounting from the University of Chicago. Mr. Murdoch is married with four children.

 

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