Palmer Square Opportunistic Income Fund
PSOIX
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- Palmer Square Opportunistic Income Fund (PSOIX) is a closed-end interval fund that seeks a high level of current income and long-term capital appreciation through a flexible mandate to invest in relative value opportunities across corporate credit and structured credit markets. The Fund allocates primarily to collateralized loan obligations (CLOs) debt (74%), bank loans (17%), high yield bonds (6%), CLO subordinated notes (2%), and asset-backed securities/mortgage-backed securities/commercial mortgage-backed securities (1%), with a focus on floating rate instruments offering low interest rate duration, high current yields around 8.29%, and spread durations of approximately 2.17 years. It targets institutional investors, wealth management firms, and high net worth individuals with exposure to investment grade and below-investment grade securities, emphasizing high-quality, lower-risk credits in CLOs, primary bank loans, and selective high yield opportunities. Managed by Palmer Square Capital Management LLC, founded in 2009 and headquartered at 1900 Shawnee Mission Parkway, Suite 315, Mission Woods, Kansas, the Fund operates with a non-diversified strategy that may concentrate in fewer issuers for enhanced return potential. The adviser, which oversees approximately $36 billion in assets across mutual funds, separate accounts, private funds, CLOs, and its business development company Palmer Square Capital BDC Inc. (NYSE: PSBD), maintains a research office in London to support global credit analysis. In September 2024, Palmer Square Capital Management launched two new exchange-traded funds: the Palmer Square Credit Opportunities ETF (PSQO), an actively managed multi-asset credit strategy, and the Palmer Square CLO Senior Debt ETF (PSQA), providing indexed exposure to AAA and AA tranches of the U.S. CLO market, expanding the firm's product suite beyond mutual funds like PSOIX. The Fund delivered a net return of 2.17% in Q4 2024 and 11.51% year-to-date, driven by CLO exposure amid robust issuance of $201 billion and supportive technicals, with ongoing emphasis on CLO BBB and BB tranches trading wide of historical tights. Expense waivers remain in effect until December 1, 2025, capping total annual operating expenses at 1.50% (net of waivers).