PBXIX

About PBXIX

The Rational/Pier 88 Convertible Securities Fund Institutional Class is a mutual fund designed to deliver a total return combining both capital appreciation and income. Its primary focus is on convertible securities—financial instruments that blend features of both bonds and equities. These securities can be converted into a predetermined number of shares of common stock, allowing investors to potentially benefit from equity market upside while maintaining some downside protection via their bond-like qualities. The fund emphasizes investments in equity-sensitive, balanced, and credit-sensitive convertible securities across a broad array of industry sectors, often targeting large-cap U.S. companies but remaining flexible on sector allocation and maturity. This fund employs a research-driven approach, analyzing the intrinsic value of businesses and their capital structures to identify opportunities where convertible securities may be mispriced. The portfolio is actively managed based on macroeconomic views and sector themes. The fund is classified as non-diversified, which means it may have concentrated positions in certain issuers. Known for its quarterly distributions, the fund provides investors exposure to a niche asset class that has historically exhibited lower default rates than high-yield bonds and may offer competitive yields with a measured risk-reward profile.