Fund Evaluator:
Brigade High Income Founders (BHIMX)
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Best Performing in High Yield Bond Over the Last Year
| 11.4% | Fidelity Capital & Income (FAGIX) |
| 10.5% | Fidelity Advisor Capital & Income Z (FIQTX) |
| 7.4% | American Beacon SiM High Yld Opps Inv (SHYPX) |
| 7.4% | Fidelity Advisor High Income Z (FGUMX) |
| 7.2% | Fidelity High Income (SPHIX) |
Fund Details
Brigade High Income Founders Overview
Brigade High Income Founders (BHIMX) is an actively managed Taxable Bond High Yield Bond fund. Brigade Capital Management LP launched the fund in 2023.
The investment seeks current income, with capital appreciation as a secondary objective. The fund seeks to achieve its objective by investing in a diversified portfolio of high yield corporate bonds and loans, as well as through opportunistic investments amongst various sub-strategies within corporate credit. The adviser also intends to primarily invest in credit instruments that are rated below investment grade by some or all relevant independent rating agencies, including Moody’s Investors Service, Standard and Poor’s Rating Services and Fitch Ratings.
About Brigade High Income Founders (BHIMX)
There are 2 members of the management team with an average tenure of 3.25 years: Douglas Pardon (2023), Donald Morgan (2023). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: ICE BofA US HY Constnd TR USD index with a weighting of 100% and Bloomberg US Agg Bond TR USD index with a weighting of 100%. Brigade High Income Founders has 387 securities in its portfolio. The top 10 holdings constitute 11.2% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Brigade High Income Founders is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Brigade High Income Founders has 11.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 1.2%. There is 0.0% allocated to foreign stock, and 0.4% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 92.2% (81.0% domestic bond, 11.2% foreign bond and 0.7% convertible bond). Brigade High Income Founders has 5.5% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is above the $545 million average for the High Yield Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
BHIMX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Brigade High Income Founders expense ratio is average compared to funds in the High Yield Bond category. Brigade High Income Founders has an expense ratio of 0.53%, which is 42% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Brigade High Income Founders has a portfolio turnover rate of 29%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 72% for the High Yield Bond category.
Recently, in the month of July 2026, Brigade High Income Founders returned 0.3%, which earned it a grade of A, as the High Yield Bond category had an average return of -0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Brigade High Income Founders has a trailing yield of 8.81%, which is above the 6.28% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Brigade High Income Founders Grades
Year to date, the fund has returned 3.1%, 1.4 percentage points better than the category, which translates into a grade of A. The fund has returned 5.8% over the past year (grade of A) and 9.3% over the past three years (grade of A).
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BHIMX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BHIMX Return (NAV) | 0.3% | 1.2% | 5.8% | 9.3% | na | na |
| BHIMX Grade | A | A | A | A | na | na |
| +/- Category | 0.6% | 0.7% | 0.9% | 1.8% | na | na |
| High Yield Bond Avg | -0.3% | 0.4% | 4.9% | 7.5% | 3.7% | 4.8% |
| BHIMX Tax Cost Ratio | na | na | 3.5% | 4.3% | na | na |
BHIMX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BHIMX Return (NAV) | 3.1% | 7.6% | 10.9% | na | na | na | na | na | na | na | na |
| BHIMX Grade | A | D | A | na | na | na | na | na | na | na | na |
| +/- Category | 1.4% | -0.3% | 3.2% | na | na | na | na | na | na | na | na |
| High Yield Bond Avg | 1.6% | 7.9% | 7.6% | 11.9% | -10.0% | 5.1% | 5.2% | 13.0% | -2.7% | 6.7% | 13.4% |
| Risk Measures | |
| Standard Deviation: | 3.7% |
| Total Risk Index: | 0.30 - Low |
| Category Risk Index: | 0.91 - Low |
| Category Risk Grade: | A (16% Rank) |
| Beta: | 0.46 |
| R-Squared: | 52% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 8.8% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $1131 Mil |
| Fund Total Assets: | $1,132 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 29% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 3.3 years | |||
| Average Tenure: 3.3 years | |||
| Managers (Year): Pardon Douglas (2023), Morgan Donald (2023) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 387 |
| % in Top 10 Holdings: | 11.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 11.2% |
Portfolio Allocation |
|
| Domestic Stock: | 1.2% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.4% |
| Domestic Bond: | 81.0% |
| Foreign Bond: | 11.2% |
| Convertible Bond: | 0.7% |
| Other: | 0.0% |
| Cash: | 5.5% |
Purchase Information
| Fund Family: | Brigade Capital Management LP |
| Phone Number: | 844-903-0443 |
| Website: | www.clarkstonfunds.com |
| Status: | Open |
| Inception Date: | May 1, 2023 |
| Min. Initial Purchase: | $25,000,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 1.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.53% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.92% |
| Share Class: | Brigade High Income Founders |
| Min. Subsequent Purchase: | $25,000,000 |
| Min. Subsequent IRA Purchase: | $ 0 |
