Fund Evaluator:
Palmer Square Ultra-Short Dur IG (PSDSX)
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Fund Details
Palmer Square Ultra-Short Dur IG Overview
Palmer Square Ultra-Short Dur IG (PSDSX) is an actively managed Taxable Bond Ultrashort Bond fund. Palmer Square Capital Management LLC launched the fund in 2016.
The investment seeks income; a secondary objective of the fund is to seek capital appreciation. Under normal market conditions, the fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in debt securities rated investment grade at time of purchase. Investment grade securities are those rated in the Baa3 or higher categories by Moody's, or in the BBB- or higher categories by Standard & Poor's, or Fitch or, if unrated by Moody's, S&P, Fitch, or another NRSRO, determined by the fund's advisor, to be of comparable credit quality.
About Palmer Square Ultra-Short Dur IG (PSDSX)
There are 3 members of the management team with an average tenure of 8.83 years: Christopher Long (2016), Angie Long (2016), Jonathan Brager (2019). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and ICE BofA US 3M Trsy Bill TR USD index with a weighting of 100%. Palmer Square Ultra-Short Dur IG has 118 securities in its portfolio. The top 10 holdings constitute 29.7% 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.
Palmer Square Ultra-Short Dur IG is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Palmer Square Ultra-Short Dur IG has 29.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 91.1% (61.9% domestic bond, 29.2% foreign bond and 0.0% convertible bond). Palmer Square Ultra-Short Dur IG has 8.9% of the portfolio in cash.
Assets Under Management
The fund has $50 million in total assets, which is below the $950 million average for the Ultrashort 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.
PSDSX 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 Palmer Square Ultra-Short Dur IG expense ratio is average compared to funds in the Ultrashort Bond category. Palmer Square Ultra-Short Dur IG has an expense ratio of 0.50%, which is 11% higher than its category average, making the fund expense ratio grade a D. 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. Palmer Square Ultra-Short Dur IG has a portfolio turnover rate of 124%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 77% for the Ultrashort Bond category.
Recently, in the month of July 2026, Palmer Square Ultra-Short Dur IG returned 0.3%, which earned it a grade of C, as the Ultrashort 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.
Palmer Square Ultra-Short Dur IG has a trailing yield of 4.17%, which is below the 4.21% category average. The fund normally distributes its income quarterly.
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.
Palmer Square Ultra-Short Dur IG Grades
Year to date, the fund has returned 2.2%, 0.2 percentage points better than the category, which translates into a grade of B. The fund has returned 4.1% over the past year (grade of C), 5.1% over the past three years (grade of C) and 3.6% per year over the past five years (grade of D).
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PSDSX 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 |
|
| PSDSX Return (NAV) | 0.3% | 1.0% | 4.1% | 5.1% | 3.6% | na |
| PSDSX Grade | C | B | C | C | D | na |
| +/- Category | 0.0% | 0.1% | 0.0% | -0.1% | -0.0% | na |
| Ultrashort Bond Avg | 0.3% | 0.9% | 4.1% | 5.2% | 3.6% | 2.7% |
| PSDSX Tax Cost Ratio | na | na | 1.7% | 1.9% | 1.5% | na |
PSDSX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PSDSX Return (NAV) | 2.2% | 4.6% | 5.9% | 5.8% | -0.3% | 0.1% | 1.6% | 3.0% | 1.8% | 1.5% | na |
| PSDSX Grade | B | D | C | C | C | C | C | C | B | B | na |
| +/- Category | 0.2% | -0.2% | -0.0% | -0.1% | -0.1% | -0.1% | 0.0% | -0.1% | 0.2% | -0.0% | na |
| Ultrashort Bond Avg | 2.1% | 4.9% | 5.9% | 5.9% | -0.2% | 0.1% | 1.5% | 3.1% | 1.7% | 1.6% | 1.5% |
| Risk Measures | |
| Standard Deviation: | 0.3% |
| Total Risk Index: | 0.03 - Low |
| Category Risk Index: | 0.60 - Low |
| Category Risk Grade: | A (18% Rank) |
| Beta: | 0.02 |
| R-Squared: | 26% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 4.2% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | |
| Total Assets: | $50 Mil |
| Fund Total Assets: | $ 51 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 124% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 9.8 years | |||
| Average Tenure: 8.8 years | |||
| Managers (Year): Long Christopher (2016), Long Angie (2016), Brager Jonathan (2019) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 118 |
| % in Top 10 Holdings: | 29.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 29.2% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 61.9% |
| Foreign Bond: | 29.2% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 8.9% |
Purchase Information
| Fund Family: | Palmer Square Capital Management LLC |
| Phone Number: | 800-736-1145 |
| Website: |
| Status: | Open |
| Inception Date: | October 7, 2016 |
| Min. Initial Purchase: | $250,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.50% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.45% |
| Share Class: | Palmer Square Ultra-Short Dur IG |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
