Fund Evaluator:
Palmer Square Income Plus T (PSTPX)
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Fund Details
Palmer Square Income Plus T Overview
Palmer Square Income Plus T (PSTPX) is an actively managed Taxable Bond Ultrashort Bond fund. Palmer Square Capital Management LLC launched the fund in 2024.
The investment seeks income; capital appreciation is a secondary objective. Under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in debt securities. The fund’s investment in asset-backed securities may be comprised of loans or leases secured by motor vehicles or other equipment, consumer receivables from sources such as credit cards or student loans, or cash flows from operating assets such as royalties and leases.
About Palmer Square Income Plus T (PSTPX)
There are 3 members of the management team with an average tenure of 10.65 years: Christopher Long (2014), Angie Long (2014), 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 Bloomberg US Corp 1-3 Yr TR USD index with a weighting of 100%. Palmer Square Income Plus T has 448 securities in its portfolio. The top 10 holdings constitute 18.2% 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.
Palmer Square Income Plus T is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Palmer Square Income Plus T has 23.5% 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 86.6% (63.1% domestic bond, 23.5% foreign bond and 0.1% convertible bond). Palmer Square Income Plus T has 12.6% of the portfolio in cash.
Assets Under Management
The fund has $36 million in total assets, which is below the $969 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.
PSTPX 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 Income Plus T expense ratio is average compared to funds in the Ultrashort Bond category. Palmer Square Income Plus T has an expense ratio of 0.57%, which is 27% 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 Income Plus T has a portfolio turnover rate of 62%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 76% for the Ultrashort Bond category.
Recently, in the month of August 2026, Palmer Square Income Plus T returned 0.4%, which earned it a grade of A, 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 Income Plus T has a trailing yield of 4.46%, which is above the 4.16% category average. The fund normally distributes its income quarterly 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.
Palmer Square Income Plus T Grades
Year to date, the fund has returned 2.6%, 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 B), 6.0% over the past three years (grade of A) and 4.5% per year over the past five years (grade of A) and 4.0% per year over the past 10 years (grade of A).
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PSTPX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PSTPX Return (NAV) | 0.4% | 1.0% | 4.1% | 6.0% | 4.5% | 4.0% |
| PSTPX Grade | A | A | B | A | A | A |
| +/- Category | 0.0% | 0.1% | 0.2% | 0.9% | 0.8% | 1.3% |
| Ultrashort Bond Avg | 0.3% | 0.9% | 3.9% | 5.1% | 3.7% | 2.7% |
| PSTPX Tax Cost Ratio | na | na | 1.8% | na | na | na |
PSTPX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PSTPX Return (NAV) | 2.6% | 5.3% | 6.9% | 8.8% | -0.8% | 1.2% | 3.6% | 5.3% | 1.2% | 4.0% | 5.2% |
| PSTPX Grade | B | A | A | A | D | A | A | A | F | A | A |
| +/- Category | 0.2% | 0.5% | 1.1% | 2.9% | -0.6% | 1.0% | 2.1% | 2.2% | -0.5% | 2.5% | 3.7% |
| Ultrashort Bond Avg | 2.4% | 4.9% | 5.9% | 5.9% | -0.2% | 0.1% | 1.5% | 3.1% | 1.7% | 1.6% | 1.5% |
| Risk Measures | |
| Standard Deviation: | 1.0% |
| Total Risk Index: | 0.08 - Low |
| Category Risk Index: | 1.78 - High |
| Category Risk Grade: | F (98% Rank) |
| Beta: | 0.14 |
| R-Squared: | 65% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 4.5% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $807 Mil |
| Fund Total Assets: | $ 37 Mil |
| Share Class Type: | T |
| Portfolio Turnover: | 62% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 12.5 years | |||
| Average Tenure: 10.6 years | |||
| Managers (Year): Long Christopher (2014), Long Angie (2014), Brager Jonathan (2019) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 448 |
| % in Top 10 Holdings: | 18.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 23.5% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 63.1% |
| Foreign Bond: | 23.5% |
| Convertible Bond: | 0.1% |
| Other: | 0.8% |
| Cash: | 12.6% |
Purchase Information
| Fund Family: | Palmer Square Capital Management LLC |
| Phone Number: | 800-736-1145 |
| Website: |
| Status: | Open |
| Inception Date: | February 29, 2024 |
| Min. Initial Purchase: | $5,000,000 |
| 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 (%): | 0.57% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.45% |
| Share Class: | Palmer Square Income Plus I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
