Fund Evaluator:

Robinson Tax Advantaged Income Instl Overview

Robinson Tax Advantaged Income Instl (ROBNX) is an actively managed Municipal Bond Muni National Long fund. Liberty Street launched the fund in 2014.

The investment seeks total return with an emphasis on providing current income, a substantial portion of which will be exempt from federal income taxes. Under normal market conditions, the fund pursues its investment objective by investing primarily in closed-end registered investment companies ("closed-end funds" or "CEFs") that invest primarily in municipal bonds. The CEFs, Mutual Funds and ETFs in which the fund invests primarily in investment grade municipal bonds, with an average rating of at least Baa3 or higher by Moody's or BBB- or higher by Standard & Poor's or Fitch Ratings.

About Robinson Tax Advantaged Income Instl (ROBNX)

There are 1 members of the management team with an average tenure of 11.84 years: James Robinson (2014). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: Bloomberg US Municipal Index index with a weighting of 100% and Bloomberg Muni Inter-Short 1-10 TR USD index with a weighting of 100%. Robinson Tax Advantaged Income Instl has 48 securities in its portfolio. The top 10 holdings constitute 53.0% 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.

Robinson Tax Advantaged Income Instl is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Robinson Tax Advantaged Income Instl has 3.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is -2.5%. There is 0.0% allocated to foreign stock, and 11.2% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 84.8% (81.5% domestic bond, 3.2% foreign bond and 0.0% convertible bond). Robinson Tax Advantaged Income Instl has 2.3% of the portfolio in cash.

Assets Under Management

The fund has $189 million in total assets, which is below the $1 billion average for the Muni National Long 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.

ROBNX 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 Robinson Tax Advantaged Income Instl expense ratio is high compared to funds in the Muni National Long category. Robinson Tax Advantaged Income Instl has an expense ratio of 2.67%, which is 242% higher than its category average, making the fund expense ratio grade a F. 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. Robinson Tax Advantaged Income Instl has a portfolio turnover rate of 121%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 38% for the Muni National Long category.

Recently, in the month of July 2026, Robinson Tax Advantaged Income Instl returned -1.7%, which earned it a grade of A, as the Muni National Long category had an average return of -1.9%. 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.

Robinson Tax Advantaged Income Instl has a trailing yield of 4.08%, which is above the 3.72% category average. The fund normally distributes its income monthly and its capital gains semi-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.

Robinson Tax Advantaged Income Instl Grades

Year to date, the fund has returned 3.5%, 2.7 percentage points better than the category, which translates into a grade of A. The fund has returned 10.1% over the past year (grade of A), 6.0% over the past three years (grade of A) and 2.0% per year over the past five years (grade of A) and 2.5% per year over the past 10 years (grade of A).

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