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Overview

Lind Capital Partners Municipal Credit Income Fund

Overview                                                                                            

Targeted Credit Approach 

Rigorous fundamental research and ongoing surveillance used to construct concentrated, high-conviction positions.

 

Focus on lower and non-rated municipal revenue bonds, in specific sectors and deal sizes that we believe provide favorable risk/reward profiles.

Opportunistic Capital Deployment

We believe the fragmented and inefficient market creates mispriced and/or misunderstood investment opportunities.

 

We believe the retail dominated market creates herd mentality and drives periods of sharp market dislocation, providing advantage to opportunistic, long-term investors.

Proven Management

Led by veteran portfolio manager, Bob Lind, Lind Capital Partners has specialized in the high yield municipal bond market since 2008.

 

The LCP team possesses extensive capital markets experience across origination, underwriting, trading and portfolio management.

Fund Objective                                                                              

The Fund’s primary investment objectives are to generate high current income from investments in municipal securities exempt from federal income tax and maintain capital preservation. Additional return via capital appreciation is a secondary investment objective of the Fund. 

Investment Strategy                                                                      

The fund will primarily invest in non-rated and lower-rated, U.S. dollar denominated municipal bonds. The fund seeks to achieve its investment objective by investing at least 80% of its assets in debt securities whose interest is exempt from federal income tax. The portfolio management team employs rigorous fundamental credit analysis and seeks to exploit the highly inefficient and fragmented municipal bond market.

Fund Facts

Fund Facts                                                                                      

* The adviser has contractually agreed to waive its fees and reimburse expenses of the Fund until at least April 30, 2025.

Performance

Performance                                                                                 

Performance Inception: June 1, 2017

Performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For performance current to the most recent month end, please call 888-615-3031

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Simultaneous with the commencement of the Fund’s operations, Backcountry Investment Partnership, LP (the “Predecessor Fund”) and Backcountry Investment Partnership 3, LP (the “Predecessor 3 Fund”) each reorganized with and transferred substantially all its assets into the Fund. Each of the Predecessor Fund and the Predecessor 3 Fund maintains an investment objective, strategies, policies, guidelines, and restrictions that are, in all material respects, equivalent to those of the Fund. The Fund, the Predecessor Fund, and the Predecessor 3 Fund share the same investment manager and portfolio managers. The Predecessor 3 Fund has been determined to be the performance survivor of the reorganization into the Fund. 

 

The Predecessor Fund and Predecessor 3 Fund commenced operations on April 15, 2010 and June 1, 2017, respectively, and each has been managed by the Investment Manager for all periods shown. The Predecessor Fund and Predecessor 3 Fund are each a private fund excluded from the definition of “investment company” pursuant to Section 3(c)(7) of the 1940 Act that were created to pursue a substantially similar investment strategies to the Fund. The performance quoted above is that of the Predecessor 3 Fund and reflects the gross fees and expenses incurred by the Predecessor 3 Fund. The performance returns of the Predecessor 3 Fund are unaudited and are calculated by the Investment Manager on a total return basis. After-tax performance returns are not included for the Predecessor 3 Fund. The Predecessor 3 Fund was a privately placed fund, was not registered under the 1940 Act, and was not subject to certain investment limitations, diversification requirements, and other restrictions imposed by the Investment Company Act and the Internal Revenue Code, which, if applicable, may have adversely affected its performance.

Distributions

Distributions

As of 10/31/2024

Characteristics

Characteristics

As of 9/30/2024

Sector Allocation

Maturity Distribution

Management

Management Team                                                                           

The Lind Capital Partners was founded in 2009 and is a SEC registered investment advisory firm. We focus on highly inefficient sub-sectors of the $3.9 trillion municipal bond market. Lind Capital Partners offers two products to investors, Municipal High Yield (MHY) and Municipal Total Return (MTR). Both products opportunistically invest in the highly fragmented municipal bond market. Our portfolios consist of select fixed-rate holdings that we believe have strong and dependable revenue characteristics and also meet our diversification criteria. Lind Capital Partners believes our dynamic approach to credit analysis and ongoing surveillance allows the veteran portfolio management team to identify and capitalize on the broad inefficiencies unique to the municipal bond market.

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J. Robert Lind | Principal & Founder

Bob has 40 years of experience in the municipal bond market. Prior to founding LCP, he constructed and managed a $500 million high yield municipal bond portfolio for Deutsche Bank, AG. He built and managed a municipal high yield sales, trading and origination team at Raymond James & Associates. Bob began his career at John Nuveen & Company as a municipal credit analyst. Other experience includes Institutional Underwriter, Kemper Securities Group. He received a BA in History from Kenyon College and an MBA in Finance and Accounting from the University of Chicago.​ Bob and his wife live in Winnetka where they raised their 3 grown children. He enjoys bowling, golf, telemark skiing and baking bread.​​​​​

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Anthony L. Chun, CFA | Director of Research

Anthony is responsible for credit research, portfolio management, and new business development. Anthony returned to Lind Capital Partners in 2020, after a brief hiatus with the Global FP&A group at Steelcase. He first joined Lind Capital Partners as a summer intern in 2011, and was previously with the firm from 2014 - 2018 as a Senior Analyst and Vice President. He received a BA in Economics from Kenyon College and is a CFA Charterholder. Anthony and his family live in Grand Rapids, Michigan.

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Jon R. Lind | Vice President, Director of Trading

Jon joined Lind Capital Partners in 2017. His primary responsibilities include trading and portfolio management. Previously, Jon worked at Loop Capital Markets in Chicago as an Institutional Fixed Income Salesman and on their Municipal Funding desk managing 3rd Party Municipal Tender Option Bond (TOB) programs. He has a BA from Miami University (Ohio) and currently lives with his wife and 2 children in the northern suburbs.

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David M. Murdoch | Senior Advisor & Founder

Dave has 37 years of fixed income experience. Prior to founding LCP, Dave worked with RBS Greenwich Capital and Nomura Securities in credit analysis, asset valuation, loan structuring and origination. His primary markets included senior living, student housing, affordable housing and commercial projects related to economic development. He was responsible for the financial analysis and structural composition of the loan portfolio, including ground lease vs. fee simple facilities, reserve sizing and senior-subordinate provisions. He received a BA in Economics from Tufts University and an MBA in Finance and Accounting from the University of Chicago. Mr. Murdoch is married with four children.

Literature

Literature                                                                                

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Important Risk Information

 

Consider the investment objectives, risks, and charges and expenses of the fund carefully before investing.  The prospectus contains this and other information about the fund and may be obtained by calling 833-615-3031.  The prospectus should be read carefully before investing.  The fund is distributed by Ultimus Fund Distributors, LLC.  Lind Capital Partners and Ultimus Fund Distributors, LLC are not affiliated.

 

Investment involves risk, including loss of principal.  There is no guarantee that the fund will achieve its investment objectives.

 

An investment in the fund is appropriate for investors who can bear the risks associated with the limited liquidity of the fund's shares and should be viewed as a long-term investment.  Investors will not be able to redeem shares daily because the fund is a closed-end fund operating as an interval fund.  The fund's shares are not traded on an active market and there is currently no secondary market for the shares, nor does the fund expect a secondary market in the shares to develop.  

 

Fixed income investments are affected by a number of risks, including fluctuation in interest rates, credit risk, and prepayment risk. In general, as prevailing interest rates rise, fixed income prices will fall.  Credit risk is the risk that issuers and counterparties will not make payments on securities and other investments held by the fund, resulting in losses to the fund.  Generally, the longer the maturity and the lower the credit quality of a security, the more sensitive it is to credit risk.  The fund invests in high yield securities, also known as "high yield" or "junk bonds." High yield securities provide greater income and opportunity for gain but entail greater risk of loss of principal.

 

The fund is subject to municipal bond risk, which is the risk that the fund may be affected significantly by the economic, regulatory or political developments affecting the ability of obligors of municipal bonds to pay interest or repay principal.  While the fund intends to invest in municipal bond free from federal income tax, income from municipal bonds held by the fund could be declared taxable because of, among other things, unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of a bond issuer or other obligated party. Investments in taxable municipal bonds and certain derivatives utilized by the fund may cause the fund to have taxable investment income.

 

There is a risk that a particular investment may be difficult to purchase or sell and that the fund may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector.  Illiquid securities may trade at a discount from comparable, more liquid investments.  The fund is non-diversified, which means it may be invested in a limited number of issuers and susceptible to any economic, political and regulatory events than a more diversified fund.  The fund is newly organized and has no operating or trading history.

 

The Bloomberg Barclays Municipal High Yield Index (LMHYTR) is market value-weighted and designed to measure the performance of U.S. dollar-denominated high-yield municipal bonds issues by U.S. states, the District of Columbia, U.S. territories and local governments or agencies. The Index includes fully tax-exempt investment grade, non-investment grade and non-rated bonds, but does not include defaulted securities. LMHYTR performance is total return, does not incorporate fees or expenses and cannot be invested in directly.

 

Glossary of Terms:

Coupon: The annual interest rate paid on a bond

Duration: A measure of sensitivity of the price of a bond to the change in interest rates. 

Yield to Worst: A measure of the lowest possible yield that can be received on a bond without defaulting, taking into consideration contractual call provisions. 

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