Rational/Pier 88 Convertible Securities Fund Institutional Shares (PBXIX)
| Fund Assets | 215.59M |
| Expense Ratio | 0.99% |
| Min. Investment | $1,000 |
| Turnover | 185.00% |
| Dividend (ttm) | 0.63 |
| Dividend Yield | 5.96% |
| Dividend Growth | 208.39% |
| Payout Frequency | Quarterly |
| Ex-Dividend Date | Mar 30, 2026 |
| Previous Close | 10.54 |
| YTD Return | -1.14% |
| 1-Year Return | 2.58% |
| 5-Year Return | 7.37% |
| 52-Week Low | 10.34 |
| 52-Week High | 11.27 |
| Beta (5Y) | n/a |
| Holdings | 37 |
| Inception Date | Dec 17, 2019 |
About PBXIX
The Rational/Pier 88 Convertible Securities Fund Institutional Class is a mutual fund designed to deliver a total return combining both capital appreciation and income. Its primary focus is on convertible securities—financial instruments that blend features of both bonds and equities. These securities can be converted into a predetermined number of shares of common stock, allowing investors to potentially benefit from equity market upside while maintaining some downside protection via their bond-like qualities. The fund emphasizes investments in equity-sensitive, balanced, and credit-sensitive convertible securities across a broad array of industry sectors, often targeting large-cap U.S. companies but remaining flexible on sector allocation and maturity. This fund employs a research-driven approach, analyzing the intrinsic value of businesses and their capital structures to identify opportunities where convertible securities may be mispriced. The portfolio is actively managed based on macroeconomic views and sector themes. The fund is classified as non-diversified, which means it may have concentrated positions in certain issuers. Known for its quarterly distributions, the fund provides investors exposure to a niche asset class that has historically exhibited lower default rates than high-yield bonds and may offer competitive yields with a measured risk-reward profile.
Performance
PBXIX had a total return of 2.58% in the past year, including dividends. Since the fund's inception, the average annual return has been 4.50%.
Top 10 Holdings
42.70% of assets| Name | Symbol | Weight |
|---|---|---|
| Bank of America Corp 7 1/4 % Non-Cum Perp Conv Pfd Shs Series -L- | BAC.7.25 PERP L | 4.80% |
| Wells Fargo & Co 7 1/2 % Non Cum Perp Conv Pfd Shs -A- Series -L- | WFC.7.5 PERP L | 4.73% |
| Global Payments Inc 1.5% | GPN.1.5 03.01.31 | 4.54% |
| ON Semiconductor Corp. 0.5% | ON.0.5 03.01.29 | 4.48% |
| NextEra Energy Inc Unit (Corporate Units 01/11/2029) | NEE.7.234 11.01.27 | 4.43% |
| Ventas Realty Limited Partnership 3.75% | VTR.3.75 06.01.26 | 4.24% |
| Digital Realty Trust, L.P. 1.875% | DLR.1.875 11.15.29 | 4.08% |
| American Water Capital Corp 3.625% | AWK.3.625 06.15.26 | 3.84% |
| Ares Management Corp 6.75% PRF PERPETUAL USD 50 - Ser B | ARES.6.75 10.01.27 B | 3.79% |
| Uber Technologies Inc 0.875% | UBER.0.875 12.01.28 2028 | 3.76% |
Dividend History
| Ex-Dividend | Amount | Pay Date |
|---|---|---|
| Mar 30, 2026 | $0.2895 | Mar 31, 2026 |
| Dec 30, 2025 | $0.1302 | Dec 31, 2025 |
| Sep 29, 2025 | $0.0361 | Sep 30, 2025 |
| Jun 27, 2025 | $0.1727 | Jun 30, 2025 |
| Mar 28, 2025 | $0.0436 | Mar 31, 2025 |
| Dec 30, 2024 | $0.0609 | Dec 31, 2024 |