INCOME RESEARCH & MANAGEMENT

CIK 0001165830 · Q2 2026

13F Equity AUM

$184.5M

+9.4% QoQ

Positions

+4 QoQ

AUM Rank

#8,400

Top 67%

Skill Alpha (FF)

—

No alpha data

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 27.5%Top 10: 51.6%Top 20: 85.2%

BAC 0.6 05/25/27 MTN5.8%

EEFT 0.75 03/15/495.6%

UBER 0.875 12/01/28 5.5%

ALLIANT ENERGY CORP5.4%

WEC ENERGY GROUP INC5.2%

CSWC 5.125 11/15/295.2%

SOUTHERN CO5.1%

XYZ 0.25 11/01/274.8%

ON 0.5 03/01/294.7%

AKAM 0.375 09/01/274.2%

Others (20)48.4%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Technology24.9%

Unclassified23.5%

Fixed Income19.5%

Financial Services15.2%

Consumer Cyclical7.3%

Healthcare6.7%

Utilities2.9%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 30Median: 3.44%Avg: 3.33%

0–0.5%

2(0.6%)

0.5–1%

1(0.5%)

1–3%

11(24.8%)

3–5%

9(36.3%)

5%+

7(37.8%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 30vs 20 funds

0%Low

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New5Increased1Decreased11Exited1

New Positions

ALLIANT ENERGY CORP5.4%

+9.0M

WEC ENERGY GROUP INC5.2%

+9.3M

SOUTHERN CO5.1%

+9.3M

FIRSTENERGY CORP2.0%

+3.4M

FIRSTENERGY CORP1.6%

+2.8M

Increased

ETSY 0.125 09/01/270.4%

+435K(+143%)

Decreased

AKAM 0.375 09/01/274.2%

-3,550,000(-35%)

ON 0.5 03/01/294.7%

-3,080,000(-30%)

ETSY 0.25 06/15/283.4%

-1,450,000(-17%)

NVST 1.75 08/15/284.0%

-1,370,000(-16%)

BAC 0.6 05/25/27 MTN5.8%

-1,300,000(-13%)

XYZ 0.25 11/01/274.8%

-900,000(-9%)

CSWC 5.125 11/15/295.2%

-900,000(-9%)

NEE 3 03/01/273.6%

-800,000(-14%)

DXCM 0.375 05/15/282.8%

-650,000(-11%)

EVRG 4.5 12/15/272.9%

-600,000(-14%)

Exited

AWK 3.625 06/15/26

-9,343,000

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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