Matisse Capital

The Income Backbone

The single largest position is not a stock at all — it is a California municipal bond fund (XPCQX, $7.4M, 3.2%), and the portfolio extends deep into that world: PIMCO's California and New York muni funds (XPCQX and PNI together ~$11.7M), Nuveen floating-rate and credit strategies vehicles (JFR, XVR, XJQCX), Blackstone muni target-term (BTT), FS Credit Opportunities (FSCO) and FS Specialty Lending (FSSL), Aberdeen and Federated muni funds, and a full suite of Dimensional and Vanguard core bond and equity ETFs that function as a diversified anchor. The ETF and CEF portion of the book is approximately $51M — roughly 22% of the whole. The income, credit, and multi-alternative sleeve pushes closer to 40-45% when you include the individual fixed-income-oriented stocks.