North Star Bond Fund

“Micro to Macro® Bond Investing”

The North Star Bond Fund is largely comprised of fixed income securities issued by companies owned in North Star’s equity funds. The fund has broad discretion to invest in bonds issued by companies of any size.

Investment Objective

The primary investment objective of the North Star Bond Fund is to generate income, with preservation of capital a secondary objective. The fund invests in a diversified portfolio of bonds and other fixed-income securities. The fund will generally focus on bonds issued by companies with equity market capitalizations of less than $2.5 billion.

Why Invest?

The fund provides investors the opportunity to invest in a single fund for a broad allocation of preferred stocks and bonds.

Portfolio Managers

North Star - Brad Cohen Portrait
Brad Cohen

Since 2014

North Star - Eric Kuby Portrait
Eric Kuby

Since 2014

North Star - Peter Gottlieb Portrait
Peter Gottlieb

Since 2014


Calendar Year Total Returns
YTD 2024 2023 2022 2021 2020
NSBDX 2.31% 6.06% -7.23% 2.84% 0.71%
Bloomberg Barclays Ba/B US High Yield Index 2.45% 12.57% -10.59% 4.71% 7.78%

Unaudited, net of fees as of June 30, 2024 

Anualized Returns
1-Year 3-Year 5-Year Inception
NSBDX 5.38% 0.22% 1.31% 1.93%
Bloomberg Barclays Ba/B US High Yield Index 10.01% 1.60% 3.97% 4.85%

Unaudited, net of fees as of June 30, 2024  | Inception date 12/19/14

Fund Facts

Ticker: NSBDX

Inception: 12/19/14

Assets: $31.3 million

Fund Strategy: Fixed Income

Fund Category: Nontraditional Bond

Duration: 1.25 years

Holdings: 34

Turnover: 48%*

Min Investment: $5,000 initial

Sales Charge: No load

Expense Ratio: 1.66% Class I**

Dividend Objective: Monthly

*As of 11/30/23
**As of 3/31/2024

How to Invest

North Star Mutual Funds can be purchased direct through Ultimus Fund Solutions or through your broker.

For more information, please call toll-free 855-580-0900 to speak to a shareholder services representative or email

Each Fund will deduct a 2% redemption fee on the redemption amount if you sell your shares less than 30 days after purchase or shares held less than 30 days are redeemed for failure to maintain a Fund’s balance minimum. See Low Balances for further information on account closure policy. Shares held longest will be treated as being redeemed first and shares held shortest as being redeemed last. Shares held for 30 days or more are not subject to the 2% fee. Redemption fees are paid to a Fund directly and are designed to offset costs associated with fluctuations in Fund asset levels and cash flow caused by short-term shareholder trading.

Past performance or ranking is not indicative of future results. There is no assurance dividends will be paid. Current performance may be lower or higher than the performance data quoted above. Please review the fund’s prospectus for more information regarding the fund’s fees and expenses. Investment value will fluctuate, and shares, when redeemed, may be worth more or less than original cost. Performance quoted is past performance and is no guarantee of future results. Current performance may be lower or higher. Please call toll-free 855-580-0900 for more current performance data.

The Bloomberg Barclays Capital US High Yield BA/B Index measures the USD-denominated high-yield, fixed-rate corporate, and bond market.