> For the complete documentation index, see [llms.txt](https://kaiainvestmentpartners.gitbook.io/kaiainvestmentpartners-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://kaiainvestmentpartners.gitbook.io/kaiainvestmentpartners-docs/assets-anchored-in-real-economies/yield-sources.md).

# Yield Sources

{% hint style="warning" %}
Asset allocations may change with market conditions and management discretion; they are not fixed weights. What an investor receives is not the yield of an individual source but the product-level, NAV-based return.
{% endhint %}

Yield differs by source. What an investor receives is not the yield of an individual source but the product-level, NAV-based return.

The Y-Series draws yield from several asset categories. Each differs in yield, risk, and maturity, and each product combines them to match a target risk level. Yield5 is bond-led and weighted toward the more stable categories; Yield8 is weighted toward higher-yield private credit and real-asset financing.

**Fixed Income**

USD-based bonds. Senior or credit-uplifted bonds, including bank-guaranteed issues where a senior guarantee raises issuer credit toward bank grade. These anchor stability at a typical \~4.0–5.0%, with short-to-medium duration. Non-USD bond exposures are hedged to USD.

Tokenized money-market. Short-dated instruments such as US Treasury, agency, and prime money-market holdings, accessed in tokenized form. This is the most liquid, lowest-volatility category and serves as a stable anchor within a portfolio.

**Private Credit**

Secured lending. First-lien, collateral-backed credit, including title-insured real-estate lending and over-collateralized securities-pledged lending. Security is structured to protect principal, and terms vary by deal, with a typical \~6.0–10.0% range.

Asset-backed maritime and ship financing. Financing secured against vessels and their charter-hire cash flows, so repayment is tied to a hard asset and a contracted income stream.

Earned Wage Access (EWA) and MSME credit. Short-duration receivables from consumer and small-business lending in under-served markets.

Working capital and supply-chain finance. Short-duration financing backed by receivables or inventory, such as fuel and supply financing for distribution networks.

Bridge loans. Short-term secured financing used to cover a defined gap, typically with a clear repayment or takeout path.

**How Risk Is Approached Across Categories**

Across these categories, risk is approached through collateral or asset backing on secured holdings, credit uplift on certain bonds, currency hedging on non-USD exposures, a bias toward shorter maturities, and diversification across issuers, structures, and jurisdictions.

**Expansion plan.** The current categories are a starting point. KIP gradually widens its asset universe, broadening within existing categories and reviewing new asset classes. Any newly added asset sits on the same issuance, NAV, and distribution structure, with its timing and composition disclosed when added. (This is a direction, not a fixed schedule or promise.)


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