Clayton Triick, CFA® Shares His Insights on the Structured Credit Space

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ABS: Asset-backed security. 

CLO: Collateralized loan obligation.

CMBS: Commercial mortgage-backed security.

QM: Qualified mortgage. 

RMBS: Residential mortgage-backed security.

Distribution Yield: The distribution yield is calculated by annualizing actual dividends distributed for the monthly period ended on the date shown and dividing by the net asset value on the last business day for the same period. The yield does not include long-or short-term capital gains distributions.

Duration: Measures a portfolio’s sensitivity to changes in interest rates. Generally, the longer the duration, the greater the price change relative to interest rate movements.

Tranche: A portion of debt or structured financing. Each portion, or tranche, is one of several related securities offered at the same time but with different, rewards, and maturities. 

Net Total Returns (as of 06/30/19) 4Q18 3 Mo. YTD 1 Yr.  Since Inception1
AOUIX 0.73% 1.21% 2.29% 3.90% 3.69%
Bloomberg Barclays US Aggregate Bond Index 0.71% 0.87% 1.69% 2.88% 2.65%
Morningstar Ultrashort Bond Category 0.28% 0.83% 1.86% 2.75% 2.60%

1The inception date of the Angel Oak UltraShort Income Fund I Class (AOUIX) was 4/2/18.

Performance quoted is past performance and is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data shown. Current performance for the most recent month-end can be obtained by calling 855-751-4324 or by visiting

For standardized performance click here.

As of 8/31/19, the subsidized and unsubsidized 30-Day SEC yield for AOUIX were 2.89% and 2.56%, respectively, and for AOUAX they were 2.25% and 2.56%, respectively.

The Morningstar UltraShort Bond Fund Category Average represents an average of all of the funds in the Morningstar UltraShort Bond Fund Category.