The Fund primarily seeks to provide current income. The goal of the Fund is to maximize long-term risk-adjusted returns relative to the market with an emphasis on minimizing downside risk. The Fund is diversified and invests principally in corporate and structured product bonds rated below investment grade. The Fund may purchase bonds of any maturity but will normally have a dollar-weighted average maturity between two and fifteen years. The Fund is managed against the Bloomberg U.S. Corporate High Yield Index. Positive environmental, social, governance and capital appreciation are supporting strategies of the Fund.
Total Assets
$65.7M
As of 6/30/23High Yield Opportunities Fund
Overview
Objective
The investment objective of the Angel Oak High Yield Opportunities Fund is to earn a high level of current income with a secondary objective of capital appreciation.
Yields
| As of date | ||
|---|---|---|
| Daily Distribution Yield | 7.03% | 9/29/23 |
| 30-Day SEC Subsidized | 7.91% | 8/31/23 |
| 30-Day SEC Unsubsidized | 7.52% | 8/31/23 |
Performance
Total Returns
The inception date of the Angel Oak High Yield Opportunities Fund (ANHIX) I Shares was 3/31/09.
Annual Returns
Performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment in the Fund 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 what is stated.
The inception date of the Angel Oak High Yield Opportunities Fund I Class (ANHIX) was 3/31/09.
Fund Statistics
Distributions
*Due to our annual tax review, there was additional earned income that was required to be paid out prior to the calendar year end.
Portfolio
Sector Breakdown
Credit Quality
Unrated consists of corporate bonds that do not have ratings. Total may not equal 100% due to rounding. Ratings determined by S&P and Moody’s.
Bond ratings are grades given to the bonds to indicate their credit quality as determined by rating agencies including, but not limited to, S&P and Moody’s. The firm evaluates a bond issuer’s financial strength, or its ability to pay a bond’s principal and interest in a timely fashion. Ratings are expressed as letters ranging from AAA, which is the highest grade, to D, which is the lowest grade. In limited situations, when a rating agency has not issued a formal rating, the adviser will classify the security as nonrated.
Top 10 Sectors
The portfolio is actively managed. Holdings and weightings are subject to change daily and are provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned. Fund composition is based on net assets. Please scroll down to see important information about the Fund.
Fund Characteristics
Fund Information
Gross and net expense ratios are reported as of the 5/31/23 prospectus. The Adviser has contractually agreed to waive its fees to limit the Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement to 0.55% of the Fund’s average daily net assets through 5/31/24.
Management Team
Sreeni Prabhu
Managing Partner, Co-CEO & Group Chief Investment Officer
Sam Dunlap
Chief Investment Officer, Public Strategies
Nichole Hammond, CFA®
Senior Portfolio Manager
Matthew Kennedy, CFA®
Senior Portfolio Manager
Berkin Kologlu
Senior Portfolio Manager
Colin McBurnette
Senior Portfolio Manager
Clayton Triick, CFA®
Senior Portfolio Manager