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Name

As of 05/24/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Angel Oak Financials Income Impact Fund

AFLCX | Fund

$7.75

$70.8 M

4.16%

$0.32

2.19%

Vitals

YTD Return

5.0%

1 yr return

8.0%

3 Yr Avg Return

-1.0%

5 Yr Avg Return

-0.2%

Net Assets

$70.8 M

Holdings in Top 10

35.6%

52 WEEK LOW AND HIGH

$7.8
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 2.19%

SALES FEES

Front Load N/A

Deferred Load 1.00%

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

$1,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 05/24/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Angel Oak Financials Income Impact Fund

AFLCX | Fund

$7.75

$70.8 M

4.16%

$0.32

2.19%

AFLCX - Profile

Distributions

  • YTD Total Return 5.0%
  • 3 Yr Annualized Total Return -1.0%
  • 5 Yr Annualized Total Return -0.2%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 2.38%
DIVIDENDS
  • Dividend Yield 4.2%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Angel Oak Financials Income Impact Fund
  • Fund Family Name
    Angel Oak Funds
  • Inception Date
    Aug 04, 2015
  • Shares Outstanding
    915280
  • Share Class
    C
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Sreeniwas (Sreeni) Prabhu

Fund Description

In pursuing its investment objective, the Fund will, under normal circumstances, invest at least 80% of its net assets plus the amount of any borrowings for investment purposes in the securities of financial institutions (measured at the time of purchase). The Fund will principally invest in investments that the Adviser believes have positive aggregate environmental, social and/or governance (“ESG”) impact outcomes. For purposes of the Fund’s 80% investment policy, the Fund may invest in debt securities, including bank-issued subordinated debt (“sub-debt”), unrated debt, senior debt, preferred securities, high yield securities and TruPS (as defined below); equity securities, including common equity, preferred equity, convertible securities and warrants; Structured Products (as defined below) and securitizations, including equity and junior debt tranches of such instruments; or derivative instruments that invest substantially all of their assets in securities that are issued by or linked to, or otherwise provide investment exposure to, businesses in the financial institutions sector. As discussed in more detail below, the Adviser believes that investments with positive aggregate ESG outcomes are those that provide measurable environmental, social and/or governance benefits.
The Fund invests primarily in debt issued by financial institutions, including bank-issued sub-debt, senior debt, preferred securities, high yield securities and trust-preferred securities (“TruPS”).
The Fund may invest indirectly in securities issued by community banks and other financial institutions through structured products and credit derivatives. In particular, the Fund may invest in equity and junior debt tranches of community bank debt securitizations and other asset-backed securities and debt securitizations, which are collateralized by a portfolio consisting primarily of unsecured, subordinated loans made to, and unsecured, subordinated debentures, notes or other securities issued by, community banks or other financial institutions (“Structured Products”). The Fund may also invest in other securities and instruments that are related to these Structured Products or that the Adviser believes are consistent with the Fund’s investment objective, including senior debt tranches of community bank debt securitizations.
The Fund may invest in other fixed-income instruments including asset-backed securities and residential and commercial mortgage-backed securities; Structured Products, which include collateralized debt obligations (“CDOs”), collateralized loan obligations (“CLOs”), collateralized mortgage obligations (“CMOs”) and other asset backed securities and debt securitizations; high-yield securities; U.S. government securities; and floating or variable rate obligations.
The Fund may invest in the securities of other investment companies, including those that are part of the same group of investment companies as the Fund, that pursue an investment strategy that supports the Fund’s investment objective.
The Fund will concentrate its investments in the group of industries related to banks and diversified financials. This means that, under normal circumstances, the Fund will invest more than 25% of its total assets in securities issued by companies conducting their principal business activities in the group of industries related to banks and diversified financials (measured at the time of purchase), which may include, but are not limited to, banks, thrifts, finance companies, business development companies (“BDCs”) that invest primarily in loans, commercial mortgage and residential mortgage real estate investment trusts (“REITs”), brokerage and advisory firms, insurance companies and financial holding companies. The Fund will not concentrate its investments in any other group of industries. The Fund’s policy to concentrate its investments in the group of industries related to banks and diversified financials is fundamental and may not be changed without shareholder approval.
The fixed income instruments in which the Fund invests may include those of issuers from the United States and other countries. The Fund’s investments in foreign debt securities will typically be denominated in U.S. dollars.
The Fund may invest up to 15% of its net assets in investments that are deemed to be illiquid, which may include private placements, certain Rule 144A securities (which are subject to resale restrictions), and securities of issuers that are bankrupt or in default.
The Fund may invest, without limitation, in securities of any maturity and duration. Maturity refers to the length of time until a debt security’s principal is repaid with interest. Duration is a measure used to determine the sensitivity of a security’s price to changes in interest rates that incorporates a security’s yield, coupon, final maturity and call and put features and prepayment exposure into one measure with a higher duration indicating greater sensitivity to interest rates. For example, if a portfolio has a duration of two years, and interest rates increase (fall) by 1%, the portfolio would decline (increase) in value by approximately 2%. However, duration may not accurately reflect the true interest rate sensitivity of instruments held by the Fund and, therefore the Fund’s exposure to changes in interest rates.
The Fund may invest in high-yield securities and securities that are not rated by any rating agencies. These “high-yield” securities (also known as “junk bonds”) will be rated BB+ or lower by Standard & Poor’s Rating Group (“S&P”) or will be of equivalent quality rating from another Nationally Recognized Statistical Ratings Organization. If a bond is unrated, the Adviser may determine whether it is of comparable quality and therefore eligible for the Fund’s investment. Although the Fund will not acquire investments of issuers that are in default at the time of investment, the Fund may hold such securities if an investment subsequently defaults.
In pursuing its investment objectives or for hedging purposes, the Fund may utilize short selling, borrowing and various types of derivative instruments, including swaps, futures contracts, and options, although not all such derivatives will be used at all times. Such derivatives may trade over-the-counter or on an exchange and may principally be used for one or more of the following purposes: speculation, currency hedging, duration management, credit deterioration hedging, hedges against broad market movements, or to pursue the Fund’s investment objective. The Fund may borrow to the maximum extent permitted by applicable law. The Fund may also invest in repurchase agreements and borrow through reverse repurchase agreements.
The Fund’s allocation of its assets into various asset classes within its investment strategy will depend on the views of the Adviser as to the best value relative to what is currently presented in the marketplace, while giving special consideration to positive aggregate ESG outcomes, as discussed in more detail below. Investment decisions are made based on fundamental research and analysis to identify issuers with the ability to improve their credit profile over time with attractive valuations, resulting in both income and potential capital appreciation. In selecting investments, the Adviser may consider maturity, yield and ratings information and opportunities for price appreciation among other criteria. The Adviser also analyzes a variety of factors when selecting investments for the Fund, such as collateral quality, credit support, structure and market conditions. The Adviser attempts to diversify risks that arise from position sizes, geography, ratings, duration, deal structure and collateral values. The Adviser will also seek to invest in securities that have relatively low volatility. The Adviser seeks to limit risk of principal by targeting assets that it considers undervalued. From time to time, the Fund may allocate its assets so as to focus on particular types of securities.
In evaluating whether each of the securities in which the Fund invests has positive aggregate ESG outcomes, the Adviser will use its own proprietary assessments of whether the investment provides measurable positive environmental, social and/or governance benefits and may also reference standards as set forth by recognized global organizations, including the United Nations’ Sustainable Development Goals (“UN SDGs”), the United Nations’ Principles for Responsible Investing (“UN PRI”), the Task Force on Climate-Related Financial Disclosures (“TCFD”), the Carbon Disclosure Project (“CDP”), the International Sustainability Standards Board (“ISSB”) and the Global Reporting Initiative (“GRI”). Examples of the types of factors the Adviser may consider as part of its proprietary assessment, include, without limitation: positive environmental benefits, such as reduced carbon emissions and increased energy efficiency; positive social benefits, such as improved access to affordable housing and greater community investment; and positive corporate governance benefits, such as enhanced board independence and diversity. In addition, the Adviser believes that investments with positive aggregate ESG outcomes include those investments that promote key impact themes, including, among other things: (i) expanding access to consumer credit; (ii) broadening access to housing; (iii) supporting small businesses; (iv) sponsoring community development; (v) promoting environmental sustainability; (vi) strengthening corporate governance and gender equality; and (vii) supporting the provision of quality healthcare services.
Additionally, the Adviser may engage proactively with issuers or trustees to encourage them to improve their ESG and sustainability factors. In this regard, the Adviser may engage in direct dialogue with company management or trustees, including through in person meetings, phone calls, electronic communications, and letters. These engagement activities are designed to facilitate the Adviser’s efforts to identify opportunities for issuers and trustees to improve their ESG and sustainability practices and to work collaboratively with managers and trustees to establish concrete objectives and to develop a plan for meeting those objectives. The Fund may invest in securities issued by companies or securitization platforms whose ESG and sustainability practices, at the time of the investment, do not fully meet the Adviser’s proprietary standards, with the expectation that the Adviser’s engagement efforts and/or the company’s own initiatives will lead to improvements in the ESG and sustainability practices over time. It may also exclude those issuers and securitization platforms that are not receptive to the Adviser’s engagement efforts, as determined in the Adviser’s sole discretion. The Fund does not focus on any particular ESG issue, and the Fund’s ESG impact investment strategy and criteria may be changed without shareholder approval
Read More

AFLCX - Performance

Return Ranking - Trailing

Period AFLCX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.0% -3.0% 12.3% 1.09%
1 Yr 8.0% -0.2% 26.7% 6.20%
3 Yr -1.0%* -6.2% 4.3% 88.81%
5 Yr -0.2%* -4.1% 4.7% 98.00%
10 Yr N/A* -19.2% 169.8% N/A

* Annualized

Return Ranking - Calendar

Period AFLCX Return Category Return Low Category Return High Rank in Category (%)
2023 -5.4% -5.4% 7.6% 100.00%
2022 -10.9% -17.7% -2.6% 94.24%
2021 2.9% -4.0% 4.4% 0.77%
2020 -8.2% -8.3% 7.6% 99.61%
2019 1.9% -2.3% 9.3% 47.87%

Total Return Ranking - Trailing

Period AFLCX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.0% -3.0% 12.3% 1.09%
1 Yr 8.0% -0.2% 26.7% 6.20%
3 Yr -1.0%* -6.2% 4.3% 88.81%
5 Yr -0.2%* -4.1% 4.7% 98.00%
10 Yr N/A* -19.2% 169.8% N/A

* Annualized

Total Return Ranking - Calendar

Period AFLCX Return Category Return Low Category Return High Rank in Category (%)
2023 -1.1% -1.1% 15.2% 100.00%
2022 -7.9% -17.3% -1.3% 93.68%
2021 6.3% -2.7% 7.7% 0.96%
2020 -4.4% -4.4% 14.5% 100.00%
2019 5.9% 0.6% 12.6% 18.86%

NAV & Total Return History

AFLCX - Holdings

Concentration Analysis

AFLCX Category Low Category High AFLCX % Rank
Net Assets 70.8 M 14.5 K 57.3 B 90.16%
Number of Holdings 58 2 9251 90.71%
Net Assets in Top 10 25.9 M 993 K 6.33 B 88.52%
Weighting of Top 10 35.59% 2.1% 108.7% 29.14%

Top 10 Holdings

  1. Kingstone Cos Inc 5.27%
  2. Marble Point Loan Financing Ltd / MPLF Funding I LLC 4.56%
  3. RBB Bancorp 3.59%
  4. Fidelity Financial Corp 3.46%
  5. NexBank Capital Inc 3.38%
  6. Mercantile Bank Corp 3.36%
  7. Flushing Financial Corp 3.25%
  8. First Bancshares Inc/The 3.09%
  9. Civista Bancshares Inc 2.95%
  10. Texas State Bankshares Inc 2.68%

Asset Allocation

Weighting Return Low Return High AFLCX % Rank
Bonds 		95.94% 0.00% 130.36% 23.13%
Cash 		2.39% -20.59% 62.18% 52.28%
Stocks 		1.27% 0.00% 103.64% 13.11%
Other 		0.40% -0.97% 72.36% 68.49%
Preferred Stocks 		0.00% 0.00% 22.27% 45.17%
Convertible Bonds 		0.00% 0.00% 27.71% 94.71%

Stock Sector Breakdown

Weighting Return Low Return High AFLCX % Rank
Financial Services 		100.00% 0.00% 100.00% 3.17%
Utilities 		0.00% 0.00% 81.48% 52.38%
Technology 		0.00% 0.00% 24.45% 52.38%
Real Estate 		0.00% 0.00% 8.31% 55.56%
Industrials 		0.00% 0.00% 100.00% 55.56%
Healthcare 		0.00% 0.00% 23.11% 53.97%
Energy 		0.00% 0.00% 100.00% 84.13%
Communication Services 		0.00% 0.00% 65.64% 63.49%
Consumer Defense 		0.00% 0.00% 21.37% 50.79%
Consumer Cyclical 		0.00% 0.00% 10.75% 52.38%
Basic Materials 		0.00% 0.00% 22.71% 53.97%

Stock Geographic Breakdown

Weighting Return Low Return High AFLCX % Rank
US 		1.27% 0.00% 103.64% 13.11%
Non US 		0.00% 0.00% 0.02% 37.34%

Bond Sector Breakdown

Weighting Return Low Return High AFLCX % Rank
Corporate 		95.58% 0.00% 100.00% 3.28%
Securitized 		4.34% 0.00% 97.27% 88.69%
Cash & Equivalents 		1.43% 0.00% 62.18% 59.20%
Derivative 		0.40% -0.55% 28.01% 7.10%
Municipal 		0.00% 0.00% 17.46% 69.89%
Government 		0.00% 0.00% 73.63% 97.08%

Bond Geographic Breakdown

Weighting Return Low Return High AFLCX % Rank
US 		95.94% 0.00% 130.36% 22.77%
Non US 		0.00% 0.00% 83.16% 47.18%

AFLCX - Expenses

Operational Fees

AFLCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.19% 0.01% 3.24% 1.29%
Management Fee 0.89% 0.00% 1.19% 99.09%
12b-1 Fee 1.00% 0.00% 1.00% 88.03%
Administrative Fee N/A 0.01% 0.50% N/A

Sales Fees

AFLCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 5.75% N/A
Deferred Load 1.00% 0.50% 4.00% 31.67%

Trading Fees

AFLCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

AFLCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 2.00% 500.00% 13.50%

AFLCX - Distributions

Dividend Yield Analysis

AFLCX Category Low Category High AFLCX % Rank
Dividend Yield 4.16% 0.00% 11.11% 29.14%

Dividend Distribution Analysis

AFLCX Category Low Category High Category Mod
Dividend Distribution Frequency None Quarterly Monthly Monthly

Net Income Ratio Analysis

AFLCX Category Low Category High AFLCX % Rank
Net Income Ratio 2.38% -1.27% 4.98% 6.89%

Capital Gain Distribution Analysis

AFLCX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

View More +

AFLCX - Fund Manager Analysis

Managers

Sreeniwas (Sreeni) Prabhu

Start Date

Tenure

Tenure Rank

Nov 03, 2014

7.58

7.6%

Sreeni is a co-founder, Managing Partner and Chief Investment Officer at Angel Oak Capital and is responsible for the overall investment strategy of the firm. Prior to Angel Oak, Sreeni was the Chief Investment Officer of the investment portfolio at Washington Mutual Bank in Seattle where he managed a $25 billion portfolio. He was also part of the macro asset strategy team at the bank. Sreeni previously worked for six years at SunTrust Bank in Atlanta, where he was responsible for investment strategies and served as Head Portfolio Manager for the $3 billion commercial mortgage-backed securities portfolio. He began his career at SunTrust in 1998 as a Bank Analyst focused on asset/liability management and liquidity strategies. Sreeni holds a B.B.A. degree in Economics from Georgia College and State University and an M.B.A. in Finance from Georgia State University.

Johannes Palsson

Start Date

Tenure

Tenure Rank

Dec 31, 2014

7.42

7.4%

Johannes is a Senior Portfolio Manager at Angel Oak Capital and a Portfolio Manager for the Financials Income Fund, Financial Strategies Income Term Trust and the Dynamic Financial Strategies Income Term Trust. Johannes’ primary focus is on investment research and management of community and regional bank debt across the firm’s strategies. Prior to joining Angel Oak in 2011, Johannes served as Chief Financial Officer for The Brand Banking Company, where he managed the overall finance function. He began his career at SunTrust Robinson Humphrey in 1996, where the scope of his responsibilities included interest rate risk modeling and investment strategies. Johannes holds a B.S. degree in Finance from Georgia State University and an M.B.A. from Emory University’s Goizueta Business School.

Navid Abghari

Start Date

Tenure

Tenure Rank

Oct 25, 2016

5.6

5.6%

Navid is a Senior Portfolio Manager at Angel Oak Capital and a Portfolio Manager for the Financials Income Fund, Financial Strategies Income Term Trust and the Dynamic Financial Strategies Income Term Trust. He has over 10 years of experience in fixed income markets, focusing on corporate credit trading, risk management, credit derivatives and structured products. Prior to joining Angel Oak in 2015, Navid was an Executive Director at J.P. Morgan Securities in New York, where he was head of Americas synthetic collateralized debt obligation (CDO) trading. He oversaw the modeling and risk systems for the global tranche business, directed the U.S. hedging activities of the global tranche book, was market maker for synthetic CDOs and master asset vehicle notes (Canadian asset-backed commercial paper), and ran the U.S. index basis book. In his time at J.P. Morgan, Navid was responsible for some of the most complex credit transactions, which included large credit portfolio buyouts, regulatory capital trades, counterparty risk-hedging trades, levered tranches, options on tranches, hybrid cash and synthetic CDOs, derivative product company equity, synthetic portfolio insurance, constant proportion debt obligations, CDO-squared and forward-starting tranches, fixed recovery tranches, knock-ins/knock-outs and several other complex transactions. Navid holds B.B.A. degrees in both Finance and Economics from the University of Georgia, graduating summa cum laude with Highest Honors.

Cheryl Pate

Start Date

Tenure

Tenure Rank

Sep 03, 2019

2.74

2.7%

Cheryl is a Portfolio Manager at Angel Oak Capital and serves as a Portfolio Manager for the Financials Income Fund, Financial Strategies Income Term Trust and the Dynamic Financial Strategies Income Term Trust. Cheryl has more than 15 years’ experience in financial services and primarily focuses on investment research and credit underwriting, particularly in the non-bank financials and community banking sectors. Cheryl joined Angel Oak in 2017 from Morgan Stanley, where she was an Executive Director and Head of Consumer & Specialty Finance Equity Research. Her research coverage included the consumer finance, specialty finance, mortgage servicing/originations, mortgage REIT, payments, fintech and banking industries. Cheryl holds an M.B.A. from Duke University’s Fuqua School of Business and a B.S. in Commerce (Finance) from the University of British Columbia. She also holds the Chartered Financial Analyst (CFA) designation.

Kevin Parks

Start Date

Tenure

Tenure Rank

Jan 06, 2020

2.4

2.4%

Kevin is a Portfolio Manager at Angel Oak Capital and serves as a Portfolio Manager for the Financials Income Fund and the Dynamic Financial Strategies Income Term Trust. Kevin previously served as the Chief Investment Officer for Parks Capital Management, LLC, which specialized in community bank long/short equity investing, and also served as a subadvisor to the Financials Income Fund’s long-only, small-cap equity allocation from July 2018 to December 2019. Prior to launching Parks Capital Management, Kevin was an Analyst at Hildene Capital Management from 2009 until 2015, where he analyzed structured products such as TruPS CDOs and CLOs and helped maintain the infrastructure by monitoring the underlying collateral of the structured products. He also analyzed some of Hildene’s niche investments in TARP, single-name distressed TruPS, and microcap bank equities. Kevin graduated summa cum laude from Syracuse University and holds a B.S. degree in Finance with a minor in Public Communications, as well as an M.B.A from New York University’s Stern School of Business with a concentration in Law & Business and Entrepreneurship. Kevin serves on the board of directors of Tuesday’s Children, a charity that provides programs and services to all those directly impacted by the events of September 11, 2001.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.07 28.77 6.16 2.41

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