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Name

As of 11/21/2024

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 Multi-Strategy Income Fund

ANGIX | Fund

$8.61

$2.85 B

6.06%

$0.52

1.91%

Vitals

YTD Return

7.4%

1 yr return

9.7%

3 Yr Avg Return

-0.4%

5 Yr Avg Return

0.3%

Net Assets

$2.85 B

Holdings in Top 10

17.0%

52 WEEK LOW AND HIGH

$8.6
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.91%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

$500,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 11/21/2024

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 Multi-Strategy Income Fund

ANGIX | Fund

$8.61

$2.85 B

6.06%

$0.52

1.91%

ANGIX - Profile

Distributions

  • YTD Total Return 7.4%
  • 3 Yr Annualized Total Return -0.4%
  • 5 Yr Annualized Total Return 0.3%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 4.69%
DIVIDENDS
  • Dividend Yield 6.1%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Angel Oak Multi-Strategy Income Fund
  • Fund Family Name
    Angel Oak Funds
  • Inception Date
    Aug 16, 2012
  • Shares Outstanding
    549019684
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Berkin Kologlu

Fund Description

The Fund invests primarily in agency and non-agency residential mortgage-backed securities (“RMBS”), commercial mortgage-backed securities (“CMBS”), collateralized loan obligations (“CLOs”), collateralized debt obligations (“CDOs”), collateralized mortgage obligations (“CMOs”), collateralized bond obligations (“CBOs”), asset-backed securities (“ABS”), including securities backed by assets such as unsecured consumer loans, credit card receivables, student loans, automobile loans, loans financing solar energy systems, and residential and commercial real estate, and other debt securitizations (collectively, “Structured Products”); mortgage loans, secured and unsecured consumer loans, commercial loans and pools of such loans (collectively, “Loans”); corporate debt, including bank-issued subordinated debt; equity securities of banks, real estate investment trusts, or other issuers; and U.S. Treasury and U.S. government agency securities.
The Fund may invest up to 20% of its net assets in CLOs, which are backed by a pool of loans, as well as CDOs, which may be backed by a pool of debt. CLOs and CDOs are similar to CMOs, but differ as to the type of underlying loan or debt.
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 agency and non-agency residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”) (collectively, “MBS”). This means that, under normal circumstances, the Fund will invest more than 25% of its total assets in MBS (measured at the time of purchase). The Fund will not concentrate its investments in any other group of industries. The Fund’s policy to concentrate its investments in MBS 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’s investments in RMBS and ABS will span a broad segment of consumer creditworthiness segments, which will include exposure to prime, near-prime, and subprime consumers.
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.
The Fund may implement its strategy by making investments directly or, to comply with certain regulations, through a wholly-owned and controlled subsidiary of the Fund organized as a statutory trust under the laws of the state of Delaware (each, a “Subsidiary”). The Subsidiary may invest in residential and commercial real estate whole loans, participations in such loans or instruments
representing the right to receive interest payments and principal due on such loans. The Subsidiary may invest in residential and commercial real estate loans of any credit rating or no credit rating, including without limit in loans that are rated below investment grade. The principal risks of investments in the Subsidiary are the same as those relating to residential loans and mortgages. See “Residential Loans and Mortgages Risk.” The allocation of the Fund’s investments, if any, in the Subsidiary will vary over time, and the Subsidiary’s investments will also vary and may not include all of the types of investments described above. In the future, the Fund may form one or more additional wholly-owned and controlled subsidiaries.
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. 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.
As part of its investment process, the Adviser also considers certain environmental, social and governance (“ESG”) and sustainability factors that it believes could have a material negative or positive impact on the risk profiles of the issuers or underlying collateral assets of certain securities in which the Fund may invest. These determinations may not be conclusive, and securities that may be negatively impacted by such factors may be purchased and retained by the Fund while the Fund may divest or not invest in securities that may be positively impacted by such factors. The Adviser may sell investments if it determines that any of the mentioned factors have changed materially from its initial analysis, that other factors indicate that an investment is no longer earning a return commensurate with its risk, or that a different security will better help the Fund achieve its investment objective.
Read More

ANGIX - Performance

Return Ranking - Trailing

Period ANGIX Return Category Return Low Category Return High Rank in Category (%)
YTD 7.4% -10.3% 17.0% 16.51%
1 Yr 9.7% -8.0% 21.1% 41.98%
3 Yr -0.4%* -16.7% 16.3% 82.44%
5 Yr 0.3%* -14.4% 14.1% 85.79%
10 Yr N/A* -7.0% 6.8% 14.84%

* Annualized

Return Ranking - Calendar

Period ANGIX Return Category Return Low Category Return High Rank in Category (%)
2023 -0.8% -12.0% 8.9% 89.52%
2022 -16.9% -31.8% 18.4% 85.47%
2021 -0.6% -16.2% 25.7% 33.17%
2020 -6.3% -31.1% 18.7% 92.54%
2019 0.1% -6.1% 15.3% 90.60%

Total Return Ranking - Trailing

Period ANGIX Return Category Return Low Category Return High Rank in Category (%)
YTD 7.4% -10.3% 17.0% 16.51%
1 Yr 9.7% -8.0% 21.1% 41.98%
3 Yr -0.4%* -16.7% 16.3% 82.44%
5 Yr 0.3%* -14.4% 14.1% 85.79%
10 Yr N/A* -7.0% 6.8% 14.56%

* Annualized

Total Return Ranking - Calendar

Period ANGIX Return Category Return Low Category Return High Rank in Category (%)
2023 5.9% -6.9% 22.2% 81.36%
2022 -12.1% -31.8% 21.1% 76.78%
2021 4.6% -13.5% 49.9% 14.38%
2020 -1.4% -28.6% 24.1% 88.81%
2019 5.0% -4.8% 19.1% 83.88%

NAV & Total Return History

ANGIX - Holdings

Concentration Analysis

ANGIX Category Low Category High ANGIX % Rank
Net Assets 2.85 B 2.63 M 143 B 23.49%
Number of Holdings 1030 4 9195 25.35%
Net Assets in Top 10 448 M -204 M 80.4 B 36.08%
Weighting of Top 10 16.96% 5.8% 265.8% 76.18%

Top 10 Holdings

  1. LSALT 2019-1B PT 3.34%
  2. Fannie Mae or Freddie Mac 1.73%
  3. Ginnie Mae 1.71%
  4. Ginnie Mae 1.68%
  5. Goldman Sachs Mortgage Pass-Through Trust 2022-1 1.63%
  6. GS Mortgage-Backed Securities Trust 2022-LTV2 1.58%
  7. Ginnie Mae II Pool 1.43%
  8. Angel Oak High Yield Opportunities ETF 1.39%
  9. Saluda Grade Alternative Mortgage Trust 2022-SEQ2 1.34%
  10. Ginnie Mae II Pool 1.12%

Asset Allocation

Weighting Return Low Return High ANGIX % Rank
Bonds 		89.66% 0.00% 199.60% 52.41%
Other 		13.78% -73.61% 147.15% 22.55%
Stocks 		3.03% -6.18% 99.66% 25.19%
Cash 		0.94% -94.66% 99.97% 76.36%
Preferred Stocks 		0.83% 0.00% 26.42% 15.24%
Convertible Bonds 		0.06% 0.00% 33.50% 82.75%

Stock Sector Breakdown

Weighting Return Low Return High ANGIX % Rank
Utilities 		0.00% 0.00% 100.00% 94.22%
Technology 		0.00% 0.00% 28.30% 92.67%
Real Estate 		0.00% 0.00% 100.00% 4.00%
Industrials 		0.00% 0.00% 100.00% 95.78%
Healthcare 		0.00% 0.00% 18.60% 94.22%
Financial Services 		0.00% 0.00% 100.00% 54.44%
Energy 		0.00% 0.00% 100.00% 96.89%
Communication Services 		0.00% 0.00% 100.00% 95.33%
Consumer Defense 		0.00% 0.00% 99.97% 92.67%
Consumer Cyclical 		0.00% 0.00% 89.95% 94.22%
Basic Materials 		0.00% 0.00% 100.00% 92.44%

Stock Geographic Breakdown

Weighting Return Low Return High ANGIX % Rank
US 		3.03% -6.18% 99.66% 24.42%
Non US 		0.00% -0.26% 17.73% 98.44%

Bond Sector Breakdown

Weighting Return Low Return High ANGIX % Rank
Securitized 		75.28% 0.00% 99.65% 6.58%
Corporate 		5.87% 0.00% 96.66% 86.84%
Government 		2.77% 0.00% 99.43% 73.52%
Cash & Equivalents 		0.94% 0.00% 94.89% 74.41%
Municipal 		0.00% 0.00% 54.26% 99.36%
Derivative 		-0.35% -73.61% 147.15% 85.96%

Bond Geographic Breakdown

Weighting Return Low Return High ANGIX % Rank
US 		89.66% 0.00% 199.60% 31.73%
Non US 		0.00% 0.00% 74.14% 99.07%

ANGIX - Expenses

Operational Fees

ANGIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.91% 0.03% 20.67% 20.78%
Management Fee 0.89% 0.00% 2.29% 79.48%
12b-1 Fee 0.00% 0.00% 1.00% 17.29%
Administrative Fee N/A 0.00% 0.70% N/A

Sales Fees

ANGIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 1.00% 1.50% N/A

Trading Fees

ANGIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 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.

ANGIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 632.00% 40.24%

ANGIX - Distributions

Dividend Yield Analysis

ANGIX Category Low Category High ANGIX % Rank
Dividend Yield 6.06% 0.00% 23.30% 26.81%

Dividend Distribution Analysis

ANGIX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly SemiAnnual Monthly Monthly

Net Income Ratio Analysis

ANGIX Category Low Category High ANGIX % Rank
Net Income Ratio 4.69% -1.55% 11.51% 11.22%

Capital Gain Distribution Analysis

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

Distributions History

View More +

ANGIX - Fund Manager Analysis

Managers

Berkin Kologlu

Start Date

Tenure

Tenure Rank

Apr 30, 2013

9.09

9.1%

Berkin is a Managing Director and Senior Portfolio Manager at Angel Oak Capital. He serves as a Portfolio Manager for three of the firm’s mutual funds, the Multi-Strategy Income Fund, High Yield Opportunities Fund, and the Strategic Credit Fund, as well as one of the firm’s private funds. He has over 15 years of experience in fixed income products and focuses on building and managing strategies within the collateralized loan obligation (CLO) market. Prior to Angel Oak, Berkin spent six years as an executive director at UBS, covering structured products and client solutions. Prior to UBS, Berkin worked at Bank of America where he focused on the structuring and marketing of CLOs and synthetic collateralized debt obligations backed by corporate credit. Before Bank of America, Berkin worked in Turkey as a commercial banker, where he was responsible for lending to large cap corporations. Berkin holds a B.S. degree in Civil Engineering from Bogazici University in Istanbul, Turkey and an M.B.A. from Duke University’s Fuqua School of Business.

Sreeniwas (Sreeni) Prabhu

Start Date

Tenure

Tenure Rank

Apr 10, 2015

7.15

7.2%

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.

Sam Dunlap

Start Date

Tenure

Tenure Rank

Sep 30, 2015

6.67

6.7%

Mr. Sam Dunlap serves as Managing Director and Senior Portfolio Manager at Angel Oak Capital Advisors. He is also responsible for managing the separately managed accounts for Angel Oak clients, primarily depository institutions, and focuses on building and managing strategies within the residential mortgage-backed securities market. Sam joined Angel Oak in 2009. He serves as a voting member of the firm's public funds Investment Committee and is a board member of the Angel Oak Funds Trust. He has also been featured as a television guest on CNBC, Fox Business, and Bloomberg. Sam began his capital markets career in 2002 and has investment experience across multiple sectors of the fixed income market. Prior to joining Angel Oak, he was with SunTrust Robinson Humphrey where he focused on both interest rate hedging products and interest rate linked structured notes. Before SunTrust, Sam was at Wachovia in Charlotte, NC supporting the agency mortgage pass-through trading desk.

Kin Lee

Start Date

Tenure

Tenure Rank

Dec 31, 2016

5.42

5.4%

Kin is a Managing Director and Senior Portfolio Manager at Angel Oak Capital and serves as a Portfolio Manager for the Multi-Strategy Income Fund. He focuses on building and managing strategies within the commercial mortgage-backed securities (CMBS) market and commercial real-estate related investment activities. Kin began his career in 1993 and most recently served as Executive Director at Nomura Securities International. Previously, he was Head of CMBS Trading for both Mizuho Securities and RBS Greenwich Capital. Kin also worked in CMBS trading with Credit Suisse and Donaldson, Lufkin, & Jenrette. Kin holds a B.S. degree in Industrial Management and Economics from Carnegie Mellon University.

Colin McBurnette

Start Date

Tenure

Tenure Rank

May 31, 2017

5.0

5.0%

Colin is a Senior Portfolio Manager at Angel Oak Capital and serves as a Portfolio Manager for the Multi-Strategy Income Fund, the UltraShort Income Fund, the Strategic Credit Fund, and the Strategic Mortgage Income Fund. He also focuses on security and portfolio analytics and is responsible for building and managing strategies within the residential mortgage-backed securities market. Colin joined Angel Oak in 2012, and serves as a voting member of the firm’s public funds Investment Committee. He is also a speaker on many of the firm’s quarterly calls for both its private and public funds. Prior to Angel Oak, Colin worked for Prodigus Capital Management where he was responsible for the acquisition and management of their distressed debt portfolio, as well as the development of their proprietary financial technology platform. Previously, Colin worked in the Real Estate Capital Markets group for Wachovia Bank and Wells Fargo where he focused on risk management for their commercial real estate REPO lines. Colin holds B.B.A. degrees in Banking & Finance and Real Estate from the Terry College of Business at the University of Georgia.

Clayton Triick

Start Date

Tenure

Tenure Rank

Sep 03, 2019

2.74

2.7%

Clayton is a Senior Portfolio Manager at Angel Oak Capital and serves as a Portfolio Manager for the UltraShort Income Fund, the Multi-Strategy Income Fund and the Multi-Strategy Income UCITS Fund. He is a Portfolio Manager within the non-agency and agency residential mortgage-backed securities markets and focuses on cross asset fund allocation and interest rate risk management of Angel Oak’s funds and institutional separately managed accounts. Clayton has been in the investment management industry since 2008 and has experience across multiple sectors of fixed income. Prior to joining Angel Oak in 2011, he worked for YieldQuest Advisors, where he was a member of the investment committee focusing on the interest rate risk, currency risk, and commodity exposures of the portfolios alongside directly managing the closed-end fund allocations within the portfolios and individual accounts. Clayton holds a B.B.A. degree in Finance from the Farmer School of Business at Miami University in Oxford, Ohio and holds the Chartered Financial Analyst (CFA®) designation.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 28.19 5.71 3.19

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