ANGIX: Angel Oak Multi-Strategy Income Instl

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ANGIX Angel Oak Multi-Strategy Income Instl

  • Fund
  • ANGIX
  • Price as of: Oct 18, 2019
  • $11.07 - $0.00 - 0.00%

ANGIX - Profile

Vitals

  • YTD Return 0.5%
  • 3 Yr Annualized Return 4.9%
  • 5 Yr Annualized Return 3.9%
  • Net Assets $7.68 B
  • Holdings in Top 10 11.4%

52 WEEK LOW AND HIGH

$11.07
$11.01
$11.13

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.12%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 71.49%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$1,000,000

IRA

$1,000,000

Fund Classification

PRIMARY CATEGORY

  • Fund Type Open End Mutual Fund
  • Investment Style Multisector Bond

Distributions

  • YTD Total Return 0.8%
  • 3 Yr Annualized Total Return 4.9%
  • 5 Yr Annualized Total Return 3.9%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 4.94%
DIVIDENDS
  • Dividend Yield 2.5%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name Angel Oak Multi-Strategy Income Fund
  • Fund Family Name Angel Oak
  • Inception Date Aug 16, 2012
  • Shares Outstanding 637874607
  • Share Class Inst
  • Currency USD
  • Domiciled Country United States
  • Manager Berkin Kologlu

Fund Description

The fund invests primarily in mortgage-backed and other asset-backed fixed income securities, including securities backed by assets such as credit card receivables, student loans, automobile loans and residential and commercial real estate. It may allocate its assets so as to focus on particular types of asset-backed fixed income securities. The fund may invest, without limitation, in corporate debt securities of any quality and maturity, including junk bonds, and securities that are not rated by any rating agencies.

ANGIX - Performance

Return Ranking - Trailing

Period ANGIX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.5% -25.3% 14.2% 97.95%
1 Yr 4.2% -7.6% 10.7% 36.58%
3 Yr 4.9%* -10.9% 9.9% 7.12%
5 Yr 3.9%* -19.7% 9.3% 8.73%
10 Yr N/A* -3.6% 8.9% N/A

* Annualized


Return Ranking - Calendar

Period ANGIX Return Category Return Low Category Return High Rank in Category (%)
2018 -2.0% -48.0% 0.8% 6.27%
2017 0.4% -14.8% 11.2% 90.10%
2016 -2.5% -11.2% 19.1% 97.52%
2015 N/A -51.1% -0.7% N/A
2014 N/A -29.8% 5.0% N/A

Total Return Ranking - Trailing

Period ANGIX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.8% -25.3% 14.2% 97.66%
1 Yr 4.2% -7.6% 10.5% 42.48%
3 Yr 4.9%* -12.7% 9.9% 8.14%
5 Yr 3.9%* -20.6% 9.3% 10.71%
10 Yr N/A* -3.6% 8.9% N/A

* Annualized


Total Return Ranking - Calendar

Period ANGIX Return Category Return Low Category Return High Rank in Category (%)
2018 2.5% -48.0% 4.8% 2.82%
2017 5.8% -14.8% 14.0% 21.16%
2016 3.8% -11.2% 22.5% 55.32%
2015 N/A -51.1% 3.8% N/A
2014 N/A -29.8% 11.7% N/A

NAV & Total Return History

ANGIX - Holdings

Concentration Analysis

ANGIX Category Low Category High ANGIX % Rank
Net Assets 7.68 B 4.94 M 130 B 8.57%
Number of Holdings 1590 6 7646 9.40%
Net Assets in Top 10 -625 M -44.5 B 5.96 B 97.72%
Weighting of Top 10 11.35% 6.6% 549.8% 80.63%

Top 10 Holdings

  1. 4y Swap Future Jun18 2.02%

  2. 3y Swap Future Jun18 1.79%

  3. 5y Swap Future Jun18 1.31%

  4. 3y Swap Future Sep18 1.19%

  5. 5y Swap Future Sep15 1.13%

  6. Angel Oak UltraShort Income Instl 0.99%

  7. 5y Swap Future Dec15 0.87%

  8. 10y Swap Future Dec14 0.74%

  9. 3y Swap Future Mar18 0.67%

  10. Dsla Mortgage Loan Trust 2.53% 0.64%


Asset Allocation

Weighting Return Low Return High ANGIX % Rank
Bonds
99.08% 27.55% 376.67% 15.95%
Cash
14.12% -279.20% 66.01% 12.25%
Preferred Stocks
0.18% 0.00% 66.62% 48.15%
Stocks
0.01% -0.81% 21.97% 62.11%
Convertible Bonds
0.00% 0.00% 13.17% 96.30%
Other
-13.38% -55.89% 28.51% 98.86%

Stock Sector Breakdown

Weighting Return Low Return High ANGIX % Rank
Financial Services
0.01% 0.00% 7.13% 31.42%
Utilities
0.00% -0.04% 6.17% 86.49%
Technology
0.00% -0.32% 4.99% 88.18%
Real Estate
0.00% -0.04% 4.73% 87.16%
Industrials
0.00% -0.13% 6.08% 89.19%
Healthcare
0.00% -0.18% 5.08% 87.16%
Energy
0.00% 0.00% 5.81% 89.53%
Communication Services
0.00% -0.04% 3.93% 86.49%
Consumer Defense
0.00% -0.10% 4.40% 86.49%
Consumer Cyclical
0.00% -0.16% 4.97% 90.54%
Basic Materials
0.00% 0.00% 3.33% 88.85%

Stock Geographic Breakdown

Weighting Return Low Return High ANGIX % Rank
US
0.01% -0.83% 21.01% 60.40%
Non US
0.00% -0.12% 5.79% 87.18%

Bond Sector Breakdown

Weighting Return Low Return High ANGIX % Rank
Securitized
90.24% 0.00% 111.55% 5.98%
Cash & Equivalents
14.12% -279.14% 66.01% 12.25%
Corporate
9.03% 0.00% 97.25% 89.17%
Derivative
0.00% -7.68% 47.28% 66.67%
Municipal
0.00% 0.00% 38.88% 92.59%
Government
-0.02% -38.21% 251.36% 92.88%

Bond Geographic Breakdown

Weighting Return Low Return High ANGIX % Rank
US
92.32% 9.97% 319.45% 11.97%
Non US
6.76% -13.32% 75.51% 85.47%

ANGIX - Expenses

Operational Fees

ANGIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.12% 0.00% 76.93% 53.73%
Management Fee 0.89% 0.00% 2.25% 83.98%
12b-1 Fee 0.00% 0.00% 1.00% 21.13%
Administrative Fee N/A 0.00% 0.50% N/A

Sales Fees

ANGIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.00% 5.75% N/A
Deferred Load N/A 1.00% 5.50% N/A

Trading Fees

ANGIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.00% 2.00% N/A

Turnover 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 71.49% 2.00% 801.50% 56.60%

ANGIX - Distributions

Dividend Yield Analysis

ANGIX Category Low Category High ANGIX % Rank
Dividend Yield 2.48% 0.00% 8.87% 33.43%

Dividend Distribution Analysis

ANGIX Category Low Category High Category Mode
Dividend Distribution Frequency Monthly Annually Monthly Monthly

Dividend Payout History


Net Income Ratio Analysis

ANGIX Category Low Category High ANGIX % Rank
Net Income Ratio 4.94% 0.87% 10.10% 9.25%

Capital Gain Distribution Analysis

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

ANGIX - Managers

Berkin Kologlu

Manager

Start Date

Tenure

Tenure Rank

Apr 30, 2013

6.42

6.4%

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) V. Prabhu

Manager

Start Date

Tenure

Tenure Rank

Apr 10, 2015

4.48

4.5%

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

Manager

Start Date

Tenure

Tenure Rank

Sep 30, 2015

4.0

4.0%

Sam is a Managing Director and Senior Portfolio Manager at Angel Oak Capital and serves as a Portfolio Manager for the Angel Oak Multi-Strategy Income Fund and the Angel Oak Multi-Strategy Income UCITS Fund. 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 as well as managing the interest rate risk exposure across the Angel Oak Funds and managed accounts. Sam joined Angel Oak in 2009, and serves as a voting member of the firm’s public funds Investment Committee. He has also been featured as a television guest on CNBC, Fox Business, and TD Ameritrade Network as well as quoted in Bloomberg and Reuters. 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 spent six years marketing and structuring interest rate derivatives with SunTrust Robinson Humphrey where he focused on both interest rate hedging products and interest rate linked structured notes. Before SunTrust, Sam spent two years at Wachovia in Charlotte, NC supporting the agency mortgage pass-through trading desk. Sam holds a B.A. degree in Economics from the University of Georgia.


Kin Lee

Manager

Start Date

Tenure

Tenure Rank

Dec 31, 2016

2.75

2.8%

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

Manager

Start Date

Tenure

Tenure Rank

May 31, 2017

2.33

2.3%

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

Manager

Start Date

Tenure

Tenure Rank

Sep 03, 2019

0.07

0.1%

Clayton Triick is a Portfolio Manager of Angel Oak Capital Advisors, LLC. Mr. Triick is a portfolio manager within the non-agency and agency RMBS markets. Mr. Triick has more than 7 years of investment experience across multiple sectors of fixed income. Prior to joining Angel Oak in 2011, Mr. Triick worked for YieldQuest Advisors, where he was a member of the investment committee focusing on interest rate risk, currency risk, and commodity of the portfolios alongside directly managing the closed-end fund allocations within YieldQuest portfolios and individual accounts. Mr. Triick holds a B.B.A. in Finance from the Farmer School of Business at Miami University. He also holds the Chartered Financial Analyst (CFA®) designation.


Tenure Analysis

Category Low

0.0

Category High

28.39

Category Average

5.09

Category Mode

0.74