ANGIX: Angel Oak Multi-Strategy Income Instl

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ANGIX Angel Oak Multi-Strategy Income Instl

  • Fund
  • ANGIX
  • Price as of: Dec 09, 2019
  • $11.06
    - $0.00 - 0.00%

Profile

ANGIX - Profile

Vitals

  • YTD Return 0.4%
  • 3 Yr Annualized Return -0.3%
  • 5 Yr Annualized Return N/A
  • Net Assets $7.67 B
  • Holdings in Top 10 10.9%

52 WEEK LOW AND HIGH

$11.06
$11.01
$11.12

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

Distributions

  • YTD Total Return 0.8%
  • 3 Yr Annualized Total Return 3.1%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 4.94%
DIVIDENDS
  • Dividend Yield 1.6%
  • 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
    637210915
  • 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.


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Categories

Performance

ANGIX - Performance

Return Ranking - Trailing

Period ANGIX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.4% -25.8% 15.2% 96.76%
1 Yr -0.1% -32.7% 11.8% 92.88%
3 Yr -0.3%* -32.1% 10.2% 82.88%
5 Yr N/A* -32.3% 9.3% 8.95%
10 Yr N/A* -3.6% 8.4% 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% 6.37%
2017 0.4% -14.8% 11.2% 91.70%
2016 -2.5% -11.2% 19.1% 97.45%
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% -25.8% 15.2% 96.46%
1 Yr 0.7% -32.7% 11.8% 91.10%
3 Yr 3.1%* -32.1% 10.2% 30.14%
5 Yr N/A* -32.3% 9.3% 9.34%
10 Yr N/A* -3.6% 8.4% 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% 2.87%
2017 5.8% -14.8% 14.0% 21.45%
2016 3.8% -11.2% 22.5% 56.00%
2015 N/A -51.1% 3.8% N/A
2014 N/A -29.8% 11.7% N/A

NAV & Total Return History


Holdings

ANGIX - Holdings

Concentration Analysis

ANGIX Category Low Category High ANGIX % Rank
Net Assets 7.67 B 6.44 M 132 B 8.77%
Number of Holdings 3388 5 7570 2.62%
Net Assets in Top 10 -270 M -42.1 B 5.96 B 96.50%
Weighting of Top 10 10.88% 6.6% 410.5% 83.38%

Top 10 Holdings

  1. Sg Credit Fac Loan 8/14/2020 2.73%
  2. 4y Swap Future Jun18 1.99%
  3. 5y Swap Future Jun18 1.18%
  4. Angel Oak UltraShort Income Instl 1.01%
  5. Lmst 2019-1 Cert 0.97%
  6. Rbc Barbados Loan 6/4/2019 0.65%
  7. 10y Swap Future Dec14 0.64%
  8. Dsla Mortgage Loan Trust 2.2% 0.63%
  9. Harborview Mtg Loan Trust 2.25% 0.55%
  10. American Home Mtg 3.15% 0.52%

Asset Allocation

Weighting Return Low Return High ANGIX % Rank
Bonds
94.11% 31.88% 157.00% 30.61%
Cash
5.51% -76.54% 62.04% 51.90%
Preferred Stocks
0.36% 0.00% 64.36% 42.86%
Stocks
0.01% -25.45% 22.96% 64.43%
Other
0.00% -55.89% 27.77% 65.01%
Convertible Bonds
0.00% 0.00% 11.31% 90.38%

Stock Sector Breakdown

Weighting Return Low Return High ANGIX % Rank
Financial Services
0.01% -0.19% 7.13% 40.20%
Utilities
0.00% -0.04% 5.90% 64.45%
Technology
0.00% -0.29% 4.99% 60.47%
Real Estate
0.00% -0.04% 3.00% 60.13%
Industrials
0.00% -0.12% 4.62% 61.13%
Healthcare
0.00% -0.17% 5.08% 62.79%
Energy
0.00% 0.00% 5.81% 72.43%
Communication Services
0.00% -0.04% 4.45% 59.80%
Consumer Defense
0.00% -0.10% 4.40% 57.14%
Consumer Cyclical
0.00% -0.14% 4.97% 70.43%
Basic Materials
0.00% 0.00% 3.33% 60.47%

Stock Geographic Breakdown

Weighting Return Low Return High ANGIX % Rank
US
0.01% -25.45% 22.23% 64.43%
Non US
0.00% 0.00% 4.62% 64.14%

Bond Sector Breakdown

Weighting Return Low Return High ANGIX % Rank
Securitized
93.92% 0.00% 111.40% 3.50%
Cash & Equivalents
5.51% -76.54% 62.04% 49.85%
Corporate
4.91% 0.00% 97.25% 91.25%
Derivative
0.00% -4.82% 43.66% 44.90%
Municipal
0.00% 0.00% 39.07% 70.26%
Government
-4.35% -47.30% 99.34% 94.46%

Bond Geographic Breakdown

Weighting Return Low Return High ANGIX % Rank
US
87.41% 14.19% 140.38% 22.16%
Non US
6.70% -13.53% 77.28% 81.92%

Expenses

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% 54.05%
Management Fee 0.89% 0.00% 2.25% 82.72%
12b-1 Fee 0.00% 0.00% 1.00% 12.15%
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

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% 899.00% 55.52%

Distributions

ANGIX - Distributions

Dividend Yield Analysis

ANGIX Category Low Category High ANGIX % Rank
Dividend Yield 1.63% 0.00% 6.86% 41.08%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

ANGIX Category Low Category High ANGIX % Rank
Net Income Ratio 4.94% 0.87% 10.10% 8.71%

Capital Gain Distribution Analysis

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

Dividend Payout History

View More +

Fund Manager Analysis

ANGIX - Fund Manager Analysis

Managers

Berkin Kologlu


Start Date

Tenure

Tenure Rank

Apr 30, 2013

6.59

6.6%

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


Start Date

Tenure

Tenure Rank

Apr 10, 2015

4.64

4.6%

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.

Sam Dunlap


Start Date

Tenure

Tenure Rank

Sep 30, 2015

4.17

4.2%

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


Start Date

Tenure

Tenure Rank

Dec 31, 2016

2.92

2.9%

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

2.5

2.5%

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

0.24

0.2%

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 28.56 5.34 0.92