Continue to site >
Trending ETFs
You have successfully subscribed to Advisor Access. Thank you!
Help us personalize your experience.
Which type of investor describes you best?
Help us personalize your experience.
What is your AUM?
Knowing your investable assets will help us build and prioritize features that will suit your investment needs.

Congratulations on personalizing your experience.

Email is verified. Thank you!

Name

As of 02/16/2024

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 High Yield Opportunities Fund

ANHIX | Fund

$10.87

$66.7 M

6.55%

$0.71

0.99%

Vitals

YTD Return

N/A

1 yr return

N/A

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$66.7 M

Holdings in Top 10

18.2%

52 WEEK LOW AND HIGH

$10.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.99%

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 02/16/2024

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 High Yield Opportunities Fund

ANHIX | Fund

$10.87

$66.7 M

6.55%

$0.71

0.99%

ANHIX - Profile

Distributions

  • YTD Total Return N/A
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 4.86%
DIVIDENDS
  • Dividend Yield 6.5%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Angel Oak High Yield Opportunities Fund
  • Fund Family Name
    Angel Oak Funds
  • Inception Date
    Mar 31, 2009
  • Shares Outstanding
    6003550
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Matthew Kennedy

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 securities rated below investment grade (measured at the time of purchase). These securities may include domestic and foreign corporate debt securities, including bank-issued subordinated debt (which includes subordinated debt issued by community banks), fixed and floating rate bonds, and zero coupon bonds; and various forms of debt securitizations, including 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”), asset-backed securities (“ABS”), including securities or securitizations backed by assets such as credit card receivables, student loans, automobile loans, and residential and commercial real estate, and other debt securitizations (“Structured Products”); and derivative instruments that invest substantially all of their assets in, are linked to, or otherwise provide investment exposure to, securities rated below investment grade. The Fund may purchase corporate securities issued by companies of any size – small cap, medium cap or large cap.
The Fund may invest, without limitation, in securities of any quality and maturity, including high-yield securities (also known as “junk bonds”), and securities that are not rated by any rating agencies. These high-yield securities 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. The Fund intends to focus primarily on securities with credit ratings (or equivalent quality) between the range of BB+ and B- of the high-yield market. However, the Fund may invest in or continue to hold securities that have credit ratings lower than B, are bankrupt, or are in default.
The Fund will, under normal circumstances, invest at least 20% of its net assets, plus the amount of any borrowings for investment purposes, in Structured Products.
The Fund may also invest up to 20% of its assets in investment grade securities, including U.S. Treasury and U.S. government agency securities.
The Fund may invest up to 15% of its net assets in equity securities such as common stock, preferred stock, warrants, rights and exchange-traded funds (“ETFs”).
The Fund may invest in the securities of other investment companies, including closed-end investment companies and open-end investment companies, which may operate as traditional mutual funds, exchange-traded funds (“ETFs”) or business development companies (“BDCs”). The other investment companies in which the Fund invests may be part of the same group of investment companies as the Fund.
The Fund may invest up to 25% of its assets in foreign debt securities, including corporate fixed income securities registered and sold in the United States by foreign issuers (commonly known as “Yankee” bonds).
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, but, under normal circumstances, the Fund will have a dollar-weighted average maturity between two and fifteen years. The average maturity may be less than two years if the Adviser believes a temporary defensive posture is appropriate. 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.
In pursuing its investment objectives or for hedging purposes, the Fund may utilize 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. Within the Structured Products allocation, the Adviser analyzes a variety of factors when selecting investments for the Fund, such as collateral quality, credit support, structure and market conditions. Within the corporate credit allocation, 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. Across all allocations, the Adviser may consider maturity, yield and ratings information and opportunities for price appreciation among other criteria. The Adviser attempts to diversify risks that arise from position sizes, geography, ratings, duration, deal structure and collateral values. 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, including Structured Products, if it determines that any of the mentioned factors have changed materially from its initial analysis or 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

ANHIX - Performance

Return Ranking - Trailing

Period ANHIX Return Category Return Low Category Return High Rank in Category (%)
YTD N/A -4.7% 8.4% 2.14%
1 Yr N/A -5.1% 20.9% 4.90%
3 Yr N/A* -15.1% 20.4% 8.19%
5 Yr N/A* -10.5% 37.3% 8.63%
10 Yr N/A* -4.4% 19.5% 11.69%

* Annualized

Return Ranking - Calendar

Period ANHIX Return Category Return Low Category Return High Rank in Category (%)
2023 5.2% -4.7% 14.3% 52.15%
2022 -12.7% -33.4% 3.6% 16.77%
2021 0.9% -8.4% 14.9% 25.04%
2020 -0.8% -13.9% 302.7% 63.23%
2019 7.7% -4.4% 13.3% 55.80%

Total Return Ranking - Trailing

Period ANHIX Return Category Return Low Category Return High Rank in Category (%)
YTD N/A -4.7% 8.4% 2.14%
1 Yr N/A -5.1% 20.9% 4.90%
3 Yr N/A* -15.1% 20.4% 8.19%
5 Yr N/A* -10.5% 37.3% 8.63%
10 Yr N/A* -4.4% 19.5% 11.97%

* Annualized

Total Return Ranking - Calendar

Period ANHIX Return Category Return Low Category Return High Rank in Category (%)
2023 13.4% -4.7% 18.7% 18.15%
2022 -7.2% -33.4% 47.8% 14.75%
2021 6.4% -8.4% 24.8% 21.81%
2020 5.5% -9.6% 325.6% 48.59%
2019 14.1% -3.8% 21.5% 44.03%

NAV & Total Return History

ANHIX - Holdings

Concentration Analysis

ANHIX Category Low Category High ANHIX % Rank
Net Assets 66.7 M 1.85 M 22.6 B 87.67%
Number of Holdings 165 2 2736 79.97%
Net Assets in Top 10 12.2 M -492 M 4.45 B 84.56%
Weighting of Top 10 18.25% 4.3% 149.6% 26.61%

Top 10 Holdings

  1. First American Government Obligations Fund 5.50%
  2. Antero Midstream Partners LP / Antero Midstream Finance Corp 1.75%
  3. Freddie Mac STACR REMIC Trust 2021-DNA6 1.51%
  4. Warrior Met Coal Inc 1.47%
  5. Shelf Drilling Holdings Ltd 1.42%
  6. Oaktown Re VII Ltd 1.39%
  7. Ford Motor Co 1.38%
  8. CVR Partners LP / CVR Nitrogen Finance Corp 1.32%
  9. Directv Financing LLC / Directv Financing Co-Obligor Inc 1.31%
  10. Hilcorp Energy I LP / Hilcorp Finance Co 1.20%

Asset Allocation

Weighting Return Low Return High ANHIX % Rank
Bonds 		86.07% -3.13% 154.38% 90.87%
Cash 		7.05% -52.00% 49.49% 21.25%
Other 		6.88% -63.70% 102.57% 5.05%
Convertible Bonds 		0.66% 0.00% 17.89% 66.97%
Stocks 		0.00% 0.00% 99.61% 95.13%
Preferred Stocks 		0.00% 0.00% 8.06% 89.76%

Bond Sector Breakdown

Weighting Return Low Return High ANHIX % Rank
Corporate 		98.02% 0.00% 129.69% 15.47%
Cash & Equivalents 		5.50% 0.00% 49.49% 27.52%
Derivative 		0.00% -15.04% 42.26% 76.30%
Securitized 		0.00% 0.00% 97.24% 90.05%
Municipal 		0.00% 0.00% 4.66% 83.61%
Government 		0.00% 0.00% 99.07% 88.97%

Bond Geographic Breakdown

Weighting Return Low Return High ANHIX % Rank
US 		86.07% -3.13% 129.21% 78.29%
Non US 		0.00% 0.00% 97.33% 90.06%

ANHIX - Expenses

Operational Fees

ANHIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.99% 0.04% 31.61% 50.76%
Management Fee 0.55% 0.00% 1.84% 52.90%
12b-1 Fee 0.00% 0.00% 1.00% 12.38%
Administrative Fee N/A 0.00% 0.50% 30.17%

Sales Fees

ANHIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.25% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

ANHIX 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.

ANHIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 1.00% 255.00% 37.77%

ANHIX - Distributions

Dividend Yield Analysis

ANHIX Category Low Category High ANHIX % Rank
Dividend Yield 6.55% 0.00% 34.27% 39.67%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

ANHIX Category Low Category High ANHIX % Rank
Net Income Ratio 4.86% -2.39% 14.30% 27.37%

Capital Gain Distribution Analysis

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

Distributions History

View More +

ANHIX - Fund Manager Analysis

Managers

Matthew Kennedy

Start Date

Tenure

Tenure Rank

Mar 31, 2009

13.18

13.2%

Matthew is a Senior Portfolio Manager at Angel Oak Capital and serves as a Portfolio Manager for the Angel Oak High Yield Opportunities Fund and the Strategic Credit Fund. Prior to Angel Oak, Matthew was the Director of Rainier Investment Management’s fixed income management team, and served as a Portfolio Manager and Analyst. Previously, he was a Senior Analyst and made investment recommendations for investment grade, high yield and private placement portfolios at GE Financial Assurance in Seattle, where he began his investment career in 1995. From 1991 to 1994, he was a CPA and auditor with Deloitte & Touche. Matthew holds a B.A. degree in Business Administration, with specializations in Finance and Accounting from Washington State University. He also holds the Chartered Financial Analyst (CFA®) designation and is a member of the CFA® Institute and the Seattle Society of Financial Analysts.

Sreeniwas (Sreeni) Prabhu

Start Date

Tenure

Tenure Rank

Mar 31, 2016

6.17

6.2%

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.

Berkin Kologlu

Start Date

Tenure

Tenure Rank

Jul 15, 2016

5.88

5.9%

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.

Nichole Hammond

Start Date

Tenure

Tenure Rank

Oct 18, 2017

4.62

4.6%

Nichole Hammond, CFA®, is a Senior Portfolio Manager of the Angel and Portfolio Manager of the High Yield Fund. Ms. Hammond has over 17 years’ experience in the corporate bond market across multiple industrial and financial subsectors. Prior to joining the Angel in 2017, Ms. Hammond spent 15 years at Wells Capital Management. Ms. Hammond was most recently a Senior Analyst for Wells Capital Management’s Montgomery Core Fixed Income team, responsible for research and investment strategy in the corporate bond portfolio with a focus on global financials. Ms. Hammond holds a B.A. in Business Administration, specializing in Finance, from the University of Washington. She also holds the Chartered Financial Analyst (CFA®) designation and is a member of the CFA® Institute.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.13 37.79 7.13 8.17

Advertisement

×

Wait! Do you know all the important aspects of mutual funds?

×

Free Advisor Access newsletter emailed to you.

Receive free and exclusive email updates for financial advisors about best performers, news, CE accredited webcasts and more.

Sign up for Advisor Access

Receive email updates about best performers, news, CE accredited webcasts and more.

Disclaimer: By registering, you agree to share your data with MutualFunds.com and opt-in to receiving occasional communications about projects and events. The contents of this form are subject to the MutualFunds.com Privacy Policy. You can unsubscribe at any time.