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Name

As of 04/16/2024

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 UltraShort Income Fund

AOUIX | Fund

$9.75

$471 M

0.00%

0.54%

Vitals

YTD Return

2.2%

1 yr return

6.8%

3 Yr Avg Return

1.8%

5 Yr Avg Return

2.1%

Net Assets

$471 M

Holdings in Top 10

11.9%

52 WEEK LOW AND HIGH

$9.8
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.54%

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 04/16/2024

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 UltraShort Income Fund

AOUIX | Fund

$9.75

$471 M

0.00%

0.54%

AOUIX - Profile

Distributions

  • YTD Total Return 2.2%
  • 3 Yr Annualized Total Return 1.8%
  • 5 Yr Annualized Total Return 2.1%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.04%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Angel Oak UltraShort Income Fund
  • Fund Family Name
    Angel Oak Funds
  • Inception Date
    Apr 02, 2018
  • Shares Outstanding
    121256226
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Clayton Triick

Fund Description

In pursuing its investment objective, the Fund will, under normal circumstances, invest in securities which cause the Fund to have a dollar-weighted average maturity of less than two years and a dollar-weighted average duration of less than one year.
The Fund invests primarily in agency and non-agency residential mortgage-backed securities (“RMBS”), asset-backed securities (“ABS”), including securities backed by assets such as credit card receivables, student loans, automobile loans, and residential and commercial real estate, collateralized loan obligations (“CLOs”), collateralized debt obligations (“CDOs”), collateralized mortgage obligations (“CMOs”), and other debt securitizations (collectively, “Structured Products”); corporate debt and other debt securities; and U.S. Treasury and U.S. government agency securities.
The Fund may invest up to 30% of its net assets in CLOs.
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 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 is not a money market fund and does not seek to maintain a stable net asset value (“NAV”).
The Fund may engage in active and frequent trading of its portfolio securities.
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 of less than two years and a dollar-weighted average duration of less than one year. 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. Duration incorporates a security’s yield, coupon, final maturity, 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 objective or for hedging purposes, the Fund may utilize short selling, borrowing, and various types of derivative instruments, including structured products, swaps, futures contracts, and options, although the Adviser expects that 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 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 available 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 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.
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AOUIX - Performance

Return Ranking - Trailing

Period AOUIX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.2% -1.3% 2.8% 12.44%
1 Yr 6.8% -0.8% 12.2% 11.57%
3 Yr 1.8%* -2.1% 5.8% 82.52%
5 Yr 2.1%* -1.0% 3.9% 48.94%
10 Yr N/A* -4.5% 27.5% N/A

* Annualized

Return Ranking - Calendar

Period AOUIX Return Category Return Low Category Return High Rank in Category (%)
2023 2.3% -2.3% 4.3% 15.67%
2022 -5.5% -6.5% 0.5% 96.19%
2021 -0.4% -2.1% 0.3% 39.71%
2020 -0.3% -3.1% 1.8% 78.97%
2019 0.9% -1.2% 6.1% 25.00%

Total Return Ranking - Trailing

Period AOUIX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.2% -1.3% 2.8% 12.44%
1 Yr 6.8% -0.8% 12.2% 11.57%
3 Yr 1.8%* -2.1% 5.8% 82.52%
5 Yr 2.1%* -1.0% 3.9% 48.94%
10 Yr N/A* -4.5% 27.5% N/A

* Annualized

Total Return Ranking - Calendar

Period AOUIX Return Category Return Low Category Return High Rank in Category (%)
2023 7.3% 0.8% 12.1% 8.76%
2022 -3.4% -5.1% 2.5% 97.62%
2021 1.1% -2.1% 14.5% 9.31%
2020 2.2% -1.0% 3.6% 24.62%
2019 4.1% 0.3% 9.6% 8.70%

NAV & Total Return History

AOUIX - Holdings

Concentration Analysis

AOUIX Category Low Category High AOUIX % Rank
Net Assets 471 M 25.6 K 22.6 B 57.92%
Number of Holdings 360 2 1291 33.48%
Net Assets in Top 10 54.1 M 32.5 K 18.4 B 74.66%
Weighting of Top 10 11.93% 5.6% 163.3% 89.14%

Top 10 Holdings

  1. SpringCastle America Funding LLC 1.58%
  2. GS Mortgage-Backed Securities Trust 2021-PJ9 1.51%
  3. Freddie Mac Multifamily Structured Pass Through Certificates 1.17%
  4. USASF Receivables 2020-1 LLC 1.17%
  5. Pagaya AI Debt Trust 2022-1 1.11%
  6. First American Government Obligations Fund 1.11%
  7. Lake Shore MM CLO IV Ltd 1.11%
  8. Angel Oak Ultrashort Income ETF 1.09%
  9. Mercury Financial Credit Card Master Trust 1.08%
  10. Saluda Grade Alternative Mortgage Trust 2021-MF1 1.01%

Asset Allocation

Weighting Return Low Return High AOUIX % Rank
Bonds 		53.47% 0.00% 128.16% 87.78%
Other 		43.35% -29.59% 99.92% 6.33%
Cash 		2.09% 0.00% 109.89% 75.57%
Stocks 		1.09% 0.00% 97.29% 15.84%
Preferred Stocks 		0.00% 0.00% 0.00% 48.42%
Convertible Bonds 		0.00% 0.00% 15.25% 88.18%

Stock Sector Breakdown

Weighting Return Low Return High AOUIX % Rank
Utilities 		0.00% 0.00% 0.87% N/A
Technology 		0.00% 0.00% 32.06% N/A
Real Estate 		0.00% 0.00% 0.00% N/A
Industrials 		0.00% 0.00% 2.85% N/A
Healthcare 		0.00% 0.00% 4.23% N/A
Financial Services 		0.00% 0.00% 99.34% N/A
Energy 		0.00% 0.00% 100.00% N/A
Communication Services 		0.00% 0.00% 11.28% N/A
Consumer Defense 		0.00% 0.00% 4.16% N/A
Consumer Cyclical 		0.00% 0.00% 11.26% N/A
Basic Materials 		0.00% 0.00% 0.00% N/A

Stock Geographic Breakdown

Weighting Return Low Return High AOUIX % Rank
US 		1.09% 0.00% 97.29% 15.84%
Non US 		0.00% 0.00% 0.00% 48.42%

Bond Sector Breakdown

Weighting Return Low Return High AOUIX % Rank
Securitized 		81.01% 0.00% 100.00% 9.55%
Government 		1.66% 0.00% 100.00% 55.00%
Corporate 		1.64% 0.00% 99.91% 82.73%
Cash & Equivalents 		1.11% 0.00% 109.89% 78.28%
Derivative 		0.02% -29.59% 21.59% 9.05%
Municipal 		0.00% 0.00% 70.39% 72.27%

Bond Geographic Breakdown

Weighting Return Low Return High AOUIX % Rank
US 		53.47% 0.00% 128.16% 83.71%
Non US 		0.00% 0.00% 22.24% 56.56%

AOUIX - Expenses

Operational Fees

AOUIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.54% 0.02% 28.11% 44.29%
Management Fee 0.44% 0.00% 1.19% 85.97%
12b-1 Fee 0.00% 0.00% 1.00% 15.73%
Administrative Fee N/A 0.01% 0.40% N/A

Sales Fees

AOUIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.50% 5.75% N/A
Deferred Load N/A 0.25% 1.00% N/A

Trading Fees

AOUIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.00% 1.00% 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.

AOUIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 369.54% 62.86%

AOUIX - Distributions

Dividend Yield Analysis

AOUIX Category Low Category High AOUIX % Rank
Dividend Yield 0.00% 0.00% 8.14% 50.68%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

AOUIX Category Low Category High AOUIX % Rank
Net Income Ratio 1.04% -1.30% 14.86% 12.21%

Capital Gain Distribution Analysis

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

Distributions History

View More +

AOUIX - Fund Manager Analysis

Managers

Clayton Triick

Start Date

Tenure

Tenure Rank

Apr 02, 2018

4.16

4.2%

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.

Sreeniwas (Sreeni) Prabhu

Start Date

Tenure

Tenure Rank

Apr 02, 2018

4.16

4.2%

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.

Colin McBurnette

Start Date

Tenure

Tenure Rank

Apr 02, 2018

4.16

4.2%

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.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 32.44 6.56 0.13

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