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Name

As of 04/29/2024

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

AOUNX | Fund

$9.74

$471 M

4.93%

$0.48

0.79%

Vitals

YTD Return

2.2%

1 yr return

6.6%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$471 M

Holdings in Top 10

11.9%

52 WEEK LOW AND HIGH

$9.7
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.79%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 04/29/2024

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

AOUNX | Fund

$9.74

$471 M

4.93%

$0.48

0.79%

AOUNX - Profile

Distributions

  • YTD Total Return 2.2%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 4.9%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Angel Oak UltraShort Income Fund
  • Fund Family Name
    Angel Oak Funds
  • Inception Date
    Feb 03, 2023
  • Shares Outstanding
    N/A
  • Share Class
    A1
  • Currency
    USD
  • Domiciled Country
    US

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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AOUNX - Performance

Return Ranking - Trailing

Period AOUNX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.2% N/A N/A N/A
1 Yr 6.6% N/A N/A N/A
3 Yr N/A* N/A N/A N/A
5 Yr N/A* N/A N/A N/A
10 Yr N/A* N/A N/A N/A

* Annualized

Return Ranking - Calendar

Period AOUNX Return Category Return Low Category Return High Rank in Category (%)
2023 N/A N/A N/A N/A
2022 N/A N/A N/A N/A
2021 N/A N/A N/A N/A
2020 N/A N/A N/A N/A
2019 N/A N/A N/A N/A

Total Return Ranking - Trailing

Period AOUNX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.2% N/A N/A N/A
1 Yr 6.6% N/A N/A N/A
3 Yr N/A* N/A N/A N/A
5 Yr N/A* N/A N/A N/A
10 Yr N/A* N/A N/A N/A

* Annualized

Total Return Ranking - Calendar

Period AOUNX Return Category Return Low Category Return High Rank in Category (%)
2023 N/A N/A N/A N/A
2022 N/A N/A N/A N/A
2021 N/A N/A N/A N/A
2020 N/A N/A N/A N/A
2019 N/A N/A N/A N/A

NAV & Total Return History

AOUNX - Holdings

Concentration Analysis

AOUNX Category Low Category High AOUNX % Rank
Net Assets 471 M N/A N/A N/A
Number of Holdings 360 N/A N/A N/A
Net Assets in Top 10 54.1 M N/A N/A N/A
Weighting of Top 10 11.93% N/A N/A N/A

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 AOUNX % Rank
Bonds 		53.47% N/A N/A N/A
Other 		43.35% N/A N/A N/A
Cash 		2.09% N/A N/A N/A
Stocks 		1.09% N/A N/A N/A
Preferred Stocks 		0.00% N/A N/A N/A
Convertible Bonds 		0.00% N/A N/A N/A

Stock Sector Breakdown

Weighting Return Low Return High AOUNX % Rank
Utilities 		0.00% N/A N/A N/A
Technology 		0.00% N/A N/A N/A
Real Estate 		0.00% N/A N/A N/A
Industrials 		0.00% N/A N/A N/A
Healthcare 		0.00% N/A N/A N/A
Financial Services 		0.00% N/A N/A N/A
Energy 		0.00% N/A N/A N/A
Communication Services 		0.00% N/A N/A N/A
Consumer Defense 		0.00% N/A N/A N/A
Consumer Cyclical 		0.00% N/A N/A N/A
Basic Materials 		0.00% N/A N/A N/A

Stock Geographic Breakdown

Weighting Return Low Return High AOUNX % Rank
US 		1.09% N/A N/A N/A
Non US 		0.00% N/A N/A N/A

Bond Sector Breakdown

Weighting Return Low Return High AOUNX % Rank
Cash & Equivalents 		1.11% N/A N/A N/A
Derivative 		0.02% N/A N/A N/A
Securitized 		0.00% N/A N/A N/A
Corporate 		0.00% N/A N/A N/A
Municipal 		0.00% N/A N/A N/A
Government 		0.00% N/A N/A N/A

Bond Geographic Breakdown

Weighting Return Low Return High AOUNX % Rank
US 		53.47% N/A N/A N/A
Non US 		0.00% N/A N/A N/A

AOUNX - Expenses

Operational Fees

AOUNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.79% N/A N/A N/A
Management Fee 0.44% N/A N/A N/A
12b-1 Fee N/A N/A N/A N/A
Administrative Fee N/A N/A N/A N/A

Sales Fees

AOUNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A N/A N/A N/A
Deferred Load N/A N/A N/A N/A

Trading Fees

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

AOUNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A N/A N/A N/A

AOUNX - Distributions

Dividend Yield Analysis

AOUNX Category Low Category High AOUNX % Rank
Dividend Yield 4.93% N/A N/A N/A

Dividend Distribution Analysis

AOUNX Category Low Category High Category Mod
Dividend Distribution Frequency None

Net Income Ratio Analysis

AOUNX Category Low Category High AOUNX % Rank
Net Income Ratio N/A N/A N/A N/A

Capital Gain Distribution Analysis

AOUNX Category Low Category High Capital Mode
Capital Gain Distribution Frequency

Distributions History

View More +

AOUNX - Fund Manager Analysis

Tenure Analysis

Category Low Category High Category Average Category Mode
N/A N/A N/A N/A

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