OIOIX: Orinda Income Opportunities I

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OIOIX Orinda Income Opportunities I


Profile

OIOIX - Profile

Vitals

  • YTD Return -46.7%
  • 3 Yr Annualized Return -20.5%
  • 5 Yr Annualized Return -13.9%
  • Net Assets $154 M
  • Holdings in Top 10 16.4%

52 WEEK LOW AND HIGH

$11.74
$10.30
$22.51

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.79%

SALES FEES

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

BROKERAGE FEES

  • Turnover 131.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

  • Standard (Taxable) $100,000
  • IRA $100,000

Fund Classification


Distributions

  • YTD Total Return -46.7%
  • 3 Yr Annualized Total Return -17.5%
  • 5 Yr Annualized Total Return -9.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 4.43%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Orinda Income Opportunities Fund
  • Fund Family Name
    Orinda Funds
  • Inception Date
    Jun 28, 2013
  • Shares Outstanding
    10427014
  • Share Class
    Inst
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Paul Gray

Fund Description

The fund seeks to achieve its investment objective by investing in U.S. and non-U.S. securities and investment instruments including, but not limited to, equity securities, debt securities, and derivatives. It may invest up to 85% of its net assets in derivatives. The fund may invest without limit in debt securities, provided that no more than 30% of its net assets are invested in debt securities rated below investment grade.


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Categories

Performance

OIOIX - Performance

Return Ranking - Trailing

Period OIOIX Return Category Return Low Category Return High Rank in Category (%)
YTD -46.7% -46.7% 3.5% 100.00%
1 Yr -46.3% -46.4% 15.4% 99.38%
3 Yr -20.5%* -20.7% 3.0% 99.30%
5 Yr -13.9%* -14.3% 1.1% 98.35%
10 Yr N/A* -8.4% 3.6% N/A

* Annualized

Return Ranking - Calendar

Period OIOIX Return Category Return Low Category Return High Rank in Category (%)
2019 13.3% -8.6% 24.4% 58.75%
2018 -14.9% -15.4% -2.5% 93.10%
2017 -0.4% -7.8% 15.4% 86.52%
2016 1.7% -5.4% 14.2% 48.18%
2015 -9.1% -26.1% 2.5% 60.33%

Total Return Ranking - Trailing

Period OIOIX Return Category Return Low Category Return High Rank in Category (%)
YTD -46.7% -46.7% 3.5% 100.00%
1 Yr -46.3% -46.4% 15.4% 99.38%
3 Yr -17.5%* -17.6% 8.8% 99.30%
5 Yr -9.8%* -14.3% 6.0% 98.35%
10 Yr N/A* -8.4% 8.0% N/A

* Annualized

Total Return Ranking - Calendar

Period OIOIX Return Category Return Low Category Return High Rank in Category (%)
2019 13.3% -8.6% 24.4% 58.75%
2018 -8.3% -15.4% 4.5% 51.72%
2017 5.2% -7.1% 18.4% 80.14%
2016 7.5% -5.4% 20.1% 28.47%
2015 -2.9% -26.1% 6.2% 57.02%

NAV & Total Return History


Holdings

OIOIX - Holdings

Concentration Analysis

OIOIX Category Low Category High OIOIX % Rank
Net Assets 154 M 196 K 8.93 B 75.00%
Number of Holdings 166 38 495 33.33%
Net Assets in Top 10 51.8 M -176 M 1.04 B 70.83%
Weighting of Top 10 16.38% 9.7% 88.4% 82.74%

Top 10 Holdings

  1. Arbor Realty Trust Inc 2.06%
  2. Colony Capital Inc 8.75% 1.85%
  3. RLJ Lodging Trust USD 1.95 Cum Conv Pfd Registered Shs Series -A- 1.82%
  4. Annaly Capital Management Inc Cum Conv Red Pfd Registered Shs Series -F- 1.70%
  5. AGNC Investment Corp Deposit Shs Repr 1/1000th Cum Conv Red Pfd Shs Series 1.67%
  6. Invesco Mortgage Capital Inc Cum Conv Red Pfd Registered Shs Series -C- 1.51%
  7. American Homes 4 Rent D 1.49%
  8. Annaly Capital Management Inc Pfd 1.45%
  9. Energy Transfer Operating LP Pfd 1.42%
  10. VEREIT Inc 6 7/10 % Cum Red Pfd Shs Series -F- 1.42%

Asset Allocation

Weighting Return Low Return High OIOIX % Rank
Preferred Stocks
73.71% -16.01% 74.30% 1.19%
Stocks
22.36% 0.00% 50.50% 7.74%
Cash
1.79% -7.42% 19.16% 77.98%
Bonds
0.97% -23.80% 76.63% 52.38%
Other
0.87% 0.00% 10.63% 19.64%
Convertible Bonds
0.29% 0.00% 116.17% 97.02%

Stock Sector Breakdown

Weighting Return Low Return High OIOIX % Rank
Real Estate
97.66% 0.00% 100.00% 7.91%
Financial Services
2.33% 0.00% 100.00% 43.17%
Utilities
0.01% 0.00% 100.00% 66.19%
Technology
0.00% 0.00% 16.14% 51.08%
Industrials
0.00% 0.00% 61.00% 74.10%
Healthcare
0.00% 0.00% 37.95% 61.15%
Energy
0.00% 0.00% 100.00% 39.57%
Communication Services
0.00% 0.00% 10.71% 46.04%
Consumer Defense
0.00% 0.00% 5.95% 25.90%
Consumer Cyclical
0.00% 0.00% 72.91% 35.25%
Basic Materials
0.00% 0.00% 30.04% 49.64%

Stock Geographic Breakdown

Weighting Return Low Return High OIOIX % Rank
US
22.15% 0.00% 45.25% 7.14%
Non US
0.21% 0.00% 5.25% 33.93%

Bond Sector Breakdown

Weighting Return Low Return High OIOIX % Rank
Corporate
97.25% 57.59% 100.00% 37.50%
Cash & Equivalents
2.63% 0.00% 16.89% 53.57%
Government
0.12% 0.00% 20.43% 25.60%
Derivative
0.00% 0.00% 19.57% 29.17%
Securitized
0.00% 0.00% 0.65% 27.38%
Municipal
0.00% 0.00% 0.00% 25.00%

Bond Geographic Breakdown

Weighting Return Low Return High OIOIX % Rank
US
0.75% -27.46% 72.78% 50.00%
Non US
0.22% 0.00% 40.18% 50.00%

Expenses

OIOIX - Expenses

Operational Fees

OIOIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.79% 0.41% 94.07% 35.58%
Management Fee 1.00% 0.00% 1.42% 89.82%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.55% N/A

Sales Fees

OIOIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.00% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

OIOIX 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.

OIOIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 131.00% 5.00% 175.00% 82.53%

Distributions

OIOIX - Distributions

Dividend Yield Analysis

OIOIX Category Low Category High OIOIX % Rank
Dividend Yield 0.00% 0.00% 7.74% 35.12%

Dividend Distribution Analysis

OIOIX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Quarterly Monthly Quarterly

Net Income Ratio Analysis

OIOIX Category Low Category High OIOIX % Rank
Net Income Ratio 4.43% -0.26% 9.22% 34.76%

Capital Gain Distribution Analysis

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

Dividend Payout History

View More +

Fund Manager Analysis

OIOIX - Fund Manager Analysis

Managers

Paul Gray


Start Date

Tenure

Tenure Rank

Jun 28, 2013

6.76

6.8%

Paul Gray is the Chief Investment Officer and Managing Partner of Orinda Asset Management LLC. He is responsible for Orinda Asset Management LLC's research, investment strategy, investment process, and overall portfolio management of the real estate and income products. From June 2009 through February 2013, Mr. Gray served as a portfolio manager at Forward Management LLC managing three private hedge funds. From 1994 to June 2009, Mr. Gray served as a portfolio manager and acted as co-chief investment officer for Kensington Investment Group, Inc., where he directed the firm’s research and co-directed the investment strategy for the firm. Mr. Gray received a Bachelor of Science in Finance and Real Estate in 1988 from the Business School at the University of California, Berkeley.

Ian Goltra


Start Date

Tenure

Tenure Rank

Sep 01, 2016

3.58

3.6%

Ian Goltra is a Portfolio Manager of Orinda Asset Management LLC . He is jointly responsible for investment research, investment strategy, investment process and overall investment management of the Fund. From March 2010 to July 2016, Mr. Goltra served as a portfolio manager at Salient Partners (formerly, Forward Management LLC) after joining the company as a Senior Analyst in June 2009. Mr.From May 1998 to June 2009, Mr. Goltra was Senior Analyst and Senior Vice President of Kensington Investment Group, Inc., and he became a Senior Vice President of Kensington in 2004, focusing on the public real estate sector. From 1993 to 1998, Mr. Goltra was Senior Financial Analyst and Western Americas Vice President at Textainer Equipment Management. From 1991 to 1993, Mr. Goltra was Senior Financial Analyst for Meridian Point Properties, and from 1987 to 1990, he was an Analyst at Liquidity Fund Investment Corporation.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 34.8 8.99 9.25