ANFLX — Angel Oak Financials Income Impact Fund
Data updated: 2024-06-27
ANFLX — Angel Oak Financials Income Impact Fund. Intermediate Corporate Bond · $54.49M AUM · 0.95% expense ratio. Holdings, fees, performance and SEC filings.
ANFLX Fund Overview
ANFLX — Angel Oak Financials Income Impact Fund is a US mutual fund managed by Angel Oak Funds Trust, categorised as Intermediate Corporate Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Angel Oak Funds Trust
- Category: Intermediate Corporate Bond
- Assets under management: $54.49M
- 1-year return: 4.5%
- Ticker: ANFLX
- SEC CIK: 0001612930
- SEC series ID: S000046807
- Share class ID: C000146236
ANFLX Investment Objective and Strategy
Angel Oak Financials Income Impact Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Angel Oak Funds Trust.
Investment objective
The Angel Oak Financials Income Fund (the Fund) seeks current income
Principal investment strategy
The Fund seeks to generate current income across various market environments with a secondary focus on generating positive total return. In pursuit of the Funds investment objective, the Advise r intends to invest primarily in debt issued by financial institutions, including subordinated debt (sub-debt), senior debt, preferred securities, high yield securities and trust-preferred securities (TruPS). The Fund will, under normal circumstances, invest at least 80% of the value of its net assets plus the amount of any borrowings for investment purposes in the securities of financial institutions (measured at the time of purchase). For purposes of the Funds 80% investment policy, the Fund may invest in debt securities, including sub-debt, unrated debt, senior debt, preferred securities, high yield securities and TruPS; equity securities, including common equity, preferred equity, convertible securities and warrants; structured products and securitizations, including equity and junior debt tranches of such instruments; or derivative instruments that invest substantially all of their assets in securities issued by or are linked to, or otherwise provide investment exposure to, businesses in the financial institutions sector.
Such derivative instruments will be valued on a mark-to-market basis. The Adviser may allocate the Funds assets across several different financial institutions investments and issuers or may select a single or limited number of securities, strategies or investments, including cash and short-term investments. The fixed-income instruments in which the Fund principally invests include corporate debt obligations (domestic and non-U.S.), including U.S community bank sub-debt and debt securities of other U.S. and foreign financial services companies. These companies may include, but are not limited to, banks, thrifts, finance companies, brokerage and advisory firms, insurance companies, business developments companies (BDCs), real estate investment trusts (REITs) and financial holding companies.
Together with community banks, these types of companies are referred to as financial institutions. The Fund may also invest in other fixed-income instruments including asset -backed securities and residential and commercial mortgage-backed securities; structured or non-structured debt instruments (such as collateralized debt and loan obligations); high-yield securities (also known as junk bonds); U.S. Government securities; and floating or variable rate obligation. The Funds portfolio of fixed-income instruments will depend on the views of the Adviser as to the best value relative to what is currently presented in the marketplace. The Funds portfolio managers lead a team of sector specialists responsible for researching opportunities within their sector and making recommendations to the Funds portfolio managers.
In selecting investments, the Adviser may consider maturity, yield and ratings information and opportunities for price appreciation among other criteria. The Adviser may sell investments if it determines 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 . The Fund may invest, without limitation, in fixed-income instruments of any quality and maturity. The Adviser will allocate the Funds investments based on its analysis of market conditions and investment opportunities in light of domestic and foreign fiscal, economic and political environments. The Funds portfolio managers will manage the Funds duration based on the Advisers expectations of future interest rates and market conditions.
The Adviser is not limited to constructing a portfolio with a certain target duration and may cause the Funds duration to be negative. Duration is a measure of a fixed income securitys price sensitivity to interest rate changes. In other words, the longer a funds duration, the more sensitive its market value will be to changes in interest rates. A fund with negative duration may increase in value when interest rates rise, and generally incurs a loss when interest rates fall. With respect to a limited portion of the Funds portfolio, the Fund may purchase and/or short sell equity securities of small-cap, publicly-traded community banks. Parks Capital Management, LLC, the Funds subadviser (the Subadviser) is responsible for managing this portion of the Funds portfolio, and the Subadviser employs a value-oriented, research-driven approach that seeks to identify community banks with discounted valuation.
The Fund may invest up to 15% of its net assets in securities that are deemed to be illiquid, which may include private placements, certain Rule 144A securities, and securities of issuers that are bankrupt or in default. Among its fixed-income investments, the Fund may invest in preferred securities, and in the securities of other investment companies (including those that are part of the same group of investment companies as the Fund) that invest primarily in fixed-income securities. In pursuing its investment objectives or for hedging purposes, the Fund may utilize (i) short selling, (ii) borrowing and (iii) various types of over-the-counter and exchange-traded derivative instruments , including structured products, swaps, futures contracts and options. The Fund may borrow to the maximum extent permitted by applicable law, which generally means that the Fund may borrow up to one-third of its total assets.
The Fund may also invest in repurchase agreements and reverse repurchase agreements. The Fund may engage in active and frequent trading of its portfolio securities.
ANFLX Holdings
Top 10 holdings of Angel Oak Financials Income Impact Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Kingstone Cos, Inc. | 7.24% |
| Marble Pt Loan Fin/mplf | 6.11% |
| Rbb Bancorp | 4.79% |
| Fidelity Financial Corp. | 4.55% |
| Flushing Financial Corp. | 4.31% |
| Wells Fargo Bank Na | 3.67% |
| Texas State Bnkshrs, Inc. | 3.63% |
| JPMorgan Chase & Co. | 3.63% |
| US Bancorp | 3.63% |
| Clear Street Holdings | 3.50% |
ANFLX Portfolio Allocation
Asset-class allocation of Angel Oak Financials Income Impact Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 83.1% |
| Other | 9.7% |
| Cash & Equivalents | 1.8% |
| Derivatives | 1.2% |
ANFLX Performance
Total returns for ANFLX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 4.5% |
| 3 years (annualised) | -0.4% |
ANFLX Risk Information
Risk metrics for ANFLX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 3.7%
ANFLX Costs and Fees
ANFLX costs about $95 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.95%
- Gross expense ratio: 1.44%
- Portfolio turnover: 11%
- Brokerage commissions: 0.95 bps of average net assets (SEC N-CEN)
ANFLX Cashflows
Over the 12 months to 2024-04, Angel Oak Financials Income Impact Fund had net inflows of $29.18M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2024-04 | −$15.85M |
| 2024-03 | −$890.25K |
| 2024-02 | −$2.25M |
| 2024-01 | $2.81M |
| 2023-12 | $8.31M |
| 2023-11 | $3.02M |
ANFLX Debt Constituents
Largest debt holdings of Angel Oak Financials Income Impact Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Kingstone Cos, Inc. | 7.24% |
| Marble Pt Loan Fin/mplf | 6.11% |
| Rbb Bancorp | 4.79% |
| Fidelity Financial Corp. | 4.55% |
| Flushing Financial Corp. | 4.31% |
| Wells Fargo Bank Na | 3.67% |
| Texas State Bnkshrs, Inc. | 3.63% |
| JPMorgan Chase & Co. | 3.63% |
| US Bancorp | 3.63% |
| Clear Street Holdings | 3.50% |
ANFLX Prospectus and SEC Filings
Official Angel Oak Financials Income Impact Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2023-05-25
- Prospectus supplement (497) — filed 2022-12-14
- Prospectus supplement (497) — filed 2022-09-29
- Portfolio holdings (N-PORT) — filed 2024-06-27
- Portfolio holdings (N-PORT) — filed 2024-03-22
- Portfolio holdings (N-PORT) — filed 2023-12-28
- Annual census (N-CEN) — filed 2024-04-09
- Annual census (N-CEN) — filed 2023-04-12
Related Funds
Other Intermediate Corporate Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.