ANHAX — Angel Oak High Yield Opportunities Fund
Data updated: 2024-04-09
ANHAX — Angel Oak High Yield Opportunities Fund. Intermediate Corporate Bond · $71.92M AUM · 0.81% expense ratio. Holdings, fees, performance and SEC filings.
ANHAX Fund Overview
ANHAX — Angel Oak High Yield Opportunities 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: $71.92M
- 1-year return: 8.6%
- Ticker: ANHAX
- SEC CIK: 0001612930
- SEC series ID: S000053719
- Share class ID: C000168882
ANHAX Investment Objective and Strategy
Angel Oak High Yield Opportunities Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Angel Oak Funds Trust.
Investment objective
The investment objective of the Angel Oak High Yield Opportunities Fund (the Fund) is to earn a high level of current income
Principal investment strategy
The Funds allocation of its assets into various asset classes will depend on the views of the Adviser as to the best value relative to what is currently presented in the market place. 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. 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 seeks to limit risk of principal by targeting assets that it considers undervalued.
The Fund may sell a security if the Adviser no longer believes it is undervalued or if the Adviser believes that a different security will better help the Fund achieve its investment objective. In pursuing its objective, the Fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in below investment grade bonds of corporate issuers. These high-yield securities (also known as junk bonds) will generally be rated BB or lower by Standard & Poors Rating Group (S&P) or will be of equivalent quality rating from another Nationally Recognized Statistical Ratings Organization. If a bond is unrated, Angel Oak Capital Advisors, LLC (the Adviser), the investment adviser to the Fund, may determine whether it is of comparable quality and therefore eligible for the Funds investment.
The Fund may purchase securities of companies in any capitalization range small, medium or large. The Funds principal investments include domestic corporate debt securities, collateralized loan obligations (CLOs), asset-backed fixed income securities, mortgage-backed securities, foreign debt securities (including corporate fixed income securities registered and sold in the United States by foreign issuers (Yankee bonds)), fixed and floating rate bonds, as well as zero coupon bonds. 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 may also invest in bank subordinated debt.
The Fund may also invest in private placements and Rule 144A securities, which are subject to resale restrictions. The Fund is permitted to 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 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 25% of its assets in foreign debt securities (including Yankee bonds), including those denominated in U.S. dollars. The Fund may invest up to 15% of its net assets in private placements, Rule 144A securities, and securities of issuers that are bankrupt or in default that may be deemed to be illiquid. The Fund may also invest in the securities of other investment companies that invest primarily in high-yield securities.
The Fund may invest significantly in debt of issuers in the financial services and energy sectors. The Fund may purchase bonds of any maturity, but the Fund will normally 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. In addition, duration may be one of the characteristics considered in security selection, but the Fund does not focus on bonds with any particular duration. Duration is a measure of interest rate risk using the expected life of a debt security. Duration incorporates a bonds yield, coupon interest payments, final maturity, call and put features and prepayment exposure into one measure, with a higher duration indicating greater sensitivity to interest rates.
In pursuing its investment objectives or for hedging purposes, the Fund may utilize borrowing. Additionally, the Funds principal investment strategies include the use of credit default swaps, interest rate swaps, total return 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, or to pursue the Funds investment objective. 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.
ANHAX Holdings
Top 10 holdings of Angel Oak High Yield Opportunities Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| iShares Broad USD High Yield C | 4.46% |
| Antero Midstream Part/fi | 1.71% |
| First American Government Obli | 1.54% |
| Freddie Mac - STACR | 1.43% |
| Warrior Met Coal, Inc. | 1.42% |
| A&D Mortgage Trust | 1.39% |
| Shelf Drill Hold Ltd. | 1.35% |
| Directv Fin Llc/coinc | 1.33% |
| Cvr Partners/cvr Nitroge | 1.31% |
| Oaktown Re Ltd | 1.30% |
ANHAX Portfolio Allocation
Asset-class allocation of Angel Oak High Yield Opportunities Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 67.9% |
| Securitized | 25.9% |
| Equity | 4.5% |
| Cash & Equivalents | 1.5% |
ANHAX Performance
Total returns for ANHAX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 8.6% |
| 3 years (annualised) | 2.8% |
ANHAX Risk Information
Risk metrics for ANHAX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 4.7%
ANHAX Costs and Fees
ANHAX costs about $81 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.81%
- Gross expense ratio: 1.24%
- Portfolio turnover: 33%
- Brokerage commissions: 0.13 bps of average net assets (SEC N-CEN)
ANHAX Cashflows
Over the 12 months to 2024-01, Angel Oak High Yield Opportunities Fund had net inflows of $37.98M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2024-01 | $4.91M |
| 2023-12 | $843.28K |
| 2023-11 | $4.36M |
| 2023-10 | $3.36M |
| 2023-09 | $879.31K |
| 2023-08 | $1.14M |
ANHAX Debt Constituents
Largest debt holdings of Angel Oak High Yield Opportunities Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Antero Midstream Part/fi | 1.71% |
| Warrior Met Coal, Inc. | 1.42% |
| Shelf Drill Hold Ltd. | 1.35% |
| Directv Fin Llc/coinc | 1.33% |
| Cvr Partners/cvr Nitroge | 1.31% |
| American Axle & Mfg, Inc. | 1.23% |
| Hilcorp Energy I/hilcorp | 1.21% |
| Gray Television, Inc. | 1.09% |
| Usa.com Part/usa.com Fin | 1.04% |
| Archrock Partners Lp/fin | 0.98% |
ANHAX Prospectus and SEC Filings
Official Angel Oak High Yield Opportunities Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2023-05-25
- Prospectus (485BPOS) — filed 2022-12-30
- Prospectus supplement (497) — filed 2022-12-14
- Portfolio holdings (N-PORT) — filed 2024-03-22
- Portfolio holdings (N-PORT) — filed 2023-12-28
- Portfolio holdings (N-PORT) — filed 2023-09-25
- 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.