SHNAX — AIG Flexible Credit Fund
Data updated: 2021-08-27
SHNAX — AIG Flexible Credit Fund. Bond · $211.09M AUM · 1.04% expense ratio · 15.6% 1-yr return. Holdings, fees, performance and SEC filings.
SHNAX Fund Overview
SHNAX — AIG Flexible Credit Fund is a US mutual fund managed by Sunamerica Income Funds, categorised as Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Sunamerica Income Funds
- Category: Bond
- Assets under management: $211.09M
- 1-year return: 15.6%
- Ticker: SHNAX
- SEC CIK: 0000795307
- SEC series ID: S000007633
- Share class ID: C000020826
SHNAX Investment Objective and Strategy
AIG Flexible Credit Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Sunamerica Income Funds.
Investment objective
The investment goal of the AIG Flexible Credit Fund (the Flexible Credit Fund or the Fund) is a high level of total return.
Principal investment strategy
The Funds principal investment strategies are fixed income investing and investing in secured floating rate loans. The strategy of fixed income investing in which the Fund engages includes utilizing economic research and analysis of current economic conditions, potential fluctuations in interest rates, and particularly with respect to the issuers of high-yield, high-risk bonds the strength of the underlying issuer. The principal investment technique of the Fund is active trading in credit instruments. Under normal circumstances, at least 80% of the Funds net assets, plus any borrowings for investment purposes, will be invested in credit instruments and derivative instruments and exchange-traded funds (ETFs) that are linked to, or provide investment exposure to, credit instruments. The Fund considers a credit instrument to be any debt instrument or instrument with debt-like characteristics, including but not limited to, corporate and sovereign bonds, secured floating rate loans and other institutionally traded secured floating rate debt obligations (Loans), and securitized instruments, which are securities backed by pools of assets such as mortgages, loans, or other receivables.
The Fund may invest in Loans directly or by purchasing assignments or participations, but primarily intends to invest in Loans by purchasing assignments. Under normal circumstances, the Fund will not invest more than 20% of its assets in government securities. The credit instruments in which the Fund intends to primarily invest are U.S. and non-U.S. below investment grade, high-yield bonds (commonly referred to as junk bonds) and Loans (rated below Baa by Moodys Investors Service, Inc. or below BBB by S&P Global Ratings or Fitch, Inc. or determined to be of comparable quality by the Funds subadviser). The Loans consist of direct debt obligations of companies (collectively, Borrowers) undertaken to finance the growth of the Borrowers business internally and externally, or to finance a capital restructuring.
Most, if not all, of the Loans in which the Fund invests will be rated below investment grade or will be unrated Loans of comparable quality. The Fund may invest in ETFs as an additional means to allocate between high-yield bonds and Loans. The Fund may invest in credit instruments of any maturity, although the Fund generally expects to maintain a duration of three years or less, and may at times maintain a negative duration through its use of U.S. Treasury and interest rate futures. In selecting investments for the Fund, the Funds subadviser employs a fundamental approach that emphasizes qualitative and quantitative credit analysis. The subadviser expects to tactically allocate the Funds assets across below investment grade bonds and Loans, and from time to time may invest all of the Funds assets exclusively in one of these asset classes.
The principal investment strategies and principal investment technique of the Fund may be changed without shareholder approval. You will receive at least sixty (60) days notice of any change to the 80% investment policy set forth above.
SHNAX Performance
Total returns for SHNAX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 15.6% |
| 3 years (annualised) | 6.1% |
SHNAX Risk Information
Risk metrics for SHNAX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 4.3%
SHNAX Costs and Fees
SHNAX costs about $104 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.04%
- Gross expense ratio: 1.44%
- Portfolio turnover: 67%
- Brokerage commissions: 0.01 bps of average net assets (SEC N-CEN)
SHNAX Cashflows
Over the 12 months to 2021-06, AIG Flexible Credit Fund had net outflows of $71.44M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2021-06 | −$10.94M |
| 2021-05 | −$5.26M |
| 2021-04 | −$3.58M |
| 2021-03 | −$3.99M |
| 2021-02 | −$4.93M |
| 2021-01 | −$10.31M |
SHNAX Debt Constituents
No individual debt constituents are reported in AIG Flexible Credit Fund's latest SEC N-PORT filing.
SHNAX Prospectus and SEC Filings
Official AIG Flexible Credit Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2020-08-07
- Prospectus (485BPOS) — filed 2019-08-06
- Prospectus supplement (497) — filed 2020-08-07
- Portfolio holdings (N-PORT) — filed 2021-08-27
- Portfolio holdings (N-PORT) — filed 2021-05-28
- Portfolio holdings (N-PORT) — filed 2021-02-26
- Annual census (N-CEN) — filed 2021-06-14
- Annual census (N-CEN) — filed 2020-06-15
Related Funds
Other 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.