Angel Oak Multi-Strategy Income Fund
Angel Oak Funds Trust · 3 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Angel Oak Multi-Strategy Income Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- High yield
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2026 Q2
The investment objective of the Angel Oak Multi-Strategy Income Fund (the Fund) is current income.
The fund invests primarily in structured products including residential and commercial mortgage-backed securities, collateralized loan obligations, asset-backed securities, and other debt securitizations, along with mortgage loans, corporate debt, and government securities, with more than 25% of assets concentrated in mortgage-backed securities. The adviser selects securities based on fundamental analysis seeking undervalued issuers with improving credit profiles and attractive yields, while analyzing collateral quality, structure, and market conditions. The fund may use leverage, derivatives, and short selling to implement its strategy, and may hold up to 15% in illiquid securities including private placements and defaulted debt. Because investment selection depends on the adviser's credit analysis and valuation judgments, fund performance will diverge from any benchmark.
| Share class | Gross | Net |
|---|---|---|
| ANGLX | 1.58% | 1.57% |
| ANGIX | 1.33% | 1.32% |
| ANGCX | 2.33% | 2.32% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 75.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Securitized | 86.53% |
| Bonds | 12.42% |
| Cash & short-term | 1.83% |
| Stocks | 1.58% |
| Loans | 1.17% |
| Derivatives | -0.22% |
Look-through blends 4 underlying funds; 0.0% of NAV was not looked through and stays direct-classified.
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Latest quarter
What changed since the fund's previous filing
Largest new: Freddie Mac ×4, Fannie Mae ×4
Largest exited: FHLMC Multifamily Structured P ×5, Fannie Mae, JP Morgan Mortgage Trust, Marlette Funding Trust
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +6.41% | +21.33% | +9.85% | 1.95% | -1.12% | |
| +6.71% | +22.20% | +11.19% | 1.92% | -1.10% | |
| +5.46% | +18.50% | +5.60% | 2.09% | -1.18% |
These classes hold the same portfolio, so the 5.59pp spread over 5 years is the cost difference between them — roughly 1.12pp a year — not a difference in what they own.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Floating rate | 52.3% |
| Fixed rate | 47.7% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.1% |
| 1-3y | 1.8% |
| 3-5y | 10.6% |
| 5-10y | 21.5% |
| 10y+ | 65.1% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 51% |
| Interest rates | 49% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +2.13 yr |
| Investment grade | +1.59 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.03 yr | 1% |
| 1 yr | 0.33 yr | 9% |
| 5 yr | 1.32 yr | 36% |
| 10 yr | 1.60 yr | 44% |
| 30 yr | 0.34 yr | 9% |
| 3 mo | 0.04 yr | 1% |
| 1 yr | 0.20 yr | 5% |
| 5 yr | 1.49 yr | 40% |
| 10 yr | 1.65 yr | 44% |
| 30 yr | 0.34 yr | 9% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.03 | +0.01 | +0.03 | $2.0k | $7.2k |
| 1 yr | +0.33 | -0.08 | +0.28 | -$20.1k | $69.0k |
| 5 yr | +1.32 | +0.61 | +0.88 | $153.0k | $219.2k |
| 10 yr | +1.60 | +0.93 | +0.72 | $231.8k | $179.0k |
| 30 yr | +0.34 | +0.12 | +0.22 | $30.6k | $55.3k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| — | HELIOS 2024-112.63% · due 2034-06-06 | 2.78% | — | $69.27M | — |
| — | First American Government Obli | 1.72% | — | $42.86M | — |
| — | Goldman Sachs Mortgage Pass-Th4.24% floating · due 2053-02-25 | 1.47% | — | $36.62M | — |
| — | Saluda Grade Alternative Mortg0.00% · due 2052-02-25 | 1.43% | — | $35.74M | — |
| — | Freddie Mac5.50% · due 2055-02-01 | 1.08% | — | $26.81M | — |
| — | Invesco Senior Loan ETF | 1.06% | $20.58 | $26.39M | 1.3M |
| — | DSLA Mortgage Loan Trust3.92% floating · due 2047-04-19 | 0.96% | — | $23.97M | — |
| — | Fannie Mae5.00% · due 2054-10-01 | 0.78% | — | $19.35M | — |
| — | Fannie Mae5.50% · due 2055-12-01 | 0.77% | — | $19.24M | — |
| — | Fannie Mae5.50% · due 2055-03-01 | 0.74% | — | $18.47M | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-04-30 — not a live quote, and not what the fund paid.
Top 10 positions are 12.79% of net assets, top 25 21.60%, across 430 issuers.
See more of this fund's book
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