Angel Oak Financial Strategies Income Term Trust · NYSE:FINS
Angel Oak Financial Strategies Income Term Trust — Angel Oak High Yield Opportunities Fund — Q3 2019 Earnings Presentation
8 slides from Angel Oak Financial Strategies Income Term Trust's earnings presentation, Sep 30, 2019
Slide 1: Angel Oak High Yield Opportunities Fund Quarterly Review
ANHAX | ANHIX | ANHCX Angel Oak High Yield Opportunities Fund Quarterly Review September 30, 2019
Slide 2: Quarter in Review
Quarter in Review • The trade war with China continued to be a drag on the economy in the third quarter, with the ISM & CAPITAL GOODS INDEX continued escalation blamed for deterioration in the economic data, specifically manufacturing, leading the Federal Reserve to move from a pause to cutting rate
Slide 3: Fundamental Backdrop
Fundamental Backdrop CONFERENCE BOARD U.S. LEADING INDEX TEN INDUSTRIAL PRODUCTION AND GDP 16 ECONOMIC INDICATORS YOY 20 Percent Change From Previous Period Percentage Change from Year Ago 12 15 8 10 4 5 0 0 -4 -5 -8 -10 -15 -12 -20 -16 -25 Real Gross Domestic Product (LA) Industrial Production Inde
Slide 4: Portfolio Performance
Portfolio Performance Summary FUND INFORMATION AS OF 9/30/19 • The Angel Oak High Yield Opportunities Fund returned 1.02% in the quarter ending September 30, 2019, slightly behind the Bloomberg Barclays U.S. Corporate High Yield Index return of 1.33%. Class A Class I • Credit spreads started the qua
Slide 5: Sector Attribution
Sector Attribution Q3 2019* Q3 2019* YTD 2019* YTD 2019* % of Market Value Total Return (%) Attribution (%) Total Return (%) Attribution (%) Corporates 87.6 1.26 1.05 12.17 10.27 CLOs 6.3 1.24 0.08 9.68 0.75 Equities & ETFs 0.1 - 0.01 - -0.03 Cash 6.0 - 0.02 - 0.10 Fund Expenses - - -0.15 - -0.37 To
Slide 6: Sector Exposure
Sector Exposure Weighted Bps Bps % of Market Value % Change Option Adjusted Spread Yield-to-Worst Avg. Price Change Change 6/30/19 9/30/19 6/30/19 9/30/19 6/30/19 9/30/19 Corporates 102.50 83.2 87.6 4.4 390 399 9 5.95 5.78 -17 CLOs 98.07 7.6 6.3 -1.3 758 782 24 9.52 9.74 22 Equities & ETFs 15.50 0.1
Slide 7: Definitions
Definitions Average Coupon: Equal to the total interest payments of an issue divided by bond year dollars. Average Yield-to-Worst: The lowest potential yield that can be received on a bond without the issuer actually defaulting. Basis Points (bps): One hundredth of one percent and is used to denote
Slide 8: Disclosures
Disclosures Mutual fund investing involves risk; principal loss is possible. Investments in debt securities typically decrease when interest rates rise. This risk is usually greater for longer- term debt securities. Investments in lower-rated and nonrated securities present a greater risk of loss to
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