Angel Oak Financial Strategies Income Term Trust · NYSE:FINS
Angel Oak Financial Strategies Income Term Trust — Angel Oak Capital Advisors — Q4 2019 Earnings Presentation
8 slides from Angel Oak Financial Strategies Income Term Trust's earnings presentation, Dec 31, 2019
Slide 1: Angel Oak High Yield Opportunities Fund Quarterly Review
ANHAX | ANHIX | ANHCX Angel Oak High Yield Opportunities Fund Quarterly Review December 31, 2019
Slide 2: Quarter in Review
Quarter in Review • Returns for the fourth quarter were driven by the prospect for a phase-one, partial trade ISM & CAPITAL GOODS INDEX agreement and comments from Federal Reserve Chairman Jerome Powell that after completion of the midcycle easing they are essentially on hold, not to mention the rec
Slide 3: Fundamental Backdrop
Fundamental Backdrop CONFERENCE BOARD U.S. LEADING INDEX TEN INDUSTRIAL PRODUCTION AND GDP 16 15 ECONOMIC INDICATORS YOY 20 Percent Change From Previous Period 12 10 15 Percentage Change from Year Ago 8 10 5 4 5 0 0 0 -5 -5 -4 -10 -10 -8 -15 -15 -12 -20 -16 -20 -25 Real Gross Domestic Product (LA) I
Slide 4: Portfolio Performance
Portfolio Performance Summary • The Angel Oak High Yield Opportunities Fund returned 2.96% in the quarter ending December 31, 2019, slightly outperforming the Bloomberg Barclays U.S. Corporate High Yield Index return of 2.61%. For the full year 2019, the FUND INFORMATION AS OF 12/31/19 Angel Oak Hig
Slide 5: Sector Attribution
Sector Attribution Q4 20191 Q4 20191 YTD 20191 YTD 20191 % of Market Value Total Return (%) Attribution (%) Total Return (%) Attribution (%) Corporates 89.7 3.32 2.96 15.69 13.67 CLOs 6.1 2.17 0.11 12.00 0.89 Equities & ETFs 2.8 1.53 0.04 -22.17 0.02 Cash 1.4 0.39 0.01 2.05 0.11 Fund Expenses2 - - -
Slide 6: Sector Exposure
Sector Exposure Weighted Bps Bps % of Market Value % Change Option Adjusted Spread Yield-to-Worst Avg. Price Change Change 9/30/19 12/31/19 9/30/19 12/31/19 9/30/19 12/31/19 Corporates 103.86 87.6 89.7 2.1 399 322 -77 5.78 5.01 -77 CLOs 98.06 6.3 6.1 -0.2 782 676 -106 9.74 8.51 -123 Equities 14.50 0
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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