Angel Oak Strategic Credit Fund · NASDAQ:ASCNX
Angel Oak Strategic Credit Fund — Q2 2019 Earnings Presentation
7 slides from Angel Oak Strategic Credit Fund's earnings presentation, Jun 30, 2019
Slide 1: Angel Oak Strategic Credit Fund Quarterly Review
ASCAX | ASCIX Angel Oak Strategic Credit Fund Quarterly Review June 30, 2019
Slide 2: Quarter in Review
Quarter in Review • U.S. risk assets were volatile in the second quarter as trade tensions with China and Mexico dominated the headlines; however, a more dovish Federal Open Market Committee Quarterly Benchmark Performance 6/30/19 3/31/19 (FOMC) sparked a rally in equities and credit in the last mon
Slide 3: Fundamentals = Scenario Improvement
Fundamentals = Scenario Improvement Single-Family Inventory as % of Total Households Home Prices Continue to Improve 4.0% 240 Total Inventory S&P/Case-Shiller 20-City Home Price Index 220 3.5% 200 3.0% 180 2.5% 160 2.0% 140 1.5% 120 1.0% 100 Source: Morgan Stanley as of 9/30/18. Source: Bloomberg as
Slide 4: Portfolio Performance
Portfolio Performance Summary FUND INFORMATION AS OF 6/30/19 • The Fund was up 1.92% in the second quarter of 2019, underperforming the benchmark by 1.16%. The Bloomberg Barclays U.S. Aggregate Bond Index was up 3.08% over the same time period, as U.S. Class I interest rates rallied throughout the q
Slide 5: Sector Attribution
Sector Attribution Q2 2019* YTD 2019* % of Market Value Attribution (%) Attribution (%) Residential Mortgage Credit 36.1 0.96 1.83 Commercial Mortgage Credit 10.0 0.18 0.25 CLOs 20.8 0.63 1.08 Corporates 11.1 0.25 1.01 ABS 18.6 0.02 0.31 Cash 3.4 0.04 0.11 Fund Expenses - -0.17 -0.34 Total 100.0 1.9
Slide 6: Definitions
Definitions QM: Qualified mortgage. Basis Point (bps): One hundredth of one percent and is used to denote the percentage change in a financial instrument. Bloomberg Barclays U.S. Aggregate Bond Index: An unmanaged index that measures the performance of the investment-grade universe of bonds issued i
Slide 7: Disclosures
Disclosures Mutual fund investing involves risk; principal loss is possible. The Fund’s shares will not be listed on an exchange in the foreseeable future, if at all. The Fund’s derivative investments have risks, including the imperfect correlation between the value of such instruments and the under
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