The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 20, 2026
Angel Oak High Yield Opportunities ETF delivered a net return of -1.24% in the third quarter of 2026, outperforming its primary benchmark, the Bloomberg U.S. Corporate High Yield Index, which returned -1.82%. Year-to-date, the fund has generated a net return of 1.12% compared to 0.10% for the benchmark. Portfolio allocation remained anchor-weighted in corporate bonds at 89.7% of market value, with structured credit comprising 6.7%, cash and equivalents at 3.3%, and equities and ETFs at 0.3%. Performance during the quarter was primarily driven by positive underlying income generation, though higher Treasury yields and broader duration headwinds created mark-to-market pressure late in the quarter. The macroeconomic environment was characterized by resilient corporate fundamentals, elevated capital expenditure linked to artificial intelligence and data center development, and sticky supply-side inflation. Tighter financial conditions and persistent inflation spurred an 82-basis-point increase in 10-year Treasury yields, which ended the period at 5.28%. Lower-rated debt lagged higher-quality credits as CCC-and-below spreads widened 246 basis points amid refinancing headwinds, while BB and B segments exhibited relative resilience despite broader spread widening across corporate credit. From a positioning perspective, the management team continues to lean toward higher-quality corporate issuers exhibiting resilient balance sheets, defensible pricing power, and strong free cash flow. Out-of-index exposure to high-yield securitized debt is being trimmed gradually to control portfolio volatility, while selective allocations in asset-backed securities and residential mortgage debt are maintained where structural credit protections and attractive risk-adjusted yield profiles persist.
Capitalize on compelling high-yield fixed income opportunities by emphasizing higher-quality corporate credits and select structurally protected securitized assets while actively managing duration and credit dispersion.
Management anticipates credit selection will become increasingly pivotal into 2027, projecting a compelling 6% to 10% expected return in high-quality U.S. fixed income over the subsequent 12 months.
Moderate Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
Every insight in this database connects to the original source. Read the actual thesis, see the actual concerns, and make your own call.
Buyside Digest has no business relationship, partnership, agency, sponsorship, endorsement, or affiliation with Angel Oak High Yield Opportunities ETF or any other manager whose content appears on the Service, except where expressly stated. We do not receive Manager Content directly from managers in most cases; content is collected from publicly available sources. Managers have not necessarily reviewed, approved, authorized, or endorsed our display of their content, our editorial commentary, our metadata extraction, or our classifications. Use of a manager’s name is for accurate attribution and identification purposes only, under principles of nominative fair use.
Buyside Digest does not independently verify the regulatory status, registrations, licensing, qualifications, credentials, or professional standing of managers whose content appears on the Service. We do not represent that managers are properly registered with applicable regulatory bodies, that their content complies with applicable securities laws, or that their performance representations are accurate. Inclusion of a manager in our database is based on the publicly available nature of their content, not on our verification of their regulatory status or content compliance. Users are responsible for conducting their own due diligence on any manager.
Performance data, returns, assets under management (“AUM”), and similar figures displayed on this page are sourced from publicly available manager communications (including investor letters), public filings, or other third-party sources. Buyside Digest does not independently verify performance figures, calculate returns, or audit manager-reported data. Such figures: May be selectively reported by the manager; May use non-standard calculation methodologies; May not reflect fees, expenses, taxes, or other costs; May be inconsistent across reporting periods; May be outdated. Past performance is not indicative of future results. Performance figures should not be relied upon for investment decisions without independent verification. Users should request audited performance data directly from the manager and conduct their own due diligence.