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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
The Angel Oak Multi-Strategy Income Fund returned 1.62% in Q2 2026, outperforming its benchmark by 95 basis points, driven by higher income generation, shorter-duration positioning, and lower corporate credit exposure. The Fund's largest allocation remains non-agency RMBS at 41% of assets, supported by strong investor demand for high-quality homeowner credit and spread tightening of approximately 35 bps. The Fund capitalized on market dislocations in late March and early Q2 to increase allocations to corporate credit and CLOs, with CLOs becoming the best-performing sector during the quarter. The manager expects greater credit dispersion in the second half of 2026 as fundamentals reassert themselves, while a less accommodative Federal Reserve presents challenges for weaker issuers with elevated leverage. The Fund maintains limited exposure to vulnerable segments, focusing instead on homeowner credit, ABS, IG CLOs, and select corporate strategies. With Treasury yields rising and the Fed adopting a less dovish tone, the manager believes securitized credit offers compelling relative value and positions the portfolio to benefit from a potential bull-steepening yield curve.
The Fund seeks attractive risk-adjusted returns by maintaining a core overweight allocation to high-quality securitized credit—particularly non-agency RMBS, agency MBS, and ABS—while opportunistically adding exposure to corporate credit and CLOs during periods of market dislocation and elevated risk premiums.
The manager expects actively managed fixed-income strategies to extend their outperformance, consistent with expectations for elevated credit dispersion and increased interest rate volatility. Securitized credit continues to offer compelling relative value versus corporate credit, particularly within ABS and select seasoned MBS. The manager believes homeowner credit, ABS, IG CLOs, and select corporate credit strategies are well positioned to outperform over the next 12 months. While broader economic participation will be necessary to sustain the expansion, the current investment cycle may support near-term resilience but also increases potential for mean reversion, creating an environment in which bonds could outperform equities over the medium term.
As of Jul 23, 2026
The fund is managed by an experienced team led by Sreeni Prabhu as Managing Partner and Co-CEO, and Namit Sinha as Chief Investment Officer. The portfolio management team includes Clayton Triick as Head of Portfolio Management, with Berkin Kologlu and Kin Lee as Senior Portfolio Managers. The team of five professionals has an average tenure of 8.1 years.
The fund seeks the best risk-adjusted opportunities in fixed income that offer the potential for both stable income and price appreciation. The investment process combines a top-down relative value approach with bottom-up credit selection, investing opportunistically across a broad range of credits and issuer types including agency and non-agency residential mortgage-backed securities, commercial mortgage-backed securities, collateralized loan obligations, asset-backed securities, and other credit securities.
Lead Portfolio Manager
Sreeni Prabhu
Managing Partner
Neutral / Balanced
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