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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Angel Oak Multi-Strategy Income Fund outpaced its benchmark in Q4 2025 with a 1.63% return, driven by high-income residential credit holdings and a highly resilient consumer macro backdrop."
The Angel Oak Multi-Strategy Income Fund's Class I shares delivered an outperformance of 53 basis points in Q4 2025, returning 1.63% against the Bloomberg U.S. Aggregate Bond Index's return of 1.10%. The fund benefited from strong income generation, modest spread tightening in its 45% non-agency RMBS allocation, and yield curve steepening. The broader U.S. economy remains highly resilient, with third-quarter GDP accelerating to 4.3% and the Fed cutting interest rates twice in the quarter. Despite tight historical spreads, the investment team is finding attractive relative value by dynamically adding to high-quality asset-backed securities (ABS) and maintaining defensive allocations in CLO tranches, while underweighting CMBS.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: Angel Oak Multi-Strategy Income Fund outpaced its benchmark in Q4 2025 with a 1.63% return, driven by high-income residential credit holdings and a highly resilient consumer macro ...
Growth Outlook
Market outlook remains above average conviction: Angel Oak Multi-Strategy Income Fund outpaced its benchmark in Q4 2025 with a 1.63% return, driven by high-income residential credit holdings and a highly resilient consumer macro ...
Risk Appetite
Risk appetite posture is above average conviction: Angel Oak Multi-Strategy Income Fund outpaced its benchmark in Q4 2025 with a 1.63% return, driven by high-income residential credit holdings and a highly resilient consumer macro ...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Angel Oak Multi-Strategy Income Fund outpaced its benchmark in Q4 2025 with a 1.63% return, driven by high-income residential credit holdings and a highly resilient consumer macro ...
Forward Guidance
Forward guidance signal: Angel Oak Multi-Strategy Income Fund outpaced its benchmark in Q4 2025 with a 1.63% return, driven by high-income residential credit holdings and a highly resilient consumer macro ...
Language Signal
Tone analysis indicates above average conviction language: Angel Oak Multi-Strategy Income Fund outpaced its benchmark in Q4 2025 with a 1.63% return, driven by high-income residential credit holdings and a highly resilient consumer macro ...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Angel Oak Multi-Strategy Income Fund outpaced its benchmark in Q4 2025 with a 1.63% return, driven by high-income residential credit holdings and a highly resilient consumer macro ...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Angel Oak Multi-Strategy Income Fund outpaced its benchmark in Q4 2025 with a 1.63% return, driven by high-income residential credit holdings and a highly resilient consumer macro ...
Time Horizon
Investment time horizon reflects a high conviction orientation. Angel Oak Multi-Strategy Income Fund outpaced its benchmark in Q4 2025 with a 1.63% return, driven by high-income residential credit holdings and a highly resilient consumer macro ...
