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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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Buyside Digest is not affiliated with, and does not endorse, Angel Oak Multi-Strategy Income Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"Angel Oak Multi-Strategy Income Fund outperformed its benchmark by 95 bps in Q2 2026, returning 1.62% through core overweight allocations to non-agency RMBS, agency MBS, and ABS. The Fund opportunistically added CLO and corporate credit exposure during market dislocations, with CLOs delivering the strongest sector returns."
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.
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