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Thursday, November 2, 2023

$100MM In a Year

Reported by Neil Anderson, Managing Editor

The team at a $16.5-billion-AUM (as of June 30) fixed income asset manager in Georgia is celebrating a big milestone for their first ETF.

Sreeni Prabhu
Angel Oak Capital
Managing Partner, Co-Founder, Group Chief Investment Officer
Late last month, Ward Bortz, managing director and head of distribution for public strategies at Atlanta-based Angel Oak Capital Advisors LLC [profile], and Sreeni Prabhu, group chief investment officer and managing partner, confirmed that their Angel Oak UltraShort Income ETF (UYLD on the NYSE Arca, Inc.) surpassed $100 million before reaching the fund's first birthday on October 24, 2023. The actively managed, non-diversified fund is a series of the Angel Oak Funds Trust.

UYLD comes with an expense ratio of 29 basis points, including a 26bps fee waiver promised through May 31, 2024. The fund had $105.7 million in AUM as of market close yesterday. (Angel Oak also offers a similar, five-year-old, traditional, open-end mutual fund, which now has about $521 million in AUM.)

Angel Oak Capital Advisors, LLC serves as investment advisor to UYLD. The fund's PM team includes: Sam Dunlap, chief investment officer for public strategies; Nichole Hammond, senior portfolio manager; Matthew Kennedy, head of corporate credit and senior PM; Berkin Kologlu, senior PM; Kin Lee, senior PM; Colin McBurnette, senior PM; Johannes Palsson, senior PM; Cheryl Pate, senior PM; Clayton Triick, senior PM; and Bortz.

Prabhu notes that the Angel Oak team delivers "a broad platform of distinct investment strategies to both institutional investors and advisors." They launched a second ETF last November, and the team hints that they plan to roll more ETFs out in 2024. All told, the 87-employee, 15-year-old firm offers more than 50 investment vehicles in total, including: five traditional open-end mutual funds, hedge funds, an interval fund, a closed-end fund, and a UCITS fund.

"We remain in a complex fixed-income environment, but our approach to managing duration risk coupled with the ability to find higher income without reducing credit quality has resonated with investors across Angel Oak's broad platform, including our ETF solutions," Bortz states.

"We believe that the infrastructure we have built over the past ten years combined with our investment prowess can help build a leading ETF platform dedicated to delivering differentiated, structured credit-driven solutions for advisors," Prabhu states.

UYLD's other service providers include: Cohen & Company, Ltd. as independent accounting firm; Dechert LLP as counsel; ACA Foreside's Quasar Distributors, LLC as distributor; U.S. Bancorp Fund Services, LLC (dba U.S. Bank Global Fund Services) as administrator, fund accountant, and transfer agent; and U.S. Bank National Association as custodian. 

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