Angel Oak Strategic Credit Fund
Last Updated 03/19/2024
Shows hypothetical growth of $1000 since inception
$23.21
Nav Per Share
6.44%
Current Yield
0.00%
Total Return
12/01/2017
Inception
$88,083,451
Total Managed Assets*
ASCIX
Ticker
$50,000
Minimum Investment
0.76%
Net Expense Ratio
*represents total managed funds for the fund complex
About The Fund
The Angel Oak Strategic Credit Fund (the “Fund”) was launched on 12/1/2017 to generate total return by investing in a portfolio of credit-related assets, including corporate debt and preferred securities, residential mortgage-backed securities ("RMBS"), commercial mortgage-backed securities ("CMBS"), collateralized loan obligations ("CLOs"), and residential loans and mortgages.
The Fund underperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index from March 2020 to January 2021, but is now posting a YTD total return of 9.85%, compared to a struggling loss of -1.58% for the index. Perhaps more interestingly, the Fund is paying a current yield of 10.62%, the second-highest current yield out of any interval fund that doesn't constitute a liquidation or any return of capital. The Fund shed about $1m AUM from April through September 2021, and is now sitting at $13.3 million under management.
Angel Oak has offices in Georgia, New York, and Washington State, and specializes in alternative credit with over $21.8 million under management.
From the Fund's Prospectus:
The Angel Oak Strategic Credit Fund is a Delaware statutory trust that is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a diversified, closed-end management investment company.
Advisor: Angel Oak Capital Advisors, LLC
Administrator: U.S. Bancorp Fund Services, LLC
Distributor: Quasar Distributors, LLC
Custodian: U.S. Bank National Association
Legal Counsel: Dechert LLP
Partner: Douglas P. Dick
Public Accounting Firm: Cohen & Company, LTD.
Transfer Agent: U.S. Bancorp Fund Services, LLC
Fund Materials
HISTORICAL DATA
Percentage and dollar changes represent the increase or decrease in the NAV from the preceding trading day.