Fund Evaluator:
Angel Oak UltraShort Income A (AOUAX)
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Fund Details
Angel Oak UltraShort Income A Overview
Angel Oak UltraShort Income A (AOUAX) is an actively managed Taxable Bond Ultrashort Bond fund. Angel Oak launched the fund in 2018.
The investment seeks to provide current income while seeking to minimize price volatility and maintain liquidity. The fund invests primarily in agency and non-agency residential mortgage-backed securities (“RMBS”), asset-backed securities (“ABS”),. It may invest, without limitation, in securities of any maturity and duration, but, under normal circumstances, the fund will have a dollar-weighted average maturity of less than two years and a dollar-weighted average duration of less than one year.
About Angel Oak UltraShort Income A (AOUAX)
There are 3 members of the management team with an average tenure of 6.28 years: Sreeniwas (Sreeni) Prabhu (2018), Clayton Triick (2018), Namit Sinha (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg 9-12Mon U.S. short Try TR USD index with a weighting of 100%. Angel Oak UltraShort Income A has 453 securities in its portfolio. The top 10 holdings constitute 13.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Angel Oak UltraShort Income A is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Angel Oak UltraShort Income A has 5.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 90.1% (84.2% domestic bond, 5.9% foreign bond and 0.0% convertible bond). Angel Oak UltraShort Income A has 9.9% of the portfolio in cash.
Assets Under Management
The fund has $32 million in total assets, which is below the $950 million average for the Ultrashort Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
AOUAX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Angel Oak UltraShort Income A expense ratio is above average compared to funds in the Ultrashort Bond category. Angel Oak UltraShort Income A has an expense ratio of 0.60%, which is 34% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Angel Oak UltraShort Income A has a portfolio turnover rate of 76%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 77% for the Ultrashort Bond category.
Recently, in the month of July 2026, Angel Oak UltraShort Income A returned 0.3%, which earned it a grade of D, as the Ultrashort Bond category had an average return of 0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Angel Oak UltraShort Income A has a trailing yield of 4.45%, which is above the 4.21% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Angel Oak UltraShort Income A Grades
Year to date, the fund has returned 2.1%, 0.1 percentage points better than the category, which translates into a grade of B. The fund has returned 4.4% over the past year (grade of A), 5.7% over the past three years (grade of A) and 3.4% per year over the past five years (grade of F).
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AOUAX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| AOUAX Return (NAV) | 0.3% | 1.0% | 4.4% | 5.7% | 3.4% | na |
| AOUAX Grade | D | B | A | A | F | na |
| +/- Category | -0.0% | 0.1% | 0.3% | 0.5% | -0.2% | na |
| Ultrashort Bond Avg | 0.3% | 0.9% | 4.1% | 5.2% | 3.6% | 2.7% |
| AOUAX Tax Cost Ratio | na | na | 1.8% | 1.9% | 1.5% | na |
AOUAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| AOUAX Return (NAV) | 2.1% | 5.3% | 6.7% | 6.7% | -3.6% | 0.7% | 1.6% | 3.8% | na | na | na |
| AOUAX Grade | B | A | A | A | F | A | C | A | na | na | na |
| +/- Category | 0.1% | 0.5% | 0.8% | 0.8% | -3.5% | 0.6% | 0.1% | 0.7% | na | na | na |
| Ultrashort Bond Avg | 2.1% | 4.9% | 5.9% | 5.9% | -0.2% | 0.1% | 1.5% | 3.1% | 1.7% | 1.6% | 1.5% |
| Risk Measures | |
| Standard Deviation: | 0.6% |
| Total Risk Index: | 0.05 - Low |
| Category Risk Index: | 1.08 - Above Average |
| Category Risk Grade: | D (66% Rank) |
| Beta: | 0.07 |
| R-Squared: | 57% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 4.5% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $822 Mil |
| Fund Total Assets: | $ 32 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 76% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 8.3 years | |||
| Average Tenure: 6.3 years | |||
| Managers (Year): Prabhu Sreeniwas (Sreeni) (2018), Triick Clayton (2018), Sinha Namit (2024) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 453 |
| % in Top 10 Holdings: | 13.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 5.9% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 84.2% |
| Foreign Bond: | 5.9% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 9.9% |
Purchase Information
| Fund Family: | Angel Oak |
| Phone Number: | 855-751-4324 |
| Website: | www.angeloakcapital.com |
| Status: | Open |
| Inception Date: | April 30, 2018 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $1,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 0.60% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.45% |
| Share Class: | Angel Oak UltraShort Income Instl |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
