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Income Opportunities Fund

Our Income Opportunities Fund seeks to provide investors exposure to the mulitsector bond market through an active value investment process.

Overall Morningstar rating as of July 31, 2022. Based on risk-adjusted returns. Category: Multisector Bond out of 282 funds.

More Information

$10.14
8/16/2022

-4.14
8/16/2022
at NAV

NAV Disclosure

Why This Fund?

  • Yield: Offers income opportunities, comparable to high-yield bonds with less duration risk.
  • Market inefficiency: Non-indexed sectors are generally more inefficient since they are not subject to the persistent, price-insensitive demand of passive investors, which can enhance the opportunity in the secondary trading markets.
  • Diversification: The asset class has low correlation to other fixed income asset classes due to its lack of overlap and exposure to different risk factors such as consumer credit vs. corporate credit.
  • Lack of ETF options: Structured credit is a sector generally not included in fixed income indices due to its diversity and analytical complexity and is therefore not available in a standalone ETF vehicle.

Fund Facts

INCEPTION DATE
08/21/2018
NET ASSETS
$352.2MM
ASSET CLASS
Fixed Income
MORNINGSTAR CATEGORY
Multisector Bond
BENCHMARK
Bloomberg US Aggregate Bond Index
GROSS EXPENSES
1.61% View Disclosure
NET EXPENSES
1.51% View Disclosure
CUSIP
470258773

Monthly Returns

0.08%-4.33%-3.98%5.23%5.77%
2.52%-7.87%-7.82%0.36%-
View Disclosure

Past performance does not guarantee future results and current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate, so that shares when redeemed may be worth more or less than their original cost. For performance information current to the most recent month-end, please call 888.814.8180.

Daily Pricing and Returns

$10.14 0.00 -4.14
View Disclosure

Past performance does not guarantee future results and current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate, so that shares when redeemed may be worth more or less than their original cost. For performance information current to the most recent month-end, please call 888.814.8180.

Quarterly Returns

-2.57%-4.41%-3.65%5.34%5.88%
-6.12%-10.12%-9.60%-0.31%-
View Disclosure

Past performance does not guarantee future results and current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate, so that shares when redeemed may be worth more or less than their original cost. For performance information current to the most recent month-end, please call 888.814.8180.

Calendar Year Performance

 202120202019
INCOME OPPORTUNITIES FUND I (JSVIX)4.79%14.05%7.31%
Morningstar Multisector Bond Category2.49%4.84%9.80%
View Disclosure

Past performance does not guarantee future results and current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate, so that shares when redeemed may be worth more or less than their original cost. For performance information current to the most recent month-end, please call 888.814.8180.

Sector Breakdown

RMBS

37.92% 

CMBS

17.91% 

ABS

5.55% 

CLO/CDO

10.37% 

CORP

12.50% 

GOVT

5.85% 

Cash

9.90% 

View Glossary

Fund Statistics - 3 Year

Alpha

5.55% 

Beta

0.54 

Sharpe Ratio

0.84 

Sortino Ratio

1.25 

Standard Deviation

5.70% 

Effective Duration

1.50% 

Spread Duration

3.26% 

View Glossary

Distribution Yield

12 Month Distribution Rate1,3,4Trailing 12 Month YieldSEC 30 Day Yield Unsubsidized2,3SEC 30 Day Yield Subsidized2,3
5.29%3.51%2.98%3.03%
View Disclosure

Distribution History

Distribution DateDistribution NAVLong-Term Capital GainShort-Term Capital GainReturn of CapitalDividend IncomeDistribution Total
7/27/202210.10---0.030.03
6/27/202210.14---0.030.03
5/26/202210.29---0.020.02
4/26/202210.38---0.030.03
3/29/202210.49---0.030.03
2/23/202210.65---0.030.03
1/26/202210.71---0.030.03
12/23/202110.770.090.08-0.030.21
11/23/202111.00---0.030.03
10/26/202111.03---0.030.03
9/27/202111.03---0.030.03
8/26/202111.04---0.040.04
7/27/202111.06---0.040.04
06/28202111.06---0.030.03
5/25/202111.06---0.030.03
4/27/202111.06---0.030.03
3/26/202111.03---0.040.04
2/23/202111.01---0.030.03
1/26/202110.96---0.030.03
12/28/202010.81---0.040.04
12/23/202010.84-0.31--0.31
11/24/202011.06---0.040.04
10/27/202010.97---0.040.04
9/25/202010.95---0.040.04
8/26/202010.79---0.040.04
7/28/202010.79---0.040.04
6/25/202010.59---0.040.04
5/26/202010.23---0.040.04
4/27/20209.93---0.030.03
3/26/20209.55---0.060.06
12/23/201910.150.010.17-0.170.35
9/24/201910.36---0.110.11
6/27/201910.38---0.110.11
3/27/201910.24---0.070.07
12/27/201810.10-0.01-0.090.10

Info


Easterly Funds


Orange Investment Advisors

Orange Investment Advisors takes a value-based approach to the multisector bond market. With decades of experience in securitized product, they pursue bonds below their intrinsic value to help deliver strong, long-term risk-adjusted results. Orange is different than other fixed income managers – they have an absolute return philosophy, which translates into a low volatility strategy not reliant on market movements.


2017

Winter Park, FL

Portfolio Manager(s)

Jay Menozzi

Jay Menozzi

CIO, Orange Investment Advisors
34 Years of Industry Experience


CIO, Semper Capital
PM, Atlantic Portfolio Analytics

Boris Peresechensky

Boris Peresechensky, CFA

Portfolio Manager, Orange Investment Advisors
15 Years of Industry Experience


Senior PM, Semper Capital
Risk Manager, Bayview Financial Trading
Risk Analyst & PM, HSBC & Lazard

Documents

Easterly Income Opportunities Fund Morningstar Rating

Overall 3-Year 5-Year
Morningstar Star Rating 5 5 -
# Funds in Category 282 282 247

© 2022 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

The Morningstar Rating™ for funds or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five- and 10-year (if applicable) Morningstar Rating metrics.

Morningstar Rating is for the I share class only; other classes may have different performance characteristics.

12-Month Distribution Rate is calculated by adding each fund’s trailing 12-month income distributions, and dividing the sum by the fund’s most recent month ended NAV. A fund may pay distributions in excess of its net investment company taxable income and, to the extent this occurs, the distribution yield quoted will include a return of capital. However, please note that distributions are subject to recharacterization for tax purposes and the final tax treatment of these distributions will be reported to shareholders after the close of each calendar year on form 1099-DIV.

2 The SEC yield is calculated by dividing annualized net investment income per share during a 30-day period by the maximum offering price per share as of the close of that period. SEC yield reflects the rate at which the fund is earning income on its current portfolio of securities. Since certain distributions received by the funds from real estate investment trusts (REITs) may consist of dividend income, return of capital and capital gains, and the character of these distributions cannot be determined until after the end of the year, the SEC yield has been adjusted for the funds that invest significantly in REITs based on estimates of return of capital and capital gains. The SEC 30-Day Yield is computed under an SEC standardized formula and is based on the maximum offer price per share. Subsidized (Sub.) yields reflect fee waivers in effect. Without such waivers, yields would be reduced. Unsubsidized yields do not reflect fee waivers in effect. The Fund’s management has contractually waived a portion of its management fees until March 19, 2023.

3 12-Month Distribution Rate will fluctuate from month to month and is not equivalent to the subsidized or unsubsidized 30-day SEC yield of the fund. You should consult each fund’s prospectus for additional information about the Fund’s dividends and distributions policy.

4 12-Month Distribution Rate for the Fund may vary significantly year-over-year due to tax adjustments and are subject to change from the yields quoted. No distribution is guaranteed by the Fund.

The Fund’s distribution rate may be affected by numerous factors, including changes in realized and projected market returns, Fund performance and other factors. There can be no assurance that an unanticipated change in market conditions or other unforeseen factors will not result in a change in the Fund’s distribution rate at a future time. The distribution rate does not reflect other non-income items.

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