Why One Fund Cut $7 Million From This High-Yield ETF but Still Leaned Into Credit
Key Points
Ocean Park Asset Management sold 237,100 shares of ANGL in the fourth quarter; the estimated trade size was $6.98 million based on quarterly average price.
Meanwhile, the quarter-end position value decreased by $7.35 million, reflecting both trading and price movements.
Despite the sale, Ocean Park still holds 812,100 ANGL shares valued at $23.85 million.
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On Wednesday, Ocean Park Asset Management reported selling 237,100 shares of the VanEck Fallen Angel High Yield Bond ETF (NASDAQ:ANGL) in the fourth quarter, with an estimated transaction value of $6.98 million based on quarterly average pricing.
What happened
According to an SEC filing released Wednesday, Ocean Park Asset Management sold 237,100 shares of the VanEck Fallen Angel High Yield Bond ETF (NASDAQ:ANGL) in the fourth quarter. The estimated value of these sales, calculated using the quarter’s average closing price, was $6.98 million. The position’s quarter-end value decreased by $7.35 million, reflecting both share sales and price changes.
What else to know
ANGL accounted for 1.12% of 13F AUM after the trade.
Top holdings after the filing:
- NYSEMKT: USHY: $286.75 million (13.5% of AUM)
- NYSEMKT: HYG: $268.80 million (12.6% of AUM)
- NYSEMKT: JNK: $185.32 million (8.7% of AUM)
- NYSEMKT: SPYM: $166.14 million (7.8% of AUM)
- NASDAQ: BND: $111.62 million (5.2% of AUM)
As of Wednesday, ANGL shares were priced at $29.58, with a 30-day SEC yield of about 6.05%.
ETF overview
| Metric | Value |
|---|---|
| AUM | $3.13 billion |
| 30-day SEC yield | 6.05% |
| Price (as of Wednesday) | $29.58 |
| 1-Year Total Return | 9.11% |
ETF snapshot
- ANGL's investment strategy focuses on U.S. dollar-denominated corporate bonds originally rated investment grade but subsequently downgraded to below investment grade ("fallen angels").
- The fund's portfolio is composed primarily of high yield bonds, tracking an index of these securities to provide diversified exposure to this segment of the credit market.
- Structured as an exchange-traded fund, it offers daily liquidity and a competitive dividend yield, with a transparent, rules-based approach to index tracking.
ANGL offers exposure to U.S. corporate bonds downgraded from investment grade, with a yield profile aimed at income-focused investors. VanEck Fallen Angel High Yield Bond ETF provides institutional investors with targeted exposure to the fallen angel segment of the high yield bond market, leveraging a systematic, index-based methodology. The fund's scale and liquidity make it a relevant vehicle for those seeking income and potential capital appreciation from bonds that have been downgraded from investment grade status. Its disciplined approach and attractive yield profile position it as a competitive option within the high yield fixed income ETF landscape.
What this transaction means for investors
With a 30-day SEC yield of about 6.05% and total assets north of $3.1 billion, the VanEck Fallen Angel High Yield Bond ETF offers diversified exposure to bonds that started life as investment grade before slipping into high yield territory. Historically, that segment has delivered better risk-adjusted returns than the broader junk bond universe, which explains why it remains a core tool for income-oriented investors. This sale obviously isn’t a complete retreat from the fund, but it is a signal that this investor is looking to focus on bets elsewhere.
Plus, even after the sale, credit still dominates. Ocean Park’s largest positions remain in broad high-yield ETFs like USHY, HYG, and JNK, which together account for over a third of reported assets. That suggests this was not about abandoning yield, but about fine-tuning where that yield comes from. And for long-term investors, when yields compress and price upside becomes limited, reallocating within credit can be just as important as adding to it.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Vanguard Total Bond Market ETF. The Motley Fool has a disclosure policy.
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