Core Viewpoint - Peak Financial Advisors has completely exited its position in the VanEck Fallen Angel High Yield Bond ETF, indicating a strategic shift away from this investment despite its attractive yield [2][3][10]. ETF Overview - The VanEck Fallen Angel High Yield Bond ETF has an AUM of $3.15 billion and offers a yield of 6.2%, with a current price of $29.57, reflecting a 9% total return over the past year [5][8]. - The ETF targets "fallen angel" bonds, which are corporate bonds that were originally rated investment grade but have since been downgraded to high yield, providing diversified exposure across various issuers and sectors [6][8]. Transaction Details - Peak Financial Advisors sold all 236,382 shares of the ETF, valued at approximately $7.03 million, which constituted about 3.1% of its reportable 13F assets under management [3][6]. - The decision to exit the position comes as other asset managers also reduce exposure to fallen angel credit, reflecting a broader caution regarding credit risk amid ongoing rate uncertainties [10][12]. Market Context - The ETF's performance has been modest, with a 3.5% increase over the past year, and the current market conditions suggest that future upside may depend more on macroeconomic factors rather than issuer-specific recoveries [4][11]. - The strategy of the ETF aims to leverage potential price recoveries in downgraded bonds, but the recent trend indicates a shift towards alternative investments and commodities within Peak's remaining portfolio [9][12].

Core Viewpoint - Ocean Park Asset Management has fully exited its position in the Vanguard Long-Term Corporate Bond ETF (VCLT), selling 342,600 shares for an estimated value of $26.60 million, indicating a strategic shift away from long-duration bond exposure [2][3][7]. Transaction Details - The sale of 342,600 shares of VCLT was reported in a filing with the Securities and Exchange Commission, with no remaining shares held at the end of the fourth quarter [3][7]. - The transaction reflects a broader trend of reducing exposure to rate-sensitive bonds, as Ocean Park also sold $6.98 million of the VanEck Fallen Angel High Yield Bond ETF and fully exited the iShares Fallen Angels USD Bond ETF in a separate $31.48 million liquidation [11]. ETF Overview - The Vanguard Long-Term Corporate Bond ETF (VCLT) has an Assets Under Management (AUM) of $8.36 billion and offers a yield of 5.5% [5]. - As of the latest market close, VCLT shares were priced at $76.86, with a one-year total return of approximately 7% [4][5]. Investment Strategy - VCLT aims to track the Bloomberg U.S. 10+ Year Corporate Bond Index, focusing on investment-grade, long-term corporate bonds, primarily U.S. dollar-denominated, fixed-rate bonds with maturities greater than 10 years [9][10]. - The fund is passively managed with a low-cost indexing approach, designed for investors seeking long-duration corporate bond exposure [9][10]. Market Sensitivity - The ETF is sensitive to shifts in long-term interest rate expectations, with price volatility potentially overwhelming income when rates remain elevated [12]. - Ocean Park's remaining top holdings indicate a preference for diversified high-yield and core bond exposure, suggesting a shift towards shorter duration and higher liquidity investments [12].

Key Points Ocean Park Asset Management sold 1.13 million shares of FALN in the fourth quarter. The shares were worth about $31.48 million based on previously disclosed data. The move represents a 1.48% change in 13F reportable assets under management. These 10 stocks could mint the next wave of millionaires › Ocean Park Asset Management sold out its entire stake in the iShares Fallen Angels USD Bond ETF (NASDAQ:FALN), according to a Wednesday SEC filing, cashing out of a position previously worth ...

Core Insights - Ocean Park Asset Management sold 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 [2][3][7] - The position's quarter-end value decreased by $7.35 million, reflecting both share sales and price changes [3][7] - Despite the sale, Ocean Park still holds 812,100 ANGL shares valued at $23.85 million [7] ETF Overview - ANGL accounted for 1.12% of 13F AUM after the trade [4] - As of Wednesday, ANGL shares were priced at $29.58, with a 30-day SEC yield of about 6.05% [4][5] - The fund's AUM is $3.13 billion, with a 1-Year Total Return of 9.11% [5] Investment Strategy - ANGL focuses on U.S. dollar-denominated corporate bonds originally rated investment grade but subsequently downgraded to below investment grade, known as "fallen angels" [6][9] - The ETF provides institutional investors with targeted exposure to the fallen angel segment of the high yield bond market, leveraging a systematic, index-based methodology [9] - The fund's portfolio is composed primarily of high yield bonds, offering daily liquidity and a competitive dividend yield [10]

Core Insights - The VanEck Fallen Angel High Yield Bond ETF (ANGL) has not been covered for nearly two years, with a previous 'Buy' rating assigned due to attractive spreads [1] Group 1: Company Overview - Binary Tree Analytics (BTA) has a background in investment banking cash and derivatives trading, focusing on providing transparency and analytics for capital markets instruments and trades [1] - BTA specializes in Closed-End Funds (CEFs), Exchange-Traded Funds (ETFs), and Special Situations, aiming for high annualized returns with low volatility [1] Group 2: Investment Strategy - BTA has over 20 years of investment experience, having obtained a Finance major from a top university [1]